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Anybody Doing Any Day Trading

Discussion in 'The Watercooler' started by Joker, Oct 7, 2004.

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  1. Joker

    Joker Elite Member

    0
    May 28, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    I have recently started playing the market with small amounts of money. Sitting in a bank account will earn less than 1%. I have mad some and lost some, but in general, I have made more than the 1%. Most of us here sit at computers anyway and this is more fun and more profitable than the occasional free cell game. I keep the ticker running in the background and buy or sell as I choose. What a hoot! All this time I trusted my investments to mutual funds and the experts when I could've been having fun doing it myself.

    Scottrade offers $7 trades and as little as $500 can get you started. If anyone isn't doing this but is interested in getting started, send me a PM. If I refer someone both they and I receive 3 free trades from Scottrade.
     
  2. tommcsherry

    tommcsherry Senior Member

    0
    Mar 11, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Doug:
    Be careful and don't get burned. It is addicting, but most daytraders end up losing...and many end up losing a lot! If you insist on playing, take a look at a free program called QuoteTracker...it is excellent for tracking things realtime adn for generating realtime statistics and charts so useful to all the different daytrading techniques. I think you can find it at www.quotetracker.com...if not let me know and I'll get you the real link (not the one from my memory).

    Also, playing with small amounts of money is a good idea, but you might want to look into daytrading options...you can increase the leverage of your money without increasing risk or tapping into buying on margin.
     
  3. Joker

    Joker Elite Member

    0
    May 28, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    Tom, thanks for the advice.
    I considered the options route, but so far am doing ok as is. I will check out quotetracker but the scottrade ticker seems pretty close to real time. A friend of mine (a local LO) and I are both doing this and are putting an investment group together. There will be four of us; having an attorney draw up the legal docs. If I can keep netting 5-10% return each week, I can have fun AND have a retirement account. Who needs appraisal work? (I do!)
     
  4. tommcsherry

    tommcsherry Senior Member

    0
    Mar 11, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Good luck Doug. Don't get over-confident. Quote Tracker is a far better tool than what Scottrade offers (or any other broker for that matter)..lets you do some pretty sophisticated things...and, if you want, it interfaces with Scotttrade so that you can do all your trades from it instead of having to log onto the broker site.
     
  5. Bobby Bucks

    Bobby Bucks Elite Member

    107
    Jan 27, 2002
    Professional Status:
    Real Estate Agent or Broker
    State:
    North Dakota
    On a similar subject, I’m getting ready to juggle my IRA around. I currently have it in a mutual fund that’s not earning jack. I’m going to put half of it into a self-directed IRA and roll the dice a little so to speak. Does anyone have anyone they use that they’d recommend or not recommend? I’m considering TDWaterhouse, Ameritrade, Harris Direct, Sharebuilder and Etrade to name a few.
     
  6. Willie

    Willie Senior Member

    0
    May 30, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Tennessee
    Equity Trust, formerly Mid Ohio Securities.
     
  7. Lee in L.A.

    Lee in L.A. Elite Member

    69
    Jan 24, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Who needs the Quikee Mart, Apu! :lol:

    Buy and hold folks. :blueflower:
     
  8. Claude From NY

    Claude From NY Senior Member

    0
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Doug,

    I was day trading from late '99 up until recently. This is the first year where I encountered a small loss due to the very choppy and difficult trading conditions. In the prior years I had modest to major gains relative to my means and account.

    IMHO it is paramount that you plan the trade, and trade the plan and always maintain tight money management with targets and stops. You should know when you will get out of a trade even before you get into one. When your trade reaches your profit target, sell! It's never wrong to book a profit. Don't get greedy looking for more.

    The Achilles heel of most newbies is allowing a small loss to turn into a big one.
    Many are overtaken by their emotions which leads to sure failure in trading. If your trade is going against you, get out! It's much easier to take a .25 or .50 cent loss than to watch it lose multiple dollars.

    As far as options are involved Doug, all I can say is DON'T DO IT!. The spreads are very wide, commissions are typically higher. The percentage of call and put options that expire worthless is in the 90s. It is almost impossible to consistently make money buying options.

    The only traders that make money in options are the ones that sell contracts against stock that they own, producing an income stream.


    And most of all Good Luck To Ya!


    Claude
     
  9. Claude From NY

    Claude From NY Senior Member

    0
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Bobby,

    I have an IRA trading account over at Interactive Brokers. No hand holding or bells and whistles. Strictly an online trading platform. Low commish.
     
  10. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    245
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I hold for long term and my oil stocks purchased in 99-00 paid off like slots now. Halliburton at $13 - now $36; Venture to $20 from 9; etc. Had some losers like Parker Drilling, but all in all Oil stocks were good.
    Only Sandisk has proven to make me money in the tech stocks. I think it still can. SunMicro is a real bow-wow for me...and i think they put out a good product, just cannot make money w/o Microsoft pulling the rug from under them.

    My bro. has bought and sold Wal-Mart for years and he can buy me 5 times over. Buy @ $50, Sell @ $60. He can cycle that about every 6 - 24 months. Trucking stocks seem to be very economy and gas price sensitive...good short term plays.
     
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