View Full Version : Stock trading for a living?
I wonder if anyone on this forum actually does stock trading for a living?
Chris Chappell
04-16-2007, 01:23 AM
I do. 15yrs so far.
Great to hear!
Do you live in the states? Mind sharing some experience?
Chris Chappell
04-17-2007, 03:06 PM
Yes, I live in Colorado. What questions do you have suoz?
Van Quad
04-18-2007, 04:04 PM
I wonder if anyone on this forum actually does stock trading for a living?
suoz, Is this inquiry regarding Swiftrade?
Swiftrade is a stock trader in Canada that is rapidly expanding. They made a $50,000 donation to the local Paraplegic Association along with an offer to train any of their clients. Unfortunately trading Toronto/New York time is very early in the morning here on the left coast.
It's about myself. I have been doing some casual work for some time. After 6 months in bed because of a pressure sore I found myself not capable for my old job. I am thinking what I should do for a living. I have a little boy to raise and kids are expensive keepings, you know.
Have heard of many stories that people rising and falling in the market. Not sure how I would make it.
Chris Chappell
04-19-2007, 01:01 PM
suoz - when I spent some time in Australia I worked with a number of stock traders and got to know your markets a little. It reminded me a bit of the days when I was first in the business and a more "wild west" attitude seemed to prevail. There were less restrictions, looser rules and more aggressive attitudes. Definitely a more gambler's playground.
My suggestions to you are:
1. Study the mrkts. Read, read, read. Learn, learn, learn. This is not a hobby. If you want to do well you have to approach this very seriously.
2. Try some hypothetical trades.
3. Realize that this takes 3-5yrs to build any kind of understanding, success and consistency in the mkts.
4. If you don't like risk or can't imagine losing your entire investment overnight then its probably not a good idea to pursue.
Good luck with your endeavors. :)
Thanks Chris!
Have you been working with those Market Makers and know their way of manipulating the market? Because sometimes I can see the market does not follow the economy news it seems like there's a huge hand behind it.
Does reading those trading books help? There'r so many books about it.
tasty
04-21-2007, 10:20 AM
I've been trading for five years since I retired. Let me say up front that I haven't done well. On the other hand, I use this money for riskier trades; more for entertainment than income. Still, I'd rather make money than lose it. I have read Cramer's books and they are helpful, especially his most recent one. My biggest errors are not doing proper research prior to buying (buying on emotion), and not being patient and selling too soon. Of course, I sold too soon because something else excited me, and I wanted to buy it. (Again, buying on emotiion.) I also subscribe to Cramer's Action Alerts Plus. He sends daily emails and a weekly summary so that you can see what he does and why he does it. I have also found that Louis Navalier is an excellent stock picker. However, he has so many stocks in his portfolio, it's impossible to match his diversification. However, he does give you his top five picks. These are two good subscription services that I believe are reasonably priced. You need to learn about the economy, business cycles, geopolitical situations, and, in general, read everything you can, business or otherwise. Quicke Finance is also an excellent source of information. Choose a discount broker so that you are not reluctant to move out of a trade if it does poorly. Full service brokerages may charge upward of $120 per trade as opposed to $7 with a discount broker. Try to keep commissions at 1% or less of your purchase. Exercise discipline and hold your positions even if they drop dramatically on no meaningful news. You will probably be pleasantly surprised at its price in twelve months. There is much more I could advise, and others may also provide input. The best lesson learned are the ones you will learn on your own. Just don't make big bets in doing so.
Thanks tasty for your input!
I guess one of my biggest problem is acting on emotions. That's my worry for entering the market.
CollegeDad
04-23-2007, 10:03 PM
I've been thinking about getting into trading on the side for awhile now. To me it seems like a legit way to gamble, but not as risky as poker. I told my friend to invest in Nintendo stock when the Wii came out and of course he didn't. I just wish I had the money to invest back in October.
Here's a method this guy swears will give a good return. Try it on paper if you like at first, just to check it out...
Stock picks to change your life (http://articles.moneycentral.msn.com/Investing/SuperModels/StockPicksToChangeYourLife.aspx)
This guy puts out a supposedly 'highly researched by experts' top ten stock list every day (or somebody at MSN does).
Basically, you buy the ten stocks (evenly spreading your money between them) and hold them for six months. After six months, you check the latest top ten stock list for that day, and buy the new ones, or all ten if they're all new, reallocating your money evenly among all ten stocks. Keep doing this for awhile every six months, and they think you should make a good return.
But the stock market is a gamble, like anything else.
what about those managed accounts???
skippy13
05-17-2008, 01:10 AM
My sisters strategy is to buy beer stocks whenever the economy moves into a downturn. She hasnt failed yet in making a profit. :)
TheRainman
05-17-2008, 03:11 PM
I've been thinking about getting into trading on the side for awhile now. To me it seems like a legit way to gamble, but not as risky as poker. I told my friend to invest in Nintendo stock when the Wii came out and of course he didn't. I just wish I had the money to invest back in October.
CD
There are plenty of people doing it. A good book to read is MILLIONAIRE TRADERS, BY Kathy lien. It gives you a bio on 12 or more different non professionals doing it for a living.
But if your going to give it a try your going to have to use futures or options because of the leverage.
Best way to make money imo at this time in the market is to make your money in the first few minutes, when people are reeling or ecstatic from the previous day's news. You can work it, and learn how many people in the market react with their hearts, not their brains, and soon be able to consistently predict what'll happen in the first few minutes. Make your money from other peoples' fears and hopes in reaction to the financial indicators of the day before, coupled with the inherent volatility in the opening minutes.
It's how I'd do it if I ever decided to give it a good go.
But I haven't decided to give it a go, because maybe my idea is BS :D And I would rather play poker at this time, I'm much better at it, and win often.
Learn fundimentals, technical analysis, options characteristics, keep an ear to what is being pumped in the media (and often do the opposite, depending on what the story is), stick with issues that have decent enough volume, and be of the mindset of money conservation vs. getting rich quick. Assume whatever money you are throwing into the casino is lost until you cash out and you should do well. Get a feel for the area you are playing with first unless you are taking a flyer on something also, this helps with getting in or out at the right time. Stick with options trading once you figure it out, the benefits of defined risk along with heavy leverage are great, and makes the whole venture much more interesting and worthwhile. Also keep in mind that we're at the tail end of a 5 year economic cycle, with some very pressing bad undercurrents economy-wise so you need to steer yourself carefully through the market either long or short.
TheRainman
05-20-2008, 12:35 AM
The one thing you must do first to become a successful trader is become a successful investor first. There is way to much to learn to be able to trade successfully with in a few years.
Pick-up the book MILLIONAIRE TRADER and you'll get a feel on what it will take. Very few people can do it because it takes lots of disciplines and sticking to them.
Thanks, Rainman!
I'll try to get the book.
Is the market going downwards at the moment?
Thanks, Rainman!
I'll try to get the book.
Is the market going downwards at the moment?suoz, are you serious bout taking advice that impacts your future from a website whose main focus is ehabilitiaion and maintaing the health of those long down the road of SCI. as well as giving guidance to those newly injured? I think a littl self-study to learn more is warranted.
bw, no matter your politics, seek advice from those who truly are qualified ;) :)
cypresss
06-01-2008, 07:20 AM
I wonder if anyone on this forum actually does stock trading for a living?
Hi there
Long time ago, I've read on www.apparelyzed.com forum about a quad, also from Australia which does stock trading. I don't know his nick now, but I'll search it.
best regards
Thusa
06-01-2008, 01:38 PM
im really interested in the market. im still young (20) and my father has been pressuring that it would be a very good idea for me to get some info on the stock market.
im really considering picking up that book that was mentioned.. appreciate all the info here greatly and will be seeking more.
aviator
06-01-2008, 02:08 PM
I have a friend who makes a living in real estate. He never leaves his home. He has a license in the state that he works. He is a master at search engine results. Since 85% of all buyers search the internet before contacting an agent he gets to a potential buyer first. He has about 8 agents to whom he refers business. He gets about 1/3 on the first referral to an agent then up to 50% for multiple referrals each year. He has made a six figure income for the last 6 years.
I know this is not what you asked about but I thought it might be something to investigate since you are trying to decide what your long term career will be.
Van Quad
06-02-2008, 12:52 PM
im really interested in the market. im still young (20) and my father has been pressuring that it would be a very good idea for me to get some info on the stock market.
im really considering picking up that book that was mentioned.. appreciate all the info here greatly and will be seeking more.
Be careful that your interest in the market doesn't lead you down the path of becoming a retail broker. Unless you want to become a salesman.