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Thread: Stock trading for a living?

  1. #11
    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.

  2. #12
    Senior Member rdf's Avatar
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    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


    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.
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  3. #13
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    what about those managed accounts???
    "while the difficult takes some time, the impossible just takes a little longer"

  4. #14
    Senior Member skippy13's Avatar
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    My sisters strategy is to buy beer stocks whenever the economy moves into a downturn. She hasnt failed yet in making a profit.

  5. #15
    Quote Originally Posted by CollegeDad
    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.

  6. #16
    Senior Member rdf's Avatar
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    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 And I would rather play poker at this time, I'm much better at it, and win often.
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  7. #17
    Senior Member Andy's Avatar
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    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.

  8. #18
    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.

  9. #19
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    Thanks, Rainman!
    I'll try to get the book.
    Is the market going downwards at the moment?

  10. #20
    Senior Member rdf's Avatar
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    Quote Originally Posted by suoz
    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
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