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Thread: Day Trading

  1. #1

    Day Trading

    I'm thinking of doing it. Anyone know any good books or can point me in the right direction on how to begin? before I throw all my money away. hehe

  2. #2
    Quote Originally Posted by XYNaPSE
    I'm thinking of doing it. Anyone know any good books or can point me in the right direction on how to begin? before I throw all my money away. hehe
    X

    Most people that do day trading lose their money. But the few that do well make good returns. My portfolio is up over 25% this year.

    But i've been in the market for 25 yrs,. And i'll give you a little history on what happen to me to show you what could happen.

    Back in the early 80s when I first stated day trading after investing in the markets for a few years I was really doing well. And it went to my head. So I really thought I knew what I was doing and I laid everything on the line on a few picks and 1987 crash happen. I lost every thing. And I gave up day trading until this past november. That's how bad it hit me. But since nov. i'm glad I went back in.

    Now if your the type of guy who thinks he's lucky. Forget day trading. You need to do your homework.

    And if your going to do it any way. My advice is to buy close in the money options with at least 3 month before they expire. With the type of vitality the markets been lately you should be able to make some money.

    And the one thing i've been making good money doing and it doesn't take much work to do is buying calls on the nasdaq qqqq when the market gets hit and if it keeps going down I buy more in the same amount of contract every half apoint down until it turns up. And once I have a decent profit I start to unload at the same time I start to buy puts the same way. Right now i've unloaded all the calls and have two allotment of puts in the money. Now once i'm in and starts to head the way i'm betting it will I won't add any more in that direction Until I thinki is might head the other way.

    Now the think that might kill this trade is when the market takes off. But I feel i'll I will know when I see that happening.

    Be careful and don't bet more than you can afford lose.

  3. #3
    Investing....

    If you had purchased $1,000.00 of Nortel stock one year ago, it would now be worth $49.00.

    With Enron, you would have had $16.50 left of the original $1,000.00.

    With WorldCom, you would have had less than $5.00 left.

    If you had purchased $1,000 of Delta Air Lines stock you would have $49.00 left

    But, if you had purchased $1,000.00 worth of beer one year ago, drank all the beer, then turned in the cans for the aluminum recycling REFUND, You would have had $214.00.

    Based on the above, the best current investment advice is to drink heavily and recycle.

    It's called the 401-Keg J
    oh well

  4. #4
    Quote Originally Posted by XYNaPSE
    I'm thinking of doing it. Anyone know any good books or can point me in the right direction on how to begin? before I throw all my money away. hehe
    Try this site

    http://www.howthemarketworks.com/

    Its fun and won't cost you a dime. I'm up $750.00 on $20,000 investment last week! LOL\

    Dave
    Dave

  5. #5
    Thanks for the input guys. I tried doing a practice account with the FOREX. They gave me a fake $50,000 to play with. The first night I was up $5000. The next two days I had lost $30,000. Haha Going to keep playing around with it and reading about it till I can figure it out. Thanks again.

  6. #6
    Quote Originally Posted by XYNaPSE
    Thanks for the input guys. I tried doing a practice account with the FOREX. They gave me a fake $50,000 to play with. The first night I was up $5000. The next two days I had lost $30,000. Haha Going to keep playing around with it and reading about it till I can figure it out. Thanks again.
    X

    Your looking at the wrong market. Forex is not wall street. And its a very difficult market. You really need to be a pro to make money with forex.

  7. #7
    Senior Member
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    Day trading, forget it. Maybe if you make it your full time study an job, then invest not more than then dollars. Instead, try to lure more into the Rainman/Hillary hedge funds.
    Last edited by Leif; 04-04-2008 at 10:11 PM.

  8. #8
    Quote Originally Posted by TheRainman
    X

    Your looking at the wrong market. Forex is not wall street. And its a very difficult market. You really need to be a pro to make money with forex.
    I am checking out stocks too. I just wanted to play around with currencies since the dollar was weakening and then gaining recently.

  9. #9
    Suspended Andy's Avatar
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    One can dream...

    Check GOOG, around 2:45 CST I was eyeing options on that with earnings coming out after the close (and Apr expiration is tommorrow so could be cheap). I'm like, yeah, I'll pass on possible flushing some money down the turlet, lots of premium in these suckers and would have to go way out of the money for a cheap thrill. Plus you never know if the stock will move at all and all that jazz.

    Then GOOG is trading $525+ AH...and those .55 April 500 calls look like something you really wish you would have had a lapse in judgement and bought a bunch. Gotta see where GOOG runs in the normal session tommorrow, if anything like AH...big money for those that gambled for sure!

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