Anyone here day trade?

megatabbers

megatabbers

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Jul 21, 2009
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Boston, MA
Any of you guys day trade? I've been wanting to get into to it so I got myself a beginner's book to learn the basics:

[ame=http://www.amazon.com/Beginners-Guide-Day-Trading-Online/dp/1593376863/ref=sr_1_1?ie=UTF8&qid=1286552291&sr=8-1]Amazon.com: A Beginner's Guide to Day Trading Online (2nd edition) (9781593376864): Toni Turner: Books[/ame]

There are tons of books out there but I'm looking for recommendations.
 


Hopefully you have a min of 25k in your account to day trade. If not you are going to run into some problems
 
I used to make a living out of that.... Long time ago... But it gives ulcers and gastritis...

Unless you an spend the whole trading hours, doing nothing else but trade and non-trading hours doing nothing but think about day trading, it is not your cup of tea.

NOT WORTH IT.. Unless you are day trading for someone else.. a la brokers

You gain some you happy, you lose some you unhappy.. Its a roller coaster ride, and emotions always come into play...

If I was still day trading, I would have burnt out by now...

FUCK man it was Exciting... but at the end of the day, its not worth it....



I am a much happier man now.
I now invest for long term... I just check my account once a week.
No more tension..
 
blogspotter said:
I used to make a living out of that.... Long time ago... But it gives ulcers and gastritis...

Unless you an spend the whole trading hours, doing nothing else but trade and non-trading hours doing nothing but think about day trading, it is not your cup of tea.

NOT WORTH IT.. Unless you are day trading for someone else.. a la brokers

You gain some you happy, you lose some you unhappy.. Its a roller coaster ride, and emotions always come into play...

If I was still day trading, I would have burnt out by now...

FUCK man it was Exciting... but at the end of the day, its not worth it....



I am a much happier man now.
I now invest for long term... I just check my account once a week.
No more tension..
Click to expand...

I can imagine (ulcers). As stupid as this sounds, I'm not in it for the money. I just find the idea of pulling money out of thin air based on the psychology of groups of people very fucking sexy (hence the reason I market for a living).

I'm not looking to make a living out of it. I just want to get my feet wet so I'm learning about it. Any resources you recommend?
 
blogspotter said:
I used to make a living out of that.... Long time ago... But it gives ulcers and gastritis...

Unless you an spend the whole trading hours, doing nothing else but trade and non-trading hours doing nothing but think about day trading, it is not your cup of tea.

NOT WORTH IT.. Unless you are day trading for someone else.. a la brokers

You gain some you happy, you lose some you unhappy.. Its a roller coaster ride, and emotions always come into play...

If I was still day trading, I would have burnt out by now...

FUCK man it was Exciting... but at the end of the day, its not worth it....



I am a much happier man now.
I now invest for long term... I just check my account once a week.
No more tension..
Click to expand...

What he said.
 
There are a lot of parallels to AM. There is always the temptation to go after new markets, and new instruments / securities, but the guys who seem to make a consistent living from it focus on one thing (e.g. trading options on a group of 5 stocks). In addition, you have to keep a keen eye on your positions (campaigns) to make sure things aren't moving against you.

I agree with blogspotter that it's a full time gig. That said, I know a couple of guys who do it part time - Probably 3 hours per day. They trade only the open and the close, and trade based on technical analysis or algorithms (i.e. no fundamental analysis).
 
I have day traded on and off and you really need a stomach for it. My account would fluctuate thousands up and down within minutes so if you can't handle that type of movement its best you try something else.

That being said, if you are committed to it, trade a demo account for at least several months before going at it with real cash.

IMPORTANT: have a trading plan and know when to get out! Do not let your emotions come into play or you will lose your money very quickly.
 
Check out turtle trading. Ride the trends and be very very disciplined. Know when you will exit the trade before you make it, both on the upside and downside. Cut losers short and ride winners.
 
Compound said:
There are a lot of parallels to AM. There is always the temptation to go after new markets, and new instruments / securities, but the guys who seem to make a consistent living from it focus on one thing (e.g. trading options on a group of 5 stocks). In addition, you have to keep a keen eye on your positions (campaigns) to make sure things aren't moving against you.

I agree with blogspotter that it's a full time gig. That said, I know a couple of guys who do it part time - Probably 3 hours per day. They trade only the open and the close, and trade based on technical analysis or algorithms (i.e. no fundamental analysis).
Click to expand...

Those people must have nerves of steel. I didn't even Pee if I have an open position.. And I trade both ways and I wished I could think of a Thousand things per second... It was a fucking Race...

And you neeeeed a Lot of money.. You don't want to stretch too much.. You can't be greedy.. If you have too little to invest and think you are gonna make 10% each day on your 10000 Investment.. you are dead..


The trick is "reduce" the "returns" on Investment per day but increasing your daily net earnings by increasing your Investment.. SO if you start with 50 bucks you lose it in day 1...

I have trained a lot of colleagues and friends.. And they don't want to risk huge sums of money... That is a misconception..

You are not risking huge sums of money when you take on a HUGE trades.

if you put in just a couple hundred dollars, you want to increase your gain because even a 5% gain looks small and you risk for more returns. That is risky...

I was lucky I traded in emerging markets.. So I could even ride a good news for couple of hours and make 3-4 trades on the same stock.. Fun times...

But for the ulcer
 
blogspotter said:
Those people must have nerves of steel. I didn't even Pee if I have an open position.. And I trade both ways and I wished I could think of a Thousand things per second... It was a fucking Race...

And you neeeeed a Lot of money.. You don't want to stretch too much.. You can't be greedy.. If you have too little to invest and think you are gonna make 10% each day on your 10000 Investment.. you are dead..


The trick is "reduce" the "returns" on Investment per day but increasing your daily net earnings by increasing your Investment.. SO if you start with 50 bucks you lose it in day 1...

I have trained a lot of colleagues and friends.. And they don't want to risk huge sums of money... That is a misconception..

You are not risking huge sums of money when you take on a HUGE trades.

if you put in just a couple hundred dollars, you want to increase your gain because even a 5% gain looks small and you risk for more returns. That is risky...

I was lucky I traded in emerging markets.. So I could even ride a good news for couple of hours and make 3-4 trades on the same stock.. Fun times...

But for the ulcer
Click to expand...

So basically what you're saying is, put a lot more capital into the trade so that a small percentage increase equals a tidy sum in profit (or loss), correct?
 
megatabbers said:
So basically what you're saying is, put a lot more capital into the trade so that a small percentage increase equals a tidy sum in profit (or loss), correct?
Click to expand...

$100k * 5% = $5000 profit
$10k * 5% = $500 profit

Pretty basic premise to understand here. 5% is being generous too.
 
TFLNetwork said:
$100k * 5% = $5000 profit
$10k * 5% = $500 profit

Pretty basic premise to understand here. 5% is being generous too.
Click to expand...

Don't get wise on me son! I was commenting about the suggested approach (i.e. don't start with a small sum and hope to make huge returns or you'll lose all your scratch quite quick):

And you neeeeed a Lot of money.. You don't want to stretch too much.. You can't be greedy.. If you have too little to invest and think you are gonna make 10% each day on your 10000 Investment.. you are dead..


The trick is "reduce" the "returns" on Investment per day but increasing your daily net earnings by increasing your Investment.. SO if you start with 50 bucks you lose it in day 1...
Click to expand...
 
megatabbers said:
Don't get wise on me son! I was commenting about the suggested approach (i.e. don't start with a small sum and hope to make huge returns or you'll lose all your scratch quite quick):
Click to expand...

Wasn't trying to be wise.. just didn't know how to properly answer the question I guess haha.
 
Kenny Rogers said:
You got to know when to hold 'em, know when to fold 'em,
Know when to walk away and know when to run.
You never count your money when you're sittin' at the table.
There'll be time enough for countin' when the dealin's done.
Click to expand...

Yup.
 
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