Anyone do day trading?

[skeletor]

Or whatever trading in stocks and shares is called. I've heard it can be done online, and you can make some money if you know what you're doing.

I have some money sitting in an account doing nothing really. I wouldn't be adverse to putting some of it into the stock market if someone could advise me. Is there a site that explains how it works? Does someone here do it and thus would be able to explain how I go from having my money in my bank account to having it in the stock market via the internet?

Anyone with help?

 

[Antisocial Virge]

flush $$ down toilet = day trading

 

[Evadman]

Get an account at Buy and Hold If you want to hold stocks for a while. Only $2.99 a trade.

Day Trading is not even close to easy. I can almost guarranty you will loose all your money real quick unless you get lucky.

<edit>
I tried daytrading for a week. then I gave it up. Way too much work, and I ended up loosing money. If you want to try for fun, go ahead. But don't use real money. If you are set on day-trading, get an account at Dartek.com. send a scan of your bank account before and after

 

[Tominator]

...Think they all died...

 

[mikebb]

Why not to get involved with day trading

Put your money into a safe stocks and hold them, or better yet, an index or mutual fund.

 

[kranky]

Investing is a good idea, day trading is not.

 

[chuckieland]

you can lose money as fast as you can make them

just do normal online stock trading
is better

 

[ThaGrandCow]

Honestly if you have to ask advice on how to do it I guarantee you will lose all that money. Daytrading became worthless and a cash black hole about a year ago or so when the economy tanked

 

[IGBT]

Most of those guys jumped off the bridge...

 

[statetech]

Take this with a large amount of salt:

Take the first $1000 of your account and for a full year, purchase books and read them. Don't be deceived that daytrading is that simple. Though buying and selling a financial instrument may seem easy, wait until you actually do it and see what it's all about

That $1000 and one year will probably save you all of your trading capital. The market will always be there to take your money
Either you lose it now quickly or truly take your time and sweat and study it. You'll probably do better

disclaimer: i don't consider myself a daytrader or trader or anything right now. and I'm too lazy to post my experiences so do that this *advice* with a grain of salt. Good luck and see you in the shark tanks!

 

[Murphyrulez]

I got into the stock market two years ago with $3500. I now have one share of stock left, worth approx $2.00.


That's my take on the matter of day trading.

 

[Jhill]

I had 15k in stocks 2 years ago now i have 2k.
I didn't day trade or I would of lost it faster.
My brother has been a successful day trader for over 2 and a half years now. It's his only source of income. He does it from his home computer.

 

[DaveSimmons]

Long term you'll do much much better with an S&P 500 index mutual fund. Short term the odds are better at Vegas than day-trading. If you might want the money within 2-3 years you're best off getting either a CD or savings account at eTrade bank (etradebank.com).

Most people who buy individual stocks (even very smart people) do worse than if they just put the money into an S&P index mutual fund. Even most full-time professional mutual fund managers do worse than the S&P over time, even though they spend all day at it and have access to a lot more inside information than you ever will.

You might do a little reading at motleyfool.com before dropping your nest egg onto the concrete floor of day trading.

p.s. I have about 2/3 of my IRA, IRA rollover, and brokerage money in S&P funds from Vanguard and Schwab -- during the dot-com crash the S&P dropped a bit (10-20%) while tech stocks and tech funds were down 50-90% and individual stocks were dropping to $0.

 

[DaveSimmons]

p.p.s before you sign up for a seminar or pay for a "system" from someone like Wade Cook ask yourself this: why are they trying to make money selling a system if the system really works? Why aren't they just spending their time using the system themselves??

It's just like the spam "make 10K a month at home" messages -- if it really works, why doesn't the company hire employees and pay them to use the scam system? At $30-40K per employee they could clear $80K per employee if the scam really worked.

And BTW Wade Cook Enterprises' own day-trading has consistently lost money over time.

 

[Koing]

my dad did trade for a while. For about 3 months and took his time buying and seelin. Made about £2k+....

and now hes stopped as it was bad on the nerves and quite stressful.......

He didn't day trade though......more like weekly or fortnightly or monthly buy and sell...

Only got them when he saw they were low and sold them when they were high and made a few £100's out of each case etc etc and he built up his amount.....

This is with the uk stock exchange though.....

 

[FelixDeCat]

I day trade all the time. Everyday in fact.

I trade money for food, gas, drinks .... you name it. Sometimes I even trade opinions, comments and suggestions with others in person, online, etc.

I love day trading. I even trade at night.

 

[DaveSimmons]

<< my dad did trade for a while. For about 3 months and took his time buying and selling. Made about £2k+..... >>

In the US he'd lose a big chunk of the money to trading fees and capital gains taxes which are much higher for short-term sellers than for buy-and-hold. Also, just like at Vegas some people do win with trading, at least in the short run. Most people don't or (as I said earlier) or make a profit but less than they'd have made with a mutual fund (over time).

The one bad thing about a mutual fund is that it is a longer-term investment (3+ years). If you're saving for a car or house instead of retirement then something short-term like a bank CD is often better.

 

[Novgrod]

day trading is based on the fundamental fallacy that stocks are predictable from point and figure charting.

Your best bet is, and will be, to buy and hold a stock for a year at the least. My guidelines are:

I buy a stock. If it drops 10% from where I began, I sell immediately.

As for holding, I'm of the belief that the best measure of a company's future success is its success in a market; that is, a good company in a good sector is the company for me

Oh, and always spread out your money across sectors and companies

 

[Miramonti]

day trading is based on the fundamental fallacy that stocks are predictable from point and figure charting.

Your best bet is, and will be, to buy and hold a stock for a year at the least.

I've been daytrading fulltime for a little more than 3 years but have no clue about point and figure charting. There are lots of different tech analysis stuff that people use but I don't know much more about that either.

I started doing it at my day job but quit that job when I started making more money trading. In my first year ('99) with a fairly small account to start I finished the year up 1200%. The next year I was only up just over 1000% but made much more because the account was larger. Last year I finished up 100% but none of that was from the second 1/2, which were losses. I'm still struggling to get the right mindset back though and am unprofitable this year and need to get things figured out soon or I will 'expire' like most others......

I buy a stock. If it drops 10% from where I began, I sell immediately.

I buy stocks that tank abruptly during the day and look to sell them when they bounce off the lows. Sometimes these drops are triggered by stop orders but if its bad news that was just released, I try to avoid them. It had worked great but some things changed and I need to build a better 'mousetrap'.

 

[toant103]

if i have the money