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day trading?

S

serialkiller

Golden Member
Any body here a day trader? Before graduating college, one of my colleagues was telling me all about day trading firms..... whats your opinion on them?
 
To me it's like educated gambling - your odds are better than the average joe if you educate yourself but it's still gambling.
 
Yea, thats what I always thought too... but the odds are on your side. One of my friends started it and has been making some good income. Sounds like a fun side job.
 
Originally posted by: serialkillerbut the odds are on your side...
Click to expand...
A fool and his money are soon parted...

word of advice: people always tell you when they make money and never talk when they lose money.

 
A couple years ago we had a job fair at our company. One of the applicants was a former Executive VP of a nice-sized company but had quit that high-paying job to be a day trader. Two years later, he's looking for work.

The odds are not in your favor no matter how much you educate yourself. It's a total crapshoot. Check back with your friend in 6 months and see if he's still raking it in.
 
I think the odds may have been in your favor while the tech bubble was expanding ("a tech stock? How can I lose?") but those days are over. My brother-in-law was mostly a dabbler, but managed to make >$50K in tech stocks one year. He lost half of it back the next.
 
you gotta admit the odds are better then actually going to vegas and gambling. Well, luckily I have a cushy job straight out of college... could use the extra cash flow t hough... =\
 
I used to day trade back when the stock market was surging (1997-2000). I would find a top gainer that met my standards (I had strict requirements that a stock had to meet before I bought it--voume, percentage gain, price, and some growth factors) and try to ride out the momentum on it and then sell for a 4 or 5% profit. I've tried to apply my old system to the curent market seituation on several occasions in the past few years but my system doesn't work anymore. If you guys have figured out a way to day trade and make money in the current market please share (just a general overview, not asking for trade secrets or anything, just interested.)
 
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