Slappie 9 #1 May 9, 2006 This is a serious request. I know there are a few of you out there that dabble and can even be considered "Day Traders" I'm looking for some info, actually any info and any links to blogs, free quote sites you are willing to recommend etc. I've got a very good friend of mine playing the market right now and from his stories and horrors stories I'm getting the bug. 3 months $0 loss and a profit of $300+ is very tempting. I'm not looking at buying and selling $1ks or $10k+ worth of stocks. I'm looking at very very bottom end, starter tips and stocks. Thanks and please feel free to post when you think of something or remember something you forgot to post. This could help more then just me. Maybe a DZ.com investment group. who knows what could come of it. I'm currently looking at Scottrade.com as my broker. $7 trades, $500 minimum deposit to start the acct. Think of this request as a newb looking for guidance. You can also PM me info and if you wish we can talk via IM, I'm on MSN all day. PM for conact info. Thanks "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
Lindercles 0 #2 May 9, 2006 I like the fact that you had to point out that it's a serous request. Quote Share this post Link to post Share on other sites
SpeedRacer 1 #3 May 9, 2006 I read a few books about this. Day traders trade during the day, buying & selling on little blips in the stock price during the day. There is also short term trading, where you buy & sell over a period of days or weeks. That seemed a little more sane to me. From the books I've read it takes people a few years to start turning a profit on a regular basis. Most of them say they lost money at first. Speed Racer -------------------------------------------------- Quote Share this post Link to post Share on other sites
Slappie 9 #4 May 9, 2006 It's probably more "Short Term" trading then day trading. "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
Slappie 9 #5 May 9, 2006 None of you? jeeeeez I figured there were more... "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
Gravitymaster 0 #6 May 9, 2006 QuoteNone of you? jeeeeez I figured there were more... I do a lot of investing, but I only invest long term after doing a lot of research. Personally, I never would give you any advice other than to tell you to never invest money you cannot afford to lose and that the long term investment strategies I use include a lot of diversification of my Investment Portfolio. Oh, and buy low sell high. - Quote Share this post Link to post Share on other sites
NoRules 0 #7 May 9, 2006 If you're seriously considering day trading, starting with real time quotes would help. Bloomberg is pretty expensive, but look into a Reuters or something. Also, you want something like etrade which will keep your money that is not invested in a high interest savings account. There's no point to trading for edge in the market if you don't earn interest in what you make. As far as stock tips, read the stock summary somewhere like Reuters or even yahoo finance... they have great reports and past prices/earnings. Check our morningstar ratings before making purchases. It's definitely risky, so do your research. Make sure to hedge your trades (ie. don't put all your money in one industry in case that one industry crashes). Diversify... invest in energy, tech, etc... I do it for a living, so feel free to ask me any more questions. ~ * Life Has No Rules * ~ Quote Share this post Link to post Share on other sites
Thanatos340 1 #8 May 9, 2006 I personally think your odds are Much better playing Black Jack than Day Trading. I have an Ameritrade Account that has done very well over the past few years.. But I dont day trade. I buy stocks that I feel are currently undervalued and then sell them after they go up but this sometimes takes months or years. The stock I have made the most money with is NOOF (New Frontier Media). Bought them first a few years ago @ 2.66 per share. The stock Dropped after a few months to $1.50 per share.. I bought more. It dropped again to $.75 a share and was in danger of getting delisted.. I bought even more. I sold most of it a year later when it hit $10 per share. I have also lost money on others...(DJT cost me a Good bit when they filed bankruptcy). I started my Ameritrade account with $3K in 2002. I have since pulled out $4k in cash and still have about $4K in holdings and cash in the account to play with. I only buy stocks I believe in and will usually buy when the price Drops and then sell when it hits what I think it is worth. If you are holding a Stock and the price takes an unexpected Plunge… That is the time to buy more, not sell like many people will.. Quote Share this post Link to post Share on other sites
Slappie 9 #9 May 9, 2006 Thank you NoRules.. You know where I'm coming from. Basically told me what I knew, but sort of wanted someone to hold my hand and let me know I was on the right track. "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
NoRules 0 #10 May 9, 2006 QuoteI personally think your odds are Much better playing Black Jack than Day Trading. Mmmmmm... what casino do you play at ?? Seriously, you play black jack long enough, you will lose. The odds aren't there. The stock market is much more like poker... people win and people the lose. The money doesn't magically disappear to the dealer each hand. So all that money that people lose in the market... well, others make that much. That being said, you definitely have to do research, and like I said, the most important thing is to hedge. If you want a bit of a headache at first, but good "insurance" on your trades, read up on options. You can buy puts on stocks you are long so if the stock drops you can still sell it out at a predetermined price, thereby eliminating that whole "losing everything" possibility. Research ~ * Life Has No Rules * ~ Quote Share this post Link to post Share on other sites
larsrulz 0 #11 May 10, 2006 Everyone has heard of Warren Buffet (maybe not everyone, but he's the second most wealthy man alive, and probably the most intelligent investor in the world). His mentor was a man named Benjamin Graham. Graham had a quote that couldn't be more appropriate here: "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." If you don't see what he's saying, then short term you are voting for which stock you think will do well. You have no control over how your investment will do short term (assuming you have no insider information). The market today has already taken into account what is influencing today. Whereas over the long term, you can find a stock that is undervalued that will inevitably go up over time (although this time could be days, weeks, or months). This is how people become wealthy on the stock market. That or if you can sit around all day having computers analyzing the market and telling you when to buy and sell; that is how day traders make money, not by gut instinct. That said, I do dabble in some short term trading (practice what you preach, right), but very cautiously and with the bulk of my money in long term positions. My best advise is to find a group (5-10) of stocks you like and get to know them well. Figure out what price you think the stock is worth. Watch for short term drops in that stock (particularly if it's due to market emotion and not fundamentals of the company) and this is a good point to buy. But if you do a "buy the stock when it drops" game then you had better know why the stock dropped if you plan to buy. Ask people who lost 90% of their money on Lucent about this! While NoRules makes a good point in the last post about the key difference between gambling and the stock market: "So all that money that people lose in the market... well, others make that much." In fact this is the difference between trading options and trading stocks. In options, the money you make is literally money someone else lost and vs. versa; whereas with stocks, when your stocks increase they take wealth from no one, in fact they increase overall weath of society at a whole! The value of the company you own goes up! As far as where to trade money, there are deep discount brokers that charge $1, but they are definitely suited at more professional traders. If you have $5K to invest, Izone is a good trader at $5 a trade. Scottrade is definitely good for an easy broker, but you can beat the $7. There is definitely no reason (unless you have lots and lots of money) to pay more than $7 per trade. Also, if you go with Scottrade, ask around to find someone with an account and if they give you a referral you can get 3 free trades to start out, which $21 free ain't bad! I got a strong urge to fly, but I got no where to fly to. -PF Quote Share this post Link to post Share on other sites
popsjumper 2 #12 May 10, 2006 well, I'll tell you this, Slappie... It takes a special type of personality to Day Trade. You've got to be able to handle stress...and I mean a LOT of stress. Especially if you are playing with money that you really do not want to lose. Buy and sweat it out that the trend doesn't reverse on you and lose money. Sell and kick yourself for not holding on just a little longer for that extra few cents of profit. I was highly successful, earning handsome profits but it got to the point of being so stressful that my stomach churned at night and couldn't sleep. I lost weight sitting in a chair in front of my computer watching real-time quotes going up and down micro-managing my portfolio. It got to the point that the profits weren't worth the stress. I'll get back into it, I'm sure, when my profits are all spent but until then, I'm quite content to spend it and relax.My reality and yours are quite different. I think we're all Bozos on this bus. Falcon5232, SCS8170, SCSA353, POPS9398, DS239 Quote Share this post Link to post Share on other sites
Remster 24 #13 May 10, 2006 I've started looking at short and medium term stock lately. I've signed up on Motley Fools Hidden Gems, ist a small-medium cap focus newsletter. There is a fee of, I think, $120 a year for it, but the 1st month is free In 1 month, I made about 10% after investing in 3 stocks they recommended in the last few months. Maybe it will end up being more long term investements if they keep up! Remster Quote Share this post Link to post Share on other sites
PhreeZone 15 #14 May 10, 2006 I hope you are watching or at least recording Jim Cramer's Mad Money on CNBC also. EXCELLENT assistance from one of the streets gurus. Not to mention its fairly entertaining also.Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
jeiber 0 #15 May 10, 2006 QuoteNone of you? jeeeeez I figured there were more... Hmmm. I think there are alot of investors on here, but most of us tend to stay away from the day trading stuff. There are ALOT of dangers in day trading, and trading on margin. Glad your friend is making money. Hope it lasts. Personally, I'd rather take my chances at the craps table than on day trading... JeffShhh... you hear that sound? That's the sound of nobody caring! Quote Share this post Link to post Share on other sites
Slappie 9 #16 May 10, 2006 Awesome tips guys!! I'm not really looking at "day trading" I'm leaning more towards the "short-mid term" trading. I also have to keep working my day job. I can't micro-manage my portfolio and keep my boss happy. Really good ideas and tips. I love watching Mad Money! My gf thinks I'm crazy for watching him and even thinking of starting my own investments. I figure why waste % points giving it to a broker, when I can do the samething. "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
Remster 24 #17 May 10, 2006 QuoteI hope you are watching or at least recording Jim Cramer's Mad Money on CNBC also. EXCELLENT assistance from one of the streets gurus. Not to mention its fairly entertaining also. Nope... is he online too?Remster Quote Share this post Link to post Share on other sites
Kid_Icarus 0 #18 May 10, 2006 I trade with Scottrade. I can give you referral if you want. I don't day trade, but short trade, meaning 1-3 month investments. Currently, I'm in the gold and machinery sectors. Both are really hot now. To day trade, i agree that you need lots of computers and programs to pick the highs and lows, and it would seem to me that you would need a lot of $$/shares to make a rise or fall of.05-.25 to turn a buck of profit. PM me if you want a referral ________________________________________ "What What..... Quote Share this post Link to post Share on other sites
PhreeZone 15 #19 May 10, 2006 Cramer is one of the founders of TheStreet.com website. He's also the author of "Sane investing in an Insane world". Funny guy for a broker. http://moneycentral.msn.com/content/CNBCTV/TV_Info/P108231.aspYesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
Remster 24 #20 May 10, 2006 I've seen his shows while surfing, but I dont want to listen to him for 1/2 hour everydat.. Gimme a damm summary website dammit!Remster Quote Share this post Link to post Share on other sites
PhreeZone 15 #21 May 10, 2006 Sit down and watch! The pin action he talks about in a lot of his non-lighting round segments actually are whats worth the time. Yesterday was discussion about military contacts and which ones are going to be the most profitable to be in. LM was one of them Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
Slappie 9 #22 May 10, 2006 So anyone got any books they can recomend? I was checking out Amazon.com for some selections. There are 1000s of books wrtien on the subject. Investing online for Dummies was one I was thinking of buying, just to keep it handy. I'm already making a Favorites folder with links and blogs I'm going to start looking at first thing in the mornings. This is all before I've even setup a trading acct. Gotta get my head comfortable with the information before I start spending money. "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
PhreeZone 15 #23 May 10, 2006 Sane investing in an Insane world Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
larsrulz 0 #24 May 12, 2006 QuoteSo anyone got any books they can recomend? I was checking out Amazon.com for some selections. There are 1000s of books wrtien on the subject. Checking my bookshelf, the ones I really learned something from: Reminiscences of a Stock Operator - This is a bit philosophical as it's written by a pork belly trader in the 1920s, but this guy knows more than anyone I've read about the psychology of investing. Sane Investing in an Insane World - I'll definitely support that one! Stan Weinstein's Secrets For Profiting in Bull and Bear Markets - Good book on how to read the market both on stock and industry level. Good for starting out and learning how to invest. How To Make Money In Stocks: A Winning System in Good Times or Bad - Probably the best true starter book of the lot. Goes into earning statements, indexes, and the likes. Good for learning how to invest in the market. That is a good start, but there are certainly more technical books which go into how to value a company, but you need to know the basics first. Someone mentioned the Motley Fool which is an excellent resource and has some posters on their message boards that have some wonderful information and would put the PWs on here to shame! It's like dz.com for investing! I got a strong urge to fly, but I got no where to fly to. -PF Quote Share this post Link to post Share on other sites
Kid_Icarus 0 #25 May 12, 2006 "Gimme a damm summary website dammit!" .....annnnnddddd..... DONE http://madmoneyrecap.com/ I watch his show when I can, but usually check this site everyday. He knows his deal. I'm up 10pts on his recommendation of GG (Goldcorp) and MTW. He does his homework, not to say you shouldn't. But the guys is good. Boo-yaa Jim! ________________________________________ "What What..... Quote Share this post Link to post Share on other sites
