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Does anyone Daytrade stocks here?

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  1. TomPrefontaine TomPrefontaine is offline

    Madison, WI
    United States

    Posts: 619
    Joined: Oct 06

    Jun 18th, 2009 (6/18/2009 12:03am)

    I'm on my 3rd month and am doing pretty well, but was looking to discuss trading with anyone else that daytrades. I don't really care if you are just starting or been trading for a while. I know that most daytraders tend to be secretive, but I think I might be able to keep my good habits and lose my bad ones by working with someone.

    anyone interested? I'll share what my returns are if so.
  2. JustALurker JustALurker is offline

    Fort Carson, CO
    United States

    Posts: 1,251
    Joined: May 06

    Jun 18th, 2009 (6/18/2009 12:16am) in reply to TomPrefontaine

    I used to daytrade stocks a bit....then I found out ForEx trading is soooo much better $$$
  3. JAAAAA!!!! JAAAAA!!!! is offline

    Greenwich, CT
    United States

    Posts: 1,889
    Joined: Jan 07

    Jun 18th, 2009 (6/18/2009 12:20am) in reply to TomPrefontaine

    The best traders and the worst traders are closer than you would ever imagine in terms of winning trades vs. losing trades. It all comes down to risk management, bankroll management, and the discipline to stick to both.

    So long as you're reward to risk ratio is 2-1 or greater (I used at least 3-1 when I traded for a living) you'll be fine.

    IMO they killed day trading when they went to decimals and split everything worth trading down to the teens. Swing trading FTW.

    GL
  4. TomPrefontaine TomPrefontaine is offline

    Madison, WI
    United States

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    Jun 18th, 2009 (6/18/2009 12:32am) in reply to JAAAAA!!!!

    I feel that 5 plus years down the road I will do about 50% day 50% swing, but I don't have the capital to just buy and hold right now... I do try to use the 2-1 risk, but a few times got burned thinking it would turn around, but I fixed that mentality in a hurry.

    I also just started using the majority of my margin, which will increase my gains, assuming I stay at a positive rate. thanks for the input.
    Thread Starter
  5. TomPrefontaine TomPrefontaine is offline

    Madison, WI
    United States

    Posts: 619
    Joined: Oct 06

    Jun 18th, 2009 (6/18/2009 12:34am) in reply to JustALurker

    I'm not really looking into forex right now, would you say with the same amount of work that it is easier to do?
    Thread Starter
  6. JAAAAA!!!! JAAAAA!!!! is offline

    Greenwich, CT
    United States

    Posts: 1,889
    Joined: Jan 07

    Jun 18th, 2009 (6/18/2009 1:20am) in reply to TomPrefontaine

     
    Originally Posted by TomPrefontaine View Post

    I'm not really looking into forex right now, would you say with the same amount of work that it is easier to do?

    much
  7. cheddah cheddah is offline

    Posts: 96
    Joined: Jul 08

    Jun 18th, 2009 (6/18/2009 1:48am) in reply to JAAAAA!!!!

     
    Originally Posted by JAAAAA!!!! View Post

     
    Originally Posted by TomPrefontaine View Post

    I'm not really looking into forex right now, would you say with the same amount of work that it is easier to do?

    much

    how much do you need to trade forex?
    and do you have any good websites to learn about it?
    I know forex is a high paying keyword on google so all these people are making shitty sites with shitty information about it.
  8. Mauiuoduck Mauiuoduck is offline

    Makawao, HI
    United States

    Posts: 185
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    Jun 18th, 2009 (6/18/2009 2:51am) in reply to cheddah

     
    Originally Posted by cheddah View Post

     
    Originally Posted by JAAAAA!!!! View Post

     
    Originally Posted by TomPrefontaine View Post

    I'm not really looking into forex right now, would you say with the same amount of work that it is easier to do?

    much

    how much do you need to trade forex?
    and do you have any good websites to learn about it?
    I know forex is a high paying keyword on google so all these people are making shitty sites with shitty information about it.

    forex lets you use a lot of leverage on your dollar, therefore you can make or lose money very very quickly.
  9. JustALurker JustALurker is offline

    Fort Carson, CO
    United States

    Posts: 1,251
    Joined: May 06

    Jun 18th, 2009 (6/18/2009 8:56am) in reply to TomPrefontaine

    IMO forex seems to be much more predictable. "What has happened in the past will repeat itself in the future." type of thing. Most economic reports are easily obtainable so you can predict a massive swing in the markets... and the markets are much faster-paced than that of stocks because currency is globally used much much more than stocks.

    HOWEVER...if you do not learn what you are doing, you can LOSE money much faster too. Once you get it down though you can see nice repetitive returns.
  10. NWChicago NWChicago is offline

    Chicago, IL
    United States

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    Jun 18th, 2009 (6/18/2009 11:00pm) in reply to TomPrefontaine

    Make sure you learn about charting, support, resistance, moving averages, stocastics, MACD. Visit stockcharts.com, barchart. com, clearstation.com, optionmonster.com to look around.
  11. MainEventOrBust MainEventOrBust is offline

    Rock Hill, SC
    United States

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    Jun 18th, 2009 (6/18/2009 11:08pm) in reply to Mauiuoduck

     
    Originally Posted by Mauiuoduck View Post

    forex lets you use a lot of leverage on your dollar, therefore you can make or lose money very very quickly.

    Not only that, but you can quickly lose a lot more than you put into your account. Unlike equities where margin departments usually act quickly to ensure that the firm isn't taking too much risk, 20-1 leverage can turn your $10,000 account into a $100,000 bill in the mail if the market moves too fast for them to stop you out. I can say that I've seen people get bills from equity brokers too, but its way more rare, and the amounts pale in comparison. (DNDN in Jan '05 comes to mind).
  12. cdmalgee cdmalgee is offline

    Lynchburg, VA
    United States

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    Joined: Dec 05

    Jun 18th, 2009 (6/18/2009 11:43pm) in reply to TomPrefontaine

    if you ever want to bullshit about it - you can pm me. I started out with a small amount, too - got into options and haven't really looked back (if natural gas would hurry up and fucking move) <although not a bad week until today's numbers>.

    I know that skisteve and I have sent a bunch back and forth, and if the worthless ass SEC would let me - I'd pm niptuck about it almost daily!
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