Exactly.
Rich or poor, I wouldn't day trade anything you wouldn't take to the casino. I've made a little money doing it but in the grand scheme of things, odds are always on the house.
Exactly.
Rich or poor, I wouldn't day trade anything you wouldn't take to the casino. I've made a little money doing it but in the grand scheme of things, odds are always on the house.
Im 29 years old with no job. Also have zero debt and minimal bills (fuel, groceries, propane, and insurance). I was in the oil field and was quick to pay off any debt and was able to save a pretty good amount of money.
My goal with day trading is to use it as my job. spend the mornings at my desk and clock out around noon. I would like to start with $10k and see where that takes me. If I lose it, then I will re evaluate and go from there. If I am able to grow it, I will add more money.
This is going to sound ridiculous but I just have a feeling I will succeed and do well with it...And I cant say why.
I guess I was lucky, just born in the general area, or just knew a few old timers. Of course I started over 15 years ago into this venture as you want to now. I had spare money, wanted to either join an "Investing Club", or just see what I could do with money I could afford to lose.
Cushing, Oklahoma has been very good to me...........click the link and look under "Operators".........crude oil storage capacity . Even when drilling and production shuts down they gotta pump(pipeline) and store this crude somewhere. Tank farms have made me some money.
http://en.wikipedia.org/wiki/Cushing,_Oklahoma
Cushing, Oklahoma has been very good to me...........click the link and look under "Operators".........crude oil storage capacity . Even when drilling and production shuts down they gotta pump(pipeline) and store this crude somewhere. Tank farms have made me some money.
http://en.wikipedia.org/wiki/Cushing,_Oklahoma
I just read an article with the billionaire Mark Cuban yesterday about his beginnings. He started out as a broke college graduate living with a bunch of roomates. First thing he did was pay down all his student loans and all of his debts, and the next thing was to learn to live as frugally as possible. At least youre ahead of the game a little starting out. Good luck with it. Ive done well on my own with mine over the years feeding my investing addiction with the proceeds of being self employed in a few small businesses and learning to live within or lower than my means, but Ive also been lucky that my grandfather and dad were business owners and my mom is a retired banker so Ive had some helluva lot smarter than me people to ask for advice on my investing, that helps alot.
This.
My honest opinion? I'm not too sure it's a good idea man. Good way to lose money. But with playing smart, you can def have your money work for you. I was investing in mutual funds aggressively, and making an average of 14% returns. With enough money making that kinda returns, you can make a little money. But nothing to make a living on. But That isn't a bad way to invest some money. You won't just be flushing your money down the drain.
Again, start small, work up.
reviving an old thread. opened up an account with optionshouse.com today and excited to get this started. For now I am just using their simulated/paper trading account. After I feel comfortable with their layout and my strategy proves itself to me I will begin with 3 trades per day to get my feet wet and prevent being labelled as a pattern day trader / PDT (which requires a $25,000 margin account). Once again when I feel comfortable I will move into the realm of PDT and basically then become a millionaire in no time 
I have been obsessively researching the stock market with a focus on scalping and finally able to understand the basic fundamentals. I sat down a while back and asked myself the question "what is the best way for ME to make money? With my personality type, hobbies and interests, family orientation, and hatred of "The Man"...I decided to go through with the day trading venture. I know a handful of small business owners, and that stuff aint for me. Land lords / real estate...aint for me. I had a decent job where my talents were exploited to make someone else rich...and that aint for me either. So enter da market...no boss breathing down your neck (outside of the wife), no employees to manage, no maintenance to perform on your property, etc...IF (big IF, I know) IF I can be successful trading stocks then why not? I usually sip coffee and search craiglist till about noon every day anyway lol.
One thing I read that stood out heavily to me when looking into forex trading tips & tricks was the % of winning trades to losing trades. Then looking at the overall money gained or lost based on those trades. In nearly every currency, traders had more winning trades than losing.
[Broken External Image]
And yet the vast majority of people lose money overall.
"The above chart says it all. In blue, it shows the average number of pips traders earned on profitable trades. In red, it shows the average number of pips lost in losing trades. We can now clearly see why traders lose money despite bring right more than half the time. They lose more money on their losing trades than they make on their winning trades." - David Rodriguez
Basically, as I understand it, People naturally WANT to win and feel like every trade has to be a winner so they end up holding on to the losers with high hopes they will turn around. On top of that, people tend to sell their winners short due to fear that they will soon turn south. People are emotional, and money is not...people throw their plan out the window in favor of their hopeful emotions and they lose in the long run. I'm definitely not trying to lecture on a subject I am just beginning to understand but that simple principle just made a lot of sense to me and I wanted to share with the class haha.
I have been obsessively researching the stock market with a focus on scalping and finally able to understand the basic fundamentals. I sat down a while back and asked myself the question "what is the best way for ME to make money? With my personality type, hobbies and interests, family orientation, and hatred of "The Man"...I decided to go through with the day trading venture. I know a handful of small business owners, and that stuff aint for me. Land lords / real estate...aint for me. I had a decent job where my talents were exploited to make someone else rich...and that aint for me either. So enter da market...no boss breathing down your neck (outside of the wife), no employees to manage, no maintenance to perform on your property, etc...IF (big IF, I know) IF I can be successful trading stocks then why not? I usually sip coffee and search craiglist till about noon every day anyway lol.
One thing I read that stood out heavily to me when looking into forex trading tips & tricks was the % of winning trades to losing trades. Then looking at the overall money gained or lost based on those trades. In nearly every currency, traders had more winning trades than losing.
[Broken External Image]
And yet the vast majority of people lose money overall.
"The above chart says it all. In blue, it shows the average number of pips traders earned on profitable trades. In red, it shows the average number of pips lost in losing trades. We can now clearly see why traders lose money despite bring right more than half the time. They lose more money on their losing trades than they make on their winning trades." - David Rodriguez
Basically, as I understand it, People naturally WANT to win and feel like every trade has to be a winner so they end up holding on to the losers with high hopes they will turn around. On top of that, people tend to sell their winners short due to fear that they will soon turn south. People are emotional, and money is not...people throw their plan out the window in favor of their hopeful emotions and they lose in the long run. I'm definitely not trying to lecture on a subject I am just beginning to understand but that simple principle just made a lot of sense to me and I wanted to share with the class haha.
Not true.
Im just a little fish thats been day trading online for quite a few years but only with my own personal side extra 'fun' money. I have a great time doing it, its just for fun for me, not serious investing as Ive never played around with any more than 15k-50 at the most in my accounts. I dont go to casinos or gamble much any more beyond a few pro sports so I look at my daytime stock trading as another form of gambling. The coolest part is that today with phone apps it is so much easier and I can do it wherever I happen to be. I set my limit and thats that just like my SIL does when she goes to the casino. I wouldnt play if I didnt expect to be able to lose it, any gains Im lucky enough to snag go back in it. My oldest single regular stock Ive stuck with since 1997', my oldest day stuff usually no less than a month- at the longest. Ive worked hard and feel Ive earned the right to play around with my extra money. Im 47, kids are all gone so its just me and the wife now, we have no debt besides taxes and insurances, homes and vehicles paid, CCs always paid, daily expenses and utilities come out of interest earning check accts/cash rewards debit card accts, have decent investments, decent solid and liquid assets,etc.
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I did it through Scottrade, made 238% on my first trade, mostly over 150% each trade until someone tried to hack my account and I panicked and pulled it out and shutdown the account. There are three books I would recommend reading that helped me out a lot, kinda in this order, Ted Warren," How to make the stock market make money for you", Peter Lynch "Beating the Street" and James O'Shaughnessy "What works on Wall Street". There are/were? programs online that would help sort stocks based on certain variables you can plug in, they helped a lot too, and being able to spend 8 hours a day at work searching for gems helped. And having a fast computer.
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