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The Water Cooler
General Discussion
Help a Dummy Get Started Day Trading
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<blockquote data-quote="Mad Professor" data-source="post: 2876974" data-attributes="member: 5316"><p>This is where I see people making mistakes. </p><p></p><p>Start out with $10k. Turn it into $15k. Add anothe $10k, start using a margin account. Now worth $25k but are trading 35-50k. Now it is worth $30k cash and start getting more aggressive and reckless. Boom the market adjusts and you are lucky if you are left with $5k</p><p></p><p>It takes discipline. I never day traded. I was more of a week or month trader. About 90% of my sell were short term, the other 10% would be capital gains. That was years ago and I don't have any single stocks now, just play with a few mutual funds. </p><p></p><p>Be careful!!!</p></blockquote><p></p>
[QUOTE="Mad Professor, post: 2876974, member: 5316"] This is where I see people making mistakes. Start out with $10k. Turn it into $15k. Add anothe $10k, start using a margin account. Now worth $25k but are trading 35-50k. Now it is worth $30k cash and start getting more aggressive and reckless. Boom the market adjusts and you are lucky if you are left with $5k It takes discipline. I never day traded. I was more of a week or month trader. About 90% of my sell were short term, the other 10% would be capital gains. That was years ago and I don't have any single stocks now, just play with a few mutual funds. Be careful!!! [/QUOTE]
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