thouse Posted October 23, 2008 Share Posted October 23, 2008 and I need suggestions on some stock software for someone who is trying to learn.. Link to comment
mgirl Posted October 23, 2008 Share Posted October 23, 2008 Ha, good luck. You need lots of start-up capital (monies that you are prepared to lose) and to set stop losses. To find out about software, simply Google it. But, if you don't know what a stop loss is, i wouldn't suggest trading just yet Link to comment
thouse Posted October 23, 2008 Author Share Posted October 23, 2008 I do have some knowledge of the market, and definitely understand what a stop loss is. What I want to do is analyze trends and learn how to trade charts. Link to comment
mrirving Posted October 23, 2008 Share Posted October 23, 2008 thouse, I day trade for a living... this is not a market for people just starting to day trade, even if you know a thing or two about the markets... trust me, getting caught on the wrong side of a trade could cost you a week or a month of profits in 5 minutes. Example: I was trading ICE (Intercontinental exchange) on monday at the open. The market maker is on the bid right at the open, many follow. There was a HUGE offer at 86.50. Once that lifted, the UBS maket maket went high bid 87 for something like 50,000 shares. I saw soooo many buy orders fly in that it looked stupid (however, with UBS on your side, it made it a decent bet)... Once he filled a couple of hundered, he fulled the bid and offered his entire position... the stock was down almost 10 points in 15 seconds. If you were one of the people that bought, you couldn't even get out. There were just no bids and good luck offering when it spiking down. To put it in perspective, if you had 500 shares, you were out of the money $5 VERY quickly with no way out... If this sounds familiar to you, give it a shot, otherwise stay away. Also, you need A LOT of money to do this, and A LOT of margin. I trade for a prop desk where they give me pretty much unlimited capital. If you want to get a start, apply with a trading firm. Do not try this at home!!!! Link to comment
mrirving Posted October 23, 2008 Share Posted October 23, 2008 but sorry to be so negative... i personally think that the market is completely oversold. you don't have to day trade to make money. If you find the bargains, you could make $500 to $1K a day with a pretty small stake... of course you have to remember to sell or cover when you get in the money. Link to comment
thouse Posted October 23, 2008 Author Share Posted October 23, 2008 but sorry to be so negative... i personally think that the market is completely oversold. you don't have to day trade to make money. If you find the bargains, you could make $500 to $1K a day with a pretty small stake... of course you have to remember to sell or cover when you get in the money. Well that's is what I have been doing either using the ETF's that short such as SDS,DUG, or I have been just shorting certain stocks. I haven't been long in a while Link to comment
thouse Posted October 23, 2008 Author Share Posted October 23, 2008 but sorry to be so negative... i personally think that the market is completely oversold. you don't have to day trade to make money. If you find the bargains, you could make $500 to $1K a day with a pretty small stake... of course you have to remember to sell or cover when you get in the money. What I really learn how to do is read the charts!!!! I have been trying to find something that will teach me, so that I can trade the charts. Link to comment
mrirving Posted October 23, 2008 Share Posted October 23, 2008 INHO... charts don't really work right now. I mean the commodity stocks are trading below book value, this doesn't really happen. Charts are kind of broken... then again I trade the tape and rarely have a position overnight but that's not to say that charts are not a great tool to know. I would check out "Master Swing Trader" and "Remminiscences of a Stock Operator"(the psychology of technicals)... both are pretty much required reading Link to comment
bmwm3 Posted October 23, 2008 Share Posted October 23, 2008 I trade for a living... started day rading stocks in college about 10yrs ago.... know i trade commidites and currinces... its a crazy world.. it took me about a yr. to get really good... a few things to make it as a trader gotta be discplined, money mangement, risk mangement.. to stay in the game.. gotta have capital.. i would start with 50k an shout for 1-2%a day.. low risk/decent return... Link to comment
mgirl Posted October 23, 2008 Share Posted October 23, 2008 I agree that most stocks are over-sold, however, i trade on the Australian Stock Market, so it's probably a different game. I also agree that technical analysis is out the window- you only have to see the correlation between current news items and share price movements to realise this. For me, personally, i prefer swing trading. Tried day trading for a while, it was great, but i took too much out on margin and screwed myself. So, now, i play it safe. Link to comment
winstonchurchill Posted November 19, 2008 Share Posted November 19, 2008 I swing trade, I find it less risky. You can also make some nice profits the way the market is going. To swing trade you don't need as much money as you do to day trade. Read up and go in armed if you want to day trade. Trading is like swimming with the sharks. I think day trading is like swimming with the sharks after bathing in tuna. Link to comment
poloplayer Posted November 20, 2008 Share Posted November 20, 2008 Get some books. Open an account with link removed and start playing in the sims for practice. Link to comment
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