120 bucks in 10 minutes

[ReformedWretch]

Finally started day trading today and from 9:30am until 9:40 am I made 120 bucks!

By days end I hope to have made another 240

360 bucks a day sounds good to me! (Lord willing)

I have been reading books on this for YEARS making sure I knew what I was doing when I finally started (and saving up 10,000 bucks).

Looking good so far.

 

[kceaster]

Adam....

You want to start playing with my money, too?

I have wanted to try what you're doing, but frankly, it scares me. I had a friend who got so caught up in day trading and it became so frantic for him, that he almost had a nervous breakdown. He had to quit.

Sounds like you have gotten off to a good start. Praise God from Whom all blessings flow.

In Christ,

KC

 

[staythecourse]

What ever it is I'm against it.

(Marx brothers line)

If it's too good to be true then it walks like a duck. Why a duck? I'll tell you why a duck.

The SBC who manages a whole bunch of people's money (including yours truly) says, "we can't justify doing it."

It's too unpredictable and when that gambling instinct kicks in of "tomorrow I'll make up for what I lost over the last few weeks" well, as Chico says, "that runs into money."

And having a business degree from one of the top 2 business colleges in the nation (Go Michigan) I recommend,

Get out!

Take it for what its worth but I thank God my brother who was trying to get rich quick decided against it - and makes money the old fashoined way....selling used cars.

[Edited on 6/25/2004 by staythecourse]

 

[SmokingFlax]

Wow Adam...not a bad wage.

I hope that you can keep on with it. I was intrigued by this day trading thing a few years ago after hearing about it from a friend. Any particularly good books about it you could recommend?

 

[matt01]

I would agree with [i:1a53f094bf]Staythecourse[/i:1a53f094bf], it is a risky endeavor. You may make money a few times, but in the long run you will most likely lose a great deal.
Money is made in the markets through consistent, long term investing. Trying to continually turn buys over is a very dangerous thing.

Just my thoughts...

 

[staythecourse]

Matthew said soberly and the right way.

Decide how much you're going to make or lose and then quit. It's not wise investing.

The gambling aspect of it is intoxicating.

 

[ChristianasJourney]

I share your excitement...

but so you don't lead impressionable young minds astray you'll also have to share with us your losses.

 

[ReformedWretch]

[quote:9277e5d8e6][i:9277e5d8e6]Originally posted by SmokingFlax[/i:9277e5d8e6]
Wow Adam...not a bad wage.

I hope that you can keep on with it. I was intrigued by this day trading thing a few years ago after hearing about it from a friend. Any particularly good books about it you could recommend? [/quote:9277e5d8e6]

I have a "system" I can share with you in a U2U if you would like. It's not terribly complicated but you MUST stick to it no matter what.

One BIG thing about day trading is you absolutely MUST know when to cut your losses. (I do it FAST!)

You MUST be well read and studied to do this. If you read an article and think you're ready you will be dead in the water. I read several books over several YEARS.

[quote:9277e5d8e6]You want to start playing with my money, too?[/quote:9277e5d8e6]

Now THAT would scare me!

 

[alwaysreforming]

I worked for Charles Schwab for a couple of years and also tried my hand at trading. I did mainly options. I lost ALL of my money. I can't tell you how many brilliant people who REALLY knew the markets ended up losing everything. Clients, employees, managers. Its so risky that it even dillutes the word "risky."

Am I telling you not to do it? No. I'm not even discouraging you from doing it, just reminding you HOW important it is to cut losses quick and early.
The other danger is getting caught up in the love of money. There's one more, too: excessive anxiety about the markets and your money.

BUT, on the plus side: it can be VERY exciting and can be a very wild, adventurous ride, and a lot of fun!
It sounds like you have prepared yourself very well for your new undertaking. I wish you MUCH success. May you be one of the "Winners" in this game!

By the way, if you don't mind, would you U2U me your technique as well? My roommate has a lot of money, and maybe I can practice with his!!!

PS. TradingMarkets.com was a GREAT website I used to frequent, if you're not familiar with it.

 

[ReformedWretch]

U2U sent. Let me know what you think.

 

[BrianLanier]

I share the concerns already posted. I try to stay away from short term investing. I have a "Warren Buffet" style of trading. Long term baby!!! Plus the taxes that you will pay on the amount you make day trading is definately a deterent for me. Plus, if you don't do your own taxes, you'll probably be paying more to your CPA for the extra amount of paperwork involved in calculating the taxes you owe or are owed from your gains and losses. Seems to much like gambling to me. Even if you have a [i:c946bc13db]system[/i:c946bc13db]...I have a system in blackjack too, but it's still gambling! Anyways, its just my personal opinion...nothing more and nothing less.:bs2:

 

[SmokingFlax]

Well...now that a few of the others have shown the dark side of this venture it doesn't sound so appealing. But I am still curious about your plan of attack -I'm wondering if it is the same percentage thing that I've heard of. Plus I almost never act impulsively -I usually obssess and brood for months and years before I act.

 

[ChristianasJourney]

Alwaysreforming reminds me of the saying in the industry:

Pigs get fat, hogs get slaughtered.



In my observation trading stocks can be very educational--and an excellent way to really learn about myself, and what makes me tick. A lot of spiritual good can come from observing yourself trading stocks, and studying your thoughts, feelings, and actions. And no matter what they say, in my opinion doing it on paper isn't at all like doing in real life--for one thing the emotions aren't there.

 

[smhbbag]

Ethics of Day Trading

I've always had some concerns about the ethics of day-trading. The entire point of investment in a company.....is that you place your money in their trust, for their funds, to grow their business, and if they do well with it....then you share in their gains. If they use it for their company unwisely or unsuccessfully, you share in their losses.

Now....did these businesses ever really get to use your money to invest in their own firm? Did your investment help them at all to grow? If your money is only with them a few hours (or minutes), it is impossible that your contribution had ANYTHING to do with their success........so why is it ok for you to get a share of their gains, when your money had absolutely no role in their growth???

I don't have a solid answer to this, just wanted to throw it out there for some comments or discussions (not intending to hijack the thread, if that's what a MOD. thinks I'm doing, I'll just make a new thread )

 

[Craig]

Only two things about day trading:

I couldn't do it because i would become obsessive. That's MY weakness...not yours, Adam.

Second, with lots of day traders doesn't that increase the volatility of stocks? That's how J.P. Morgan would buy out companies (maybe it was someone else). He'd find a company and start investing TONS of money trading that companies stock...temporarily deflating the price a lot. I know $20K isn't a lot; I just wonder what daytrading does to the market. Doing options can be really good, though. It can be tricky, but I know people who do it fairly regularly and make some money at it.

Adam, could you U2U me your strategy? I'll learn more about day trading, but am not sure if I'll get involved.

I do wish you success! My investing is guided by a desire to be my own boss (just like you). There is nothing wrong with that.