Does anyone here day trade stocks?

Iceman · Jul 10, 2006

As you can see I am really bored with no baseball?

Have been looking into this the last few weeks but just can't get the bug or feel for it. Anyone have any advice, sites, books to get the juices flowing.

Is there a good book out there, like a diary that chronicles a day in the life of a day trader?

Does anyone here do this successfully? I would like to make $50-$75 a day. Is that conceivable? How big of a bankroll would you need? How much time and whar times of the day is that possibile? What are the odds of succeeding at this?

Not talking about the quick 2 minute trades but more on the line of couple hours/days to lock in a profit type trades.

Would like to get a decent discussion going about this on here? anyone?

royalfan · Jul 10, 2006

I used to do it when I worked at Ameritrade. Made real good money with low starting roll. Not sure I could do it as successfully without working there as you are watching stocks all day long and get a feel for what is going on.

Iceman · Jul 10, 2006

royalfan said:
I used to do it when I worked at Ameritrade. Made real good money with low starting roll. Not sure I could do it as successfully without working there as you are watching stocks all day long and get a feel for what is going on.

any strategys or methods?

Just seems like such a crap shoot from the outsider looking in

royalfan · Jul 10, 2006

not really, just focused on about ten stocks at a time and got to know their pattern. Was in and out within an hour a lot. It was much how I do my wagering. Just feel and so forth that are hard to explain, not much technical anyalsis. I know that isn't what you will want to hear, but it is the truth, as you are more of a system guy, which is great too.

WorldNumberOne · Jul 10, 2006

why did you quit ?

was it a stressful job ?

royalfan · Jul 10, 2006

with a higher bank roll, which i need to start doing again, selling naked put options can be very profitable if you are willing to take on the stock if worse comes to worse, which is why you need a good bankroll. Allows you to buy into stocks at a good price if you have to, BUT you must have confindence in the stock long term. I learned from the school of hard knocks once and lost a huge chunk of my day trading profits in a couple days.

royalfan · Jul 10, 2006

World Number One said:
why did you quit ?

was it a stressful job ?

When the market crashed, nearly all mid management got waxed. Best thing that ever happened to me financially though, as I started wagering for a living and make more by many multiples.

Iceman · Jul 10, 2006

royalfan said:
When the market crashed, nearly all mid management got waxed. Best thing that ever happened to me financially though, as I started wagering for a living and make more by many multiples.

do you think you have enough time in the day to do both?

I am betting daily 15-20 bets and monitor line movement religiously. I am putting in 3-4 hours a day betting and also working a full time time job/ I have some down time during the middle of the day (12-3pm est). Is this enough time (in your opinion)

JudgeWapner · Jul 10, 2006

I did it, but was in the late 90s when everyone was making money. was getting good tips. Did well. Doubt if I could do much in today's market.

gbogo · Jul 10, 2006

you should do currencies or gold

www.gftforex.com

download the demo and give it a try for a month and see if you like it

royalfan · Jul 10, 2006

Iceman said:
do you think you have enough time in the day to do both?

I am betting daily 15-20 bets and monitor line movement religiously. I am putting in 3-4 hours a day betting and also working a full time time job/ I have some down time during the middle of the day (12-3pm est). Is this enough time (in your opinion)

Definately enough time. It would make me less of a piece of shit during the day. I rarely work Monday-Friday before 4 central. 4-6 is the time frame I wager typically. I have been wanting to get back in and there is no reason why I shouldn't be doing it. Will take some time to get acclamated again though, that is for sure.

djking · Jul 10, 2006

royalfan, small world; i worked at AMTD as well. Were you in fort worth or omaha?

Iceman · Jul 10, 2006

royalfan said:
Definately enough time. It would make me less of a piece of shit during the day. I rarely work Monday-Friday before 4 central. 4-6 is the time frame I wager typically. I have been wanting to get back in and there is no reason why I shouldn't be doing it. Will take some time to get acclamated again though, that is for sure.

how did you acquire your knowledge of the market and stcoks in general? College? or is this something you are self taught on?

charleslanger · Jul 10, 2006

gbogo said:
you should do currencies or gold

www.gftforex.com

download the demo and give it a try for a month and see if you like it

I agree...& look at EVERYTHING ELSE TOO: commodities, tax liens, RE.....just like you at least glance at all sports now.......

Read a book called Multiple Streams of Income for some general ideas on that / money / life:

Iceman · Jul 10, 2006

Oh I forgot you worked at Ameritrade. You must have some sort of schooling/training, correct?

Iceman · Jul 10, 2006

charleslanger said:
I agree...& look at EVERYTHING ELSE TOO: commodities, tax liens, RE.....just like you at least glance at all sports now.......

Read a book called Multiple Streams of Income for some general ideas on that / money / life:

the book by Robert Allen. I already have it. Makes everything look too easy (IMO)

gbogo · Jul 10, 2006

actually thats right shudnt just trade one thing

look for a trend in one market and trade that

dont bother trading things going sideways

whether its beans gold or oil

theres got to be one market that you can pick up on

maybe set up a custom indicator that lets you know when a market goes through a 2 week high

thats the general idea for turtle trading

Iceman · Jul 10, 2006

gbogo said:
actually thats right shudnt just trade one thing

look for a trend in one market and trade that

dont bother trading things going sideways

whether its beans gold or oil

theres got to be one market that you can pick up on

maybe set up a custom indicator that lets you know when a market goes through a 2 week high

thats the general idea for turtle trading

interesting. Where or who beleives in this philosophy? Trying to learn as much as I can about differnet ideas.

sean1 · Jul 10, 2006

I have dabbled in stocks. I prefer derivatives.

I have these things to say:

If you think sports betting is long term, day trading is much longer term. You will be stunned by the ups and downs.

You need a bigger bankroll than you think.... It is important in my opinion to use margin, but to do it is ways that are safe (Like covered calls, etc)

A good book - not really on day trading, but good none the less is Failed by Randomness.

-Sean

sean1 · Jul 10, 2006

http://www.888options.com/ is an absolutely phenomenal site. I don't know who runs it but they do a great job discussing derivatives and various strategies. Before I ever bought an option, I read this site about 5 times... If you have not day traded and do not know about derivatives, I would give it a read. (especially the classes part)

-Sean