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Making Money Flipping, Investing, You Name it. Letís discuss other ways of making money!

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  #1  
Old 07-24-2008
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Default I day traded last week! - and other investment ideas

Hey guys,

if you really want an eBay alternative, just go into trading! Stocks are the best way to generate massive profits in a short period of time. I actually hopped on my Scottstrade last week, and simply day traded.

If you don't know what day trading is, then listen carefully. Day traders don't hold a certain stock past the end of the trading day. Meaning, they typically hold onto a stock for minutes to hours max. They target both stocks on the rise and on the fall, and have the ability to generate profits each way. Day trading is not safe, and is overall very risky, but what isn't these days?

I simply traded 1k stocks in C which is Citigroup Inc. The stock jumped 10 cents within 5 seconds, and I resold to make 50 bucks... That is only in 5 seconds! I highly recommend this for someone who is has plenty of money to invest, not scared to invest and lose and overall willing to learn the tricks.

I am on the other hand, not wealthy, don't have too much money to invest, but I am going to get started on this very soon. I hope all take it in consideration, it is very exciting. Good luck to all with your future ventures.
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  #2  
Old 07-24-2008
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That is very interesting. My father use to do that for a while but never got really good at it. Let me know how you do...Once I get 1 or 2k saved up I may have to start doing that.

Also, how much did it cost to trade 1,000 stocks?

Last edited by GreenBean; 07-24-2008 at 06:11 PM.
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Old 07-24-2008
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I suggest learning for a few years before you start dealing with real money in stocks/forex. Otherwise I'll be the guy that walks puts 10 cents into your bucket when you're sitting under the bridge. I knew someone who literally went from a million dollar penthouse to under the bridge with stocks.
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Old 07-24-2008
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Day trading is extremely risky at best and very poor advice to make money.

There were thousands of day traders who lost their shirts in the 1990s, when the dot com bubble burst. Sure for several years, they made hundreds of thousands of dollars, then all lost everything and filed bankruptcy. In fact, I cannot imagine anyone suggesting day trading in a bear market.

Each and every person should invest in the stock market, but through mutual funds. Every stock buy should be a LONG TERM investment.

You will never find one instance of wealth in this country from day trading. Long, steady, and slow.....just like sex.

Seriously, every survey on America's super wealthy, tell you two things to do to get rich....

1. No DEBT

2. Long term investing...

I really do not think Warren Buffet ever bought a stock for the short term "day trade."
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Old 07-24-2008
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Also--Get a Margin acct if u want to do some serious volume.;. BUT_make sure you can cover it..
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Old 07-24-2008
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wouldn't advise to risk your hard earned money if you don't know what you are doing
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Old 07-24-2008
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You need to find something that is in a bull market. I suggest you look at buying silver, sugar and wheat. All of those commodities are in bull markets and they have all had huge recent pullbacks. Buying any of those right now is like buying amazon in 97.
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Old 07-25-2008
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Modee, you do not sound arrogant, just wise....
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Old 07-25-2008
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PS.....So true on today is not the time....just yesterday, the DOW lost 238 points....
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Old 07-25-2008
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HI:
Anyone have GOLD--?
I messed up--I remember when it was $800, and silver at over $50--so last year went to a Coin Show--sold most of my dads collection--which was mostly Proof sets/$20 St Gaudens..
I believe gold was at like $340..NOw look
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Old 07-25-2008
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I was a day trader for many years, on the LIFFE floor in London.
I personally wouldn`t recommend anyone trying it on a whim.
Don`t get me wrong you can make a hell of a lot of money, but believe me it`s twice as easy to lose even more.
I traded in the pit then when it went screen based it was different animal.
This reply is not intended to put you off digzober`s advise just be extremly careful, and bear in mind this advise comes from someone with many years experience.
Sorry after reading through again i just wanted to inform you that even in a bear market you can make money by trading futures and options.
As i said before just be very careful.

Last edited by Slipster; 07-25-2008 at 12:34 PM.
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Old 07-25-2008
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Trading commodities (especially currencies from the bucket shops that call themselves FOREX) is very risky and should only be used for money that you can easily afford to lose.

I know this for a fact firsthand, because I used to be a commodity broker in the 90's. Licensed series 3. For over a year I worked very hard to develop a client base. ( Mostly through cold calling), CHURN and BURN is what the business is about. My first trading, guiding clients was horrid. It was especially bad for me, because I followed my own trading recommendations. When I hit the 2 year point, after having lost a chunk of my own money and churned almost every client I signed up, I finally hit upon a winning strategy.

I noticed that in thinly traded markets, a week or two before options expiration, and then up until the exp. date, the market would move in the direction that would leave the most option holders by $$$, broke. Especially in FCOJ and feeder cattle. The reason - because the big $$ traders in the thin markets were also the option writers, so they put their weight behind screwing the max amount of people out of the max amount of $$$ by making the options expire worthless. This is especially gaulling for the little guy because most options 90% +, expire worthless anyway..

-- So to take advantage of this I moved my clients into frontrunning this tendency. After that my fortunes, and those of my clients DRAMATICALLY changed. We started making money. I gotta tell you, it was huge rush. From referrals from happy clients, I actually had potential clients calling me. (after 2 years of nonstop cold calling rejection, this was heaven)

--- Needless to say, this story has a sad ending. I had a massive 1 year + run where I could do no wrong. I got way too cocky and eventually I abandoned my system, because I was now a market guru (in my head) and I started to believe my own sales BS. Eventually this undid me, I crashed and burned not just most of my money, but most of my client's $$ too.

Oh well, live and learn.

In Feb. 2007 I was planning a nice little vacation to Vegas. A problem came up and I could not go. So, I took the money I had set aside for that trip ($2500) and opened a commodity account. Since then I have had a nice run. I have been long mostly silver and sugar using a longer term strategy. ( Minis and long term options) So far, (knock wood) , it has been a success, 4x. But the reason I have made some money this time is not my brilliance, it is just that I stumbled onto bull markets and I have been riding them in a conservative manner.

Right now I like Silver Sugar and Wheat. I think that this time next year all of those will be significantly higher.

The reasons
-- A lower US dollar ( good for silver and all other commodities),
-- The end of the massive silver surplus, The mint had to curtail silver eagle production due to silver shortages
---higher ethanol production due to long term higher oil prices ( good for sugar),

and
-- a burgeoning outbreak of worldwide wheat rust and strange weather that will harm wheat harvests.

Last edited by The_Cynic; 07-25-2008 at 10:21 PM.
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  #13  
Old 07-26-2008
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The prices of the metals have everything to do with the value of the US dollar.

There are a lot reasons but mainly inflation, lower US interest rates, trade deficits, budget deficits and the housing crisis are thefactors hurting the dollar. IMO I see all of those factors getting worse over the next few years, thus the value of the dollar falling and the value of the metals rising.

That's not to say that it won't be a bumpy ride, but in a few years, gold, silver and the rest of the PGM's should be significantly higher.
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Old 07-27-2008
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Richard Russell
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Old 07-27-2008
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Not many no more about the markets than this guy.
Dow Theory Letters
But somehow I think you already know that!:D
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Old 07-27-2008
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modee i was just wondering
if you are so rich and sucessful as you make out to be
why are you selling on ebay
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Old 07-28-2008
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woow take it easy !!!
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Old 07-28-2008
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so what about the taxes on the day trade profits????
frankly, in my next life I am operating ONLY in cash, which I shall keep in the mattress!!
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Old 08-15-2008
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Modee.........Silver $12.70 an ounce... that dropped low enough for you...? $1270 for 100 ounces... you US people should be backing your trucks up to the local bullion dealers..

If you don't fancy handling the physical Silver, Use Kitco's Pool Accounts, you don't need too personally hold then..


Steve.
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Old 10-16-2008
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Don't trade right now my friend as the market is getting worse day by day. It would be better for you to wait for some time till market improve.
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Old 10-31-2008
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I don't know much about the international market but i can say that investing in this market is safe now. But this trend in the market for now is for few days or months so please be cautious.
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