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Should I ??? Day Trading question ?

BigAl

Gone But Not Forgotten
SUPER Site Supporter
In the new stock game on here at FF I play a Stock nut . In real life I am just a nut .
I like researching stocks and looking for investments .I been doing this since I was 12 years old when my Dad first started investing into the stock market . My first pick was EGG and it went nuts over a year or two back then . Dad would have made millions "IF" he had invested in that one stock back in 1965 . He kept sayin there was no way it could keep going up , but it did . I just like researching Stocks , checking message boards and looking for news that may drive a stock up in price . Lately I have let my broker do my homework using a Conservative risk level .

Winter is coming and it is about to get boring being cooped up in the house all day .

I have never done the day trading thing but think maybe it would be a fun thing to do . I set my wife up on a few stocks with our Broker ,earlier this month and she enjoys seeing how well or bad she has done for the day . So far her new investment has earned her $1600 plus for the month so I am still on her good side:biggrin: .

I do know we have or had a few Day Traders here on FF . Was there a set amount you played with ? I was thinking $5000-$10,000 for a start and see how it goes . This time I am thinking of going Aggressive Risk and see where I can take this . I would appreciate your thoughts if you have ever done day trading . This beats the hell out of going to Vegas in the winter and betting on the crap table plus the odds are a lot better ,in my favor !!!:brows:
 

jimbo

Bronze Member
GOLD Site Supporter
Al, I am not a day trader, but I do a lot of short term trading, mostly in options. I usually 30's or 60 days out and buy on the big dips. I've done fairly well.

Here's what I've found:

Pick a few stocks. No more than 6 or 7, and learn everything you can about them. You want solid stocks that are subject to wide swings for no good reason. Don't even look at other stocks unless one of your core stocks ceases to meet your criteria.

There is no need to be in the game all the time. If nothing feels right, then nothing probably is.

Same applies to getting out. Don't wait for the last penny. If you think it's time, it's time.

Remember with options, you are fighting both time and money.

I like options because you can control large quantities of stocks for little money. If you buy an option for a buck and lose it all, you have lost a dollar on a dollar investment. If you buy a $50 stock for $49, you have lost a buck on a $50 investment. On the other hand, options often double in a very short time. Even quadruples, while rare, are not uncommon.

That's how I do it. I don't spend money I don't have. I've made a few bucks. Haven't lost much.
 

BigAl

Gone But Not Forgotten
SUPER Site Supporter
THANKS FOR THE GREAT REPLY !!!!:clap:
I hope more of you jump in on this discussion and give me your 2 cents worth .

I am getting too old for any more physical projects and I really want something to do this winter .

Day trading sounds like a enjoyment I could do . Its more the game than trying to make big dollars . I don't do casino's and I think I would stand a good chance of beating the game .
I also agree that getting too greedy will cause a loss on most days . The more I think about this the more I am inclined to test the waters with a token amount of funds .

The way I look at it ,I take some of my Secret Stash Doctor Rum money and put it in play . If I lose it than I sober up and don't drink for a few days realizing that my bad investment cost me my golden elixir of joy !!!:biggrin:
 
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