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Kemba'sYogurt

Kemba'sYogurt

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Anyone familiar with trading? Interested in starting day trading as a second source of income. If anyone does this or is familiar with it please PM me. Trying to learn the ropes. Opened an E-Trade account and funded it a little, but haven't made any trades yet.

Thanks.
 
Kemba'sYogurt said:
Anyone familiar with trading? Interested in starting day trading as a second source of income. If anyone does this or is familiar with it please PM me. Trying to learn the ropes. Opened an E-Trade account and funded it a little, but haven't made any trades yet.

Thanks.
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I use Fidelity and think they're great. If you want to get serious about trading I would open a brokerage account with one of the big boys like Fidelity or Charles Schwab.

Robinhood is free while Fidelity charges $4.95 per trade but they offer a lot more.

Do some research and probably start off small to get your feet wet and figure some things out. More people lose money day trading than make money but if you know what you're doing you can certainly do well.

You can always put your money in some index funds which track the market, Vanguard funds are good. My advice would be to formulate a plan and try to stick to it. For most people it's probably best to pick some vanguard funds and a couple other companies with fundamentals you like and just go long. Do your research- research the people running the company, if you believd in the product/business, how much money they are going through etc. Once you put your money in try not to look at it too often, the market fluctuates a lot and big drops and short attacks will scare you and they want you to take your money out, don't.

If you are busy at your day job I would maybe stay clear of day trading. It is stressful and will rattle you when first starting out.
 
jojipoji said:
Try Robin Hood it has free trades. And once you get your feet wet then go big time
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You can't really day trade on Robinhood unless you have $25,000 in your account. If you do more than 3 day trades in a week you will get marked as a pattern day trader and your account will be limited for an amount of time.
 
You better have deep pockets if you want to day trade.

The big boys have Forex level 2 & 3 access and can see where the market is moving long before the casual investor can.

This market looks over bought, if there is a massive correction that everyone is waiting for, it may be a buy and long term hold opportunity.

Good luck
 
B1GEast said:
You better have deep pockets if you want to day trade.

The big boys have Forex level 2 & 3 access and can see where the market is moving long before the casual investor can.

This market looks over bought, if there is a massive correction that everyone is waiting for, it may be a buy and long term hold opportunity.

Good luck
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This is good advice. There will be a major correction (worried about a crash) it's just a matter of when. As Warren Buffett always says, when everyone is selling you should be buying.

One thing you will realize is that the big boys manipulate the hell out of the market.
 
Day trading is brutal. When the next big correction comes, let it bounce around for a few months and make sure we’ve reached a general bottom. At that point, buy an index fund. If you want income in your later years, buy a Vanguard dividend fund and just invest as much as you can on a monthly drip. Even in the last crash, dividend funds made about 5% for investors on average over the 3-4 bad years. If you have an insider giving you tips, buy the few stocks they tell you about and nothing else. Make sure they have major players guiding their opinions.
 
Kemba'sYogurt said:
Anyone familiar with trading? Interested in starting day trading as a second source of income. If anyone does this or is familiar with it please PM me. Trying to learn the ropes. Opened an E-Trade account and funded it a little, but haven't made any trades yet.

Thanks.
Expand ...
Do some DD on Intrexon, XON in the ticker.
 
Surprised at the overbought sentiment expressed in light of earnings growth. I don't see that at all in a meaningful way. S&P 500 earnings forecasts will support significantly higher prices even with rising interest rates and a strong dollar. This is the time to have chips in the game, prudently, and within your risk tolerance. I don't know how things could be lined up more favorably.
 
auror said:
Warren Buffett beat the hedge funds. Here's how



Day trading is gambling. And it has a rake.
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This post x 1000. I have spent the past 25 years on the street and you are better off going to Vegas and betting on black or red than day trading. As others have mentioned, low cost index funds are the way to go. Not sexy, but the best way to grow your money over the long term.
 
It’s hard to see a market crash with a strong economy, but more importantly, sentiment hugely biased towards an impending crash. Crashes happen on excesses & especially optimism.

I am in the business and have tried day trading and still trade a lot in my personal accounts, but it is still easy to be humbled by the market. Be prepared to learn some expensive lessons early on. What has helped me is I keep a core bunch of positions and then trade other positions with less than half my working capital.

Whatever u do, steer clear of penny stocks and pump and dump schemes, that was an expensive lesson i learned when i stepped away from my computer for a vacation about a decade ago.

Good luck!
 
Most unsuccessful day traders have a contrarian viewpoint. They tend to fight the tape looking for a quick retracement and an even quicker profit. The few times it works, its extremely gratifying. The reality is, over time, this strategy will drain your account to 0. The losses will far outweigh your gains. In this market, I would advise to start really small and focus on getting long only. If you like a company and are wrong on price, you still like the company and should be ok longer term. Being wrong on price while going short can break your spirit and bank account.

P.S. Don't trade into earnings.
 
Kemba'sYogurt said:
Anyone familiar with trading? Interested in starting day trading as a second source of income. If anyone does this or is familiar with it please PM me. Trying to learn the ropes. Opened an E-Trade account and funded it a little, but haven't made any trades yet.

Thanks.
Expand ...

Step 1 - Fund your account with a minimum of $1M
Step 2 - Pick only winners and maintain a consistent 20% rate of return

After taxes, you will have disposable income of approximately 110k. Your welcome.
 
I know two finance guys who quit their completely overcompensated Wall St. jobs bc they were so successful trading other peoples money they wanted to focus full time on day trading for themselves. Both are now divorced and they are trying to make up the money they lost. Sad but true stories.

Be very careful, they actually knew what they were doing but once they were out from behind the banks computer system, they didn't have all the built-in controls to stop them from really screwing up....and they did.
 
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