Any Online Stock Traders?

[Iplayfarmer]

I've been toying with the idea for a while of doing some small scale day trading with one of these online trading sites like Scottrade or E-trades. After seeing the phenomenal behaviour of the market yesterday I am even more intrigued by it. I'm not talking about building my retirement fund. I'm talking about playing around as a hobby kind of like I do buying and selling tractors.

Someone made a grundle of money yesterday! This could be another way to finance my tractor habit .

Any hobby day traders out there? What I'm hoping to learn is what the differences between these online trading sites are and how they work.

 

[rekees4300]

"how they work"

They get the gold mine and you get the shaft ... seriously don't bet (errr I mean invest) money that you can not afford to lose.

 

[sweettractors]

I highly recommend Scottrade. They have the $7 trade charge no mater if it is a single share or 1000 shares. I also like the many Brick and Mortar offices they have to answer any questions you may have getting started or support as needed as you get more involved. It is fun and addictive. Be careful and only invest what you can afford to lose. Ken Sweet

 

[Toyboy]

Good way to loose your butt

 

[dave1949]

I have a Scottrade account that I have been very happy with. Haven't done much with it lately. As far as quality of the company, I have had no issues.

I wouldn't get into day trading, but it's a very inexpensive way to buy/sell stocks for mid to long term holdings and simple enough if you just use 'at market' trades. You will add to your income tax preparation/filing burden, so beware of that and keep good records.

As far as losing one's shirt, if you put a fixed amount you are comfortable with in your account - that you never exceed or add to, your potential losses are known upfront. Sort of like going to a casino with a set amount you are prepared to lose. Your odds are better than in a casino at least

Dave.

 

[Travelover]

I'm a buy and hold index fund investor. Just like with the lottery, some people win at day trading, but most lose everything invested, eventually.

You could be the lucky one. Or not.

 

[BTDT2]

I use Etrade, but not a day trader. Prefer to look for occasional bargains or buy stock in a product that impressed me.

Lost a bunch when the market tanked and got it all back and more when it recovered.

One comment you made concerns me i.e. "Someone made a bundle yesterday" Very true, but a whole bunch of 'someone's' lost a bundle yesterday!

My two cents but pardon my overcharge.:confused2:

 

[om21braz]

I would stick with the "Tractor Method" - buy quality and hold on to it - IMHO.

 

[mbohuntr]

I use T/A to guide me, I swing trade where the trades last from 1-10 days. I would recommend trading with paper trades until you get a system that is semi reliable. Yes you can make good money, but most likely, you will do something wrong, get stuck like a deer in the headlights, and lose it...Been doin it for almost 10 years, and average 3-10% profit in a good trade. You can lose that much and more REAL FAST as well, so keep your winners a little longer, and cut your losses IMMEDIATLY, and you will last longer. Look at stockcharts.com and check out the public charts lists, it's all free.

 

[mjarrels]

My sister is pretty good at it... for me, I'll just retire in the Phippines and live happly ever after.

mark

 

[foggy1111]

Being an investor in stocks is one thing...

 

[foggy1111]

Being an investor in stocks is one thing....but being an active day-trader is quite another. There are many high-risk methods people use to "play markets" and some folks do "win" at these short term strategies, however most lack the training, talent, or timing required....and will lose.

Almost all of the on line brokerages are $10 or less for a trade of any size. Sure makes more sense than brokers of time gone by. The commissions are cheaper than ever these days.

I like to think of myself as an investor as opposed to a "gamer". Good luck with your strategy!

 

[dcyrilc]

Someone made a grundle of money yesterday!

I heard on the news than one company went from $43/share to a penny stayed there for a little over a minute and then went back to $43/share. Sure would have been nice to have bought 10K shares for $100 when it was at a penny/share. Net profit = almost $430K. The chances of hitting that just right are really slim though.

 

[2manyrocks]

I am sure there are folks who are in and out of stocks like that and are contributing to the volatility of the market. You might say they are trading and not investing. A friend of mine who is a certified financial planner plainly says that picking individual stocks is a "fools game" and will only invest in mutual funds to diversify risk. Plus, he doesn't have clients calling to gripe at him why stock A, B or C went down.

Are you are willing to spend the time keeping up with the general market and how your particular stock is doing so you know when to get out of it?

 

[dex3361]

Do what I did and pick 4 or 5 stocks and watch them and try to decide if they will go up or down. I will read and study and then note whether they are going to go up for the day or if they are going to go down for the day. Guess what I am wrong most of the time. I have found that I would miss the really good deals. I would also miss the indicators to sell till its to late.

 

[alchemysa]

Sure, give it a go if you think you can outsmart a supercomputer using complicated algorythims to make a million decisions a second in the hands of an experienced stockmarket manipulator who knows what you are going to do before you do.

 

[mbohuntr]

I absolutely agree about individual stocks, too much manipulation to be a consistent winner. My track record is much better with ETF's, and Mutual funds...

 

[dcyrilc]

Like you now, I had curiosity about the stock market back in the mid/early 90's. No on-line back then. LOL. I decided to purchase some stocks and see what they would do. I think I spent around $150 and bought 2 shares of MSFT (a couple of weeks apart), 1 share of INTC (Intel), and 5 shares in a gold mine. The mine went bankrupt. I sold 20 shares of MSFT for $2400 a few years later when money was tight (I should have kept it). I still have what's left. 12 shares of MSFT and 8 shares of INTC. I haven't gotten rich by any means, but what I have left is still worth more than I paid for the origional stock.

The thought of buying and selling doesn't appeal to me, but buying long term and watching what is does over time still interests me.

The first thougt I had when I saw that downward spike the other day, was that that would have been a great time to buy.:thumbsup:

 

[dex3361]

Looking back at Ford stock which sold last march for $1.80+- and looking at it now at $12.00. Knowing how things are I would have bought GM and be standing on the outside looking in(with empty pockets). For me I think the more prudent thing is to diversify by buying mutual funds and spreading the risk. Buy a few stocks that have a good history and not try to time the market. I had a few friends that panicked and sold after the rode the market crash down and placed their funds into an account where it was safe. It was safe alright but also did not go back up with the recent rebounds(maybe not to previous levels but up none the less). No expert here, not even a good rookie.

 

[brin]

Well I trade the market and have for about 10 yrs. I am not a day trader..but I am what is referred to as a scalper...I buy a stock and may only be in it for a few minutes and then I am out but it is not for the faint of heart. Keep in mind you are competing with folks world wide ....some win and some lose. I go by technical analyisis ..charts...TA and the Tape but it took years to learn and all in all I do OK at it. Once in awhile I get stuck in a stock and then I am an Investor...LOL