Any Online Stock Traders?

[Pops15]

I know a guy that was bored with retirement so he became a day trader. He has 3 computers with high speed internet and reads and watches everything he can on tv about the market and individual companies. I'm not sure how much $ he started with but I'm sure it was a modest amount. He made $96K as a day trader last year.

 

[rekees4300]

I know a guy that was bored with retirement so he became a day trader. He has 3 computers with high speed internet and reads and watches everything he can on tv about the market and individual companies. I'm not sure how much $ he started with but I'm sure it was a modest amount. He made $96K as a day trader last year.

The stock market is a zero-sum game. In order for the guy to make $96K then somebody else had to lose $96K. Since the other guy didn't want to lose it that means the guy who made it has to be smarter/faster than the guy who lost it. It's possible to make money betting on horse races but it has to be a full time job. You have to know more about the horses than the other guy.

 

[mjarrels]

Yes on that Ford stock. Wish I had bought about 100,000 shares about two years ago. My diet would be kobe beef now.

mark

 

[HowlingWolf]

I am a profitable trader. I buy shares and wait for a 10% or more rise in profit and then sell. Some times weeks sometimes days if it hasnt made a profit in six months i sell and get on to someting else. I usally average a 10%+ monthly return. Started with 6k two years ago at around 46 now. DONT play with more than you can afford to lose. This year my monthy returns will pay for my new tractor and some new toys. Keeeping the main amount working for me. If intrested do a search for a book by Wade Cook. Ive used his books to buy property and figured I would see what he had to say about the market. Cant speak for others but WHHOOO. Its fun, it makes money, its easy.

 

[jpm]

i bought a stock once through a regular broker and paid a commision of $70.if i sold it though him i'd have to pay again.he was making more than i would.so i
opened a scottrade account and moved the stock to that account ,i bought and sold that stock 10 times for the same $70.00 and made lots of $$$ .

 

[Iplayfarmer]

Thanks for all the input so far.

I have the regular mutual fund thing going already with a conventional investment firm (Edward Jones). I'm going with the buy and hold game there. That's my retirement and long term investing. What I'm looking for in the online brokers is something more volatile and more exciting that has potential for a greater return in the short term.

I'm a volunteer with the fire department. I figure the firefighter's mentality will work in the stock market... I run in when everyone else is running out. I've already decided to not play with anything I'm not willing to lose.

The only online firm I've seen reviewed so far is Scottrade. Anyone out there with experience from other firms?

 

[js5020]

Im a forex trader,, foreign currency,, my fav is Aud/Jpy. I prefer currency over stocks myself, but to each his own. I like the few rules aspect of the forex market, no minimum balance for a pattern daytrader, buy/sell as often as you like, when you like, and if your good, greater leverage ability. No matter what you chose watch yur backside and manage your capital wisely.

 

[twarr1]

The only sure way to make money in the stock, forex or futures markets is to write about them or be a broker.
For the average investor or trader, the markets are a negative sum game when trading costs are figured in. That means you have to be right more than 50% of the time to even break even. Factor in the natural tendency to sell winners and hang on to losers ( for any time frame) and your chances at the casino at least as good.
With that said, I still trade all three, and usually do pretty good, but I don't count on it...

 

[smfcpacfp]

The stock market is a zero-sum game. .

Nothing could be further from the truth. I guess you know nothing about game theory, probably less about trading stocks. Last week when the DJIA dropped 1,000 points the net worth of stock investors, as a whole, lost several trillion dollars. There were no winners, except a few short sellers and option sellers. Those that had nothing invested lost nothing, they certainly made nothing. Playing cards is a zero sum game - for every winner there is loser.

The only really independent study of day traders was that of a firm that had a day trader who came in one day after being wiped out and shot up the place, killing a number of people a few years ago. What they (the SEC I believe) found was that every day trader who used the firm lost money, and most lost all of their money - pretty sobering statistics. It's a suckers game. Investing in stocks over long periods is a positive return game (i.e., investors make money as a whole about 9% per year on average after trading costs over the last 90 years). People who get sucked into schemes like day trading lose money.

Of course on Internet forums there are a lot of people who profess to make a lot of money day trading. :laughing:

 

[smfcpacfp]

I'm a volunteer with the fire department. I figure the firefighter's mentality will work in the stock market... I run in when everyone else is running out.

I can promise you that if that is your day trading strategy, you might as well take your money and throw it into the fire. A day trader wants to run in, just before everyone else runs in.

The fireman's mentality would be a good long term stock investment strategy.