Any Online Stock Traders?

Iplayfarmer · May 7, 2010

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

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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 · May 7, 2010

"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 · May 7, 2010

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 · May 7, 2010

Good way to loose your butt

dave1949 · May 7, 2010

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 · May 7, 2010

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 · May 7, 2010

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 · May 7, 2010

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

mbohuntr · May 7, 2010

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.