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Any day traders here?

Phil_McRevis

Phil_McRevis

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Get Shredded!
I want to start trading either stocks or commodities.... Where do I start?

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Mutual funds. Rule of thumb...build a solid foundation ($$) then take on the world.
 
Day trading is no different than gambling.

Unless you are a sophisticated investor and are proficient in technical analysis, I would recommend you to find another place to put your money.
 
iceman1977 said:
Day trading is no different than gambling.

Unless you are a sophisticated investor and are proficient in technical analysis, I would recommend you to find another place to put your money.
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I can imagine. I just want to play a little bit. Was thinking of just buying and selling volatile stocks.

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Depends. For quick profit or long term investing? 'Day traders' who trade for themselves with no firm behind them is a risky venture.

Index mutual funds or ETF index funds for long term investing. Contribute to your employers 401k and then max out an IRA every year. Done.

Talk with a certified financial planner for a more deeper dive
 
You need a lot of cash in order to have a day trading account. Meaning an account that you don't have to wait 3 days to settle. Many years ago before wamu fucked me, the min was $30k. Not sure if that's the case now.

Good luck. Tip: buy low , sell high.
 
iceman1977 said:
Day trading is no different than gambling.

Unless you are a sophisticated investor and are proficient in technical analysis, I would recommend you to find another place to put your money.
Click to expand...

^And this
 
Coronas said:
Depends. For quick profit or long term investing? 'Day traders' who trade for themselves with no firm behind them is a risky venture.

Index mutual funds or ETF index funds for long term investing. Contribute to your employers 401k and then max out an IRA every year. Done.

Talk with a certified financial planner for a more deeper dive
Click to expand...
Yes sir, I pretty much max our version of the 401k with a 5% employer match.

I just want to tinker around with a couple thousand. Very much like gambling I suppose.
 
IML Gear Cream!
All the day traders I've come across have lost a lot of money. More than what they promised they would only start off with. Steer clear of this. Particularly with volatile stocks and commodities.

Watching your few thousand vanish in moments is no fun brother.

Use your extra $$ for more gear. Better return on investment lol
 
Phil_McRevis said:
Yes sir, I pretty much max our version of the 401k with a 5% employer match.

I just want to tinker around with a couple thousand. Very much like gambling I suppose.
Click to expand...

My 401k always you to go up to 25% with a 6% match
 
E-trade...just make sure it's money you afford to lose. Also recommend the following to anybody and everybody who wants to "play" a little:
step A: max out all of your tax advantaged option (IRA, 401k) which it sounds like your doing
step B: have solid emergency fund in a stable liquid investment vehicle. 3-6 months worth of overhead
step c: recommend only putting 10% of your investable assets in speculative investments
step D; get out there and show them who is the BOSS
 
rayschray12 said:
E-trade...just make sure it's money you afford to lose. Also recommend the following to anybody and everybody who wants to "play" a little:
step A: max out all of your tax advantaged option (IRA, 401k) which it sounds like your doing
step B: have solid emergency fund in a stable liquid investment vehicle. 3-6 months worth of overhead
step c: recommend only putting 10% of your investable assets in speculative investments
step D; get out there and show them who is the BOSS
Click to expand...
Many thanks! Just set up an e-trade account. It's probably going to be a little while before I buy anything though. I like the steps you've outlined and that is my intent.

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If you're looking for a place to start, energy sector and oil related companies would be a good bet. Learn options strategies and how to use leverage (not recommended)
 
placebo said:
You need a lot of cash in order to have a day trading account. Meaning an account that you don't have to wait 3 days to settle. Many years ago before wamu fucked me, the min was $30k. Not sure if that's the case now.

Good luck. Tip: buy low , sell high.
Click to expand...


True. Now 25K and up would be an ok start. I tell clients that once that money is allocated, consider it spent and move on.
 
Trade on momentum. Lot of good alert services out their which you can sign up for.

Have a set of rules. Write them down and follow them. Be disciplined.

Get your money in then pull it out when you make your 5-10%.

Never leave your money in over the weekend.

Basically your looking at stocks which are making big swings. Likely smaller companies which don't do a lot of volume. They come out with news and everyone jumps in. Ride the wave but remember to pull out like you did with that crazy chick who nearly broke your dick off.
 
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