 Ok I know there are almost no "get rich quick" schemes that work. Is there a way for someone to make fast cash |
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 Why is daytrading generally not considered real investing experience? |
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 Possibly Make Money? |
Say you have saved up US$5000 and you earn just enough to spend on rent, groceries, bills and transport, in other words the money coming in is the money going out.
You have no way of ... |
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dangoinvestor | How to daytrade successfully? |
I don't have too much of an idea, I am only a teenager and my family members only invest long term. I have an eTrade account and I am attempting to day-trade. If you have any tips or good websites I would really appreciate it - my current plan is to figure out the whole day-trading thing and meanwhile not invest, only make some interest on my money. Thank you for your help/advice.
Additional Details
A lot of the people answering this question are very stupid...some can read.
The stupid people are the one's who opted to give me their opinion when, I didn't ask for it unless it supported day trading...
And most of you give bad odds examples, I am a very literal person so "better chances of winning the lottery" makes you sound mentally retarded.
I have a long term portfolio, over $100,000 - but I am asking about a $1000 day trading account so no bullshit!
To those of you who answered the question, thank you very much! |
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Shaun R
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Day trading isn't that hard. The only thing that is tricky is making more than your commissions will cost. Other then that simple buy at support and sell at resistance will do you good.
Find a broker with low commissions. Those killed me when I started learning how to day trade. If you make $100 day trading but spend $120 to do it you still lost money. |
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David M
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The best way to day trade, is not to. Especially if you admit you don't know what you're doing. Invest for the long term like you're family and you'll be much better off. |
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financegal27
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Day trading is not a good way to invest. Its a complete gamble, and the greater majority of day traders lose money. Additionally it will cost you a ton of money, and there are trading rules against day trading, you'll end up having your account blocked or suspended. The SEC has rules about who can qualify to day trade, the jist of it is you have to maintain $25,000 of available equity in your account to continue to day trade.
The most successful investors (Warren Buffett, Peter Lynch, etc..) know the companies they buy, and are in it for the long term. There is a reason why you don't hear about successful day traders. |
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Peilthetraveler
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you need 25,000 dollars to day trade, otherwise your account will get frozen when you try to make more than 4 day trades. Its called the pattern day trader rule. If you are really serious, here is what i recommend. First, if you dont already, save 25,000 dollars. Then get your series 7 license and go with a prop trading firm like Bright Trading where you can put up your 25k as a deposit and Bright Trading will let you use their money to trade. (Over a million dollars at a time, some traders use) Read all the info you can about Technical analysis, Statistical arbitrage, and all that other junk.
Then remember the number one rule. Preservation of captial. Sounds simple but its very hard to do especially when you see a trade that you think will make you a ton of money in a few minutes and it goes the wrong way against you. |
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SICARIUS
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If you intend to make money day-trading, you have better odds using your money and playing the lottery.
Day-trading allows you to trade on stocks differently, so you must know what you are doing and be lucky above that. Long-term investments are the way to go, but you are not likely to hit a whale like you are not likely to hit the lotto numbers.
If you must day-trade. Always check how the stock is doing with www.stockcharts.com. This allows me to pin-point my point of entry and exit. But always concentrating on the DCA. The DCA is what makes you or breaks you. This is the DOLLAR COST AVERAGE. Most people tend to invest when stock is going up, which is wrong, unless you are certain that its bull market is only starting. Aside from that, you almost always invest when a stock is going down, because the lower you get the stock the lower you DCA becomes. So, if you buy 100 shares at $10 today because charts.com says it is below in 200 DMA. And it goes down to $6, you buy another 100 shares. That way, you have 200 shares at $8 DCA. This means that even if the stocks goes up to only $9, you will still make a buck in each share or $200. If the share only goes down deeper, then you buy again to reduce to DCA. If you know that the bull market is over, then reducing your DCA is not a smart move. So, the other main thing is to determine when a stock is in its bull or bear market. These markets can be long or short-lived, which adds to the complication of day-trading.
Good luck. |
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Steve B
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a couple of years ago, the US Senate conducted an exhaustive investigation into the day trading industry. It found that daytrading firms could not support any of their statements about making money. In fact, they said that there is no evidence that anyone can make money doing it long term. While you may get lucky going to vegas and putting everything on black, eventually your luck is going to change (it doesn't come up black all the time).
Stay away. If money could really be made doing it, the Morgan Stanleys and Merrill Lynch's out there would be doing, or Vanguard would have a daytrading mutual fund. There is a reason why these things don't exist. |
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Common Sense
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Start off by reading these three books. If you're interested further....... there's many more that can help you.
Trading In The Zone, Mark Douglas
High Probability Trading, Marcel Link
Mastering The Trade, John Carter
Remember: The number one key to "day trading" or "swing trading" is money management and the psychology of trading.
It's never about getting the "big one". It's always about managing risk and avoiding large losses. |
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artcrist
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Selecgt the link and Look at the 1st program on the list "Doubling Stocks". It is the top day trading program out there. Good luck.
http://www.wahrs.net |
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