This market is crazy. This is once in a lifetime that you will see swings like this and only the strong will survive this market. I plan on making that $65,000 back tomorrow and then some. If you have a brokerage account open on line I would suggest trading the SDS tomorrow. You will see 7-15 point swings in one trading session that will leave you on the edge of your seat. Overnight futures are down and more retailers report tomorrow which could be a sign for a down day. Can't wait!!!
I have a buddy (thru betting sports) who quit sports and is starting to do this next week after years of debate about getting into this. He knows the style I use to make my plays which involves constant screen watching and trying to time the sports betting market to get peak numbers as he bet the same way and he thinks that if I got into trading stocks I would never turn back. I told him I would love to do this one day for a variety of reasons, one it is right up my alley with how timing the market and the psychology used and needed to win. I have read a ton of books on the subject and it interests me to the fullest but I am scared it is a lot of luck and is extremely difficult but like he said people think that same way about sports and I win using the knowledge I have acquired and in due time I will acquire that with stocks.
Is this what you do for a living? I would have to assume so with a 65k loss. How long have you been doing this? Do you enjoy it? How have you done with it? Thanks.
Is this what you do for a living? I would have to assume so with a 65k loss. How long have you been doing this? Do you enjoy it? How have you done with it? Thanks.
Ice, if you plan on Day Trading you are doing the right thing by reading books and studying charts before you jump in. If you have time tomorrow watch the stock SDS trade between 2:30 ET-4pm ET. After watching I am sure you will be hooked and want to start trading this stock. The SDS is an ETF that is basically shorting the S&P. 2:30-4 is usually the most active time of day where you will see the biggest moves. I would suggest opening an on line account with Fidelity and start trading small (about 10 grand) and see how you like it.
The big moves are because the funds need to cash out to pay all the people running for cover. This blood shed is far from over. This country will soon have 3 large financial institutions and nothing more. They will price the fux out of all of us. And to think people really think Obama is going to make a difference.
Sell Sell Sell when the market rallies.
And no that wasn't a Cramer sound effect.
Sell Sell Sell when the market rallies.
And no that wasn't a Cramer sound effect.
Here is the law regarding daytrading. daytrader31 must have forgetten them. Ice, your 10k in fidelity and trying to daytrade, WONT WORK. There is a little thing called the PDT rule. If you believe this guy with 20 posts trades SDS and says its easy to trade and loses 65k and yada yada yada, I have a few bridges in Brooklyn for sale, REALLY CHEAP. Anyone who trades for real, knows its not easy and saying you plan to get it back the next day is as foolish as saying I know at noon it will fucking rain and thursday I know the score of the football game. You cannot predict randomness. Thats all I need to say on this subject.
Beginning September 28, 2001 margin rules and requirements for one group of traders changed dramatically. The new rules apply to traders categorized as Pattern Day Traders (PDTs) who are defined as traders who make 4 or more day trades within a 5 day period, unless his/her day-trading activities do not exceed 6% of his/her total trading activity for that time period. Thus, if you have only 4 daytrades in a 5 day period but have done more than 67 trades during that time, then less than 6% or the trades were day trades and hence do not categorize a trader as a PDT.
A day trade refers to opening and closing a position within the same trading day. If you are in a position with one entry of 1000 shares though and take two exits of 500 shares each within the same day this is only considered one day trade. You could also be categorized as a PDT right away without waiting to see your 5 day record if your trading firm has reason to believe you will be a PDT. For instance, if they trained you solely to day trade.
There are several main changes which now affect pattern day traders. One is that PDT's must have a minimum of $25,000 to open a margin account as opposed to previous requirements of a mere $2000. Funds deposited into a day trader's account to meet the minimum equity requirement have to remain there for at least two business days following the close of business on the day the deposit was made. Many brokers now require all PDTs to have the minimum $25,000 even if they are trading from a cash-only account as the new rule is unclear about trading from cash accounts. It does clearly prohibit it and yet, neither does it state it is allowed.
Another major change is that PDTs now have twice the buying power as they did before. While traders once had access to 2:1 margin, they now have 4:1. Whether you choose to use this increased buying power is completely up to you.
DayTraderNation is spot on Iceman........
If your going to day trade, you will need a minimum of 25,000 in your account at all times to avoid the day trading rule AND get 4x margin.
I've been day/swing trading all year long and been treading water for the most part, which isnt bad considering the market is severely tanking overall(I do not short stocks).
A couple bad trades with CHK(cheasepeake energy) is probably going to cost me from having a profitable year......very hard stock to trade, and I learned my lesson.
My biggest winner on the year has been Walmart............think I got in at the mid 40's level and sold in the low 60's, don't remember the specifics, but it was a beautiful trade.
Have made over 1,000 trades(bets really, lol) this year and the action has been fierce.
This is no activity for the faint of heart.
For example, last month I bought $103,000 of JNJ on margin and it provided me a $20,000 swing in 24 hours.........or something close to that.......this is not a penny stock, THIS WAS A DOW 30 STOCK TRADING IN THE 50 RANGE, WHICH IS UNBELIEABLE.
JNJ is Johnson and Johnson by the way.
If your going to day trade, you will need a minimum of 25,000 in your account at all times to avoid the day trading rule AND get 4x margin.
I've been day/swing trading all year long and been treading water for the most part, which isnt bad considering the market is severely tanking overall(I do not short stocks).
A couple bad trades with CHK(cheasepeake energy) is probably going to cost me from having a profitable year......very hard stock to trade, and I learned my lesson.
My biggest winner on the year has been Walmart............think I got in at the mid 40's level and sold in the low 60's, don't remember the specifics, but it was a beautiful trade.
Have made over 1,000 trades(bets really, lol) this year and the action has been fierce.
This is no activity for the faint of heart.
For example, last month I bought $103,000 of JNJ on margin and it provided me a $20,000 swing in 24 hours.........or something close to that.......this is not a penny stock, THIS WAS A DOW 30 STOCK TRADING IN THE 50 RANGE, WHICH IS UNBELIEABLE.
JNJ is Johnson and Johnson by the way.
Fish,
I'm not trying to throw the guy under the bus but he comes on here saying this and that, making it seem so easy and in reality, it couldn't be further from how it really is in real life. SDS he trades is a 100+ dollar stock (ETF-Proshares Ultrashort for the S&P 500) and moves 2-3 points in minutes. Imagine just 1k shares and in 2 minutes you have a 2-3k swing. That's not for the faint of heart.
Then he says Ice, throw 10k in fidelity. I mean come on, that's clearly showing me he's an ameteur and just looking to toot his own horn for whatever reason. You cannot trade day to day or more then 3 times per week opening/closing positions with less then 25k in your account. And guess what, you put in 25k and lose 500 or 1k, you get a nice MARGIN CALL! You either make your balance 25k again, or they will cut you off and freeze your account. That's why most when they do this use 30k+.
Anyways, I am just forewarning others who get the bad idea that this is easy or you can do it on a shoestring budget. You can't and you won't. For every 1 guy you heard of who went from 10k to millions, there are 50000 who lost the battle and went belly up trying to do the same thing.
Forget trading individual stocks.
Trade the index's.
Ice this is where its at.........
trade the SP or better yet, the emini sp market................ do you know how much volume is in this market...
margin is very low to daytrade 1 contract.... its based on what the broker will let you do...... i know for a fact........
if you really want to trade, the only market you will ever need is the:
Emini SP 500 market........... it has everything and then some... if you dont believe this, ask around..
i can help you, if you want, just let me know.. and you would forget everything else..
SSI
Trade the index's.
Ice this is where its at.........
trade the SP or better yet, the emini sp market................ do you know how much volume is in this market...
margin is very low to daytrade 1 contract.... its based on what the broker will let you do...... i know for a fact........
if you really want to trade, the only market you will ever need is the:
Emini SP 500 market........... it has everything and then some... if you dont believe this, ask around..
i can help you, if you want, just let me know.. and you would forget everything else..
SSI
I listen only to Mark Cuban...
Seriously, this DayTraderNation guy seems to know what he is talking about and Fishhead has been there, so these two guys should get anyone started...Trading stocks is not easy, especially during these times...I have never attempted to do this but remain optimistic that someday I might....I do know it is not for the weak of heart...but as always, there are guys on the forum that can help....
Seriously, this DayTraderNation guy seems to know what he is talking about and Fishhead has been there, so these two guys should get anyone started...Trading stocks is not easy, especially during these times...I have never attempted to do this but remain optimistic that someday I might....I do know it is not for the weak of heart...but as always, there are guys on the forum that can help....
I have stated many times, I'm a lifetime loser in the stock market, so I'm the last guy to ask for advice.............but I do know how the business works, having played the " trading game" for over 15 years.
Now, if you need help with casino gambling or sportsbetting, I can help you more than most.
FH
Now, if you need help with casino gambling or sportsbetting, I can help you more than most.
FH
I disagree and think NATURAL GAS will have a resurgance in the near future......and prices will rise along with that.
I would be very surprised if CHK is not trading significantly higher two years from now that it is now.
Let's revisit this post in two years and find out if I was right or wrong.............will probably be right, BECAUSE I WILL HAVE ZERO INVESTED IN IT.
)The stock is trading at 21.00
