van tharp's financial freedom through electronic day trading and trade chart patterns like the pros by Suri Duddella
Also check out 'The Complete Turtle Trader' by Michael Covel This reads more like a history book..... a tale of a group of traders from the 80's called the Turtles. Amazon.com
so an update.... account is currently at 35k was at 40k before the last few days and a stupid buy with macys. still dont really know what i am doing. might just sell everything and buy google long term. thanks for all the replys and i will update again!
Being completely honest... if you moved up that much that quick and don't know what you are doing, quit while you are ahead and reduce your position size for a while until you know why you are ahead. And that last statement is probably the antithesis of what you want to do. Any good trader will tell you right now to wait for confirmation of the next rally before even thinking of buying a stock longer term. And most traders will tell you right now is suicide to buy something *long term*. Your money, but I seriously advise you to reduce your size and rethink your last statement. If we hit a bear market you better be damn prepared to buy and hold (a bag) for 2-3 years if that's what it takes.
According to RiskManager, it was Michael in fact( see second post )... It's one of his 3 favourite books ( just kidding )
My newbie opinion would be: If you are going to put all your eggs in one basket (HIGH RISK) than you you better have a good exit/cut loss in place NOW. Don't risk it all on a hope and a dream.
If I were this kid, I would move to Vegas. Hook up with Bright or Assent and trade 6:30-1:00. Then it would be off to the casino's to take money from the touristas at the poker tables. When I was out there I met quite a few guys that made a living playing poker. PS: You could also get a job tending bar in the evenings and meet some nice honeys. Oh to be young again!
thanks for the responses guys, its not that im totally clueless. i feel i can pick good stocks and with the market doing well that can make you money right? i tend to trade stocks in cycles and watch for trends. i know you are suppose to "diversify" but i feel if i pick more than 3 stocks at a time my profit is so small that i mightest well take that money to the poker tables. so i usually trade 2 to 3 stocks at a time now. also i am not stubborn, if i feel the market is indeed going to turn bearish i can cut my losses and sit on my profit until i feel like it is a good time to get back in. currently i trade macys and fxi. fxi seems to be a good etf and i feel it will perform well all the way up until the olympics. macys, eh i gambled here, i do feel that it is under valued, but i dont feel that it is that great of a stock. i was hoping it would get bought out and feel that is a mistake to do unless you are absolutely sure. although i was pretty sure. i will keep you all posted!
hey guntd ucsd... bio engineering... poker... you sound familiar... I went to ucsd management science and then rady... my brother was in bio engineering too 2006... hope you're making money...