Discussion in 'Trading' started by blb078, Aug 13, 2003.

  1. blb078


    i'm about to start daytrading, i used to daytrade a couple of years ago, but wasn't to familiar and lost a good junk of change, i'm going to get back into it and i'll have around 20-30k to start, i want to try and make 150.00-200.00 a day, to start, any advice, does/don'ts, any help would be greatly appreciated.
  2. What do you plan on doing differently this time around?
  3. blb078


    pulling my head out of my, no basically last time, i just picked stocks and hoped to make money, and i worked for some, i actually had more stocks were i made money, but i looked at options and didn't pay attention to the market and lost everything, know i have subscribed to some news websites, payed and extra 100 or 200 for a yearly subcription, to get realtime news, i've been following the markets recently, just paying attention to what is going on, instead of hoping to make money when i buy, i am going to start in about a week or two. i have subscribed to and will probably subscribed to something else.
  4. If I were you I would start by focusing on not losing 150 to 200 a day...
  5. blb078


    i don't plan on losing 150-200, i would like to make that much, but it's not a must to make that much.
  6. You seem to focus alot of attention on subscription services.

    They do serve a purpose, but they are at the bottom of the list when it come to being a consistently successful trader.

    Focus your attention on things that are about your direct relationship with the markets. Forget about the things that are on the outside.

    (just my 2 cents)
  7. gaj


    read the rules about the pattern day traders.

    it can REALLY cramp your style.

    basically, you can't make 3 or 4 daytrades in a 5 day period...if you do, you're a 'pattern day trader' and must have 25K in your account.

    if you don't, and are labelled a pattern day trader, you get locked out (other than to closepositions) for 90 days.

    i tried doing it when i had 27k (in between buying/selling house), and found my mental state wasn't good enough, because i was worried of drifting below 25.
  8. blb078


    i don't plan on relying strictly on the subcription services, i only have around 20k to start, so i will have to focus on lower priced stocks to make some money. i think i'm going to stay w/the more popular stocks to start, hopefully i'll less chance of losing everything.

    are there any good strategies to use?
  9. blb078


    so you are saying i have to have 25k in order to daytrade? other wise i'm screwed?
  10. hayman


    I have just completed my 1st year as a Day Trader, and I must say I've learned a lot, through both experience and mistakes.

    The # 1 key to making money Day Trading, without question, is to know when to get out of losing positions, to minimize loss. Holding onto losing trade positions can instantly wipe out gains from a day, week, or month, in a heartbeat.

    Trust me, I speak from experience.......
    #10     Aug 13, 2003