How to make money trading in this market?

Discussion in 'Trading' started by burtonridr, Feb 5, 2009.

  1. The stockmarket is one big giant casino.

    Lesson nr 1 I would think.

    You could build an army with due diligencers who are broke standing in the souplines now.


    Bank of America up 20% today?

    What happened?

    Their crap turned less toxic overnight?

    Or wait...

    Somebody said Obama would start a toxic bank..

    The banks are saved!

    Buy buy buy buy...

    Give me a break.
     
    #21     Feb 6, 2009
  2. Ok here's my suggestion. I was in the same boat when I started and the mentor I had started me trading options on the QQQQ's, the ETF that tracks the Naz 100. It is very liquid with a small spread on the bid/ask. On days when it appeared the Naz was going up I bought naked calls, and on the days it appeared to be going down I bought naked puts. If you keep your lot sizes small you should be able to manage your loses and learn along the way.

    He didn't have a system for entry other than watching and developing a feel for the market. Although most traders slam discretionary trading, he has been successful over the last 10 years.
     
    #22     Feb 6, 2009
  3. The real odds for making money in the situation you describe yourself, is probably less than 1%.

    The belief is, 90-95% of traders lose their money. The cold reality is, that those who DON'T lose their money usually break even, make very small profits or only profit for a short time.
     
    #23     Feb 6, 2009
  4. Willbel

    Willbel

     
    #24     Feb 6, 2009
  5. You are going to lose that money. Stop worry about trading it and learn instead.
     
    #25     Feb 6, 2009
  6. Redneck

    Redneck

    Yes Sir I can do that

    I use
    1.) Multiple timeframes (long, medium, short)
    2.) A chart of a correlated market – with the long time frame
    3.) Candlesticks (But other than the basics – I do not have any patterns memorized)
    4.) A couple of EMA’s,
    5.) Horizontal lines
    6.) Level II
    7.) Time of Day
    8.) Nothing else



    Depending on the type of day; Inside/ Upside/ Downside;

    I buy near support/ or sell near resistance with stops identified above and below these areas

    I buy / short on trends with stops on the opposite side of my EMA


    Also depending on type of day – I either enter with my full position or scale in on pullbacks

    losses - I either exit, or exit and reverse when it’s not working (depending on my assessment)

    profit - I exit, scale out some, or stay in at consolidation points (depending on my assessment)


    This is my entire set up, and I trade it successfully


    Now Sir please tell me how can he possibly use this information to any benefit



    Redneck
     
    #26     Feb 6, 2009
  7. No kidding I'm probably going to loose some money. You all say that like its a horrible thing that should be avoided at all costs. I'd rather loose a few hundred in the stock market and learn something than blow the money on some worthless piece of consumer product.

    I realize my question probably makes it sound like I havent even picked up a book on the subject of trading, but thats not the case. I'm at a point where I need to get in and start doing it so I can pick up the learning curve a little.

    Thank you to all of you that have posted helpful suggestions. The rest of you guys are so full of yourselves lol
     
    #27     Feb 6, 2009
  8. Thanks Spanish! I will check that stuff out. Out of all the commodities I have the best grip on oil.

    Just need to research futures trading a little. :)
     
    #28     Feb 6, 2009
  9. Believe it or not I full understood what you just said :).... But I dont have the experience that you have to work it as well as you do.
     
    #29     Feb 6, 2009
  10. Redneck

    Redneck

    Which is why I respectfully suggested setting up a demo account and trading till "You're blue in the face"

    and getting some formal education

    and creating a trading plan

    Good Luck Sir
     
    #30     Feb 6, 2009