just starting out

Discussion in 'Professional Trading' started by greensolution, Nov 9, 2009.

  1. as with many of you, my career has had major changes in the last 12 months. i am trying to figure out where to go from here. i have gone from considering starting a lawn fertilization business to try my "luck" at day trading. i currently have a scottrade account but am not sure if i should keep it, or if i can, to go the day trade route. i would appreciate any more seasoned opinions if this business can be as successful as many of the websites claim it can. thank you for your valuable time.
  2. Stay off the websites and get educated before you risk a penny.

    Otherwise, you will be wasting your time and money.
  3. how would you recommend getting educated? i did follow a penny energy stock today that closed @.08 on friday and closed today @ .15. wish i would have jumped on this one. am i naive?
  4. Very.
    You might want to look at the volume that was traded. It basically doubled for a profit of $0.07/share, which means you'd need a boatload of shares to make any decent money. I'd also be leery of where you got the tip to watch the stock from...those penny stocks are classic media for "pump-and-dump" schemes (where slimers hop in, brag a stock up in emails/message boards, and then hand those shares off to you on the way up).
    There are PLENTY of other trading opportunities without resorting to penny stocks. If you can't afford to trade anything but penny stocks, don't trade until you save up enough so that you don't have to.

    Also, I would scale back your expectations a bit...first off, you should be trading to "learn and not lose too much money." Trading for a living is a ways down the road.

    One more tidbit is to get out of the mindset of: "I wish I would have..." It was a missed opportunity, nothing more. There's going to be oodles more opportunities and the market will be there tomorrow (If not, then there's other problems to deal with).

    Depending on what you wish to trade and the amount of time you wish to spend doing it will determine where you go for education.

    Daytrading can be done with stocks, futures, and the foreign exchange(forex).
    Swing trading is more commonly done with stocks and options (although nothing says you can't swing trade with futures or forex)

    One way to get started is to find a broker who deals in what you are looking for, open a demo account, and start playing around with their trading platform. Think of it as flight simulation for pilots and sparring for boxers; a good first step.
  5. thanks much for your input. the past few years i have done ok with stocks like target corp., 3m , and mcdonalds. i am only trying to figure out if there is a better way. i do not know much about penny stocks or day trading, hence my reason to be on this forum. appreciate your time and good luck to you.
  6. plan


    Run as fast as you can from this penny shit. Start by learning about basic support /resistance levels and go from there.
  7. Jesus


    If you someone said to you, "flip a quarter 100 times, and if it lands on heads 99 times then you triple your money, but if it lands on heads 98 times or less you lose everything," would you do it?

    Well thats about the odds you get when you daytrade. In fact, they are probably even less than that if YOU DONT STUDY YOUR ASS OFF AND WORK INCREDIBLY HARD AT IT. I can tell by your posts you have yet to do that yet. What makes you so special to make money at daytrading without working hard, when so many others cannot. So please just consider the odds before you participate in the folly sophisticated people profit off of.
  8. johnt1256


    Studying hard is not a problem, where is the best place? WHo is worth learning from?
  9. And learn to realize Spam when you see it.
  10. anyone have a opinion on how bergio (brgo) will end up. i am still tempted by the penny stock trade but have stayed restrained. another stock i am watching is Nycor Corp, (nue) i am also curious if there is a reputable online stock advisor, stocktrader, fast money, mad money, etc.?
    #10     Nov 18, 2009