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Day Trading?

Centaurion

Master Don Juan
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Hey guys,

For some time now I've wanted to take the plunge into day trading. I don't have any experience at all when it comes to the stock market, but I do have a solid (or I hope) background regarding business as I founded and managed my own company for several years (sold it last year though).

So does anyone here have any experience with day trading? If so, do you have any tips or links that could be useful?

Thanks in advance.

Cent
 

chickenlegs03

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I've had extensive exprerience with day trading.

However, from my experiences, if you are looking for a consistent way to make money, this is not a good way. Unless you have money to burn.

I've had my ups and downs, but overall I have lost around $3K. I don't care to recover from that as I learned my lesson that day trading is best left to brokers and financial analysts who do it for a living. Don't get caught up in the hype.

The problem most people have is they focus too much on capital gains. The way to wealth is actually through cash flow. You want to establish a consistent flow of income (not your job)...and stocks are anything but consistent. Sure,there's days that I made $500 in a day...but then there's weeks that I would $50-$100 a day.

I used to think in terms of capital gains too, but it's not realistic, and at best it's mostly luck or takes too much effort to research to be worth it.

Very very few people consistently profit from day trading. They either have connections or work for a brokerage. Feel free to try it out. It was a great learning experience for me - and I learned that I will rarely touch stocks again. It's all about speculation.

Anyway, best of luck if you still want to get into it. As far as websites...I know a ton, but since I didn't do much other than lose money, it wouldn't make sense to "recommend" anything.

I'd rather be selling stuff online.

By the way, I have several very wealthy acquaintances/friends/mentors/relatives. Per their advice as well, I am staying away from stocks. One of these guys has started and sold many companies. Another one of them is owns a top contracting company in the nation. And another makes around $700K and decided to play around with stocks...but decided real estate is much better.

If you do have money to burn, I suggest buying apartments and condos in pre-development phase and selling them when they are built. If you do your research, you can usually make a nice $20K+ capital gain off those without nearly as much risk.
 

Bible_Belt

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I was one of those "professionals." Many of those guys are only making money for the firm and little for themselves.

If you day trade, emini futures are the best way to get your feet wet. You can open an account with a few thousand dollars. US stocks require $25,000 US to have a day trading account. The fewer trades you make, the better you will probably do. Scalping is not for most people. Making fewer trades in a day also places less of a burden on you to have the latest trading technology and a perfect Internet connection.
 

SHakuhachi

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Centauron,

om du ønsker kan jeg hjelpe deg med litt kunnskaper i aksjemarkedet.

Jeg daytrader ikke, men handler og sitter ove rlengre tid. Føler det er mer fornuftig.


Men om du ønsker å daytrade kan jeg lære deg litt om aksjemarkedet.
 
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