I wouldn´t have the nerves to do daytrading especially pennystocks. Are you even making more money than you are losing?cordoncordon said:For those of you who are trading, I have a tip for you. MLXO. I can't go into particulars other that to say they will be announcing a MAJOR bio diesel deal in the next two weeks. The stock trades at .015, and i expect a rise to 50 cents or HIGHER by fall.
BTW, I daytrade stocks for a living.
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Bible_Belt
Master Don Juan
nobody daytrades for a living, not for long.
I have day traded for a living, but not for long...yet.
One guy who proves you wrong is Alan Farley of www.hardrightedge.com - He has been using technical analysis, those "worthless indicators" for years to make a living.
Trust me, I know the account details of the largest asset manager in the world. Day traders=dumb money.
Of course that's what the institutional people say. Everyone needs to feel special. Random walk is the world's biggest joke to traders. Random walk says that Buffett and Soros don't exist.
There are numerically plenty of individual traders making a living, although everyone concedes that the percentage success rate is very low. However, it's too big a world to claim to know what things "nobody" can do. But when I was 22, I thought I knew everything, too, so I can't hold it against you.
I have day traded for a living, but not for long...yet.
One guy who proves you wrong is Alan Farley of www.hardrightedge.com - He has been using technical analysis, those "worthless indicators" for years to make a living.
Trust me, I know the account details of the largest asset manager in the world. Day traders=dumb money.
Of course that's what the institutional people say. Everyone needs to feel special. Random walk is the world's biggest joke to traders. Random walk says that Buffett and Soros don't exist.
There are numerically plenty of individual traders making a living, although everyone concedes that the percentage success rate is very low. However, it's too big a world to claim to know what things "nobody" can do. But when I was 22, I thought I knew everything, too, so I can't hold it against you.
I dont day trade for a living. But I make about $1000 a week off it (that is for about the past few months, though of course, that kind of return cannot be sustained from a portfolio my size), and I have a simple method of trading.
What was that formula, the Blacknshals? Something like that, but it was a very short, simple formula, and predicted better than anything else ever has and ever will, the price movements of stocks.
So keep your obvious unknown knowledge to yourself.
Bible, if you dont mind me asking, what is your portfolio size? Just that in several years, I intend to trade for a living also. I currently have about $90,000.
How about the market lately, its getting smashed! Fell another %1.5 on Friday. Its already been somewhat of a minor correction the last couple of days, but if this continues monday, I think we might be seeing the crash that was sucking more and more bears in by the day!
What was that formula, the Blacknshals? Something like that, but it was a very short, simple formula, and predicted better than anything else ever has and ever will, the price movements of stocks.
So keep your obvious unknown knowledge to yourself.
Bible, if you dont mind me asking, what is your portfolio size? Just that in several years, I intend to trade for a living also. I currently have about $90,000.
How about the market lately, its getting smashed! Fell another %1.5 on Friday. Its already been somewhat of a minor correction the last couple of days, but if this continues monday, I think we might be seeing the crash that was sucking more and more bears in by the day!
Bible_Belt
Master Don Juan
I am just getting started trading my own money. I was always a proprietary trader before. I only have a few thousand bucks, but I can get 20:1 leverage for intraday positions.
Yeah, I spent the past couple months get acclimated to the boring sideways market, and then just when I start we have the biggest down week in five years.
Yeah, I spent the past couple months get acclimated to the boring sideways market, and then just when I start we have the biggest down week in five years.
Yeh, the market has been moving sideways lately, though with high volatility which has made day-trading GREAT!!! This bull market looks to have come to a close, however I have converted 60% of my portfolio to cash now in anticipation of a correction/crash after seeing the bull market enter well into its final phase. So it will probably allow me to get back into the market with my entire portfolio.
What do you think will happen Monday and for the rest of the week? An upward trend again, or will we see a further hammering of the index? I am in split minds at the moment.
What do you think will happen Monday and for the rest of the week? An upward trend again, or will we see a further hammering of the index? I am in split minds at the moment.
"You need to have the absolute most sophisticated quant models running on super computers to even compete, with prioirty tardy/zero latency execution in the NY area."
Financial engineering works great until volatility picks up and the unexpected happens. The top quant hedge fund last year is down 8% since August 1st. Those quant funds are one of the reasons the market is tanking.
I'm a prop trader and the last three weeks have been spectacular. I won't argue its not like gambling, but some people can make a living off of it.
Financial engineering works great until volatility picks up and the unexpected happens. The top quant hedge fund last year is down 8% since August 1st. Those quant funds are one of the reasons the market is tanking.
I'm a prop trader and the last three weeks have been spectacular. I won't argue its not like gambling, but some people can make a living off of it.