Thread: Just Me?

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  1. #1
    Official Lip Ripper' haftafish22's Avatar
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    Just Me?

    or is everyone taking a beating this week? I know there is always money to be made but damnit! i need to learn up on shorting i believe. Hows everyone doing this week? dj is falling like rollercoaster ride

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  3. Stocks/Investments Moderator boneil's Avatar
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    #2
    Love this kind of volatility. Of course I don't hold anything over night. And I don't short. I like to trade ETFs, inverse ETFs and options. It's easier to sleep at night when I'm not holding positions overnight.
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  4. Official Lip Ripper' haftafish22's Avatar
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    #3
    I've been reading on options. Still haven't got the jest of all of it. Seems extremely risky

    is there a general progression for investors to traders to day traders? It seems I haven't settled on best place to start and hang on too. Some days I want to day trade when I see volatility, other days I feel like I should hold for long positions. Still enjoying the experience thus far.

    I was up 12% for eom sept, g/l to date -10% because of my latest beat down this week. Here's to green today!

  5. Stocks/Investments Moderator boneil's Avatar
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    #4
    I made that progression, investor to trader to day trader rather quickly. As an investor I realized that IF I got good enough I could maybe make a living from trading. Investing was too slow, unless you have tons of money. Swing/trend trading, worked, but I still didn't have enough money to trade with to make enough profits. Options gave me the leverage I needed. But with options you have to get the direction, magnitude and timing right. I have been trading with options for a few years, while also working a job, which makes it difficult and I think I have it pretty well down. But still prefer not to trade options. I always keep it small with options. Because they can quickly lose value. Since I haven't had to go to work in a good while, my comfort with trading is getting much better.
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  6. Official Lip Ripper' haftafish22's Avatar
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    #5
    Awesome insight! It is much appreciated. I'm thinking about reoarganizing my approach. One company a week with everything I have. Allow my self one buy and one sell. Set stop losses and sell when i feel comfortable. I need more patience and money to go long on anything

  7. Stocks/Investments Moderator boneil's Avatar
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    #6
    Well I wouldn't advise going all in on one stock, but I've been there. We learn through our mistakes.
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  8. Official Lip Ripper' haftafish22's Avatar
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    #7
    I understand diversity. Just seems like I make the right move in but the wrong move out. Anyway to help correct myself of this? Set profit stops and move on?

  9. Member rds_nc's Avatar
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    #8
    Quote Originally Posted by haftafish22 View Post
    or is everyone taking a beating this week? I know there is always money to be made but damnit! i need to learn up on shorting i believe. Hows everyone doing this week? dj is falling like rollercoaster ride
    I don't mind it at all. Let's me get in at lower prices. I haven't been paying attention long enough to grasp options trading and I don't want to tie up my little bit of money with the short game yet.
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    #9
    Boneil,
    Can a reasonably intelligent individual be a successful day trader nowadays...enough to live on? With the tax and trading fees it seems like it would be tough to consistently come out ahead. Are there any books or websites you would recommend for someone interested in learning more about it? While the current political and economic realities are scaring the bejesus out of me, I do understand that volatility is a day traders best friend. Thanks for any info.

    Mike

  11. Stocks/Investments Moderator boneil's Avatar
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    #10
    Quote Originally Posted by mchesney View Post
    Boneil,
    Can a reasonably intelligent individual be a successful day trader nowadays...enough to live on? With the tax and trading fees it seems like it would be tough to consistently come out ahead. Are there any books or websites you would recommend for someone interested in learning more about it? While the current political and economic realities are scaring the bejesus out of me, I do understand that volatility is a day traders best friend. Thanks for any info.

    Mike
    YES.

    But the learning curve will be different for everyone and there are many traps along the way. For me, the biggest problem has been emotion. I have a hard time not letting news events, and how I feel about those events, dictate my trading. Another big problem I have dealt with, is consistency with screen time. Over the last several years, I continue to work some time in the spring and fall. When I come back to trading, I fall back into the same emotional traps that have plagued me, and it takes awhile to get that feel back where I am robotic.

    Another trap that I fell into, was the subscription services. I wasted alot of time and money on them. When someone tells you to buy or sell something, you learn nothing. And most of those services make their money by selling the service and pretend to trade. Some are very good at pretending to trade.

    Taxes and trading fees, like commissions, are part of life and suck, but you just have to make enough to make it worth it. Those things have less of an impact when trading with larger amounts of money

    At the top of forum are some links to learning resources.

    It's a slow process. I personally use HFTalert.com service. But it takes awhile to learn the system and it focuses on the SPY
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  12. Stocks/Investments Moderator boneil's Avatar
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    #11
    In a perfect world I would have a night shift job. Day trading as a job can be very stressful. I look at my losses and time spent as going to college. Both are expensive as hell and may take many years to get that degree. And all to often you, end up broke trying to get a job that pays peanuts. Regretting that liberal arts degree
    Knowledge is the Kryptonite of Liberalism

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    #12
    I still don't get options.

  14. Stocks/Investments Moderator boneil's Avatar
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    #13
    Quote Originally Posted by merc123 View Post
    I still don't get options.
    options are a contract with control of 100 shares, to buy or sell at a strike price, with built in premium based on the greeks. I know makes perfect sense now There are entire books on understanding them, and plenty of free online info. They are a very valuable tool for investing, trading and income for those who understand them and extremely risky for those who don't.
    Knowledge is the Kryptonite of Liberalism

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    #14
    Yep and that's why I didn't spend the time to understand them :). Money to be ma de I'm sure. I'm still trying to grasp but low and sell high.

  16. Official Lip Ripper' haftafish22's Avatar
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    #15
    Quote Originally Posted by merc123 View Post
    Yep and that's why I didn't spend the time to understand them :). Money to be ma de I'm sure. I'm still trying to grasp but low and sell high.
    Hahahah me too

  17. Stocks/Investments Moderator boneil's Avatar
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    #16
    Quote Originally Posted by merc123 View Post
    Yep and that's why I didn't spend the time to understand them :). Money to be ma de I'm sure. I'm still trying to grasp but low and sell high.
    So is everyone else. Remember the only reason why billionaires like Buffet make it look easy, is because when you have that much money, you can keep buying lower. And they can buy so much that they themselves can affect stock price. People like Buffet wouldn't survive todays market without their billions and political influence.
    Knowledge is the Kryptonite of Liberalism

  18. #17
    I would suggest learning how to sell option premium and hedging with short Futures. Just stay small and keep your deltas in line with your risk tolerance. Stay even smaller with futures.......one /Es contract is roughly 100k. One thing is for sure......you have a clear understanding that paying someone to hold a long position in a market that is near all time highs just doesn't make sense.

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    #18
    great info. definitely interested in learning more.