2001CL

Anyone do it? Im thinking of starting with 1k or 2k and hopefully make some money. Anyone know any sites that lets you do a free portfolio before you use real money?

Also share any experiences you have.

CrockPot

advice...be willing to lose whatever money you play with.

2001CL

i know, i wont risk anything i cant afford not to have.

Scrib

I work way to hard for my money to be day trading... I'd be better off flushing it down the toilet.

With that said... You need to seriously have a TON of time to dedicate yourself to watching every possible indicator, sell order, buy order, etc. You need to become HIGHLY educated in all aspects of trading. And in this economy, have fun.

My buddy does this "on the side" during his job. Lost $11,000 in one hour.



Unless you have the money to burn, invest it into something less risky and think about trying to retire at 45 instead of 60. No sense in taking a couple grand, which is more than likey quiet a bit of money for an 18 year old... Do something smart with it.

Just my 2% of $1.00...

indoMFP

I have done day trading before also my uncles are still day traders.... sorry to burst your bubble, but your going to need a lot more than $2k to get started. The key to day trading is the same as regular stock investment, buy low sell high, but most day traders make that money on quantities. This means that they will buy stock for $34.20 and then sell that shit when it hits $34.90 or something. They do not hold on to stocks longer than 48 hours, so they make money based on small incremental jumps up that are largely in volumes of stock.

If you only got a couple g's to work with, it is going to be hard for you to make purchases of decent stocks. A good stock is going to run you upwards of $20, and how many of those stocks can you buy for just $2000???

I am not trying to discourage you, I like helping people make money, but it is i don't want you going in thinking it is easy and that you can make a lot of money. Just to give you an idea of what it is like, my uncles do it and they also do foreign markets, they both have about a million each in wrking money. That is also not a whole lot of money, but they can buy a large number of stocks and then seel the same stocks when they go up about 20-30 cents and still make out decently...

Like GTK said, be prepared to lose all that you went in with, the markets fluctuate like you don't believe when your are playing this game.....

phinthesky

i recommend trading in the fx market. I am trying to start an fx trading club on yahoo.

KCPreki11

Fx market...explain?

phinthesky

try google mang.
Its the foreign exchange currencies market. Go to www.oanda.com and read about it. I trade using their platform. I can also give you some positions to implement using my trading strat.
-Phin

Eggplant-EX

don't wanna rain on your Parade, but here is my take.

I used to play around would buy $2K in Stocks. Then I realised that it was not worth it. If you're lucky, you catch a Stock that goes up $.30 - $0.50. Depending on the stock price you buy, you have maybe made $50-100 max. But all that sweat and all the fees....

I realised that it is the ones that can drop $50-100K that make the bucks.

IMHO.

FunkeeTown

i day trade a lot. it's my "side" job sometimes it's my full time job...it all depends on the fun. in the pennies the rewards outweigh the risks, almost all the time. this year i made 100K dollars off a 4K dollar investment. the only way you lose is if you chase a stock or just get the greed take the best of you. i suggest you start reading up on it at allstocks.com on the bulletin boards, start an etrade account with 1K bucks and go for it. if you turn the 1k into 2k in a year then i'd say you have the makings of a great trader. (unless you just get lucky and still don't know what you're doing) anyway, have fun and don't ever ever borrow money to get yourself out of the hole, just cut your losses.

fuzzy02CLS

iTrader: (2)

Your guys defination of "day trading" is different then mine.
I have worked for day trading firms for years. Since the beginning. Way back in 94-95 with the first firm to do it. Firms that use their own real time market software to trade. Not the "online" stuff. Traders here buy /sell the movments of the stocks by minutes. A trader could buy & sell the same stock 10 times in 5 minutes. Getting in & out at different price points & makeing a profit on each little movment winding up with $3, $4, $5K by days end, or that much in losses. This is teh way to make ALOT of $$ quick. Then you have a position trader who takes stock & holds them, then gets out of it at a better overall price. This is a safer way to trade overall if you don't have alot of $$. To really daytrade & make alot of $$ quick, you need some $$ to start with. The firm I'm with now requires $30K then margins it 4 to 1. So most people have $120K to start with. I have traded in the past & lost my $$. It wasn't for me. The stock market SUCKS these days. Keep that in mind.

phinthesky

Im calling bullshit on this.

Reddly9007

here it is, bottom line, 2000 won't do you shit in the stock market unless you plan on buying penny stock and risk all your money on the first day. There are basic principles you should want to follow, like a lose limit, how much your willing to lose on a trade before your willing to sell it and accept a lose. Its so easy to lose money on any givin trade and when you hit your lose limit you start to tell yourself that its about to turn around and then next thing you know your down double what you were an hour ago. You have to remember the market does what it wants, now what you want, and the worst thing you can do is hope and dream. Cause they mean nothing to market makers, they will take your ask and hold it till they are ready to fill and and will sell your bid the same way, don't expect to get great fills. (Unless you trade NASDAQ) Regardless, trading right now is horrible, the market has no follow through, plus its still the summer so i would assume that volume is still low. If your truely interested in trading you honestly need a large amount of money that you are not financial obligated too, in other words that you don't need to live, and that your alright with losing, other wise don't bother, cause you have to accept losing in day trading, its just part of the game. The object is to cut your loses and let your winners run, not the other way around. I'm sure if FUZZY02CLS really works at a firm, he'll have some good advice, (which firm by the way? where in FL? just curious) But another thing you have to remember is that the market of yesterday only shows you what happened yesterday, no day is the same, you have to look for similarities but other then that, never assume where the market is going, look for indication.

mc222

Just to add to this...My buddy and I started day trading a couple mopnths ago when I bought my house....I put about a grand in and he put 3 grand in...We bought over 4 million shares in a penny stock that he was looking at ....Now My portion in the whole thing is about 4grand...his 12k....If you get out at the right time and like everyone said...You can make money!

ViperrepiV

i dont have time to do any day trading...i'm too busy with school, work, and other obligations