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Posted: 11/22/2014 12:40:51 PM EST
For those that don't remember the thread I was going to put $10,000 either into getting a new car, lottery tickets, or daytrading.

Week 1.   $500 profit      awesome
Week 2.   $400 profit      Great
Week 3.   $7,000 loss     FUCK
Week 4-??? Trying to make money back


UPDATE WEEK 4. $6,300 made back.   Would of broke even but got ancy too soon lol.
Link Posted: 11/22/2014 12:42:18 PM EST
[#1]
So what are your rules?
Link Posted: 11/22/2014 12:42:31 PM EST
[#2]
Quoted:
For those that don't remember the thread I was going to put $10,000 either into getting a new car, lottery tickets, or daytrading.

Week 1.   $500 profit      awesome
Week 2.   $400 profit      Great
Week 3.   $7,000 loss     FUCK
Week 4-??? Trying to make money back


I only made one mistake, and that was not following my very short simple list of rules. Had i followed the rules Id still be doing good.

Lesson to all, follow the damn rules you set for yourself. Don't let greed push you into a mistake.
View Quote



LOL, the mistake was day trading.

Link Posted: 11/22/2014 12:42:45 PM EST
[#3]
That sucks but I LOL'd. Who/what caused you to loose that 7k in?
Link Posted: 11/22/2014 12:43:29 PM EST
[#4]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
That sucks but I LOL'd. Who/what caused you to loose that 7k in?
View Quote


Yea this.

I laughed my ass off, sry OP.

Link Posted: 11/22/2014 12:44:06 PM EST
[#5]
Too risky, and not worth the emotional toll.
Link Posted: 11/22/2014 12:45:22 PM EST
[#6]
You didn't put it in GTAT did you? Also what are your rules?
Link Posted: 11/22/2014 12:45:32 PM EST
[#7]
Link Posted: 11/22/2014 12:46:20 PM EST
[#8]
Might as well have bet on football. Probably would have done better just guessing.
Link Posted: 11/22/2014 12:47:30 PM EST
[#9]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
You didn't put it in GTAT did you? Also what are your rules?
View Quote

GTAT been delisted for several weeks.
Link Posted: 11/22/2014 12:48:05 PM EST
[#10]
The big boys on Wall Street and the hedge funds love guys like you on the other sides of trades.
Link Posted: 11/22/2014 12:48:06 PM EST
[#11]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
So what are your rules?
View Quote


The number one rule is to add a stop market ticket right after purchasing a stock. Depending on the stock it's either a one, two, or 3% loss and then will be automatically sold.

Second was to stick with $10,000 but I ended up adding more money and then even worse I then doubled that amount with margin.

All in all, one mistake leads to another and then to another.
Link Posted: 11/22/2014 12:48:57 PM EST
[#12]
Discussion ForumsJump to Quoted PostQuote History
Quoted:



LOL, the mistake was day trading.

View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
For those that don't remember the thread I was going to put $10,000 either into getting a new car, lottery tickets, or daytrading.

Week 1.   $500 profit      awesome
Week 2.   $400 profit      Great
Week 3.   $7,000 loss     FUCK
Week 4-??? Trying to make money back


I only made one mistake, and that was not following my very short simple list of rules. Had i followed the rules Id still be doing good.

Lesson to all, follow the damn rules you set for yourself. Don't let greed push you into a mistake.



LOL, the mistake was day trading.



Yep. Stock speculation is a great way to get poor fast.
Link Posted: 11/22/2014 12:49:34 PM EST
[#13]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

GTAT been delisted for several weeks.
View Quote View All Quotes
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Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
You didn't put it in GTAT did you? Also what are your rules?

GTAT been delisted for several weeks.


Well i have no idea when his timeline started...
Link Posted: 11/22/2014 12:50:51 PM EST
[#14]
Here are my rules...
1. I have no idea what I am doing.
2. Pay someone who knows how to do it.
3. It is worth it to pay.
4. Retired 6 years ago.
Link Posted: 11/22/2014 12:51:08 PM EST
[#15]
The only correct investment to GD are pmags.....
Link Posted: 11/22/2014 12:52:21 PM EST
[#16]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
The only correct investment to GD are pmags.....
View Quote

And 100% in gold and silver.
Link Posted: 11/22/2014 12:52:54 PM EST
[#17]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
So what are your rules?
View Quote


"Buy low, sell high."

And has already been stated, day trading is for suckers.
Link Posted: 11/22/2014 12:54:13 PM EST
[#18]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


The number one rule is to add a stop market ticket right after purchasing a stock. Depending on the stock it's either a one, two, or 3% loss and then will be automatically sold.

Second was to stick with $10,000 but I ended up adding more money and then even worse I then doubled that amount with margin.

All in all, one mistake leads to another and then to another.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
So what are your rules?


The number one rule is to add a stop market ticket right after purchasing a stock. Depending on the stock it's either a one, two, or 3% loss and then will be automatically sold.

Second was to stick with $10,000 but I ended up adding more money and then even worse I then doubled that amount with margin.

All in all, one mistake leads to another and then to another.


Sounds EXACTLY like a gambler with an addiction.     I did not day trade but I did some short term trading that made decent money until the fracking tax man got his share.
Link Posted: 11/22/2014 1:00:29 PM EST
[#19]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
The only correct investment to GD are pmags.....
View Quote

Wolf of Wall Street! But really, every 4 years or so you can count on prices soaring...So that reall isn't so much of a stretch.
Link Posted: 11/22/2014 1:01:23 PM EST
[#20]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


Sounds EXACTLY like a gambler with an addiction.     I did not day trade but I did some short term trading that made decent money until the fracking tax man got his share.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Quoted:
So what are your rules?


The number one rule is to add a stop market ticket right after purchasing a stock. Depending on the stock it's either a one, two, or 3% loss and then will be automatically sold.

Second was to stick with $10,000 but I ended up adding more money and then even worse I then doubled that amount with margin.

All in all, one mistake leads to another and then to another.


Sounds EXACTLY like a gambler with an addiction.     I did not day trade but I did some short term trading that made decent money until the fracking tax man got his share.


Agreed, this is just as bad as any type of gambling. I needed something fun to do with the money so no worries but we'll see how the next few weeks go if I lose the rest of it or make it back LOL.
Link Posted: 11/22/2014 1:01:54 PM EST
[#21]

Discussion ForumsJump to Quoted PostQuote History
Quoted:




LOL, the mistake was day trading.



View Quote
Yep.  Everyone has to be taught that they're not smarter than the market.  No one will just accept the wisdom of everyone who has come before, or see the logic of game theory telling you that day trading is a losing strategy.  Everyone has to lose a chunk of cash on their own before they accept a different strategy that works.



I lost about $400 out of the $1000 I put in when I first opened my private brokerage account.  Then I wised up, picked a winning strategy, and now my average yearly return over the last seven years has been 2.5 times the rest of the market.  



 
Link Posted: 11/22/2014 1:07:03 PM EST
[#22]
I used to successfully day trade and I'll I have to say is...



Idiot.




If you don't know what you're doing or can't follow your own rules and not get emotion involved you deserved it. That was a waste of money but at least you made someone else richer.




Let it serve as a lesson for anyone who has a similar genius idea of spending it on "a car, the lottery, or daytrading"
Link Posted: 11/22/2014 1:14:23 PM EST
[#23]
Yep. That's about every day trader Ive ever met...

I tried rolling the dice on trading. Not day trading really, but I was gambling on penny stocks on the pink sheets that I had heard about.

Lost about everything I put in.

Guns pretty much of any kind never go down in value. Have $10,000 to burn?

Buy 12 M1 Garands from the CMP each year. As soon as they run out you'll be looking at 100% profit day 1.

or

Buy cheap AK47s of any kind. Yugos for example. As soon as THAT variant runs out, they will spike in value.
Link Posted: 11/22/2014 1:14:35 PM EST
[#24]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I used to successfully day trade and I'll I have to say is...

Idiot.

If you don't know what you're doing or can't follow your own rules and not get emotion involved you deserved it. That was a waste of money but at least you made someone else richer.

Let it serve as a lesson for anyone who has a similar genius idea of spending it on "a car, the lottery, or daytrading"
View Quote

I e been doing fine with a small forex account. ($1k). It is definitely not something I'd use real money in.  The emotion is unreal, even for a $20 loss.  It is a great learning experience, though.  It also helps put into real terms the macro economic theory I love, which is my main motivation for being involved.

The difference between a funny money practice account and real money is amazing.  Even just a small amount.  My account is currently up 14.5% since July.  It's been as high as 70% and as low as -10%.  I went into it figuring I'd be doing great to be even in a year and kicking as at a 20% return.  My current projection has me at around 10-20% at the one year mark.  Definitely not worth the effort as a financial endeavor, but fantastic as a learning tool.

Link Posted: 11/22/2014 1:18:03 PM EST
[#25]
The old adage is very true, "The way to make a small fortune day trading is to start with a large one".
Link Posted: 11/22/2014 1:22:03 PM EST
[#26]
You would have done better betting black or red on the roulette wheel.

Thanks for the reminder and laughs to not day trade.
Link Posted: 11/22/2014 1:27:51 PM EST
[#27]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
You would have done better betting black or red on the roulette wheel.

Thanks for the reminder and laughs to not day trade.
View Quote


It would have landed on 0 or 00.
Link Posted: 11/22/2014 1:33:24 PM EST
[#28]
I ran 3 separate Firms that specialized in Day Trading.  By ran I mean I was the Sales/Ops Manager.  Half tech guy, half software beta tester and Compliance Officer over the course of 10 years.  Out of the 10,000 plus customers we had over the 3 firms I worked at.  Ask me how many could do it for a living and make money?  Curious now?

















I can count/name all of them on both of my hands.  I was a professional trader for a few years and still do trade from time to time.  But I have a strategy that does not involve my emotions or me sitting in front of a trading platform glued to the screen.

My advice is take the money you have left and buy something you want(some kinda toy, gun, bike, vacation) because you will lose all of it trading.  A 10k $ account is not even eligible to day trade due to margin requirements.  So if you really are daytrading im guessing you bought into a prop account.  Which if you buy into one of those you really dont have the required amount to day trade in the first place.  So take my advice and buy something you have wanted cause odds are you aint gonna do anything but loose money trading.  I used go "Holy Shit" after I saw account balances of new accounts that started trading.  I was like buy a new BMW 5 series and driving it straight into a brick wall at 70MPH with no insurance.  At the end of 08 I saw some guy do the same but with Bugati Veyrons with no insurance
Link Posted: 11/22/2014 1:38:39 PM EST
[#29]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I ran 3 separate Firms that specialized in Day Trading.  By ran I mean I was the Sales/Ops Manager.  Half tech guy, half software beta tester and Compliance Officer over the course of 10 years.  Out of the 10,000 plus customers we had over the 3 firms I worked at.  Ask me how many could do it for a living and make money?  Curious now?

















I can count/name all of them on both of my hands.  I was a professional trader for a few years and still do trade from time to time.  But I have a strategy that does not involve my emotions or me sitting in front of a trading platform glued to the screen.

My advice is take the money you have left and buy something you want(some kinda toy, gun, bike, vacation) because you will lose all of it trading.  A 10k $ account is not even eligible to day trade due to margin requirements.  So if you really are daytrading im guessing you bought into a prop account.  Which if you buy into one of those you really dont have the required amount to day trade in the first place.  So take my advice and buy something you have wanted cause odds are you aint gonna do anything but loose money trading.  I used go "Holy Shit" after I saw account balances of new accounts that started trading.  I was like buy a new BMW 5 series and driving it straight into a brick wall at 70MPH with no insurance.  At the end of 08 I saw some guy do the same but with Bugati Veyrons with no insurance
View Quote

That's why I just play around with money I'd drop at a casino.. It's basically the same thing.  I love when some expert tries to bust out all their technical analysis.  Following up on it later is fun, and enlightening.  There is a reason the professional analysts use "May" and "might" and have an opposing possibility for everything.  Watch all that horseshit fly right out the window when the fed changes  some wording around in its FOMC statement.
Link Posted: 11/22/2014 1:58:21 PM EST
[#30]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Agreed, this is just as bad as any type of gambling. I needed something fun to do with the money so no worries but we'll see how the next few weeks go if I lose the rest of it or make it back LOL.
View Quote


"Past performance is a good predictor of future performance."

After my residency, I did a fellowship.  One of the guys I was doing it with was a day-trader.  He was in his early 30's and had been doing it forever.  He definitely knew what he was doing.  He made $120,000 that year.  His 3 older brothers were all in trading/finance/venture capitalists so it was in his blood.  His father at one point owned Korean Air.

I'd strongly recommend salvaging the money you have left and putting it in your 401K and/or Roth IRA in mutual funds if you haven't already maxed those out.
Link Posted: 11/22/2014 2:07:07 PM EST
[#31]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Might as well have bet on football. Probably would have done better just guessing.
View Quote


There is very little difference between the two. It's really hypocritical how we have so many gambling laws in this country, but it's OK on Wall Street, it's OK on Indian reservations, and OK in Vegas, and OK on riverboats.


Link Posted: 11/22/2014 2:08:04 PM EST
[#32]

Quoted:




...I only made one mistake, and that was not following my very short simple list of rules....
View Quote


Was one of your rules "Don't drink and trade"?



 
Link Posted: 11/22/2014 2:09:16 PM EST
[#33]
Link Posted: 11/22/2014 2:13:51 PM EST
[#34]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

That's why I just play around with money I'd drop at a casino.. It's basically the same thing.  I love when some expert tries to bust out all their technical analysis.  Following up on it later is fun, and enlightening.  There is a reason the professional analysts use "May" and "might" and have an opposing possibility for everything.  Watch all that horseshit fly right out the window when the fed changes  some wording around in its FOMC statement.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
I ran 3 separate Firms that specialized in Day Trading.  By ran I mean I was the Sales/Ops Manager.  Half tech guy, half software beta tester and Compliance Officer over the course of 10 years.  Out of the 10,000 plus customers we had over the 3 firms I worked at.  Ask me how many could do it for a living and make money?  Curious now?

















I can count/name all of them on both of my hands.  I was a professional trader for a few years and still do trade from time to time.  But I have a strategy that does not involve my emotions or me sitting in front of a trading platform glued to the screen.

My advice is take the money you have left and buy something you want(some kinda toy, gun, bike, vacation) because you will lose all of it trading.  A 10k $ account is not even eligible to day trade due to margin requirements.  So if you really are daytrading im guessing you bought into a prop account.  Which if you buy into one of those you really dont have the required amount to day trade in the first place.  So take my advice and buy something you have wanted cause odds are you aint gonna do anything but loose money trading.  I used go "Holy Shit" after I saw account balances of new accounts that started trading.  I was like buy a new BMW 5 series and driving it straight into a brick wall at 70MPH with no insurance.  At the end of 08 I saw some guy do the same but with Bugati Veyrons with no insurance

That's why I just play around with money I'd drop at a casino.. It's basically the same thing.  I love when some expert tries to bust out all their technical analysis.  Following up on it later is fun, and enlightening.  There is a reason the professional analysts use "May" and "might" and have an opposing possibility for everything.  Watch all that horseshit fly right out the window when the fed changes  some wording around in its FOMC statement.


It's the same thing but your odds are better at a Casino  Honestly the Casino, Stock Market and Horse track all attract the same people.  The Horse Track is the funnest though  One of the guys that did well trading was a Horse Track expert.  He looked like a greasy version of Quagmire, but the guy actually could trade.  It's funny cause he never was in the Finance world or educated in it.  He read a book or two and considered it his business.  He never made a huge killing, but he never lost money and that's the key.  He was a really nice guy and probably my favorite client/trader I ever had.

Link Posted: 11/22/2014 2:14:21 PM EST
[#35]
Link Posted: 11/22/2014 2:22:58 PM EST
[#36]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I've made 10% in the last two weeks.

Dow Jones, S&P 500, US Stock Exchange whole ... up 10% in the last two weeks ... of course, it was down 7% the weeks before.

Overall I'm up 12% since May when I started.
View Quote



I put all of the money I had saved in the bank into the market in 2009. That sure didn't suck.
Link Posted: 11/22/2014 2:32:38 PM EST
[#37]
I worked with a guy that lost $60k one day.

Didn't see him for a week. Figured he ate a bullet but nope.
Link Posted: 11/22/2014 2:33:38 PM EST
[#38]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Yep.  Everyone has to be taught that they're not smarter than the market.  No one will just accept the wisdom of everyone who has come before, or see the logic of game theory telling you that day trading is a losing strategy.  Everyone has to lose a chunk of cash on their own before they accept a different strategy that works.

I lost about $400 out of the $1000 I put in when I first opened my private brokerage account.  Then I wised up, picked a winning strategy, and now my average yearly return over the last seven years has been 2.5 times the rest of the market.  
 
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:

LOL, the mistake was day trading.

Yep.  Everyone has to be taught that they're not smarter than the market.  No one will just accept the wisdom of everyone who has come before, or see the logic of game theory telling you that day trading is a losing strategy.  Everyone has to lose a chunk of cash on their own before they accept a different strategy that works.

I lost about $400 out of the $1000 I put in when I first opened my private brokerage account.  Then I wised up, picked a winning strategy, and now my average yearly return over the last seven years has been 2.5 times the rest of the market.  
 


It sounds like you are indeed smarter than the market
Link Posted: 11/22/2014 2:36:11 PM EST
[#39]
Nice.
Link Posted: 11/22/2014 2:38:17 PM EST
[#40]
OP, you said you put more in.  What is your total outlay and balance right now?
Link Posted: 11/22/2014 2:40:41 PM EST
[#41]
It's cheaper to play my Game of Stocks app.
Link Posted: 11/22/2014 2:45:07 PM EST
[#42]
My father in law as been trying this for years.  This and penny stocks.  A few years ago my wife owned 1100 shares of stock in the company she worked for.  She had acquired it through a phenomenal stock purchase program where she worked at the time.   So I followed that particular stock for several years.  When it hit $26 a share I told her to sell it and gave her all the reasons why it had maxed out.  Well she consulted her father "Who knows all about the stock market." and, based upon nothing, he told her it was going to go up another $4 a share in the next two months.  I kept begging her to sell and she finally did at $16 a share.  I never said a word to her about it.  

It's funny, he never gave me a stock tip that worked out and the ones I gave him he didn't follow and lost out.  Luckily I never put any money where his mouth was.  Even if he does get a run up he keeps holding onto the stock and ignores his own sell points.  That never works out for him either.  I do have to admit that at 95 he is still one hell of a poker player, just not a gambler.
Link Posted: 11/22/2014 2:48:37 PM EST
[#43]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
So what are your rules?
View Quote


Don't talk about fight club.
Link Posted: 11/22/2014 2:51:31 PM EST
[#44]
What the hell did you invest in?



Quadruple leveraged stocks for companies that make 8 track tapes?
Link Posted: 11/22/2014 2:53:10 PM EST
[#45]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
What the hell did you invest in?

Quadruple leveraged stocks for companies that make 8 track tapes?
View Quote

I have no idea what he was leveraged at, but my forex account is 50:1.  It used to be 200:1 but the requirements changed around 2008.   Small moves can do a lot of damage with that kind of leverage!
Link Posted: 11/22/2014 2:55:37 PM EST
[#46]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
What the hell did you invest in?

Quadruple leveraged stocks for companies that make 8 track tapes?
View Quote


OP hasn't said when previously asked. More than likely it was something stupid and he is too embarrassed to say.
Link Posted: 11/22/2014 2:56:20 PM EST
[#47]
I could not begin to tell you how many guys at work turned a decent nest egg into lunch money by daytrading.
Link Posted: 11/22/2014 2:56:25 PM EST
[#48]
Link Posted: 11/22/2014 2:58:51 PM EST
[#49]
Link Posted: 11/22/2014 2:59:24 PM EST
[#50]

Discussion ForumsJump to Quoted PostQuote History
Quoted:
I put all of the money I had saved in the bank into the market in 2009. That sure didn't suck.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:



Quoted:

I've made 10% in the last two weeks.



Dow Jones, S&P 500, US Stock Exchange whole ... up 10% in the last two weeks ... of course, it was down 7% the weeks before.



Overall I'm up 12% since May when I started.






I put all of the money I had saved in the bank into the market in 2009. That sure didn't suck.
As long as you left it there I'm sure it didn't at all.

 
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