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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. |
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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. |
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That sucks but I LOL'd. Who/what caused you to loose that 7k in?
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You didn't put it in GTAT did you? Also what are your rules?
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Might as well have bet on football. Probably would have done better just guessing.
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The big boys on Wall Street and the hedge funds love guys like you on the other sides of trades.
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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. |
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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. |
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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. |
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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 Quoted:
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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. |
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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 Quoted:
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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. |
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Quoted: LOL, the mistake was day trading. View Quote 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. |
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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"
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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. |
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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. |
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The old adage is very true, "The way to make a small fortune day trading is to start with a large one".
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You would have done better betting black or red on the roulette wheel.
Thanks for the reminder and laughs to not day trade. |
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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 |
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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. |
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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. |
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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. |
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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"? |
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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 |
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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 Quoted:
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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. |
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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. |
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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. |
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I worked with a guy that lost $60k one day.
Didn't see him for a week. Figured he ate a bullet but nope. |
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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 Quoted:
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LOL, the mistake was day trading. 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 |
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OP, you said you put more in. What is your total outlay and balance right now?
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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. |
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What the hell did you invest in?
Quadruple leveraged stocks for companies that make 8 track tapes?
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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! |
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I could not begin to tell you how many guys at work turned a decent nest egg into lunch money by daytrading.
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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 Quoted:
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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. I was making less than $40 a month in interest in the bank ... I made +$673.76 today on that same money. |
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I could not begin to tell you how many guys at work turned a decent nest egg into lunch money by daytrading. View Quote Guy at work sold his custom old Harley and took the $30,000 and put it into the market. He jumped from stock-to-stock winning and losing ... eventually losing it all. |
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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 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. |
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