Day trading

Chrismaths

screen wrote:

oops!!! I ment soft ware...

Would you buy a trading system from this man... :eek:

free4440273

Chrismaths wrote:

Would you buy a trading system from this man... :eek:

i'll have to ask luke...

Quarantz

Daytrading asks a lot of knowledge and a lot of time. Don't expect to get rich overnight. It's hard working and takes up more time than a regular job. I'm a pro trader myself. It took a total of 20 years and some "expensive lessons" plus a lot of learning, reading and training to reach the level I'm on now. I can live very well from it now and also provide my clients with very nice incomes, but, as said, it took me a very long time to come so far. I work 7 days a week (luckily I'm a workaholic) with long workingdays and if I'm not behind my monitors I'm reading or looking at all kind of financial news etc. Whatever you decide, be carefull !!!

badger._2

Quarantz wrote:

Daytrading asks a lot of knowledge and a lot of time. Don't expect to get rich overnight. It's hard working and takes up more time than a regular job. I'm a pro trader myself. It took a total of 20 years and some "expensive lessons" plus a lot of learning, reading and training to reach the level I'm on now. I can live very well from it now and also provide my clients with very nice incomes, but, as said, it took me a very long time to come so far. I work 7 days a week (luckily I'm a workaholic) with long workingdays and if I'm not behind my monitors I'm reading or looking at all kind of financial news etc. Whatever you decide, be carefull !!!

Fancy training me? Or for that matter can you suggest good online resources for people learning/studying trading?

Anyway, back on topic...In reading of Day Trading, D
This Article is a lovely help...

cloud_dog

free4440273 wrote:

is it warm and cuddly? :rolleyes:

Free, you seem to have developed a sense of humour, excellent, liked it, 'nice one centurion'

cloud_dog

I would strongly suggest (and recommend) anyone interested in trading (as opposed to investing, i.e. invest, leave for a long while, sell) to read "Come Into My Trading Room" by Dr. Alexander Elder (ISBN 0-471-22534-7).

It is very insightful and assists YOU identify your trading strategy, your stengths, weaknesses, and helps you to identify how to be a disciplined investor. It also identify's personal trates that *may* (and I stress may) mean you are not cut out to e a trader.

cloud_dog

free4440273

cloud_dog wrote:

Free, you seem to have developed a sense of humour, excellent

only on fridays;). come tuesday i'll be back talking about the gargantuan us trade deficit, zer0 savings, the unfolding of the yen 'carry trade', inversion, more forseeable rate rises, the collapse of hedge funds... (i always like to 'improve' myself):D

GameOver_2

Hi

I invest myself, i usually make 100 or 200% or more, but i leave my money in my stocks for a while, took me 6 months to make 100% in a stock i just sold.

Check the US stock "HOM" and look on the weekly chart for 3 years, you will see the sort of stocks i invest into.

Read the book "how to make the stock market make money for you" by Ted Warren - its the bible!

In my opinion, day trading is way to risky, i dont and never will day trade. Theres much more money to be made in the longer term investing, trust me.

I am only 23, but i got myself a mentor who has made millions himself and he has been teaching me for a long time now and ive seen it work over and over.

The charts never lie, because everything on a chart is fact, i dont listen to company news or press releases, because i can already see the news on the chart, because the insiders already know what it is.

I only buy stocks that banks, or mortgage companies or what i call "smart money" are accumulating, because there is only one reason smart money accumulates stock over a long period, and that is to take the stock price up with the market maker and make MILLIONS, and that is why i know my money is always safe.

Please do not try and do this without studying first, its not as easy as you may think, like the guy said in this thread, he spent 20 years doing this and now hes good at it, that sounds realistic, read, study, and learn those charts, and my advice would be stick to monthly and weekly time frames because there the low risk charts.

I have never lost money in a stock, but i cannot guarantee i never will, because i probably will sooner or later, but with stops of 10% it wont really hurt, so just be smart about this and study.

Thanks

Matt

Chrismaths

Charts never lie. But they very often obfuscate. They give false signals. They ignore the underlying quality of the business. No system exists to beat the market all the time, as if it did, everyone would use it, and it would no longer make money. Hence why convertible arbitrage hedge funds have had underwhelming results recently - the only way they can get decent returns is through monster leverage. There are simply too many players in that particular market chasing too few returns.

Matt is 23, and has probably been investing for around 3 years, in which we have seen some of the best year on year returns in history. I'd like him to explain the Enron chart to me, as that looked great up until the company went bust. A 10% stop loss won't help you if everyone is running for the door - someone still has to buy the stock from you (for each seller, there has to be a buyer) - if a stock gaps down 50%, your stop loss is nigh on worthless.

I fully expect Matt to keep on making money for a while, until the day that he doesn't. Which will come. It always does, because there is no perfect system.

In conclusion, daytrading/weektrading/monthtrading TRADING doesn't work long term. A nasty bear market, whipsawing in volatile trendless markets, there are loads of times that trading doesn't work.

INVESTING does work. Warren Buffet - who genuinely is a genius, has a wealth of quotes that make absolute sense: "I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years."

In the short term, the stock market is a voting machine, in the long term, it is a weighing machine. I prefer to take advantage of short term price movements to buy companies that are good long term investments, as the sage himself said: "Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it."

All the best, Chris

GameOver_2

Hi Chris

Sorry to be honest with you, but your post is full of assumtions and niave statements, which i would fully expect from someone who may be a newbie!

Thats not meant to sound harsh.

People that assume, always lose in the end, please never assume, like you just did, to me, you look a bit silly right now, because only i know how i do it, you do not.

If the market went on a tumble, i would still make money - fortunatly, before you post again disagreeing with me, read the book i told everyone to read, then tell me im wrong, i only buy stocks the smart money has been accumulating for years, then i simply leave it, until its made its mark up, at which point i sell.

I have been personally trained by one of the best technical analysists i have ever met.

Sure, post up the enron chart, i will glady tell you what happened, i bet you, that i can tell you when you should of sold, BEFORE it went bankrupt, there is ALWAYS something in the chart to warn you, because people DO, yes, they DO, know a compeny is going bankrupt before the public, and you can see them selling off.

If a stock gapped down 50%, i would simply hold, the stop losses of 10% i use, are in my mind, i do not set them, because the stocks i buy always go up, because there meant to, the only reason Lloyds would invest 10 million pounds over a 4 year period, is to mark the stock up, so i know my shares are always in strong hands.

You may disagree with the way i do it, but im going to keep doing it my way, you can do it your way, lol.

Thanks

Matt