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doc235
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Joined: Aug 14, 2005
Posts: 30
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 Posted: Sun Aug 14, 2005 7:41 pm Post subject: daytraders |
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how many have been just daytraders and switched over to the forex?
I was hurt pretty bad during the dot com buble burst :/
cost me 10k to learn a very hard lesson.
and that lesson was that NO it does NOT have to come back up :/
and learned to trade what i saw and stop trading what i wanted.
I believe this is what destroy's more traders be they daytradeers on the nas or forex than anything else. letting thier emotions get the best of them.
I am still working on my recovery from the nas dropping like a rock from 5k and everyone was on the bandwagon waiting for it to goto 10. what a wild dream that was. It sure washed a lot of bad traders out, and i was one of them, but i was limited fortunately. But i do have some nice wall paper to look back on now 
ihad not thought of trading currency for a long time and actually just starting myself, but been trading since 1998.
I think i aam going to like the FX a LOT betteer, easier thaqn nas or NYSE for sure and more liquid. Anyone care to buy some wallpaper real cheap?
boy this brings back some good memories |
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KandelC
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Joined: Aug 14, 2005
Posts: 30
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| Posted: Sun Aug 14, 2005 9:35 pm Post subject: |
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| So what all do the daytraders do? What have you done as a daytrader and what's some advice you can give so that I can make a well informed decision? |
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doc235
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Joined: Aug 14, 2005
Posts: 30
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| Posted: Mon Aug 15, 2005 7:25 pm Post subject: |
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| KandelC wrote: | | So what all do the daytraders do? What have you done as a daytrader and what's some advice you can give so that I can make a well informed decision? |
well , no matter what you decide to do as a trader, be it daytrading the NASDAQ or NYSE or trading the forex (currencies) the firt thing to remember is NEVER EVER trade with your living money, you must use only money you can afford to lose (and you will) and then you must find a good reliable online broker that allows trading in the forex , many specialize in it. i myself use 3 different brokers but my favorite is manhatten beach trading (mbt) I have been with them since 1998.
then you must take the time to LEARN YOUR SOFTWARE, the biggest killer of traders in all areas is a lack of understanding how thier software works. how to set leading and trailing stops, how to read charts, and above all else how to buy and when to buy. then CRITICAL when o sell.
many will get upset if they sell early and don't hold into a buying frenzy and try to jump back in to make more, but by the time they do it is on it's way down and now they are scrambling to get OUT of a trade that no one wants, and lose money.
avoid this at all costs, you can NOT trade emotionally or you may as well just send me all your money or go to a casino, there you get free drinks while you give them your money
But i believe that understanding your trading platform is the most important thing to get started, but many spend an hour think they know it, jump in and lose right away then start screaming this software doesn't work.
well it does, when you know how to use it
and they are correct, it doesn't work. Because they don't know how to make it work. |
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KandelC
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Joined: Aug 14, 2005
Posts: 30
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| Posted: Mon Aug 15, 2005 8:00 pm Post subject: |
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So then this is where "paper trading" comes in handy, right? You can practice without the worry of losing your money too soon.
If I am wrong please correct me. |
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doc235
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Joined: Aug 14, 2005
Posts: 30
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| Posted: Thu Aug 18, 2005 7:42 pm Post subject: |
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| KandelC wrote: | So then this is where "paper trading" comes in handy, right? You can practice without the worry of losing your money too soon.
If I am wrong please correct me. |
no you are exactly right.
i found out for you yesterday that you can get a free demo account with live data feed and the forex from mbtrading.com
these are my brokers and i have been with them since 1998. good pople and will answer any questions youmay have.
so you may want to surf on over and take a look if your into it.
hope tis helps |
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KandelC
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Joined: Aug 14, 2005
Posts: 30
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| Posted: Thu Aug 18, 2005 7:57 pm Post subject: |
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Well, I guess I will try them out here soon. I would sign up now, but I feel that if I start to learn something like this, it needs my undivided attention. So, I need to get a routine started when school starts and keep with it.
Once again, thanks, Doc! |
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Kaabi
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Joined: Aug 28, 2005
Posts: 96
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| Posted: Sun Aug 28, 2005 9:42 pm Post subject: |
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| doc235 wrote: |
well , no matter what you decide to do as a trader, be it daytrading the NASDAQ or NYSE or trading the forex (currencies) the firt thing to remember is NEVER EVER trade with your living money,. |
Yes, its not good to use the money you really need, only invest with the money you can afford to lose, because you're never 100% sure what the outcome will be. |
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RoxyMoron
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Joined: Apr 03, 2007
Posts: 4
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| Posted: Wed Apr 04, 2007 7:42 am Post subject: |
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I want to get into the stock market, but now I'm so clueless. It's embarrassing that in 7th grade advanced class they taught us how to read stocks and follow them and how to buy and sell stock, and now reading that section in the paper looks like gibberish to me.
What's a good, simple (and preferably inexpensive) website for buying, trading and selling stock for a 'newb'? |
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PiscesGirl
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Joined: Apr 11, 2007
Posts: 10
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| Posted: Wed Apr 11, 2007 9:42 pm Post subject: Re: daytraders |
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| doc235 wrote: | how many have been just daytraders and switched over to the forex?
I was hurt pretty bad during the dot com buble burst :/
cost me 10k to learn a very hard lesson.
and that lesson was that NO it does NOT have to come back up :/
and learned to trade what i saw and stop trading what i wanted.
I believe this is what destroy's more traders be they daytradeers on the nas or forex than anything else. letting thier emotions get the best of them.
I am still working on my recovery from the nas dropping like a rock from 5k and everyone was on the bandwagon waiting for it to goto 10. what a wild dream that was. It sure washed a lot of bad traders out, and i was one of them, but i was limited fortunately. But i do have some nice wall paper to look back on now
ihad not thought of trading currency for a long time and actually just starting myself, but been trading since 1998.
I think i aam going to like the FX a LOT betteer, easier thaqn nas or NYSE for sure and more liquid. Anyone care to buy some wallpaper real cheap?
boy this brings back some good memories |
I too had my bad experiences with daytrading during the dot com bubble, However, I've been switching mutual funds on a short term in my retirement fund since 1996 and average 25% annual returns even in bear markets.
Irene |
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ACCER
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Joined: May 05, 2007
Posts: 10
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| Posted: Sat May 05, 2007 8:23 pm Post subject: |
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I got lucky with the dot.com bubble burst. It's called the peanut-butter/travel index.
My brother is a corporate officer of a food distribution corporation. His wife is a travel agent. When my brother told me that peanut butter sales were up, I listened. A few days later his wife told me that fewer people had booked summer trips.
I began to sell then. about 6 weeks later the bubble popped.
Here's the theory: When the economy begins to shif down, peanut butter sales go up immediately. It's really an outstanding economic indicator in the US. Travel agents are also hit first as people scale back (or cancel) trips.
Since then, I pay attention to the peanut butter index. |
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petermason2000
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Joined: May 01, 2007
Posts: 29
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| Posted: Sun May 27, 2007 10:59 pm Post subject: |
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| SO how much money does it take to get started in Foex trading. I jdut don't have alot of disposable income to put at risk. |
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