You know that. I know that. But Trading_Guy doesn't know that.
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A Daytrader's Story
- Thread starter nkhoi
- Start date
Somebody mentioned at the beginning of this thread that perhaps one solution to problems of this nature is for people to realize that this is typically an effort that requires some amount of training to be successful at. I guess I lean more towards free and open access to the markets, caveat emptor and all, but instead of monsterously stupid ideas like the PDT rule to "protect" small investors, what about requiring some form of certification, like the Series 7 instead? Setting up a knowledge barrier rather than a financial barrier? I haven't taken it, but it sounds like it requires a bit of study to pass. Certainly setting up such a roadblock would require people to work at this goal for some period of time before jumping in head first...
Just my .25 ES points...
Just my .25 ES points...
Jack Hershey's very first postQuote from jack hershey:
Hi all
I just signed up after following a reference by nokoi. I've read all the posts in this thread to get a feeling for the group.
Nice conversations, so to speak.
I'll try to get over my current shyness...lol...
Yeah I think he got over his shyness
but almost 5 years on he still hasn't shown a profit with SCT
SCT user beware
Replying to the first post in the thread. Sounds like you might even need conselling at this point. A loving wife ! You are very fortunate.
Not sure if decent simulators were around in 2000, but a newbie should never start off day trading..he/she will do all sorts of nasty things to their own accounts.
Marked to market products can hurt even with years of experience.
Stay with quality in S&P 500...Options , straight calls or Puts avoiding spreads that you don't understand .
A newb should constantly be reading and Charting especially when no good advice is available.
Most will want to go quickly..simulators let you do that..get a good one , don't be cheap...that's another mistake ..being cheap.
Get the best simulator and charting you can afford , after you've learned you'll be able to scale down in those tools.
I am curious as to what happened next,,it was written in 2003.
Not sure if decent simulators were around in 2000, but a newbie should never start off day trading..he/she will do all sorts of nasty things to their own accounts.
Marked to market products can hurt even with years of experience.
Stay with quality in S&P 500...Options , straight calls or Puts avoiding spreads that you don't understand .
A newb should constantly be reading and Charting especially when no good advice is available.
Most will want to go quickly..simulators let you do that..get a good one , don't be cheap...that's another mistake ..being cheap.
Get the best simulator and charting you can afford , after you've learned you'll be able to scale down in those tools.
I am curious as to what happened next,,it was written in 2003.
Quote from nkhoi:
From: Trading Guy (trading_guy@hotmail.com)
Subject: A Daytrader's Story
Newsgroups: misc.invest.futures, misc.invest.stocks, misc.invest.technical
Date: 2003-02-04 08:31:30 PST
Which brings me to today. Total daytrading losses are nearly $160,000.
Yer dun havv two tell uz iff yer managed two rekover dat $160k loss orr naught...
The basic problem is with us is we want to make a lot of money over night and usually not in a mood of showing patience and look how credit card companies take benefit of this
It would be interesting to hear the rest of the story. Was the author able to start making $$$ in the end? If so, has he recovered his initial loss of 160K?
Basically, where is season 2 of this story?
BTW. It is interesting to see that most people posting here back in 2003 are no longer around.
Basically, where is season 2 of this story?
BTW. It is interesting to see that most people posting here back in 2003 are no longer around.