Can I ask why you would still trade that style if you donât make money doing it? It seems like a dumb comment to say if itâs not profitable. I trade prop too and have a lot of buying power so maybe Iâm spoiled in that sense. So what is your buying power? I rather have 3000 shares of a 70 dollar stock then 3000 shares of a 4 dollar stock any day. Why not rethink you game plan? The flippers died along time ago.
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GoodPunk6's Trading Journal
- Thread starter GoodPunk6
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Can I ask why you would still trade that style if you donât make money doing it? It seems like a dumb comment to say if itâs not profitable. I trade prop too and have a lot of buying power so maybe Iâm spoiled in that sense. So what is your buying power? I rather have 3000 shares of a 70 dollar stock then 3000 shares of a 4 dollar stock any day. Why not rethink you game plan? The flippers died along time ago.
Quote from brokerboy:
Can I ask why you would still trade that style if you donât make money doing it? It seems like a dumb comment to say if itâs not profitable. I trade prop too and have a lot of buying power so maybe Iâm spoiled in that sense. So what is your buying power? I rather have 3000 shares of a 70 dollar stock then 3000 shares of a 4 dollar stock any day. Why not rethink you game plan? The flippers died along time ago.
Because his mentors at HLV told him that he can not trade those types of stocks.. which is OK with him because he is not trading his own money.
Ok.. now the truth.. if he was trading high priced moving stocks he can lose more $ then he is paying in commisions. As long has he trades dead stocks and continues to generate more $ in commisions than he loses HLV business model will work.
HLV tells this kid that trading CSCO, LU, NT is a good learning cruve.. the truth is he is not learning a single thing... except how to master entering orders... and clicking a mouse all day.
THere will be a point where his family, friends start to pressure him and he sees eveyone else making money and building a career.. and he realizes that what he is doing is a waste of time. I've been there done that.
---MIKE
I had a friend that daytraded for a living for 1 year. He never made any real $.. just churned away.. Whenever we hung out.. friends and family would ask.. hows trading going?.. making big $?.. the market just rallied 200 points this week.. u must of made a killing. Then he puts on a fake smile and says.. i wish it were that easy.. Then in the back of his mind.. he says atleast I am not losing money. This will only last so long.. until reality hits you and your realize there has to be a better way to make a living.
Eventually he quit daytrading, got a real job and is making a nice career for himself. My point is that it normally takes years and years of experience to actually make $ trading.. and with a success rate so low... its just not worth it. Daytrading is not like other businesses because there is no human interaction and the stress level can be severe. If you open up a bagel store in town and work your ass off and keep things in check.. you more than likely will succeed. But you can sit in front of the monitor trading for years 18 hours a day... and can blow up in 1 hour... point is that trading is not your typical business.
The only way anyone should get into this biz.. is with a good mentor constantly holding your hand and showing you the ropes. I mean someone really making serious money every month for years. I am not talking about bullshit classes or seminars. I mean someone that u can watch trade live all day and everyday.
Just tell me one professional trader that is stupid enough to actually scalp CSCO, ORCL all day and make a consistent living at it. I am willing to bet.. the odds are worse than winning lotto.
--MIKE
Eventually he quit daytrading, got a real job and is making a nice career for himself. My point is that it normally takes years and years of experience to actually make $ trading.. and with a success rate so low... its just not worth it. Daytrading is not like other businesses because there is no human interaction and the stress level can be severe. If you open up a bagel store in town and work your ass off and keep things in check.. you more than likely will succeed. But you can sit in front of the monitor trading for years 18 hours a day... and can blow up in 1 hour... point is that trading is not your typical business.
The only way anyone should get into this biz.. is with a good mentor constantly holding your hand and showing you the ropes. I mean someone really making serious money every month for years. I am not talking about bullshit classes or seminars. I mean someone that u can watch trade live all day and everyday.
Just tell me one professional trader that is stupid enough to actually scalp CSCO, ORCL all day and make a consistent living at it. I am willing to bet.. the odds are worse than winning lotto.
--MIKE
Quote from Trend Fader:
Just tell me one professional trader that is stupid enough to actually scalp CSCO, ORCL all day and make a consistent living at it. I am willing to bet.. the odds are worse than winning lotto.
--MIKE
Come down to 130 42nd st in nyc, ny. 21st floor. I'd LOVE to introduce you to some of them.
But if you were scalp stocks, which stocks would you trade?
Quote from brokerboy:
Can I ask why you would still trade that style if you donât make money doing it? It seems like a dumb comment to say if itâs not profitable. I trade prop too and have a lot of buying power so maybe Iâm spoiled in that sense. So what is your buying power? I rather have 3000 shares of a 70 dollar stock then 3000 shares of a 4 dollar stock any day. Why not rethink you game plan? The flippers died along time ago.
I have made money doing it. I've been trading 6 MONTHS!!! Give me a break, I'm still learning!
What kind of commission rate are you paying at HLV and how many shares/month are you averaging??
If you are paying anything over .005 base, you are just a commission monkey for the firm, especially when you are trading thick, low volatility Nasdaq stocks!
If you are paying anything over .005 base, you are just a commission monkey for the firm, especially when you are trading thick, low volatility Nasdaq stocks!
Good morning!
Well, I'm sick as all hell, I hurt my back, and I'm still motivated!
Brokerboy,
What stocks do you trade? How long have you been daytrading/trading? What do your P&L's look like?
NYSEscalpa,
I get charged per execution. I traded a little over 3 million shares in March.
Good trading!
Well, I'm sick as all hell, I hurt my back, and I'm still motivated!
Brokerboy,
What stocks do you trade? How long have you been daytrading/trading? What do your P&L's look like?
NYSEscalpa,
I get charged per execution. I traded a little over 3 million shares in March.
Good trading!
The losing will end when you end it.
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