A friend and I shared searching for stocks to position trade.
It was 1957.
We sorted from WSJ lists to get stocks to position trade.
Our technique was to make 10% every 6 to 8 days. It worked quite well from day 1.
How Did You Get Started?
- Thread starter dbphoenix
- Start date
A friend and I shared searching for stocks to position trade.
It was 1957.
We sorted from WSJ lists to get stocks to position trade.
Our technique was to make 10% every 6 to 8 days. It worked quite well from day 1.
Quote from xelite777:
That means you can multiply your starting capital 117 times each year.
Take that Gordon Gekko!
I have read your prior posts so I am aware of your problems.
This thread is narrowly focussed.
The math to use today is raising the base 1.1 to the power of the ratio of 6 to 8 divided into 240, theoretically.
It 1957, it was different because of clearing time consumption.
At that time I did get a series of SEC citations so did MLPF&B, my broker. Thier were people like you who saw the actual results and they JUST KNEW I had to be like Gordon.
i was a little different than Gordon, however. He went to jail and I became "a story" oft told.
If something works, it does not need 50 years.
Exactly the same way and year here! What a journey it's been. Looking back, Wade Cook and his cohorts didn't know jack S**T... other than how to sell to market trading ignoramuses... like I was then.
Saw he got sent to the clink for 8 years for fraud of some sort...
Oh well... gotta start somewhere.
I think I inherited or was given some stock in a company my grandfather worked for, EAC. I recall it was AMEX, traded around 4, but I was quite young. I followed it every now and then. Perhaps it got sold for college money?
I waited tables for many years, especially during my 2nd go around at college. One of the restaurant managers talked about getting options, his girlfriend talked about all the uncashed paychecks around his living quarters, I assumed he was well to do. I followed the company stock at least weekly, very narrow range. I think also AMEX. That company is either much smaller or out of business.
Fast forward many years, working real steady job. 401K started, have a little extra money. I read Dogs of the Dow by the foolish brothers, it makes a little sense. I sign up for some of their alerts, or spam in order to get a stock tip. Symbol is NFLX, trading around $30. I change my Roth from Vanguard SP500 fund into an online broker account, by and sell NFLX for a 30% profit. MAN I WAS HOOKED RICH GOOD etc...
I continued to do okay. I spent mad amount of hours, screen time. I go on margin, play around with options, have some great days. I was HIGH.
Market structure changes some and I do not. I am undisciplined without risk management. NoDoji biblical quote bears repeating. My margin or cash account that I take from 64K to 160K in a year goes to nada, zilch, nunca, nadie, NOTHING by end of year. Non margin accounts not so bad but severely clipped. My account statement for tax man is an inch thick with trades...my broker got rich off of me.
I cool off.
I get into futures trading with two different brokers. Undercapitalized and still have the same errors.
Repeat.
*************************
I do very little. I lean into the pain, let it teach me. I review everything. I acknowledge my errors, find my strengths. I do what works now. I try to tune out a lot of what everyone else says or does or thinks.
2012=39%, first year I clearly do better than the market.
2013=>700% YTD.
I advise others to stick with a save early, save often, use lost cost index funds. This ain't been easy.
I waited tables for many years, especially during my 2nd go around at college. One of the restaurant managers talked about getting options, his girlfriend talked about all the uncashed paychecks around his living quarters, I assumed he was well to do. I followed the company stock at least weekly, very narrow range. I think also AMEX. That company is either much smaller or out of business.
Fast forward many years, working real steady job. 401K started, have a little extra money. I read Dogs of the Dow by the foolish brothers, it makes a little sense. I sign up for some of their alerts, or spam in order to get a stock tip. Symbol is NFLX, trading around $30. I change my Roth from Vanguard SP500 fund into an online broker account, by and sell NFLX for a 30% profit. MAN I WAS HOOKED RICH GOOD etc...
I continued to do okay. I spent mad amount of hours, screen time. I go on margin, play around with options, have some great days. I was HIGH.
Market structure changes some and I do not. I am undisciplined without risk management. NoDoji biblical quote bears repeating. My margin or cash account that I take from 64K to 160K in a year goes to nada, zilch, nunca, nadie, NOTHING by end of year. Non margin accounts not so bad but severely clipped. My account statement for tax man is an inch thick with trades...my broker got rich off of me.
I cool off.
I get into futures trading with two different brokers. Undercapitalized and still have the same errors.
Repeat.
*************************
I do very little. I lean into the pain, let it teach me. I review everything. I acknowledge my errors, find my strengths. I do what works now. I try to tune out a lot of what everyone else says or does or thinks.
2012=39%, first year I clearly do better than the market.
2013=>700% YTD.
I advise others to stick with a save early, save often, use lost cost index funds. This ain't been easy.
1978 I was in the Army, working late mornings/early afternoons mainly, attend college in evening, bored in the mornings, take a bus downtown most days to sit and listen to the "old guys" at Merrill Lynch, the only book I read then was "Technical Analysis of Stock Trends" by Robert D. Edwards and John Magee. There simple wasn't much written back then. Spending Saturday mornings at downtown library recording data from Microfilm on old Wall Street Journals to make my own charts by hand.
The Stone Age, but learned much by doing it by hand, Price Action.
The Stone Age, but learned much by doing it by hand, Price Action.