How to make money trading in this market?

BTW today I traded BAC stocks for a few hours and came out ahead $62 :)

I bought 200 shares of BAC at $5.80 then held them until $6.04.

Then rode the downside from $5.97 to $5.82

So I grossed $62 and paid $60 in trading fees lol

Yesterday I did much better and had a net of about $50

The cost of trading is gonna kill me with only $1000 :mad:
 
You'd be much better off to take your $1000 and use it towards expenses required to find a new job. In these tough economic times you have to treat getting a job like a job in itself. That is, you have to work 8 hours a day, 5 days a week at it. Spend your day writing resumes, checking want ads, making phonecalls etc.

Once you have a job again you might want to learn to trade at that time. If you can get a job that gives time off monday to friday during the day, that will help. If you want to learn to trade, don't even think of doing it without a regular income, pension or retirement savings.
 
Quote from Anaconda:

You're straight up gambling. Better odds at the casino.
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Even if he was gambling, do you think the odds are better at the casino? The best you can do at a casino is roughly a 49% chance betting the pass line w/odds in craps. There has got to be better odds out there in the market!
 
Quote from burtonridr:

No kidding I'm probably going to loose some money. You all say that like its a horrible thing that should be avoided at all costs. I'd rather loose a few hundred in the stock market and learn something than blow the money on some worthless piece of consumer product.

I realize my question probably makes it sound like I havent even picked up a book on the subject of trading, but thats not the case. I'm at a point where I need to get in and start doing it so I can pick up the learning curve a little.

Thank you to all of you that have posted helpful suggestions. The rest of you guys are so full of yourselves lol
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You really have no idea. I am quite humble. We have all been in your shoes. Stop being so full of YOURSELF and listen. This thread that you have created has been created by 1000s of others on this board. We are trying to tell you that you are no different.

You need to formulate your own plan and start by NOT touching your own money. Spend your time observing, reading, and thinking. Don't worry about trading yet. If you do what the consensus says in this thread you will look back on a career, if you don't, you will look back and wish you heeded the advice of experience.
 
Quote from burtonridr:

BTW today I traded BAC stocks for a few hours and came out ahead $62 :)

I bought 200 shares of BAC at $5.80 then held them until $6.04.

Then rode the downside from $5.97 to $5.82

So I grossed $62 and paid $60 in trading fees lol

Yesterday I did much better and had a net of about $50

The cost of trading is gonna kill me with only $1000 :mad:
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Are you trolling or something? You can't be serious trying to daytrade with $1000 and such high commissions & fees.

Take out the $1000, put it into a little gold & silver, buy some durable food and start looking for a new job. You are in no position to start daytrading, or trading in general.
 
Quote from Sam Mcgee:

You'd be much better off to take your $1000 and use it towards expenses required to find a new job. In these tough economic times you have to treat getting a job like a job in itself. That is, you have to work 8 hours a day, 5 days a week at it. Spend your day writing resumes, checking want ads, making phonecalls etc.

Once you have a job again you might want to learn to trade at that time. If you can get a job that gives time off monday to friday during the day, that will help. If you want to learn to trade, don't even think of doing it without a regular income, pension or retirement savings.
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I'm working self employed, have a couple just for fun "jobs"(river rafting guide :D) lined up over the next few months, Starting a new business, have money in a retirement account, dont have much debt, Have money in savings, debt to income even unemployed is only 60%, I'm planning a trip to Reno this summer, a trip to Belize for 3 months next winter. Get the picture yet people? I wish I could go back and edit my first post, but it is locked up. I realize my first post really paints the wrong image in peoples heads lol.

I would love to hear some of your financial information and how you have faired in the market lately.

For the last time I hope...
This is money I can afford to loose please dont be concerned with my financial situation. I'm doing this to educate myself, I learn better by doing, while I research.

I appreciate all the concerned (scared in my opinion) people out there that feel I should be doing something different, but any others I'm going to just ignore....

Thanks, again to those that have posted suggestions and sent me PM with strategies to research :)
 
Quote from burtonridr:

I appreciate the concern, I guess I should have been more clear.

The money I have in my trading account is money I can afford to loose.

I have been studying the stock market for a long time, I understand how it works. But I'm new to options trading and I prefer to learn by doing.

Any suggestions for strategies?

Suggested reading?
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When a wise man like "Div_Arb" speaks, a foolish man will not heed his warning
 
Quote from Compulsive:

When a wise man like "Div_Arb" speaks, a foolish man will not heed his warning
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A fool and his money are soon parted.

Interesting - and sad - that the OP has posted a question, then ignored all the best advice that those with a head on their shoulders bothered to take the time to post.

Enough said.
 
You need more than 25K to trade equities intraday on a regular basis, and even that is way too little. If you have only $1000 to risk, why not study options and then trade them, but not intraday. You'll still lose your money, but it will take a little longer, so you'll have a chance to learn a little more as you lose.
 
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