MM/SP knows Day Traders????????
- Thread starter Motas
- Start date
Originally posted by Motas
I have been doing daytrade for the last 6 months (not a long time compared to some of you) & lost about 70K plus my portfolio.
what some one has posted on this site that there is a price to pay to learn this business. Well, I have learn a little bit.
What I have not understand is how does MM/SP knows that you are a day trader vs. investor
Every time I SELL, the stock goes up after I sell or goes down if I buy the shares.
I am using TDwaterhouse for my online trades. Any comments
You can't learn to daytrade by yourself without serious risk. There are easier and quicker ways to commit suicide. TD Waterhouse is okay if you are not scalping or executing more than a few trades a day, otherwise they are totally inadequate. Plus it sounds like you don't have real time data. An absolute necessity.
Develop a discipline or join a chatroom like Tradewinds and/or take K. Haggerty's course on daytrading (I have not), but I tried tradewinds and they apply a sound discipline. My guess is your just buying and selling like a maniac and wishing and praying. Limit yourself to 2 trades a day.
MMs don't know who you are, the reality is you suck at trading and they are good. No offense, but if you are new to trading and know you don't know jacksquat, you're on the road to be a good trader.
I long ago declared myself a ignoramus. There were no dissenters
Originally posted by Motas
Every time I SELL, the stock goes up after I sell or goes down if I buy the shares.
I really don't know exactly how non-daytrading firms route orders, but my guess is that you're only getting filled when it's convenient to those who are responsible for filling your order.
Let's say you want to buy a stock, and let's assume that we have ESP and know that that stock is about to rally $1 in the next 5 minutes. If you place a limit order, you probably won't get filled. If you place a market order, you might get filled, but possibly near the top of the move.
That's the problem with trading; you can be right about your trades consistently and still lose money if you chase stock or if you're unable to get a fill when you're right.
Dump your broker!
I hope you are joking and making the whole jnpr trade up. It not, you need to go get a corporate job and put your money in savings and bonds and never trade stocks again. You are not trading, you are rolling the dice and gambling, and holding huge losers for no reason. If you don't have a money treee in the backyard creating money for you, quit before you are bankrupt.
What would ever cause you to loose 70K?If I am down 2K, and I don't have a streak where I recuperate that (haven't yet - I have a down day and ten up days,) _I_WOULD_STOP_TRADING_ and figure out what is wrong.
Motas, learning doesn't mean punishing yourself and ignoring commonsense man. Are you trading Listed or NASDAQ?
They don't give a shit what you are. Tell me how you are buying stock or selling stock. i.e., Are you playing market maker, are you buying "with" the spoos, etc, etc... ?
Alleluia - Motas, what kind of _TRAINING_ have you had?
nitro