MM/SP knows Day Traders????????

M

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:confused:

Every time I SELL, the stock goes up after I sell or goes down if I buy the shares. :mad:

I am using TDwaterhouse for my online trades. Any comments
 
Motas,
Ooouuch!! Sorry to hear that your education has been so expensive so far. I am sure that you'll get some good constructive comments from this thread and I'll try and give you the first..... GET RID OF T.D. WATERHOUSE!!!!
These guys will suck the life out of you!!! Besides having obscene commissions the fills suck and they are not an adequate platform for daytrading. Daytrading through T.D. Waterhouse is not daytrading it is daytorture.
My suggestion, get a better broker, a better execution platform, and slow the hell down. If you blew out 70k in 6 months (even if you were using Waterhose) you must have been really swinging. Either that or you got no discipline brother... either way that has got to change.
 
You ask for help, and you get salt in the wound.

Here is some constructive advice:

1. Ditch TD. Open an Interactive Brokers or other cents/share broker account.

2. TRADE 100 SHARE LOTS until you are making consistent money.

3. 70K in 6 mo is over $500 a day in losses. Set a limit for the loss you will take in a day. $100-$200 is good. If you were trading other people's money, they would enforce a daily loss limit. When you hit the limit, get out, and you are done for the day - no exceptions.

4. Day trading is not for everyone. You might consider trading with an extended time frame.

5. And no, the MM's are not out to get you.

Good luck!
 
You are on the dot PussyCat:

I had 7000 sh of JNPR @20.00 & loved them enough to hold on to them until few day ago and sold them at 11.90. The same evening JNPR announced the bad news, the stock was downgraded, I was thrilled that I have learned the game and I am finally ahead of the game. The stock was traded down after the hours, boy was I glad to sell the stock (at loss ofcourse). To my surprise the stock went up the next day and day after that and have not traded less than 12.00 from that day.

But today I had my chance to buy back the same sh. The stock fell to 11.95 after a stiff resistance and I bought my 7000 sh back

:)

The stock is being traded at 11.67, I have to by more books from Tony Oz and David Nassar, etc.
 
i agree.here is what you need to do.get ib.trade 100 shares or less till you learn the game.at $1 per trade for 100 or less you can survive long enough to learn, maybe.also trade less volitile stocks for a while.
simulators and papertrading are worthless.you need to feel the emotions of real money on the line.
 
"I had 7000 sh of JNPR @20.00 & loved them enough to hold on to them until few day ago and sold them at 11.90."

oh man.anybody only trading for 6 month has no business trading that much size.
 
Originally posted by Motas
What I have not understand is how does MM/SP knows that you are a day trader vs. investor:confused:
More...

The don't know if you are a day trader or an investor. All the information they get is your Name, address, favorite color, and what you ate for breakfast. And they hate guys that have cereal for breakfast. :eek:

Seriously though, the market makers and specialists don't have any idea who you are, what kind of trading you are doing. Nor do they care.
 
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