Newbie here, need some advice/thoughts

Quote from golfmontpoker:

Listen everyone, I said I was a newbie. What i was asking is if this is possible? Today for example, riotech opened at $0.91 a share, by 11am it jumped up to almost $1.60. Would it of been possible to buy it at lets say 9am at around .91 and then turn around and sell it at $1.60?? Just asking if its possible, thats all.
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You're better off taking that 1200 bucks and getting good at poker. You can play online and maybe close enough to some money games at a casino. Hell at any self-respecting college there should be numerous games going on throughout campus. Frat boy money spends nicely!

Getting consistently profitable in poker is tough, but can be done. If you can do that, then move on to trading when you have a bigger bank. Many of the principles of good, sound poker players will serve you well in trading.

300 bucks a week off a bankroll of 1200 in poker is possible, but very hard. Probably much easier than in trading though.
 
Beyond the spot on lectures you received, let me say one thing.

Did you know Riotech was going to move from $0.91 to $1.60 and if you had the magical +1 against the undead soothsayer amulet stolen from the Kingdom of Nofukinway that told you this, are you 100% certain that you would have definitely gotten in at $0.91 and sold at $1.60?

Quote from golfmontpoker:

Listen everyone, I said I was a newbie. What i was asking is if this is possible? Today for example, riotech opened at $0.91 a share, by 11am it jumped up to almost $1.60. Would it of been possible to buy it at lets say 9am at around .91 and then turn around and sell it at $1.60?? Just asking if its possible, thats all.
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Quote from golfmontpoker:

Hello everyone, well met! Im currently a college student and my parents have agreed to loan me $1200 to get started on E*TRADE (What does everyone here use? Pros/Cons?). Anyways, I basically dont wanna make thousands, even though it would be nice. I just want to earn around $300 a week to live off of during school because I can't stand BS jobs anymore. What my strategy is basically is that im going to objectively analyze penny stocks to make a quick $60 profit a day or so. I suppose what I'm asking. Is it possible for me to buy a stock, for example, at like 1.02 a share and turn around a couple hours later and sell it at 1.46 and make a basic gain of around $80 (this is subtracting the trade fee). Does this seem viable and possible? Any input would be greatly appreciated!
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imagine how you're going to feel working at a BS job to pay back the money
 
Dear <b>Golf</b>,

You seem to be stuck in the common zone of confusion between <i>possible</i> and <i>probable</i>.

Yes, it is entirely possible to hit it big with a couple of pennystocks. Even more possible to hit it big with cheap stock or index options near expiration. Long ago, I personally took $500.00 to $10,000 in one week, five days, option expiration week trading OEX contracts only.

Possible? Yes? Probable to be sustained? No... absolutely not. There is no chance, zero, nada, zilch of working with $1,200 and making any consistent gains over the course of time. There is a slight chance of hitting it big and going from there... emphasis on <b>slight</b>.

It is most probable for a new trader to lose all of their money in rapid fashion, before they ever realize what happened. Lack of knowledge + lack of capitalization = absolute certain demise.

Proficient knowledge = skills AND sufficient capital are mandatory for success. Anyone who lacks either is not yet equipped for consistent success in our profession.

Hope this helps :>)
Austin
 
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