Both stocks are up nicely today. I know what I am doing.
What do I do with 50 grand!!
- Thread starter cajoku
- Start date
If you have never traded or more importantly day traded you WILL lose your money. There are quite a few really good traders that frequent this board and you could tell who they are by their postings. When you meet those traders in the market they ARE going to take your money!
Now with all the preaching out of the way...One of the most prolific investment statements is to diversify. Think about this novel idea? Partner (sponsor) some of the small traders on here that can prove that they can make money consistently (but are uncapitalized). Unfortunately this may not be legal...but not sure.
This would serve several purposes;
# you diversify not stocks, but people and trading styles)
# you have a greater chance at making money
# you learn by looking at their trades, especially losing
# they either can or can't do it (put up or shut up)
# post the results of their trades for critiquing
# you will learn from the critique of other ET posters
# any trader with a draw down over a set % quit sponsoring
Just like I did with mine!!!!
..!
!!!!/
.!!!
YEAYE!!!!
There is a very wise saying that the best way to make a small fortune in the futures market, is to start with a large fortune.
In other words, if you read the books, you are 2-5 years away from profitability, at the BEST.
Do yourself a favor, and paper trade during those 2-5 years, and get to the point where you are consistently profitable for 9 months. THEN start with a small live account. Ignore almost everyone who tells you differently.
You would be amazed how quickly you could lose $50,000...
The belief is, that 95% of leveraged traders lose their money within a year or so.
It is amazing how fast people can lose $500,000. I worked at a discount broker and the stories I can tell would blow your mind...
1) guy inherits $1,700,000, after 8 months owes our company $20,000 (he lost $1,720,000)
2) guy rides internet boom from $75,000 to $800,000 but ends up losing the whole $800,000 and owes $50,000 to firm.
3) woman deposits $200,000 and insists she understands airline stocks so doesn't want to diversify...9/11 happens, she loses $200,000 plus another $45,000 on margin.
I could go on and on......maybe I should write a book.
"THE LARGEST CASINO ON EARTH _ WALL STREET"
1) guy inherits $1,700,000, after 8 months owes our company $20,000 (he lost $1,720,000)
2) guy rides internet boom from $75,000 to $800,000 but ends up losing the whole $800,000 and owes $50,000 to firm.
3) woman deposits $200,000 and insists she understands airline stocks so doesn't want to diversify...9/11 happens, she loses $200,000 plus another $45,000 on margin.
I could go on and on......maybe I should write a book.
"THE LARGEST CASINO ON EARTH _ WALL STREET"
buy a car.