Please stay with me for a min: So, I watched what the price were doing Friday, saw the price went down like crazy from 2:00 pm to close. What is that telling me? What should I do on Monday based on what the price was doing Friday afternoon?if you want to SEE what price is actually doing at the moment..then you use charts.. you use historical charts to see at what levels you might get a reaction..BUT..the current price level always takes precedent over historical price levels..oh..and ignore news events at your own peril
Why Is The Obvious Not So Obvious?
- Thread starter nysestocks
- Start date
Statistically, you're dumb money, fbmbirds, and there's a probability of 90% that you will lose 90% of your capital in 90 days. Then, you should lose another 90% of the remaining 10% in another 90 day. And so on.
Basically, if we stick to statistics which always tell the truth and if your broker is honest enough not to rob you here and there, you can expect to have 0.01% of your capital left after 1 year (around $10 bucks, which you can use to start another business or buy yourself a pack of beer), that's if you learn nothing and if you're stubborn enough to stick to trading and not move on to something else.
FB, you should not trade at all and keep your money, but, if you insist on embarking on this road, spend a few years trading a dummy account, then when and only when you have been consistently profitable for at least a year, you may try to go live, trading small for another 6 months than increase a little every three months that your are profitable.
The old saying: What goes up must come down and what goes down must come up.You have to wait until the end of Monday to know what you should do next
IMHO, day trading is not investing. First you have to decide whether you want to be an investor or a trader.
If you want to invest, don't day trade. Otherwise, it is mostly speculating and not investing. To learn to trade, you do need to read up on the finer details of trading. Buy a few books and read up, not that they will help you make money but they will at least show you the ins and outs and how to manage risks.
Not losing money is rule #1 and it took me years to figure that out.
Good luck and welcome to ET.
Very true indeed, but... you first need to make sure what is up and what is down and ...what is the middle point.The old saying: What goes up must come down and what goes down must come up.
it really should not matter what way it goes..but..as you are a self professed buy and hold guy..then it does matter to you if the market falls
if you bought FB recently for the long haul..your underpants probably has a lot of skid marks
nothing wrong with buy and hold once you don't get greedy like most do..and lock in those profits when you have them
some find it much better..and have a good nights sleep every night..by just waiting for the market to open..see where it is actually going..and jump in and out at the right TIME
so..let me predict the future for you now..your next question will be..
"how do I know the right TIME"