Day Trading?
- Thread starter Corym
- Start date
You may want to start off with more than a few hundred bucks as there are trading fees that would cut into your profits. Try with at least 5-10k and make sure it's money that you're ok with losing in case you're not great at this "hobby". Good luck and heres hoping you're not already a gambling addict because that's basically what this is if you're talking short term trades.
Hard to say what kind of tips you need, what's your background in the market, do you have any experience in stocks? I think this may help other members help you.
Day trade scares me, so I can offer anything useful sadly. Best of luck, there's definitely money to be made with a bunch of stocks still in a dip from Covid.
Day trade scares me, so I can offer anything useful sadly. Best of luck, there's definitely money to be made with a bunch of stocks still in a dip from Covid.
In this time of uncertainty, any kind of trading is risky so if you're not stock savvy to begin with you probably won't succeed.
oodlesofpho is right. A few hundred bucks will just eat you up in fees as most discount brokers charge at least $20 per trade. While I was off work I decided to try day trading. I risked 5k for seven days, sitting on the computer 9 hours a day. In the end I ended up $400 and change ahead and am still holding some stock. $400 doesn't sound like a lot, but that translates to over an 8% return which is better than most investments out there. My problem is I don't have the balls to risk 50k and make 4k a week.
oodlesofpho is right. A few hundred bucks will just eat you up in fees as most discount brokers charge at least $20 per trade. While I was off work I decided to try day trading. I risked 5k for seven days, sitting on the computer 9 hours a day. In the end I ended up $400 and change ahead and am still holding some stock. $400 doesn't sound like a lot, but that translates to over an 8% return which is better than most investments out there. My problem is I don't have the balls to risk 50k and make 4k a week.
You’re seeking Day Trading advice on an Escort Review Board!?!Thinking of Day Trading as a new hobby.
Start out with a few hundred bucks and see what happens.
Anyone else into it, if yes, please provide a few tips
Thanks,
Cory
You’re kidding right?
Last time I checked it is an open forum.You’re seeking Day Trading advice on an Escort Review Board!?!
You’re kidding right?
Cory
There is nothing wrong with that. After all, you can always consider all the advice given and think about it. Sometime you don't even know something existed until somebody mention it.You’re seeking Day Trading advice on an Escort Review Board!?!
You’re kidding right?
Questrade has a really good fee structure for ETF, which boils down to approximately $0.01/share when you buy. And for buying stocks, they charge $4.95 per transaction. Selling ETF/stocks would be $4.95 (or was it $4.99) per transaction.
I know right? That's why I come here for all the expert opinion on politics and morals instead.You’re seeking Day Trading advice on an Escort Review Board!?!
You’re kidding right?
If you start with $200 and you buy $195 worth of stock ($5 in fees) you already need 2.5% gains just to break even. I hope you can do the rest of the math.
I’m more like “week trading”. Check it every day, but not glued to my computer while the sun is out and the skirts are short!
if it’s going up and I’m in, then I stay in. Down a couole if days? Meh. Trending down? I’m out.
i have learned that buying low and selling high is all about pulling out after your stock has blown its wad and starts basking in is own juices. You can’t buy low if your in all the time. Get the fuk out when it feels high, and be happy with the gains you msde. DON’T LOOK BACK and kick yourself if it went up more. Patient money in the bleachers ready for a hot date after a messy divorce has been my beat friend in the markets. All the professional advisors tell me to stay in (so they make commissions). Fuk them. It’s my money. And my money does well to take a breather now and then. In fact, I am 80+% on the sidelines atm waiting for the inevitable correction. Then, like a hungry cougar, I shall pounce from on high, and ride the wave to extasy.
-Punt.
if it’s going up and I’m in, then I stay in. Down a couole if days? Meh. Trending down? I’m out.
i have learned that buying low and selling high is all about pulling out after your stock has blown its wad and starts basking in is own juices. You can’t buy low if your in all the time. Get the fuk out when it feels high, and be happy with the gains you msde. DON’T LOOK BACK and kick yourself if it went up more. Patient money in the bleachers ready for a hot date after a messy divorce has been my beat friend in the markets. All the professional advisors tell me to stay in (so they make commissions). Fuk them. It’s my money. And my money does well to take a breather now and then. In fact, I am 80+% on the sidelines atm waiting for the inevitable correction. Then, like a hungry cougar, I shall pounce from on high, and ride the wave to extasy.
-Punt.
Like poker.Which I don't play. but anyway. You shouldn't be looking for the grand slam. Just take small profits. and like the guy above said. Keep most of your pot on the sidelines and wait for the inevitable and fairly imminent correction coming soon. The market is so choppy and hyped right now. It doesn't reflect anything to do with the economy. In fact the whole financial world is a ponzi scheme. Some stocks are boiling hot right now so I bought and immediately put in a stop loss sell order on them to cover myself in case they crash overnight while I am sleeping. What goes up must come down.
Why gamble any of your money at the start? Try the Virtual Stock Exchange to learn about the market before you risk any of your hard earned cash. The system mirrors the stock market and you buy, sell and trade like the real thing. The program gives you 2 million in imaginary money and you can pick and choose whatever stock you like risk free. Make a mistake and its not painful as you don't risk anything. First mistake I made was buying Bank of Nova Scotia on the New York exchange instead of the TSX and I took a bath on the exchange as your account is in Canadian dollars. Winners? Barrack Gold up 22%, Lundin Gold up 14%. Losers? Well,I hate to admit it but I've had a couple. Teck B bought at 12/share and it's been sliding ever since. That's one I'm going to hold. Anyway I'm having fun and learning a lot .
I am not going to risk my nest egg. Just curious and will tread very slowly .
Thank-you for your helpful comments and tips.
Cory
.Thank-you for your helpful comments and tips.
Cory
Learning to NOT hold on to your losers is one of the most valuable lessons (and for some reason a lesson some never learn). One of the most common "mistakes" novice investors make is they have a tendency to sell their winners and hold onto their losers - one should be holding onto their winners and selling off their losers. It's quite comical to hear people continually tell stories about how they bought Apple at 500 and sold at 600, if they just held that winner today (split adjusted) it's over 2800 per share - these same people also whine how they're still holding Blackberry shares! Of course, holding your winners is a value strategy and NOT what day traders are trying to do. That said, to the OP, who appears to have little experience in trading - day trading is not the way to learn about investing in the stock market!
Agree but sometimes ya gotta know when to hold em Keep in mind I'm playing with imaginary money. I did dump my BNS stock on the NYSE and bought again on TSE to average down my loss. Still haven't bought any Air Canada stock as I think it's going to really tank.
I knew someone who grew $25K into a million ( I saw it with my own eyes, so yes It's true), took a couple years, then in about 4 weeks he lost it all. Yes all , went into a stock he thought was going to be the next thing and it literally disappeared, GONE. One million Gone.
Another person I know made a bunch, then told his friends ( not me), and lost around $400,000 of their money very quickly. He did the right thing and worked his ass off to pay them all back.
Then one other lady I know, did okay, again bragged about it to someone she knew, I don't know the extent of how much she lost, but she did ask if I could lend her $500,000 to get her out of the hole she dug.
One other fellow, was more of a pump & dump guy, but he got in so bad, he had to go into hiding for about 2 years to avoid, well , let's just say someone wanted to break more than his kneecaps.
But I do know 2 people who made money and kept it. One was only $75,000 profit in a short time, the other was in the tens of millions. So it can be done.
My advice, be prepared to lose. If you make money great, but you are playing with some big players who know way more that you will.
Another person I know made a bunch, then told his friends ( not me), and lost around $400,000 of their money very quickly. He did the right thing and worked his ass off to pay them all back.
Then one other lady I know, did okay, again bragged about it to someone she knew, I don't know the extent of how much she lost, but she did ask if I could lend her $500,000 to get her out of the hole she dug.
One other fellow, was more of a pump & dump guy, but he got in so bad, he had to go into hiding for about 2 years to avoid, well , let's just say someone wanted to break more than his kneecaps.
But I do know 2 people who made money and kept it. One was only $75,000 profit in a short time, the other was in the tens of millions. So it can be done.
My advice, be prepared to lose. If you make money great, but you are playing with some big players who know way more that you will.
The problem with "stop loss order" is it represents the opposite of what we're trying to achieve here. The objective is to buy low and sell high, not buy low and sell even lower. If it is a stock you believe will rebound, this is a time to buy more, not sell off as it is essentially on sale. Although I do agree that one should set a limit as to how much you are willing to loose, but I would suggest setting a target and sticking to it as well and don't let your emotions get to you when that stock you sold for a 20% gain splits a week later and all you can think about is you could've made an 80% gain.
