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day trading really worth it? - Page 3

post #41 of 44
I thought I'd post my learning curve so you can decide if it's worth it and learn from my mistakes along the way (for newbies).

OK, I learned some good stuff today; that my trades need to be far more rapid. I'm sitting there reading the level II and watching it rise and fall when I should have been selling and buying between the short rises and falls (it was RIG and it was dropping fast so I had a short on it). I shorted and at best was up $200 (I had 10k in); ended with 47because someone had a 72,000 order in the last minutes that was big enough to make the headline tape or I'd be better in the black. Enjoyable first day of dedicated day trading. My problem was I was bug-eyed watching the stock plummet that I wasn't taking advantage of the rises along the way defeating the purpose of day trades. I was looking for the hourly fluctuations but I need to look closer than that with more money in, I guess. This was a short sale day since they were on the way down overall; a risky move but It was a clear dropping breakout most the afternoon.

I'll inspect some other stocks tonight and decide on a stock. My original plan was to straight buy and sell a stock I wouldn't mind keeping long if I got stuck ALso I won't listen to my broker when my gut says to sell at 7am against his advice. I could have saved 1300. I can't afford to listen to anyone like that again; the news headlines were too big. I'm certain I can get the hang of this because I recognized my mistakes as I made them (stop laughing!)...now to trust the basics and kill the emotion completely; take small profits, run, rinse and repeat.

There is a serious learning curve with this. I only want to pull back a hundred or two a day out of a 30k pot so I'm trying to play conservative while learning so I don't win (or therefore lose) too much.

How many of you talk to the screen while the chart is moving in your favor?
post #42 of 44
Hey Spankie. Congrats on your first day of dedicated trading. I had a similar day although I was using a paper account. I watched the 5min chart and Level II's for at least 4-5 hours today, mostly the charts though. It was the first day it felt like I wasn't swinging blindly in the dark. Still made mistakes here and there but it felt good.

Just wanted to add that I read that it isn't recommended that you turn a day trade into a swing trade. Anyways good luck man, and I'll keep an eye out for your posts to compare notes and see how a fellow newbie is doing lol.
post #43 of 44
Quote:
Originally Posted by Bermudan Option View Post
Hey Spankie. Congrats on your first day of dedicated trading. I had a similar day although I was using a paper account. I watched the 5min chart and Level II's for at least 4-5 hours today, mostly the charts though. It was the first day it felt like I wasn't swinging blindly in the dark. Still made mistakes here and there but it felt good.

Just wanted to add that I read that it isn't recommended that you turn a day trade into a swing trade. Anyways good luck man, and I'll keep an eye out for your posts to compare notes and see how a fellow newbie is doing lol.
Yeah, I wasn't planning on swinging but I think regardless of the label I'm prepared to go long long if needed so I need to find a rock steady company that's swingin enough (I thought BP was but this new leak is the first time I was concerned). I still like BP and all the evil dirty oil; still undervalued.

I think if a newbie shorts every time they want to buy, they'll make money since most lose it all (how's that for a contratian theory)?

Oh...I had 7k in HAL and the stinking stock jumped 6% today. I hate spilled milk; it makes me want to cry!
post #44 of 44
Quote:
Originally Posted by SPANKIE View Post

I think if a newbie shorts every time they want to buy, they'll make money since most lose it all (how's that for a contratian theory)?
ROTFLMAO

I'm gonna give that one a shot.
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