just wanted to know how many of you are full time day traders with no other source of income who make a living at this and how you started etc... just want to hear your stories.. thanks... :-)
Posted by usmcir0nfist on :
I am in the marine corps, so most of my trading is done swing style. I put in my order in the morning or while I'm on a break using my cell phone, ameritrade wireless online, and then determine at what point to sell it or buy back using limit orders and stop loss orders and then if I played my cards right I will have made 500 to a grand by the end of the week. So far so good. I just started getting into this a month ago and have been reading and learning all I can.
I've made a good profit on TRBY. But I lost hard on SNG.
Posted by Machiavelli on :
If you ever plan to leave the Marine Corp... do you plan to day/swingtrade on a full time basis as your main source of income? how much profit have you made in a month so far? recommend any swing books?
Posted by usmcir0nfist on :
If I don't re-enlist I will probably work nights or evenings and trade during the day. I love doing it so far. I made close to 1500 bucks on an initial 3650 investment. Most if that money came from TRBY. But I lost the majority of that money in SNG which I bought the majority at 3 bucks which was a bargain until it dropped to $1.70 today. So I am at like 400 dollars profit right now. Hopefully, SNG will recover on Monday and I will get most of my profits back.
Posted by Jeremy on :
Not my primary source of income, but it can be easily a very helpful income suppliment. I figure if on average I can make about a grand a month (very easy to do) then I'm paying most of othe bills with that. Anything else I make is "play money".
Posted by Machiavelli on :
so you still have your initial investment of $3,650 + $400 in profits? ... not bad... as for SNG .. i checked out their chart on stockwatch.com .. looks like it has been doing good for last 12 months till today.. kind of odd how far it dropped today compared to its past performance... must be a reason of some sort.. maybe some report on them came out today ... earnings report , change in management etc. <shrugs> ... anyways if you did better at this then at ur night job would you pursue it full time? also what book(s) did you read to learn swingtrading?
Posted by usmcir0nfist on :
What happened is they stopped drilling and their biggest investor, El Paso, pulled out of their oil drilling of the Mariner I-85. With El Paso pulling out the stock dropped like crazy, but I'm sure it will go back up, that's why I haven't panicked...yet.
But I've read a few books. One by I think his name is O'neil was really good, it taught about how to pick certain stocks and what to look for in a winning stock. And I mainly just read everything I could find on the internet and on Ameritrade.
It's way too early to tell if I am even good enough at this to consider doing it full time. First I need to get more capital invested and then I will see from there. But I wouldn't mind doing this for a living if I became that succesful. I enjoy trading.
Also, for Ameritrade, I know someone else was asking about day trading and having to have a certain amount of money in the account. If you don't use margin, or if you hold the stock overnight you do not fall into the day trading category and are not required to have the minimum 25 grand balance. You also must exceed 4 day trades in a 5 business day time period on margin to be considered a day trader.
Posted by VNGNTN1 on :
TRADING provides half my in come. Planning to retire from other half 3-6years. VAN
Posted by roger7485 on :
I'm 18 and I hope to turn this into a living. Started December 26th 03 with 8000. Ive been as high as 19000, and closed Friday at 12,900.
Posted by usmcir0nfist on :
I'm 19 and I've started with 3650, but intend to add more and more money until I reach that 25 grand point. Then I will probably take it easy.
I've only been in since February 6th though. It's kinda hard when Marines don't get paid too much and I'm married with a pregnant wife. But I've been putting at least 525 a month into savings and last month I transferred that into my ameritrade account.
Roger, what have you made the most gains from? which stocks?
Posted by Machiavelli on :
so when you retire from other half you will go into daytrading full time? .... thats not bad roger for a 18 yr old.. still young and all.. how long have you been doing this? .. USM im sure you'll reach your 25k goal... just don't forget the stop losses lol jkk... much like you when i do start trading i want to reach the 25K point... but like you i will start out with swingtrading because wont have the time for daytrading nor the capital it seems if 25K is required... David Nassar's book is very good... so everyone here on this thread uses the Level II screen for their trades? how about Superdot, Selectnet, SOES, ECN's etc? ...
Posted by roger7485 on :
I have just started trading smaller stocks. GETC was my first penny and I made a good bit on that. Before this I traded SIRI, PMU, TGA, and even swung ANF for profit. I dont tend to hold stocks for more than 3 days, so this holding penny stocks thing is kinda new to me. Also swung AQNT Intraday for a buck a share.
Posted by NewT on :
quote:Originally posted by Machiavelli: so when you retire from other half you will go into daytrading full time? .... thats not bad roger for a 18 yr old.. still young and all.. how long have you been doing this? .. USM im sure you'll reach your 25k goal... just don't forget the stop losses lol jkk... much like you when i do start trading i want to reach the 25K point... but like you i will start out with swingtrading because wont have the time for daytrading nor the capital it seems if 25K is required... David Nassar's book is very good... so everyone here on this thread uses the Level II screen for their trades? how about Superdot, Selectnet, SOES, ECN's etc? ...
I'm pretty new to this... Can you explain what the different stock levels mean?
Posted by roger7485 on :
A "Level one" quote as far as i understand it is just the common full quote that can be found on many websites. Includes the bid, ask, and last price. A level II quote is a list of EVERY bid and EVERY ask along with their corresponding number of shares being offered at that price.
Posted by broker1107 on :
That's correct roger, Level II is a view in real-time of all Nasdaq Market Maker and ECN Bid and Ask quotations. Nasdaq Level II lets you see what is beyond the current best bid and ask.
By the way Mach, I do this professionally and full time. I've been a trader with Morgan Stanley. Been doing it a little over 10 years. I trade only short term, technical analysis and mostly options. If you or anyone else needs any questions answered, don't hesistate to ask.
quote:Originally posted by roger7485: A "Level one" quote as far as i understand it is just the common full quote that can be found on many websites. Includes the bid, ask, and last price. A level II quote is a list of EVERY bid and EVERY ask along with their corresponding number of shares being offered at that price.
------------------ David C. Arena
[This message has been edited by Allstocks (edited March 15, 2004).]
Posted by Machiavelli on :
Can't you also trade Large Cap stocks using the Level II screen via the Superdot routing system (NYSE and other exchanges throughout the country) ? ...
Posted by Buckscent on :
Man I must be doing something wrong.. I have been doing it for about 1 month and have lost a grand so far. I either but at the open and then it goes down or I buy before hours on a up and the on open it goes down. I dont know what the crap to do Posted by Machiavelli on :
Buck.. i think you should read a book on daytrading first if you havent already and put stop losses on your stock positions to protect your profits and limit your losses.. the book i recommend that i think clearly teaches for beginners is How To Get Started in Electronic Day Trading by David S. Nassar ... i havent yet started trading myself but i am learning what is what in daytrading through that book and through asking questions on this bulletin board.. you can obtain the book on amazon.com.. you can buy a used copy cheap for $3.07 ... below is the link... hope it helps... http://www.amazon.com/exec/obidos/tg/detail/-/0071380493/qid=1079384494/sr=1-4/ref=sr_1_4/104-2792747-5135125?v=glance&s=books
Posted by usmcir0nfist on :
Dude, I was doing awesome until the last three days. I agree with the stop losses to protect profits all the way. (I got burned on SNG)
Oneill recommends putting one ten percent below your buy price and then one it goes up, put another stop loss ten percent below your gain. That way it is impossible to lose more than ten percent at a time.
Also, my 25 free trades from Ameritrade ends tomorrow.
Posted by NewT on :
quote:Originally posted by roger7485: A "Level one" quote as far as i understand it is just the common full quote that can be found on many websites. Includes the bid, ask, and last price. A level II quote is a list of EVERY bid and EVERY ask along with their corresponding number of shares being offered at that price.
Thanks for the explanation... clears up a lot
Posted by Machiavelli on :
yeah he means to move ur stop losses up as ur stock price moves up but that could be difficult with swing trading no? cause your at work in daytime unless it can be done automatically for you... its done in the Futures market all the time... 10% sounds reasonable...
Posted by roger7485 on :
You could also investigate a trailing stop. You can set it a certain number of points or percentage under the price. It will sell at the price if it drops immediately. But if it moves up, the stop moves up with it.
Posted by Machiavelli on :
that sounds more like what i want... though i havent heard about that yet in the book im reading. how do you put that in with ur order? u can do that on a Level II screen and/or with any routing system (superdot, Soes, Selectnet, Ecn etc.)? ....
Posted by usmcir0nfist on :
Yea. A trailing stop is what I should have said. Also, what I should have used.
Posted by broker1107 on :
The brokerage firm will allow you to place the trailing stop when you submit your order. For example, I use optionsxpress.com and you can set the trailing stop loss based on % or points up and even specify what triggers the trailing stop loss (ie: last trade, bid, ask, etc)
It is a nice feature.
------------------ David C. Arena
Posted by mistikal07 on :
hey broker, what Morgan Stanley firm you work at? I'll be working there this summer as an intern.
Posted by broker1107 on :
Actually, I started with Dean Witter and then they were bought by Morgan Stanley. I worked in the World Trade Center office and here locally in Westlake, Ohio. Which office are you interning at?
quote:Originally posted by mistikal07: hey broker, what Morgan Stanley firm you work at? I'll be working there this summer as an intern.
Posted by mistikal07 on :
sacramento, ca
Posted by tntrader on :
mistikal07:
That will help you out so much man. I interned at Merrill Lynch my sophomore year in college & that is one of the main reasons I landed the job I have now. Best of luck!
Posted by broker1107 on :
Good luck, man. It's a tough business, but well worth the rewards.
------------------ David C. Arena
Posted by VNGNTN1 on :
David Does the "registered" owner(MM) of a companys shares receive a dividend distribution, or only for those shares that must be passed on. In other words DO Market Makers include as part of there income Dividends? VAN
Posted by broker1107 on :
Yes, the market makers profit on the spread, interest, dividends and the appreciation of the stocks in their inventory.
quote:Originally posted by VNGNTN1: David Does the "registered" owner(MM) of a companys shares receive a dividend distribution, or only for those shares that must be passed on. In other words DO Market Makers include as part of there income Dividends? VAN
------------------ David C. Arena
Posted by Bob-on-the-golf-course on :
David:
I think this is the first time i've contacted you. Are you available for a private forum question?
Bob pac-coast-cleaning@prodigy.net
Posted by broker1107 on :
Sure or you can email me anytime at davidarena@1stocktradingandinvestingsecrets.com
quote:Originally posted by Bob-on-the-golf-course: David:
I think this is the first time i've contacted you. Are you available for a private forum question?
