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Hi, I am new here. I want to thank everyone for providing so many valuable info. I recently ended up with a serious medical bill after a major mishap in my life, so I wanted to try to be a day trader to change my luck. I started with $5000. I invested on LLEG(O.08 which went down to 0.04) I know I made poor choice. Plus other sufferes are MGGV, MGMX, NDOL,Idcn. Anyways, Please provide me some advise how I should proceed. Also please let me know if its possible to make marginal profit of $50 a day, and feel free to advse me. Any advise will be highly appreciated as my income from regular job will stop soon because of my disability now. Thanks to all again.
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The best advice I can give you is to pick up a book on the market before you get in. Learn what all of the stats on a stock are, how to read balance sheets, income statements, and interprete P/E. DO NOT get into the market before you are ready. Putting your money in before you know what's going on is disastrous.
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Yes ..We wish you the best ..I have a couple of ideas on two stocks that are low priced and I believe will do well . .But there are some bright and informed people on these threads so I am hoping to see them step in here and help you .
I have to be carefull as I do not want to say the wrong advice on a stock ....I want you to gain so be patient and one of the very knowledgables guys should be here soon to help you .
Welcome to all stocks and good luck to us all my friend
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if you want to trade for a gain of say 100/200 a trade it will take dicipline! you MUST be ready to take your profits!, there are several stocks currently trading witch bounce up and down several times a day and make me 200 a trade, in the past week I have flipped these for total gains of 2300$ investing 1200 to 1500 each time. so yes it can be done! you MUST have REAL TIME L2`s to trade pinks! I use alphatrade. you must also have funds avaiable. if you sell something you bought you need to wait 3 days for those funds to settle before you can use them to sell again. you can buy immediatly but not sell until the funds settle in three days, so be careful!. follow the threads see whats hot check the volume for liquidity and check the level 2 quotes for the price range. no stock is a shure thing so NEVER invest more than you can afford to lose!! it`s not all that hard to make money in these pinks but you MUST be willing to take a profit, holding out for the big payday will cost you in the long run! don`t be greedy! take the money and run!!
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Thanks to you all. Remember I am here to learn so I appreciate all the good words. I agree with bingo 2005, I assure you I`ll be dealing with $800 to $1000 max once I get atleast breakeven when the NDOL, MGMX picks up.
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HEy Mad money, Thanks again. I use Choicetrade...they have $5 per trade commission, so please let me know if you know anything about them. I`ll check Alphatrade and keep your advise in my mind. You guys are great
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Read everything you can.. here are a few links to start with.. pay attention to the charting links as chart reading will free you from the desire to follow blindly the scamsters who will try to free you of your money.
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There is so much to learn and I think the others would agree that we are all continually learning. Make sure you read anything you have time for. Investing without DD (Due Diligence) is foolish. Trust me, I've done my share of buying from this and other boards and it will cost you dearly. The most important thing I can tell you is to make sure you do is use discipline. You set a price to buy a stock and make sure that's it. Don't chase the price because you just know this is the one. If you just miseed it, it may just as quickly dip back or below what you wanted it for. Once you get in, decide what you want to make and put in a sell order for that amount. Don't ride it for days and days thinking anytime this is going to double. More often than not, it will be back down lower than what you paid for it. Be happy with a certain amount, sell it and don't look back. It is easier said than done and there are some you will get into with the intention of riding it for days or weeks. Most of the pennies are just like gambling and you can ride the wave for a while and get out with some green or you ride it a little longer thinking this is the one and before you know it you crap out and the game is over. Be happy with any profit. The name of the game is to make money. Don't invest in small trade amounts where you have to increase beyond reason to make something after the commissions. There are a lot of choices out there that you can buy and sell the same stock every day (or even a couple of times a day) for a while and make money. Patience and discipline are the keys to this after learning what to look for when doing your DD. Good luck and know there are a lot of people on here that will gladly help you make money. There are also people on here who enjoy making you miserable. When doing your DD on any stock, do an edgar search on the company and check their SEC filings. It's all available online. There are toins of shells out here just looking for suckers. Try not to be one of them. Don't buy into a stock with no activity. You can't sell if there isn't some volume trading going on. Depending on the outstanding shares, that number will vary. Some stocks only have a few million outstanding shares and some have billions. It makes a huge difference. One stock I will suggest you do some dd on is XKEM. Looks like it could explode anytime. There is a thread on it. You can see everything you need to see about it by doing a seach. Sorry to be so long winded, I'm tired. That's my excuse if it doesn't make sense. Best of luck.
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Member Rated: posted June 20, 2006 15:08 Also please let me know if its possible to make marginal profit of $50 a day, and feel free to advse me. Any advise will be highly appreciated as my income from regular job will stop soon because of my disability now.
Make your money a few ticks at a time... 5 - 6 day trade a day of 50- 100 at the end of the week will add up...
Scan for a stock with some MOMO and play it for a cuple of ticks.... When I buy stock I buy enough for a $50 profit ( 5000 * .20 sell at .21 = $50 profit and so on ) ticks above your buying price a tick and place your sell inmediatedly 1 or 2, Specially on news plays and you will almost get it all the time,
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Dear friends, God bless you all.Thanks to RENTLESS as those sites you gave were awsome. I promise to keep everyone posted. I won`t rush to anything untill I know the charts well and know how to monitor, You guys are awsome
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Dear friends, God bless you all.Thanks to RENTLESS as those sites you gave were awsome. I promise to keep everyone posted. I won`t rush to anything untill I know the charts well and know how to monitor, You guys are awsome
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I will recommend one book in particular which i could not put down when i first read it and then 2 or 3 other books after that one... the first one is about how this guy learned the hard way about trading stocks and came up with his own system...A classic in the trading literature... you can read customer reviews on Amazon.com... the other books are general trading books for beginners and such...also i would recommend that you swing/position trade as opposed to doing daytrading.. daytrading takes alot of experience to do successfully and is not for the faint of heart... get your feet wet without having to get in and out of a stock in a matter of minutes... swing (trading a stock from 3 to 5 days) or position trading (more then 5 days but less then a year your holding the stock... usually 3 months ) is more suited for a beginner to learn the ropes...be patient.. dont be in a hurry... you will learn alot though not everything...
1. How I made $2,000,000 in the stock market by nicolas Darvas (get this before anything else)
2. A Beginner's Guide to Short-term Trading by Toni Turner www.toniturner.com
6. Reminisces of a Stock Operator by Edwin Lefevre
there are others on my reading list but these should keep you busy.. but start off with the Nicolas Darvas book... very insightful and very much like you..
-------------------- Let the world change you... And you can change the world.
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