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PaceAdvantage
12-15-2013, 08:46 PM
I'm talking about guys who trade day in and day out. I don't care what you trade. Just that you're actually trading.

I really believe discipline and a plan of action are the most important things in the world. Overtrading will KILL you. Revenge trading will KILL you. I know, I've been there, over and over again.

But I still believe, that one day, this can be overcome, and a consistent income can be attained through pure daily trading based on technicals. In fact, the more I do this, the more I'm convinced. There are simply just so many personal demons to overcome on the way towards discipline and consistency. But it will come, eventually.

It's no different from betting on horses. However, I think it's way easier to make a consistent profit from trading vs. horses.

What say you?

davew
12-15-2013, 11:30 PM
I have tried without success, but feel the problem many people face is the same with horseracing - going for too much action for the size of the bankroll.

lamboguy
12-15-2013, 11:40 PM
i am not a professional, but i had a pretty decent strategy for the last 5 years. it was buy gold and short the gold miner index GDX. i have never sold 1 ounce of gold in the last 14 years and am still buying it every month.

since i think gold is very close to a bottom, i would now short gold and go long the GDX or another gold miner index.

as far as pro traders go, i have met a few real good ones. they were able to beat the system until the system beat them. they made money more often than they lost, but when they lost it was always fast and deep. during the last financial crisis, the best traders of them all needed to get bailed out by the government or they went out of business. Lehman Bros. out of business, Goldman Sachs, Merrill Lynch, AIG, Citibank, Morgan Stanley, JP Morgan Chase all bailed out by government. everyone of them were broke. the latest casualty was MF Global, also gone. they were called to big to fail.

reckless
12-16-2013, 12:18 AM
Mike, I like your idea for a Financial Markets thread and I think it will be fun; it should also grow in general interest while providing good information and insight.

If some of PA's current threads are any indication, such as the Religious thread, there are plenty of sincere and sound-minded posters on board. In time, the Financial Markets thread can't help but be a success.

Would it be possible to start off the new thread with a 2014 stock picking contest? We will select 10 common stocks, either long or short; ETFs, closed-end stock and bond funds can be selected.

No options or commodities, just common shares that could be purchased via the major exchanges like NYSE or NASDAQ. Also, it might be better that the companies are of a certain size, let's say larger than $3 billion market cap. ADR companies could be picked but their dividends must be 'taxed' at a 20% rate. No penny stocks at all.

We'll make our picks for 2014 no later than Dec. 27-28th. A brief description of the company, what they do, and a reason or two for picking the company should be included.

The price will be the stock's closing price as of December 31st, 2013. Share dividends, if any, are to be added as a gain. We can list raw dollar winners/losers and percentage winners and losers as well when the time comes.

Aside from your okay, and putting the picks on a sticky, no other work needs to be done for a year!

We can comment on our and others picks, pro/con, and comments throughout the new year will be encouraged, of course.

Any other ideas and suggestions are welcomed.

PaceAdvantage
12-16-2013, 02:48 AM
Perhaps a better idea is to have everyone pick from the same pool of stocks. That way, it's more of an even contest. Maybe come up with a list of 5-10 highly liquid, volatile stocks, and we each post our opinion, long or short.

Trying to "pick stocks" sounds like too much work...lol

I'm more interested in the guys who can slap a tick chart up on their screen, and start trading away....maybe averaging 5-10 trades per day...something along those lines. Or better yet, someone who has written an automated trading script for something like TradeStation...

PaceAdvantage
12-16-2013, 02:52 AM
And to further define what I mean by trader...I'm talking about someone who goes home flat every day. A true day trader. Do these people exist anymore? And if so, do they exist non-automated?

I say they do.

badcompany
12-16-2013, 07:37 AM
Perhaps a better idea is to have everyone pick from the same pool of stocks. That way, it's more of an even contest. Maybe come up with a list of 5-10 highly liquid, volatile stocks, and we each post our opinion, long or short.

Trying to "pick stocks" sounds like too much work...lol

I'm more interested in the guys who can slap a tick chart up on their screen, and start trading away....maybe averaging 5-10 trades per day...something along those lines. Or better yet, someone who has written an automated trading script for something like TradeStation...

I consider myself a Semi-pro, as I derive a significant part of my income from the stock market. However, the reason I've been able to get to this level is that I pump money into my brokerage account from my other income streams.

As Davew pointed out, most retail daytraders are severely undercapitalized. As with Horseracing, there's a wide gulf between being profitable and being profitable enough to pull out living expenses and at the same time grow your bankroll.

In addition, a retail daytrader in this environment faces a steep uphill climb going up against huge proprietary firms and, of course, the big banks. The game has changed. Traders used to fight for nickels and dimes; now, it's pennies and fractions there of. Again, you need a big bankroll to play that game.

A guy like you, with some programming skills, might be able to come up with a profitable day trading algorithm. I don't have the computer chops to do so.

DeltaLover
12-16-2013, 08:04 AM
I'm talking about guys who trade day in and day out. I don't care what you trade. Just that you're actually trading.

I really believe discipline and a plan of action are the most important things in the world. Overtrading will KILL you. Revenge trading will KILL you. I know, I've been there, over and over again.

But I still believe, that one day, this can be overcome, and a consistent income can be attained through pure daily trading based on technicals. In fact, the more I do this, the more I'm convinced. There are simply just so many personal demons to overcome on the way towards discipline and consistency. But it will come, eventually.

It's no different from betting on horses. However, I think it's way easier to make a consistent profit from trading vs. horses.

What say you?


There is no doubt that professional traders do exist and some of them are among the wealthiest people in the world. It is also true that some of the top traders have gone through bankruptcy more than once and more importantly this can happen again.

Although there exist similarities, I will not go the extend of saying that there is no difference from betting horses. How many horse bettors there are out there betting somebody else's money? In contrary the top traders are never trading exclusively their own funds while most of the time they use exclusively their employer's money.

It is possible to make a consistent profit by trading, although this cannot be guaranteed and the chance of loosing (big) is always there. A hedge fund might spend tenths of millions developing a trading platform, occupying some of the brightest brains, using the top hardware and software , operating with almost unlimited budget and still loose several billions trying to apply a 'winning' model to the real world.

Jingle
12-16-2013, 08:06 AM
I am not a day trader but rather a John Bogle fan of Vanguard fame of "Buy and Hold". I would think the commissions from day trading would kill your profits. I did try "timing the market (sort of like timing horses) in my early years but that didn't work as I soon found out you have to be right twice. At least with horses you only have to be correct once to win a race. To me day trading is like trying to pick "a needle out of a haystack".

I admit "Buy and Hold" isn't as exciting as betting the horses but with the right amout of discipline it does work even though you are just getting the average market return which isn't bad this year. I am just an average investor and in no way a "financial guru" or even close to one.

sammy the sage
12-16-2013, 09:22 AM
Don't think Tech Day trading is reliable...big banks loosening/tightening globally are totally dominating the action...think you can throw old what worked....out the window...so to speak..



If you wanted to Day trade on news and events...think that is entirely possible...but that would require tremendous time and some capital outlay as well as a several involved to work best....

just my 2 cents...1943 copper of course...

DeltaLover
12-16-2013, 09:38 AM
If you wanted to Day trade on news and events...think that is entirely possible...

I think exactly the opposite, favoring technical analysis and quantitative techniques over fundamentals, especially when it comes to high frequency which I think is the way to go.

badcompany
12-16-2013, 10:31 AM
I think exactly the opposite, favoring technical analysis and quantitative techniques over fundamentals, especially when it comes to high frequency which I think is the way to go.


Trading on the news is a speed game. I don't see how an individual trader has an edge in that area.

reckless
12-16-2013, 11:07 AM
I guess the 'attraction' of day trading or very short term trading does appeal more to those of us that also fancy horse racing handicapping where the 'trade' is about 1:11 seconds on average.

I have my own opinions about investing and have felt all along that I personally am better served seeking out-of-favor larger companies, figure out a buy price, then buy when it's met. The selection of stocks are based on fundamentals and not daily price and volume chart patterns.

Like horse racing handicapping, there's room for all stripes in stock market trading/investing. There's no single right way as long as there's a plus in our cash account at the end of the trade.

Taxes, commissions and battling more sophisticated trading rooms, not to mention high frequency software, are reasons valid enough for me to be a longer term investor of common stock instead of a 'trader'.

Whatever is decided about my earlier suggestion for a contest, I'm all in too and will try to contribute a perspective that will be of benefit, even to some of the smarter posters on board.

Rookies
12-16-2013, 10:17 PM
Not moi.

But, I have a good buddy who does nothing but at work. He's mostly hustling options on Google & Apple daily and making a modest killing ( $1-3k daily).

badcompany
12-16-2013, 11:59 PM
Not moi.

But, I have a good buddy who does nothing but at work. He's mostly hustling options on Google & Apple daily and making a modest killing ( $1-3k daily).

If he averages 2k a day, that would put him in the top 1% of income earners. :ThmbUp:

lamboguy
12-17-2013, 08:50 AM
this guy is as good as it gets, even though he spent about 10 years as a guest of the US government at Ft. Dix Lodging Facility. i also knew a guy that was a next door neighbor to Martin for 2 years, when he checked in for his extended stay he was dead broke and owed more than his soul, when he walked out of the place he was a multimillionaire by giving his family the information how to trade commodities and equities.

http://armstrongeconomics.com/2013/12/01/gold-the-so-called-analysts-who-only-say-buy/

RaceBookJoe
12-17-2013, 11:44 AM
Trading on the news is a speed game. I don't see how an individual trader has an edge in that area.

The "edge", if there is one on news/rumors is on the overreaction to it, unless you are fortunate enough to catch the news as it breaks and jump on in the same direction. Not always easy to do though.

RaceBookJoe
12-17-2013, 11:51 AM
Not moi.

But, I have a good buddy who does nothing but at work. He's mostly hustling options on Google & Apple daily and making a modest killing ( $1-3k daily).

AAPL weeklys are probably the best ones, lots of liquidity. After that, maybe NFLX.

RaceBookJoe
12-17-2013, 11:58 AM
For those interested in daytrading, you definitely want a platform that offers lightning fast executions and low commissions. Commissions have really come down over the years. Schwab/ OptionsXpress etc are ok for swing/holds but for daytrading I would look at Tradestation, Lightspeed etc.

barn32
12-17-2013, 01:01 PM
Here is what Warren Buffet said about technical analysis:

"I realized technical analysis didn't work," Buffett has said, "when I turned the charts upside down and didn't get a different answer."

And there is this from Peter Lynch. "Charts are great for predicting the past."

I once asked one of the most intelligent (and famous?) gamblers in the world what he thought of technical analysis, and his reply was:

"Oh, you mean those squiggly lines on pieces of paper? That's...nonsense."

Discuss

DeltaLover
12-17-2013, 01:11 PM
Here is what Warren Buffet said about technical analysis:

"I realized technical analysis didn't work," Buffett has said, "when I turned the charts upside down and didn't get a different answer."

And there is this from Peter Lynch. "Charts are great for predicting the past."

I once asked one of the most intelligent (and famous?) gamblers in the world what he thought of technical analysis, and his reply was:

"Oh, you mean those squiggly lines on pieces of paper? That's...nonsense."

Discuss


Technical Analysis works.

There exist very large funds exclusively using TA and quant methologies and some of them are doing extremely good. Of course some of them are ending up in the red going out of business very soon without this meaning that TA as an approach is non applicable. The real question is how to implement it correctly and not if it can be done.

Tape Reader
12-17-2013, 03:24 PM
Here is what Warren Buffet said about technical analysis:

"I realized technical analysis didn't work," Buffett has said, "when I turned the charts upside down and didn't get a different answer."

And there is this from Peter Lynch. "Charts are great for predicting the past."

I once asked one of the most intelligent (and famous?) gamblers in the world what he thought of technical analysis, and his reply was:

"Oh, you mean those squiggly lines on pieces of paper? That's...nonsense."

Discuss

Who was that guy; I forget his name that said: Who would ever need more than 48k?

Sometimes smart people say dumb things to mislead others.

barn32
12-17-2013, 04:25 PM
Who was that guy; I forget his name that said: Who would ever need more than 48k?

Sometimes smart people say dumb things to mislead others. It was Bill Gates and he said, "640k should be enough for anybody." But he denies ever having said it. Link (https://groups.google.com/forum/#!topic/alt.folklore.computers/mpjS-h4jpD8)

However, the fact remains, that you do indeed need ram.

RaceBookJoe
12-17-2013, 05:42 PM
Fundamental analysis like Buffet does is needed for investing, but 99% useless for daytrading. While technical analysis is important and useful for investing, its impossible to daytrade without it. That doesn't mean you need 50 different indicators though. Depending on which chart type I pull up I have anywhere from 0 to 6 or more.

Tape Reader
12-17-2013, 06:00 PM
It was Bill Gates and he said, "640k should be enough for anybody." But he denies ever having said it. Link (https://groups.google.com/forum/#!topic/alt.folklore.computers/mpjS-h4jpD8)

However, the fact remains, that you do indeed need ram.

It was a joke. What I was saying was that those Guys do not understand TA. Therefore, the best way to move off the topic is with a funny remark. It brings giggles from the audience, and after that, all others would be too embarrassed to bring up the subject again.

thaskalos
12-17-2013, 11:58 PM
Here is what Warren Buffet said about technical analysis:

"I realized technical analysis didn't work," Buffett has said, "when I turned the charts upside down and didn't get a different answer."

And there is this from Peter Lynch. "Charts are great for predicting the past."

I once asked one of the most intelligent (and famous?) gamblers in the world what he thought of technical analysis, and his reply was:

"Oh, you mean those squiggly lines on pieces of paper? That's...nonsense."

Discuss

I have traded commodities on and off for the last 15 years...and have known several commodity traders who have made a lot of money trading the commodity markets. All of them would be lost without their "charts".

PaceAdvantage
12-18-2013, 01:41 AM
I have absolutely no doubt in my mind that there are people out there who make a ton of money with nothing but a chart. And I'm sure more often than not, said chart is relatively sparse...as in not a ton of indicators...maybe even none...

It's all about discipline and a plan of action. Cutting your losses when it's clear the reason for getting into the trade no longer exists. Letting your winners run AND ADDING to winners if and when possible.

These are just a few of my favorite things...I know them all, but I've yet to master them...

badcompany
12-18-2013, 06:55 AM
The "edge", if there is one on news/rumors is on the overreaction to it, unless you are fortunate enough to catch the news as it breaks and jump on in the same direction. Not always easy to do though.

The big firms have access to expensive high speed news feeds that are generally out of the price range of Joe Schmo who depends on Yahoo finance for his info.

I'm not saying it's impossible, just highly improbable.

RaceBookJoe
12-18-2013, 08:58 AM
The big firms have access to expensive high speed news feeds that are generally out of the price range of Joe Schmo who depends on Yahoo finance for his info.

I'm not saying it's impossible, just highly improbable.

Flyonthewall is $65/month. I use Madscan for $90/month but I opted out of the news section, only price scans for me, ie: stocks that move 25c in 1min, stocks that have 10x avg 1min vol etc. I have also heard great things about Tradethenews from some of my trading friends but I haven't tried them yet. I don't usually have time to read the news when something is jumping, but cool feature on both of the above is that they also have audio so you can listen and not take time to read it.

badcompany
12-18-2013, 09:28 AM
Flyonthewall is $65/month. I use Madscan for $90/month but I opted out of the news section, only price scans for me, ie: stocks that move 25c in 1min, stocks that have 10x avg 1min vol etc. I have also heard great things about Tradethenews from some of my trading friends but I haven't tried them yet. I don't usually have time to read the news when something is jumping, but cool feature on both of the above is that they also have audio so you can listen and not take time to read it.

Thanks for the info.

While I don't trade on news, its always good to see what tools are available.

Any apps you like? I have "Daily Stocks." It's pretty good for creating a watch list that you can check out quickly from a smartphone.

barn32
12-18-2013, 10:42 AM
In William O' Neil's book "How to Make Money in Stocks (http://www.amazon.com/s/ref=nb_sb_noss_1?url=search-alias%3Daps&field-keywords=how+to+make+money+in+stocks&rh=i%3Aaps%2Ck%3Ahow+to+make+money+in+stocks)," he describes his "CANSLIM (http://en.wikipedia.org/wiki/CAN_SLIM)" method, which incorporates fundamental analysis with technical analysis.

In other words, he picks his stocks using the CANSLIM method (fundamentals) but he uses technical analysis to time his purchases.

Many years ago he used to have a 1/2 hour television show on the pre CNBC network with his then protege David Ryan. They would show the charts for ten or so stocks that viewers had selected and David would tell you whether or not he would buy, or not buy the stock at this particular point in time.

Most of the stocks they analysed had all of the CANSLIM things going for them, good earnings, low debt, good relative strength, positive market conditions, etc., etc. But was it the correct time to buy?

And time after time the decision to buy was based upon whether or not the stock at broken out too far beyond it's base. The stock trading in a base (straight line) for a long period of time was a positive, but if the stock had made a sudden move above it's base David would typically say, "The stock has moved too far beyond it's base. Either wait for it to fall back to the base or look for a different stock."

So here is an example of two excellent traders using 90% fundamental analysis mixed with about 10% technical analysis.

It made sense to me.

[By the way, in his book O'Neil says he never loses more than 7% on any trade. I had a chance to speak with him when he did a seminar in Las Vegas many years ago and he said that 7% figure was actually too high. He told me that most of his successful trades were winners right off the bat, and if they didn't behave positively right away he usually got rid of them well before he'd taken a 7% loss.]

You can read interviews of William O' Neil and David Ryan in the first Market Wizards (http://www.amazon.com/s/ref=nb_sb_noss_1?url=search-alias%3Daps&field-keywords=market+wizards)book, which by the way if you haven't already read it is a fascinating read.

RaceBookJoe
12-18-2013, 11:02 AM
Thanks for the info.

While I don't trade on news, its always good to see what tools are available.

Any apps you like? I have "Daily Stocks." It's pretty good for creating a watch list that you can check out quickly from a smartphone.

I haven't checked any apps, I use 3 trading platforms that can handle any watchlist I might have. I usually have 20 charts up at any one time also. But will check that out.
re: trading on news :
LNKD was a great news play today both on the short and killer bounce.

highnote
12-19-2013, 05:04 PM
I liked the book "Trading for a Living". It also comes with a companion workbook.

RaceBookJoe
12-19-2013, 07:21 PM
I liked the book "Trading for a Living". It also comes with a companion workbook.

I never read that or the other Elder book. Never read "Trading in the Zone" but a bunch of my trading buddies love that book.

On youtube you can find some decent stuff, the Steve Nison candle stuff is decent. John Person pivot points are good too. Lots of free webinars @ lightspeed also, go to lightspeed.com > education > recorded webinars > trading strategies. most have sales pitch at end, but some decent nuggets in each one.

A decent but older book ( first one I read on daytrading with prices still listed in fractions ) " Strategies for The Online Daytrader " by gonzalez and rhee is a good read for those just starting out. Basic stuff that you can find online, but at least you have a book in your hand for reference.

A few years back I came across a free 30-day trading course at T3Live, not sure its still available, but was pretty good. Hope that helps.

Dick Schmidt
12-19-2013, 09:49 PM
I'm talking about guys who trade day in and day out. I don't care what you trade. Just that you're actually trading.

I really believe discipline and a plan of action are the most important things in the world. Overtrading will KILL you. Revenge trading will KILL you. I know, I've been there, over and over again.

But I still believe, that one day, this can be overcome, and a consistent income can be attained through pure daily trading based on technicals. In fact, the more I do this, the more I'm convinced. There are simply just so many personal demons to overcome on the way towards discipline and consistency. But it will come, eventually.

It's no different from betting on horses. However, I think it's way easier to make a consistent profit from trading vs. horses.

What say you?

To answer the original question, yes I trade every day in the cash Forex markets and it has been my sole source of income for about four years now. I tend to trade looking at 5 minute charts and make between 3 and 15 trades a day. I trade almost every day with good success. I've never had a losing month.

Since I'm joining this conversation a few days late, let me contribute a couple of things I have learned:

First off, no one in the whole world is selling any system, method, technology, insight, inside knowledge, trading courses or books that is worth even half the cost. The only true ways to learn to succeed are to do it yourself or get a good trader to mentor you. Good traders don't need to charge anything. I've been lucky and done both.

Second, you are completely correct, this is WAY easier than horseracing.

Merry Christmas,

Dick

All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation. ~John Adams

RaceBookJoe
12-20-2013, 08:47 AM
Great post and I agree with Dick that learning from a trader is best. Only thing is that most people don't have access to one, so learning ideas from books/videos is many peoples only choice. Learning from live trades will gain you more experience than sim trading also. I got lots of ideas from books and then crafted my own ways through live trading. PA is doing that in his daily thread, he is probably learning more doing it live than practicing in sim.
Also agree with Dick that trading is easier than horseracing.

JBmadera
12-20-2013, 09:52 AM
I trade full time, use Market Profile and price action, that's it. Day trade /CL and /GC, swing trade instruments like /SB and /NG. Also derive some income from my long/short equities portfolio.

badcompany
12-20-2013, 10:01 AM
Great post and I agree with Dick that learning from a trader is best. Only thing is that most people don't have access to one, so learning ideas from books/videos is many peoples only choice. Learning from live trades will gain you more experience than sim trading also. I got lots of ideas from books and then crafted my own ways through live trading. PA is doing that in his daily thread, he is probably learning more doing it live than practicing in sim.
Also agree with Dick that trading is easier than horseracing.

IMO, simulated trading is a waste of time as it doesn't include an integral part of the equation: the psychological element.

Btw, the psychological element of sitting tight through an intermediate downtrend during a long term uptrend is harder than anything one encounters in Horseracing. With the latter, if things are going bad, you can simply sit out for a bit. However, with the market, shake outs can go on for a month or more, but, if you're above your sell signal, you have to sit there day after day and take it.

Robert Goren
12-20-2013, 10:17 AM
I have know several day trader over the years. A couple went broke right away. A few did OK during the bull market of the 1990. A guy that left my company to day trade in 2002 did well for a while. Of the 8, only one survived both the internet stock bust/post 911 and the 2008 crash. He was in 100% cash when Lehman went under. I had talked to him in Aug 2008. I have never seem a guy so pessimistic. Believe it or not, it wasn't as bad as he thought it would be. He was predicting a 5500 Dow. I talk to him last year and he was pretty optimistic then. I think he was dealing a lot in oil futures then. For what it is worth.

RaceBookJoe
12-20-2013, 11:55 AM
IMO, simulated trading is a waste of time as it doesn't include an integral part of the equation: the psychological element.

Btw, the psychological element of sitting tight through an intermediate downtrend during a long term uptrend is harder than anything one encounters in Horseracing. With the latter, if things are going bad, you can simply sit out for a bit. However, with the market, shake outs can go on for a month or more, but, if you're above your sell signal, you have to sit there day after day and take it.

Agreed, the only real value in sim trading is in the actual learning of using your platform but that's about it. Some platforms have more flexibility, I love using chart trading in conjunction with atm strategies..takes a bit of practice using them at first though, so sim trading is perfect for that. Otherwise, live trading is where you learn the emotional stuff you will go through.

highnote
12-20-2013, 11:44 PM
First off, no one in the whole world is selling any system, method, technology, insight, inside knowledge, trading courses or books that is worth even half the cost.

Given that "Pace Makes the Race", "The Race is Pace", "Modern Pace Handicapping", "The Match Up" and "Dr. Z's Beat the Racetrack", to name a few, are worth every penny of what they cost, I have to believe there must be some well-written books about trading that are worth their cost.

Here are few trading books I have found useful and worth their cost: "Trading for a Living", "Trading Systems and Methods", "Options, Futures and Other Derivatives", "Dynamic Hedging: Managing Vanilla and Exotic Options", "Beat the Market", "Special Situation Investing: Hedging, Liquidation and Arbitrage".

I have found plenty of investing books that are outstanding -- "The Intelligent Investor" is a classic, "One Up on Wall Street", "Winning on Wall Street" and "You Can Be a Stock Market Genius".

Tape Reader
12-21-2013, 11:23 AM
[QUOTE=Dick Schmidt]
First off, no one in the whole world is selling any system, method, technology, insight, inside knowledge, trading courses or books that is worth even half the cost.

I bought many books and courses from a private collector over forty-years ago, that were well worth the money. One in particular cost $500 to rent for two weeks. It was called Percent A. If Larry Williams is listening he knows what Im talking about.

incoming
12-21-2013, 01:18 PM
To answer the original question, yes I trade every day in the cash Forex markets and it has been my sole source of income for about four years now. I tend to trade looking at 5 minute charts and make between 3 and 15 trades a day. I trade almost every day with good success. I've never had a losing month.

Since I'm joining this conversation a few days late, let me contribute a couple of things I have learned:

First off, no one in the whole world is selling any system, method, technology, insight, inside knowledge, trading courses or books that is worth even half the cost. The only true ways to learn to succeed are to do it yourself or get a good trader to mentor you. Good traders don't need to charge anything. I've been lucky and done both.

Second, you are completely correct, this is WAY easier than horseracing.

Merry Christmas,

Dick

All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation. ~John Adams


Merry Christmas and a Happy New Year to you and your family. Just one question, why did you choose cash over the spot markets.

RaceBookJoe
12-28-2013, 11:53 AM
Most platforms have some type of stock screener, but a good free one can be found at finviz.com Its pretty flexible/customizable, I would guess that investors will find more value in it than daytraders. You can also save your presets which is cool. Once you put in criteria and hit go, it comes up with a list of stocks, or you can have it come up as a bunch of charts. If you choose it as a list you can then hover your mouse over the ticker and you will get a popup chart. You should also be able to copy/paste a list into your platforms watchlist..bit of a time saver. hope that helps.

If you are looking for a stock scanner in realtime, I like Madscan, but Trade Ideas is decent from what I hear. If I get around to it, or if someone else does, maybe a thread for Trading tools/sites would be helpful?

Hoofless_Wonder
12-29-2013, 05:06 AM
Back in 2006 and 2007 I started researching trading, as I had several IRAs to putter around with - I went through the various stages of total noob, then thinking Cramer was entertaining on his show, then thinking "Fast Money" was useful, to going into options, then on to futures, writing scripts for the TOS platform, and so on.

I believe day trading is the best way to show profits over swing or "long-term" investing.

It's much easier than horse racing, requires discipline (especially to exit a losing trade in a timely fashion), BUT unlike making a bet and having the luxury to go get a cup of coffee before the race goes off, you really need to keep an eye on the markets - all the HFT machines and a thin market can jump your stop in a heartbeat. TA works, but news trumps TA and fundamentals every time.

I'm amazed at people who can trade currencies and make money, but some of the commodities and futures are pretty easy at times.

It's difficult to work full time and trade, but I'm licking my chops at 2014 - big downturn is overdue, and there should be some great opportunities to be short on some questionable companies like Apple, Amazon, Netflix, etc....