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As some of you may know, I'm new to day trading and holding stock "Long". With my play block of stock, I've made about $200 on this emotional game for about a month now with a limited amount of funds. Instead of using my $200 profit to pay April's student loan installment, I decided to purchase 25 more SIRI shares. What’s my strategy? I’ve got no clue really. I just get hung up on this multiplying game of qty shares X price.
So what do the seasoned traders do with their profits?
relmor? ben? need the tarders here. oops i mean traders and not the kind that stab you in the back :O
How much are you paying per trade? It might not be worth it to day trade with such a limited amount of funds.Quote:
Originally Posted by Gallep
Purchased a bomb shelter.
9.99 so far. I've got 500 free trades coming to me whenever i get my 16,000 shares transfered from Sharebuilder.Quote:
Originally Posted by jelax
I use my profits to buy guns and gold... obviously. ;)
I don't know if you could call me seasoned, but still in the game after almost a decade -
Here's my 2 cents -
1) Do some research on trading and/or investing (I suggest the "and" option to get an idea what the others are doing)
2) Come up with a strategy
3) Test the strategy by placing your trade - which includes a stop loss, and a target price and/or exit plan.
4) Analyze your results, get new study materials, refine your strategy or start a new one, test it, and repeat.
I'm not trying to be harsh, but helpful - trading without a strategy is a good way to lose your money - hopefully this stock will rise and rise - but without a strategy, you may still be buying more and more shares right up to the ultimate high 6 years from now - then when the stock price falls down past your average - you may have nothing but a permanent loss on your hands.
Find a beginners site and learn the differences between speculative, fundamental, long-term, and dollar cost averaging investors, look up day, swing, technical and pattern traders. Look at the risk/reward.
Asking us to give you a trading strategy - all you will get is a handful of different answers, as this message board likely has each type of trader/investor listed above, including people trying to sway you to do one thing or another, and those who also don't really have a strategy or think they do.
So what to do with your profits - pay your student loan first, then buy a book.
Maybe visit a non-biased investment site like aaii.com and use some of your profit to sign up.
What am I going to do with my profit? I'm going to likely buy a sirius satellite radio setup to see how I like it, to guage whether I'll stick to following this stock, and use the rest for a new position - I likely won't ever use my original investment amount again - if not, I will not be putting in more than my original investment the next time.
"Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find a way round or through it. If nothing within you stays rigid, outward things will disclose themselves.
Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle and it becomes the bottle. You put it in a teapot it becomes the teapot. Now, water can flow or it can crash. Be water my friend."
"One should not respond to circumstance with artificial and "wooden" prearrangement. Your action should be like the immediacy of a shadow adapting to its moving object. Your task is simply to complete the other half of the oneness spontaneously.
In combat, spontaneity rules; rote performance of technique perishes."
"The highest technique is to have no technique. My technique is a result of your technique; my movement is a result of your movement."
Bruce Lee
you made my day! It's nice to see someone else starting off in the world of investing. You and I are the little dudes. and i like your title of the thread. when i sell, ill buy a boat and cruz the us coast. thats how long i am.:D
Too late for the student loan, I turned it into more SIRI shares :DQuote:
Originally Posted by Dr. Dave
But thank you for that site, I'm going to check it out!