NEW TRADER

The question is "Can you take losses?"

If you can answer this, you can surely day trade.

sti,
http://stock-trading-ideas.com

Look for stocks that has large volumes and volatile - such as airline companies such as LCC

It seems to me dowjonesdave is your kind of guy...but as long as you are (long that is) you are going to have to be in front of your computer

Thank you sti for your opinion,yes I can take losses as long as they
are small
Thank you ramigabai for your advise on ( LCC )
Thank you Contraryone,I will take your advise for dowjonesdave

or, follow DAYTRADER.. ;)

Hi daytrader2,
Fantastic to have you with us - welcome aboard!
For future reference please refrain from writing in CAPS:

1. This is considered yelling in Interent lingo.

2. This may tag the wrong words by mistake (fyi - typing a symbol in caps - tags it).

3. Our UI guy goes nuts and is impossible to work with whenever he sees texts in caps.

Thanks for your understanding.

We are always available - just shoot a note to 'staff'

Happy trading.

Sean.
MG Staff.

Hi I am also looking for doing day trading kind of thing. I figure since I am mostly on internet (ofcourse while working) might as well take some advantage of day trading if possible. However, I am still a novice and just want to invest a small amt (probbably less than 4k). I have been tracking FRE and FNM and since its volatile and right now very affordable seems like good day trade stocks.... I would appreciate any insight with the two as well as how to go about looking for potential low-risk day trade stocks... please advice
thanks a bunch!

LCC is great for day trading - I buaght today $9.21 and sold at $9.58 in 20 minutes.
Set your buying, loss/gain selling prices before you buy.

I wouldn't touch FRE now - wait until it goes down more after weakening demand for the new bonds.

amistry,

you might want to consider forex if you don't have that much cash to trade. you can get more leverage and benefit more from smaller moves. Otherwise you might just wind up churning yourself with commissions.

if you are trading with 4K, I think you should buy one stock at a time.

Definitely one stock at a time with >5K. Be glad you didn't daytrade FNM or FRE today... ;)

I can't believe I missed the drop today in LCC. It went close to $5.50, it would have been great for short or long term. Perhaps, some of you others were fortunate there?

I haven't been able to figure out how to buy or sell at a particular price on MarketGuru - am I assuming incorrectly that this isn't a functionality for here?

UAUA would have been the one today, just imagine the short on that one

Daytrading is a method. It's up and down and in between. You can't mess around day trading...no holding stocks that don't immediately go your way. Have to be fast on the trigger/ In day trading 5% is a home run. With commisions and spreads my port would probably only be up 10% as opposed to MG 30% results.

Rules of Day Trading:

5% is a home run.

If it goes against you don't indulge in foolish hope, sell instead. Just pull the plug.

Hold as long as the tick is with you, use stops to lock in gains and move stop up as your stock gains. If stopped out go have some fun!

You should have a minimum of 5k marginable to 10k.

Careful attention needs to be taken regarding bid-asked spreads, the narrower the better.

Sell up opens and buy down opens (general market), but always wait for a daily retest of his or lows.

Most of all, don't get greedy. Remember 5% is a home run for a day trade.

Also, never use all your buying power on one trade, you may have to "buy your way" out of a loss. Use a third of trading power including margin. That way you have a 2/3 reserve.

PS I don't like day trading but I seem to be ok at it. I'd rather have a nice 2,000 point drop so we can start going up again! It's so much easier when the bulls are running!

PSS: You have to have experience and the only way to get that is time. I trade based mostly on what my instincts tell me about the sentiment in the Media. Right now I think there's a lot of bearishness. True with good reason but the mentality of the market doesn't work on reason in the short term.

I think we hit a low today. Why? Some pundit was calling for a 1,000 point drop if the Treasury doesn't save LEH. When I start hearing that on CNBC I have to look at the charts. Sure enough I look at the NASD and do a trend and there it is poking it's little close pip just over the trend (two days now) and that means the very short term trend is broken.

Longer term the markets are absolutely logical, and the losses in the bamking industry can't be swept aside. They'll show up in devaluation of the dollar if the governmnt bails em out, or a crashing market if the banks are forced to eat it.

Stupid thing is that these banks can go to the discount window of the fed and get the capital they need. somehow they think that'll damage the banks reputation. We see what's more important. The facade is all. Like these banks have any reputation left to even worry about.

If Cramer is bearish today then I'll feel a lot better about my opinion that the NASD and other tech heavy indexes will rally.

:-p

That's not why they're avoiding the discount window. It's really complex maybe I'll write about it later. Quickly, the banking system is a closed loop...Borrowing from the fed is equal to the system borrowing from itself and charging itself interest. Much better to try to force the government to bail them out that way the taxpayers borrow the money and pay the interest.

Such a pitiful sham. They're going to hide the real damage as long as possible, and push as much of the damage as possible on you and me in the form if bailouts..