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getrichdietrying (83.25)

How do I day trade?

Recs

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April 22, 2011 – Comments (8)

A company is giving me day trading margin even though I do not meet the 25k minimum. It says I have 3 biz days in 5 day biz day period to do day trading. Any more than 3 and its called day tradering pattern which requires me to deposit 25k or they freeze my account for pattern day trading except for besides selling what I own for 6months as required by the rules of the SEC.

How the hell do I make money on a trade when I cant predict and know the different patterns...what is the best pattern to follow. I would not mind just 50bucks a day in profit.

8 Comments – Post Your Own

#1) On April 22, 2011 at 1:28 AM, HarryCaraysGhost (99.60) wrote:

RUN AWAY!RUN AWAY!

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#2) On April 22, 2011 at 1:35 AM, getrichdietrying (83.25) wrote:

Billy the goat is still bad luck...dam thing will never change.  Cubs luck sucks and thanks for reminding me one thing I need to do when I come home for a visit.

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#3) On April 22, 2011 at 2:16 AM, SockMarket (35.31) wrote:

lol if you don't know the ground don't run off into the darkness...

as fun as this might be you will get your ass(ets) handed to you if you try. Most people who do daytrade have a very good knowledge of short term TA and know the companies as well. This isn't something you can pick up in a matter of minutes, days, or even a month. 

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#4) On April 22, 2011 at 8:33 AM, mtf00l (50.20) wrote:

Hire the guy that wrote GS's HFT program...oh, wait, he's in prison.

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#5) On April 22, 2011 at 12:44 PM, Betapeg (< 20) wrote:

90% of those who try day trading fail. Statistically, you should move on to something easier, or else I predict you're just going to be taken out to lunch by your competition. 

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#6) On April 23, 2011 at 2:32 AM, Eudemonic (61.42) wrote:

Start with a billion dollars and stop when you're broke.  It's just like buying an airline.

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#7) On April 23, 2011 at 3:46 AM, louchios50 (< 20) wrote:

go to you tube and look up your trading coach candle stick charts/ patterns, and the informed trader for, macd,slow stochastics,rsi and williams% indicators. Then look up your favorite stocks, find the strongest competitors in their sectors that have an uptrending chart for at least 5 years better 10 and you should do ok. best of luck.

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#8) On April 23, 2011 at 4:01 AM, mm5525 (< 20) wrote:

I am both a long-term dividend investor and trader, but I admit it's about 90% LT. I do not agree with the term "day trader" but would prefer "swing trader" meaning it is more like a few days or just a day/less than a day for the move to happen. Sometimes I've been stuck in a losing position for a month until it became profitable. First, I only trade the same companies over and over, which are all cheap (but not garbage) to where I can buy in bulk and have decent-to-good volume. I never deviate from these companies, which are all big caps. So, for instance, I trade EP, AA, and BAC, but mainly EP and AA as they are less than $19.50 per share, as BAC borders on "garbage" for me. Both EP and AA are weak US Dollar plays and fairly easy to predict based on the .DXY. EP is my favorite as I believe it wouldn't matter to hold it even if I bought in at too high of a price since it's natural gas E&P as well as pipelines and would be a decent buy-and-hold in the long run anyway. Stay away from the garbage companies if you're going to trade. Buy in small lots, perhaps just a 100 shares at a time, and be prepared to buy more if the price goes down more. Never buy in all at once with your available purchasing power. If you nibble with just a 100 shares and the price goes up, you are still making money. It adds up over time. There's nothing worse than using all your purchasing power all at once and then watching the position go South and not being able to do anything about it.

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