hank - Share : This one has popped in and out of my head for a few years now. I have a friend who has been doing it for a while now and making pretty good money off it. But I still haven’t jumped on the bandwagon.
He’s done forex and penny stock investing but prefers the forex. He’s tried to get me interested in it a time or two also, but the numbers and graphs he sends to me are still a bit over my head. I try to analyze them, but usually find myself getting frustrating wondering what he is doing, or have a kids that needs attention.
He’s certainly put a lot of time into the job; which clearly I don’t have at this point in my life, but makes a good living and can’t see it any other way. His kids are grown and out of the house, he drives a nice Mercedes Benz, and works where ever he’s got internet access. Why DON’T I do that? Doesn’t it sound fun?
Well, yea, it sounds really fun AND convenient; but do I have the time to put into it now? Everything, and I mean EVERYTHING can make money. The “cream of the crop” in any respective category of business has a firm grasp of what is on the horizon, how to capitalize on it, and the drive to succeed at it.
I’m decent at several things, and I think “above average” at my job. I do well and make a pretty decent living. My daytrading friend says the same things, but clearly at a higher level. He’s been doing it for quite a while now and has plenty of spare time with the kids out of the house.
Learning a new trade for me right now isn’t in the works. I’ve got a full plate as it is and being “mediocre” in daytrading is going to get my butt in hot water I think. Not only do I have the chance of losing a lot of money, but in so doing, I’d be sacrificing my work ethic at my day job.
How would you explain to your boss at work that you’re on Forex.com all day when you should be getting him those TPS reports? 
Might be a tough sell. So for now I’m staying out, but am not saying it isn’t money in it. Clearly there IS money in it - lots and lots of it.
Who hasn’t gotten an email from a spammer touting a low priced penny stock? Buy XXX stock today as it is going to go up $210,000 per share by tomorrow! They pump and dump those stocks and leave you in the dust.
If you’re young and single, I say it may be worth taking a look at it. The potential upside is VERY high, but at the same time, the downside is VERY high as well.
Has anyone else reading this blog dabbled, succeeded, or lost in daytrading? Any tips to the rest of the world?
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12 Comments
March 13th, 2008 at 4:58 am
Wall Street unfortunately can be considered the world’s biggest casino. And day traders are the casino kings. Sure you can make a ton of money doing it. But in one shot you can lose quite a bit as well. I know a guy who lost thousands because he took a restroom break at just the wrong time. The stress level involved in day trading is through the roof - it’s much easier just to buy great companies at cheap prices. If it was so easy - there would be no buy-and-hold managers around at all. But you basically said it Hank - just about anything can make you money - you decide if you want to venture down that path.
March 13th, 2008 at 6:43 am
Forex trading with big leverage can make you a lot of money without having to daytrade. Take a look at my performance, all you need to do is get on the right train/trend, on the long term
March 14th, 2008 at 8:29 am
You need to be prepared mentally and emotionally for day trading. Also day trading is really hard if you define it as buying and selling within a day. Also doing homework and adjusting on news is also key in day trading. Some are really good at it, some are not… I think it just being comfortable you are in any trading strategy then stick with it.
March 14th, 2008 at 9:16 am
@Naveed - Crazy how fast money comes and goes in the market, eh?
@xarisizo - Nicely done, you certainly have a knack for it! Congrats and welcome!
@Jonats - That’s what my buddy says; he’s always watching the news on what’s happening and when it is supposed to happen. thanks for dropping by!
March 15th, 2008 at 8:30 pm
Day trading is a bad idea for most investors. If you expand your time horizon by a few weeks, even months, active trading can work. Myself; I prefer to sell covered calls to generate consistent monthly income, but that is more an issue of style versus ability (as no one can actually time the market correctly 100% of the time).
April 20th, 2008 at 9:33 am
I am a Day Trader. Any newbie that wants to try Day Trading better be aware that it’s extremely difficult & it takes a long time to learn. It is not something to be taken lightly.
miracletech’s last blog post..Day Trading Lesson: Roadmap Step 1
April 27th, 2008 at 11:08 am
I am agree with Miracletech, it is not easy to become a day trader. I am 24 years old this year and I am now trading full time and I have a part time job to support my living. Since I am still young and do not have attachment like wife, girl friend or maintenance like car or house yet, I would like to give it a try and learn as much as I can from the market.
Ricky Chea’s last blog post..Carnival of Equity Trading #3- April 27, 2008
May 8th, 2008 at 2:05 am
Nice blog. Thanks for your work on it.
I’ve recently created a completely free forex website which hopefully will be of use to you.
The purpose of this site is to show you how the forex market reacted in the minutes and hours after news was released. Patterns have emerged. For instance, if the USD Non Farm Payroll number is significantly better than expected, the USD will initially gain against the GBP and Euro in the minutes after the number is released, and then lose value shortly there after.
June 9th, 2008 at 7:45 pm
Hello every one,
Losses….that is a part of the trade…You lose some & you win some…..
But I myself use a system that works just fine for me & that is perfect for in all terms.
August 3rd, 2008 at 11:33 pm
Industrial Biotechnology Corporation, (IBC), (Pink Sheets:IBOT) has now announced to use Ethanol the Chemicals ALCHEMx Production Platforms, through which they can convert sugarcane based ethanol to ethylene at a very low cost and also doesn’t result into effect on the environment.. Will this have any positive effect on the company’s long term business??
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