I was wondering has anybody been successfull in day trading? I have been thinking about day trading index options in my roth ira? Is there any books that I can buy to help me become successfull in day trading?
2007-06-11 16:54:18 · 6 answers · asked by sb0983 1 in Business & Finance ➔ Investing
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2007-06-11 19:59:15 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I know several people [with a B. S. in finance from NYU] who have become day traders. If the market is going up, any idiot is a financial genius. If the market tanks, so will your portfolio.
I am sure there are lots of day trading books. They all fall into the pattern of trade trend analysis (reading the tea leaves).
Real patterns in the market are picked up, identified, and acted on by pros even before you can place an order. If you are asking this question, you are really not suited for day trading. Just send me your money, and if I feel like it, I'll send some back. That's better than you will do!
2007-06-12 00:11:51 · answer #2 · answered by JustTheD 2 · 1⤊ 0⤋
IRA money needs to be preserved. Don't speculate with it. Day trading is silly and very few are successful over the long term. I trade on a longer time frame of a few months to a year. On that basis strategic purchases and sales can make good money. Most large libraries will have tons of books. Read a few and them paper trade to test your thinking before you put real $ at risk.
2007-06-12 00:42:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can only trade options in an IRA that have a defined risk. Brokers define that differently. This is a crazy idea unless you've had years of trading experience. Regulation T (settlement) is also going to hamper your trades.
It does sound like you have no idea what you're getting into. I must repeat....... you're walking down a crazy path to financial disaster (unless you have years of trading experience).
Consider yourself warned...........................................
2007-06-12 00:27:53 · answer #4 · answered by Common Sense 7 · 0⤊ 0⤋
bad idea. invest in stocks that pay dividends or equivalent type mutual funds and keep reinvesting. you build up nicely that way. If you can add a small amount from your salary every payday, it will grow astronomically and pay off in the long run.
2007-06-12 01:34:58 · answer #5 · answered by 1st Liberal 6 · 0⤊ 0⤋
don't even think about it. especially in an IRA you WILL lose it all.
2007-06-11 23:59:08 · answer #6 · answered by Anonymous · 1⤊ 0⤋