Would I be able to make some extra bucks???
what's a good stock U'll recomend me for the next week??
2007-07-12 18:05:40 · 7 answers · asked by Anonymous in Business & Finance ➔ Investing
Unless you know what you're doing, you're likely to donate most of your funds to the market. It takes a lot of education and practice to day trade. And even then, people lose money.
It can be done, but you have to learn and practice first. Oh, and you need a minimum of $25,000 to daytrade (gov't requirement)
Hope that helps!
2007-07-16 11:16:53 · answer #1 · answered by Yada Yada Yada 7 · 1⤊ 0⤋
Unlike the other posters here, I get the distinct impression that David is not doing well. If he was doing well he wouldn't be here asking for ideas. He has read dozens of books and taken courses, but still he's here on Yahoo! Answers looking for ideas. Unfortunately I think David is having trouble exactly where most Daytraders have trouble, in execution not in strategy. The strategy behind daytrading is enticingly simple, it's the execution that kills you. I have tried daytrading in the past with some success, but it was too difficult and too unreliable for my taste. There are far easier ways to make money in the stock market. If there was one piece of advice that I would give David, it would be to stop trading around noon. I always had a heck of a time making money in the afternoon. The good oppurtunities are in the morning. Make it a rule, no matter what, at 1:00, call it a day.
2016-05-21 04:15:33 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Most people have lost a lot of money day trading. There's more "noise" in shorter trading periods. If you still want to do it, start out with longer periods of time, say 6 months, and work yourself down to daytrading.
2007-07-12 19:43:38 · answer #3 · answered by ? 5 · 0⤊ 0⤋
You have to be fast when day trading, it's like playing speed chess, no room to think to hard and you can loose fast, but if you are good, you could be the best. so it depends on your skills and how confident you feel after you loose 20% of your money in one day... When I first started trading stocks, I would go crazy everytime I lost money and the next day I would be so careful I would not buy anything, but now I've learned that to win you loose also... so It's all up to how fast and good you think you are. Good luck/.
2007-07-13 02:17:12 · answer #4 · answered by back to haunt u 3 · 0⤊ 0⤋
It's a bad idea - even warned against by the SEC, the governing body of the US stock markets. The risks are too high and very few are able to make it a profitable venture.
2007-07-12 18:11:04 · answer #5 · answered by rechdxs 2 · 2⤊ 0⤋
Day trading is risky and requires good chunk of money to trade with. Scalpers is a term that is used for people who open big positions to make money on small moves.
2007-07-16 15:50:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It is a fantastic idea if you know what you are doing. I can tell from your third question that it would be a horrible idea for you to day trade.
2007-07-12 19:38:28 · answer #7 · answered by RockiesFan 2 · 0⤊ 0⤋