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OT: Online Stock Trading


EmptinesOf Youth

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I assume that by trading you mean that you are using your own capital to buy and sell stock, etc, hopefully for profit and that you are holding onto these assets for a very short-term (1 day or less maybe)?

 

Its a very risky undertaking... much like gambling. You need to be very disciplined to make a profit in the long run. And you have to spend a bit of time each day monitoring your positions and whatever news, etc. hits the market. IMO, its tough (but not impossible) for "outsiders" to beat the market.

 

Not sure what Scottrade's commission and fee schedule is, but if you are a trader, you need to keep your trading expense minimized. Many of these discount brokers will cater to traders by offering reduced fees in return for certain trade volumes each month.

 

Not sure if the Guitar Player board is the optimal place to share trading talk... there are other internet sites devoted to this topic.

 

If you are successful at this, I'd certainly be glad to hear any of your tips/strategies.

 

Oh, and keep good records of what you do... The tax laws can be very tricky if you claim income from trading.

 

Good luck! What's your play for tomorrow???

"Spend all day doing nothing

But we sure do it well" - Huck Johns from 'Oh Yeah'

Click to Listen to Oh yeah

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haha yea, im not like a huge day trader or anything but i was just mainly curious as to if anyone else on here did stuff like that, or what services they went through. This is something i keep an eye on as often as i can, and as long as you play it kind of safe and do a lot of reading youll fair pretty well. I do check other message boards for this info, just wonderin if you guys were into it.

 

My play for tomorrow, haha? Buy as much VXGN and hope there conference goes well. I already have it and have made some cash of it, but they have a meeting tomorrow and good news is expected. But if that doesnt happen your gonna be screwed. Your right to a certain point it is a gamble, but since i already own it, I get to put a Sell Limit order and still clean up a little.

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My two really big winners have been Apple Computer and Sunoco oil. Don't ask about the loosers...

 

But then I'm in it for the long haul and don't do the day trade thing.

Raise your children and spoil your grandchildren. Spoil your children and raise your grandchildren.
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I'll keep a watch on VXGN tomorrow. In general remember to not get greedy and you haven't profited until you actually sell the stock.

 

Scottrade seems fairly low-cost in terms of fees. Are you staisfied with their serivce and execution? Another discount broker to consider is Brown & Co. You may need a few more years of investing experience for them though.

 

I listen/watch Jim Carmer (TheStreet.com)every so often. He's entertaining and has plenty to say. He's not a "day trader" but is not a buy and hold guy either. He'll tell you when to buy and when to sell to make a decent profit. I still kick myself for not following his advice on the oil stocks prior to their recent runnup.

"Spend all day doing nothing

But we sure do it well" - Huck Johns from 'Oh Yeah'

Click to Listen to Oh yeah

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Scottrade is excellent with customer service. Theyve won the award in there division for 6 years in a row and for good reason. Whenever i have a question about anything, even stupid little things, i just call em up and get it answered by nice friendly people. Ive never been put on hold either.

 

I personally dont like cramer, i think hes a scammer. I can almost garauntee that when he tells people to sell, he shorts the stock a ton before hand (if you know what that is), and makes a ton when doing so. I think his show is a prop to get him rich.

 

dont you all wish you could go back and put your life savings into apple a couple years ago...

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I have some personal savings as well as a couple of 401Ks rolled over into my Schwabb account. I don't trade much but I have a personal broker who is pretty good at steering me in the right direction.

 

I shifted my investments to Schwabb in December of 2001 after my broker at Merrill Lynch died. I have been quite happy with Schwabb. After the stock market debacle of 2001-2003 I have made up all the ground I lost and added a nice chunk to it as well.

 

My wife has an account with Scott Trade. She seems to like their service. But for her, it's just playing around. Almost all of our investments are done through Schwabb, now.

 

(note: There is a minimum investment with Schwabb to be assigned a personal broker.)

Born on the Bayou

 

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Originally posted by Scatterbrain:

I personally dont like cramer, i think hes a scammer. I can almost garauntee that when he tells people to sell, he shorts the stock a ton before hand (if you know what that is), and makes a ton when doing so. I think his show is a prop to get him rich.

 

dont you all wish you could go back and put your life savings into apple a couple years ago...

About Cramer, and I mentioned him in my PM to you; he already is rich -very rich- and who cares as long as I can come along for the ride. Either way, he is much more fun and interesting than other finance shows, particularly Kudlow and Company.

 

And Apple... yes, we could all retire early if only we knew. Even last year, at under $30 would have been a great pick. Maybe in 6 months we'll be saying AAPL was a great stock at $74.

 

Foresight is a great thing. Some guy registered sex.com twelve years ago and sold it today for $14 million. It was probably worth the wait.

 

Anyway, check your PMs.

Everybody knows rock attained perfection in 1974. It's a scientific fact. - Homer Simpson
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Originally posted by Scatterbrain:

I personally dont like cramer, i think hes a scammer. I can almost garauntee that when he tells people to sell, he shorts the stock a ton before hand (if you know what that is), and makes a ton when doing so. I think his show is a prop to get him rich.

 

I have to agree with Jedro on Cramer. While most people can never be too rich, I don't think Cramer is using radio/tv/internet to get rich by taking advantage of his "audience". If he was, it would have surfaced by now.

"Spend all day doing nothing

But we sure do it well" - Huck Johns from 'Oh Yeah'

Click to Listen to Oh yeah

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Back to you pick of the day... VAXGEN, Inc.

 

The stock closed up $.65 or 6.95% for the day. Not bad!!!! You had a couple narrow windows of buying opportunity early in the morning and mid afternoon. Assuming you went in and out with 1,000 shares, you could have made a few hundred $ in profit today alone.

 

Okay, let's hear what you move for Thursday will be! ;)

"Spend all day doing nothing

But we sure do it well" - Huck Johns from 'Oh Yeah'

Click to Listen to Oh yeah

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I think that Ameritrade is a fantastic bargain right now. It's down about 6 points from the week opener, but that's due to a dividend payout. So it's the same stock that was trading at $26, now trading at $19. Plus they acquired TD Waterhouse, a nice pickup. I think AMTD is a good buy, maybe not suitable for a day trade, but give it some time and it'll be back to 26. OR, I could be wrong and lose my ass.
Everybody knows rock attained perfection in 1974. It's a scientific fact. - Homer Simpson
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hey guys, Jedro im workin on the PM ive been real busy though. Yea guess i forgot to say im not exactly a day trader, yet. Im workin on it though.

 

VXGN did have a nice run yesterday, but the funny thing is the conference they had didnt really do anything but say there gonna release there financial reports in the first quater. This company is in the pink sheets for failing to report for awhile. So when they do reprort expect a huge jump. Talkin around $15 by summer, though i dont think ill have it that long.

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For people getting serious about trading, I would say: get a mentor (you want someone who has been successful and has been through several market cycles).

 

If you want to daytrade (of short-term trade), learn everything you can about technical analysis. A good site to get started is ClearStation .

 

And do not start betting your money right away: learn the ropes by paper trading for a while. And don't just look at the charts in retrospect at the end of the day, you have to do it at the moment while the action is taking place and make decisions on the spot (everything will be much more difficult once your money gets involved).

 

If you want to invest and hold, learn the above but also learn about reading company fundamentals.

 

And always take tips for what they are; always do your own homework, too.

 

And get a mentor.

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On rhinos note, I used a site for a school project once, cant rememebr the name right now, but it was basically an online trading site with fake money, you started out with 100k and it went by real quotes and stuff, ill look into that.

 

rw you probably know, but anyone who doesnt: this is very risky, research everything for yourself, my suggestions are just that, suggestions, i do not want you lose money because of me. Heres what im doing though.

 

That VXGN did pretty well yesterday and i sold early this morning. Another stock i got my hands into is COGO, ive had them for the past two weeks and they are doing pretty good. My plan is to use the profits from VXGN and buy as much of COGO as i can tomorrow till next tuesday. They release theyre reports on wendsday and im 90% sure they are going to be very good. I beleive COGO will continue to rise, but im not sure how long i will hold onto them after they release there reports. VXGN is planning to release there financials in first quater, which i might load up on them again. Also CELG is going to make a great long term (6 months at least), despite what cramer has said. The stock hangs around 70 now and has a split planned, in which after that its suppose to go to 100+.

 

Like i said do the research for yourself i dont want people to be mad at me. :)

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