Your BEST DAYTRADING experiences ~ Please Share
By EvrWonder
@EvrWonder (3571)
Canada
May 25, 2009 2:06pm CST
Here is the scenario and thank you for taking a look!
I have been checking out the day trading scene for some time now without any action because since I lack experience, therefore knowledge and because I am a mid to low level risk taker but still want to get in and "play" I am not sure where to start, where to go and what companies are most reliable.
I am hoping there are other MyLot members who would be as so kind enough as to share their experiences, regardless of the topic title, good and bad.
I spose I am looking for a leg up, which day trading companies do you rely on most in the online trading market?
What about all these day trading robots I see, are they for real?
Sure, there is a risk but if I wanted to use a robot, which one would you suggest and why?
I am looking at penny stocks to start out with.
What is the most important thing I should know, in your opinion?
Looking forward to the responses to this discussion and thank you in advance.
3 responses
@LadyMarissa (12148)
• United States
25 May 09
I used to work for one of the major stock brokerage houses. The rule of thumb was, if it's UNDER $5.00 stay away!!! I never met anyone who made money on penny stocks. Many tried & many failed. I have a friend who lost a million dollars in one day doing day trading. I'm sure he's made money if he had a mil to lose!!! He only whines about what he loses never what he's made. I don't know who he uses, but will ask him if you like??? Personally, I think you're better off doing your own research & forget about the bots. The House ALWAYS wins!!! You have to be willing to risk a loss to actually find a win!!!
@EvrWonder (3571)
• Canada
25 May 09
You are so kind, thank you for your response. I do understand that you must be willing to loose to gain a win.
Also, what are you referring to as "It's" in "if IT'S under $5.00"?
Call me dumb but I didn't get that..
Yes please do ask your friend. I wish I had a million to loose. I can arrange to take donations, lol.
I have read more bad about the bots than good. Good point you've made.
No one who has ever made anything? At all on penny stocks, ever?
So you would not recommend day trading?
Anyway, thanks again. I appreciate your words and assistance. Cheers.
@LadyMarissa (12148)
• United States
25 May 09
The Financial Consultants I worked with felt that anything that could be bought for under $5 was not a good buy as they seldom make you money. We had one guy who bought hundreds of thousands of shares of penny stocks at a time but never made money. So my bosses would tell you to stay away from buying penny stocks. I've sent a message to my day trader friend asking him who he uses. Haven't heard back from him yet. Will let you know when I do. Personally, I think the stock market is way too unstable to invest my money there right now. I've lost 25% of my 401(k) during this down time. Only other thing I can say is those brave enough to invest now while prices are low may well become rich when the stock market takes off...assuming it does take off again. I no longer see the stock market as a way to make a quick profit. When I first started working there, people were making $100 thousand a day. But those days are long gone!!! 
@LadyMarissa (12148)
• United States
25 May 09
My friend just responded. He uses Ameritrade & has been happy with them. He says to be sure to do your research before buying or selling.
@Aussies2007 (5336)
• Australia
27 May 09
In this economy?
People have just lost a fortune on the stock market.
And it will be a while before the thing goes up again.
@EvrWonder (3571)
• Canada
9 Jun 09
Hm, Thanks for the interesting response Aussies.
I am new to all of this but in my way of thinking a stock that is down in price may be one that is good to look into investing in and just hang on, for what could be a long while.
I am still researching and I thank you for your response. Cheers.
@Aussies2007 (5336)
• Australia
9 Jun 09
Except that a good stock never goes that low in price... selling for pennies... even during a financial crisis.
If you want to buy stocks for pennies... you need to look at new stocks which have just been released on the market.
Keeping stocks for a long while is not a good proposition either.
You need to know when to buy... but also when to sell.
Because as a general rule on the stock market... whats goes up must come down. The real players buy and sell everyday. If the majority share holder of your stocks decide to sell overnight... you will have lost your money by the next day.
@Aussies2007 (5336)
• Australia
27 May 09
You can make money out of penny stocks... in boom times.
It is a question of doing your research before buying.
You need to study the company offering those stocks...
And the stock itself... to see if there is going to be a demand for it.
But since there is no money left anywhere...
There is no more demand for anything.
There is too much of everything since there are no more buyers... so the prices keeps going down.
@cynthiann (18612)
• Jamaica
26 May 09
I am so sorry - I do not know anything about this topic
I hope that you get good advice!
I hope that you get good advice!