Im thinking about going part-time maybe quiting my state job in order to concentrate on day trading. I feel as though I dont know enough about puts and calls to make a difference in that. But my form of making some money is the old way which seems to work by buying low selling high. My question is how many of you are trading as your primary job? My situation is this I know I can make money which I have but have the fear of part-time emp or even quiting the state job because I have a wife and 2 young children I am 34 years old and as of today have over $250.000.00 invested... I'm curious on your thoughts. Please post!
Don't quite your job...keep going.
Investing doesn't take a lot of time and by far...most day traders lose money (NO ONE can consistenly call stock movements).
On the positive side, SELL everything you have NOW. Immediately after, buy 2 yr options (out and in the money) for the same amount. Make it a spread (not all 1 strike price). Keep working your job...
Is consistenly a new word?. Get the log out of your eye before you try to get the splinter out of other's!!!!!. Board-Bored, Who care's ? except anal micro-managed Grammar spelling police. Did I spell everything right to your satisfaction?!!!!!. Did I use capital letter's,coma's, and punctuation mark's in the proper place's?.Maybe people miss- spell word's to get a rise out of certain people!!!!!
do NOT do it.. i recommend writing monthly PUTS on good quality stocks u would like to buy.. keep collecting premiums or buy the stock if excercised .. then write calls on them until called away... u will make more money..less risk and still have ur job..
with day trading.. the more u trade. statistics takes hold. i.e. for every 3 trades u make.. 1 will lose, 1 will gain and 1 will go neutral... in the end commissions and spreads will eat ur account up..
Just 4 trades a MONTH... via a stratgey is the way to go..
DO NOT UNDER ANY CIRCUMSTANCE LEAVE YOUR SOLID JOB
ok for the puts and calls.. where do i gain the needed knowledge? book recommendation? This forum has been excellent. You guys have convinced me NOT to leave the job. But what if part-time (21 hours was offered, with medical) would you be tempted?? This option is offered..
I do day trade for a living, although I am a retired broker and have a lot of experience, you can forget about your wife and kids because this job does nothing but consume your time. My day starts at 4AM and ends at 11pm five days a week. I'm taking a vacation because I am so burnt out. being that you are not a professional what happens when you need to take a break...now there is no income...trust me on this don't quite your day job and always put your wife and kids first. Good Luck!!
Another excellent point. I do feel that they way I have been doing this since March of this year has been nothing but fantastic! I am fortunate to have some liquidity and have been buying and selling stocks with ease and making profits. I have to admit watching Cramer and reading his books got me in the game. I must put my wife and 2 children first, this I understand but do feel like this is easy $$. I'm not being a jerk or over confident, but thinking that right here right now, its kinda easy making $$ right??? Yes it takes some $$ to make some but I feel myself getting more involved each passing day. Like this is an obsession, as soon as I get home from the job Im on the computer or watching CNBC. Kinda scary I know this! FCX<GOOG<RIMM<GS<CAT<MNST<AAPL and now BIDU easy$$ with the exception of MNST-waiting for the buyout?!@!@
HELLO EVERYONE !
Today I am celebrating my BIDU Jan. Calls (Leaps) position having reached over $1 MILLION. For those of you who remember , I bought 37 Jan. '09 Leaps at $13.30 back on April 4th of this year for $50k in my IRA. Many of you, while either A) skeptical of my position or B) worried about my exposure have WARNED me to sell Pre-earnings. I didn't ( it dropped to $308 or so the next day) and will continue to HOLD my entire position. BIDU WILL REACH $500+ (market cap of 17.5 BILL) in no time !
In regards to making day trading a full-time profession ?
Make sure you apply yourself 100% to that endeavor, otherwise FORGET IT !
You will LOSE everything !
Best of luck !
And REMEMBER rule No. 1 in day trading:
ALWAYS protect your Principal !!!!
Rule No. 2:
ALWAYS protect your Principal !!!!
and finally...rule No. 3:
ALWAYS protect your Principal !!!!
Have a nice weekend !
You don`t have enough to risk quitting your job if you have 4 to support. You should have tmhese things taken care of first.
1. own a house
2.own two cars each new
3. house insured and cars insured and family insured
4.$300,000.00 per family member saved up
5. You need to have *9.756432 % more knowledge of the hot stocks bidu,goog,ma,aapl and cme...
the ride has been a blast great input! but my feeling is that it's all about timing... good companies (large cap) will do fine even in a bear market. Yes I am in need of learning more. How many of you have taken business classes regarding the stock market and financial functions?
I've been trading full time for 20 years and I have to tell you ---with a family you need to stick to your knitting. It takes a very long time and you can make some very big mistakes. If you want to play with money you don't mind losing that would be the only way to go and you might learn and have fun doing it but you might very well lose it.
250K is not a lot of money to quit your job, especially at your age. Keep doing what you are doing, bring in a reliable income income and you could be a full time trader in 10 years. If you are worried about your family, doing anything but would be stupid IMHO.
What you should be concerned about, is why you are even having these thoughts??? Every time I have had those thoughts I lost a ton of money shortly thereafter (top). BIDU has been AMAZING...I have done and continue to do very well, but, its an anomoly. Do not let your success in Bidu, or other recent MOMO stocks (RIMM, AAPL, etc), trick you into beleiving you know all.
Do you have access to a computer at work, or can you take a laptop to work? You can get wireless Internet on a laptop using a PC card through Sprint or Verizon. That's what I'm using at this moment. In fact, I'm sitting at a table under an umbrella at a Starbucks in San Diego as I write. No, I'm not using WiFi. I'm connected to the Internet via Sprint Wireless Internet - $55 bucks a month on a two-year contract. Also, you can get streaming real time quotes on hand-held PDA devices, Blackberries, etc through various providers. I think a laptop with wireless Internet is best. More versitle than a PDA.
Don't quit your job unless you're ready to retire.
No I did sell...Im up pretty big, around 35,000 with BIDU.. Yeah thats another problem I might have... the tax man. But Cramer says "DONT BE AFRAID OF THE TAX MAN" I kinda know I'm gonna get crushed, but by how much????? we will see.. your answers are great guys/
That's a very good question, but if you don't know enough about calls and puts as you said, how can you quit your job and make a living on day-trading? Don't quit until you can prove you can do it on the market.
Are calls and puts the ONLY way to do it?? Buying and selling, riding earnings or power stocks cant be done? BULL MARKET/BEAR MARKET people make money.. Oh Yeah forgot to mention I have VGPMXwhich is kicking some ass with nice YTD%. started at 10g then added another 10, then 15g and as its up like 32,000 profit. Crazy one!
Thanks to all responses>. Dont mean to upset some, just a question. My wife knows Im making a little $$ and is talking about the usual stuff like upgrading house etc. You boys know what Im talking about.. The way I've been making money without puts/calls is buying large positions (for me) of 200-500 shares at a time then selling.. In the last 4 months I have made $90,000.00 I wouldnt say "I'm an idiot" RIGHT???