Money Forum World

MsDillard · Joined: 08 Nov 2007 Posts: 2086

My father claims that he earns $3000 a month daytrading.. Is this possible?
My father says he only uses a map set to one day, open hi close, fast stochastic oversold and overbought, and he only plays with two stocks at a time. He only plays with stocks that are five star/Strongbuy or purchase Ratings. He told me that he only buys when the fast stochastic is showing oversold and the red line crosses over the other and shows the uptrend. Is there anybody out there that is successful doing this method? Is there anybody out there have a more successful technique of day trading? My pops calls himself a graftist and was doing this for 20 years.. heheh. I could like to get into it, Im just not sure if its that easy. help, A future graftist. :

Amado · Joined: 08 Nov 2007 Posts: 2098

sure and how many days does he lose 10K.

H2wood · Joined: 08 Nov 2007 Posts: 2081

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Sunnyd68 · Joined: 08 Nov 2007 Posts: 2125

Yes, this is possible, that really isnt much money.

RaySingle · Joined: 08 Nov 2007 Posts: 2114

Statistics demonstrate that the vast most of day traders lose money. If daytrading was easy, the most of people should make money. When I hear of people like your father who assert to make money I'm generally suspicious. Daytrading is done over the Internet and your dad couldn't have been doing that for 20 years as the Internet hasn't been around that long. Possibly he daytraded at the New York Stock Exchange, but his story sounds suspicious. I frequently find people on the Internet stating they know someone who makes money daytrading, but I also find people on the internet stating they have ten inch long , and I take such claims with a grain of salt.

Tara Dickerson · Joined: 08 Nov 2007 Posts: 2090

IF I was you, I could be sitting at his side watching what he does, how he does and asking Qs LOTS of Qs AND making notes.

I belong to an investment group. We have people who trade just like your Dad. From what I understand, sime of those ladies and gentlemen do that in a week. There are some others doing that well in one day. AND YES, there are some who do that in one trade. They earn their money then they have the rest of the to do as they want.

Do any or all of them on occasion lose money? totally. BUT NOT to the point where the losses break the account and take every dime in their accounts. AND when those people do lose, they walk away and forget about that loss that day. Most of them come back another day, trade and win.

There are hundreds if not thousands of different trading strategies. some of those strategies were tried through paper trading or pretend trading used, using real money, perfected &amp, “tweaked” to the point where just about every trade is a winning trade.

A person should learn some things about the market and how it works. Through these sayings, I can tell you these facts:
A there aren't gifts on Wall Street.
B you're trading people. You aren't trading stocks, alternatives, currency, goods, bonds or any thing else.
C Trees dont grow to Heaven. Neither do stocks, alternatives, currency, goods, bonds or any thing else.
D V.I.C.P.I.E.
Volume Is the because, Price Is the Effect.
E Bulls make money. Bears make money. Pigs get fat. Hogs [greedy traders get slaughtered.

1 People make or earn money when the market or their stocks, alternatives, currency, goods, bonds, etc. [“position” go up.

2 People make or earn money when the market or their stocks, alternatives, currency, goods, bonds, etc. [“position” go down.

3 People make or earn money when the market or their stocks, alternatives, currency, goods, bonds, etc. [“position” go sideways [“consolidate“.

4 Its one thing to learn. Its another thing to learn AND DO.

There are two old sayings:
A So, you thought and think education is expensive? Just wait till you attempt ignorance.
B The only stupid question is the question you dont ask.
5 Ask questions of knowledgeable people.

Remember this: When you're in a group and you or someone else asks a question, that question being asked may be a question one or more people have on their mind, BUT are scared to ask.

DONT be scared to ask questions and keep asking questions till you get understandable answers to your questions. This requires tenacity and tenacity.

Will some people think youre a ache in the neck [and another place? totally. Dont settle for
fluff answers or smoke and mirrors answers.

Thank you for asking your question. I enjoyed taking the time to answer it. You did a great job not only for your info, but for each other person interested in reading my answer. Thanks to everyone for reading my answer.

I wish you well.
Ron Berue
Yes, that's my real last name.

RoyalM · Joined: 08 Nov 2007 Posts: 2111

Its possible. I think you may make more, $3000 a month isn't much

tkyoshiy · Joined: 08 Nov 2007 Posts: 2089

its possible but 36K a year isnt all that much

Issac Lindsay · Joined: 08 Nov 2007 Posts: 2082

graphist?

He may be, but most people over estimate stock proceeds. I could ask him how much money he risks daily. Also think about what he may be doing with his time rather than day trading to make whatever he makes, from both a productivity and a profit perspective. If he spends little time and can prove he's not taking unreasonable risks and is really making a strong profit, he's a smarter than most day traders.

Schnizer · Joined: 08 Nov 2007 Posts: 2133

Yes, this is possible.

However, daytrading is a infamously unreliable business. you may be able to lose your shirt before you know it in that.

I wouldnt go near it. I favor a steady, dependable, comfy paycheck.

EMT

Jared Chang · Joined: 08 Nov 2007 Posts: 2086

It depends how much money he's to work with in the 1st place. I doubt anybody may make that kind of money steadily without at least some number of times that amount in play. I dont day trade, but I do trade more on a technical than basic base and go for safer short term profits, not high risk purchase and hold. I posted elsewhere how I typically scoff at a 10% net profit, but if it happens over the course of two weeks, I wont sneeze at it. On the other hand, the one that got away thanks to a clueless Banc of America Investment Services went up over 50% in the last week. Because it was on their fraud watch, I changed my mind about purchasing it two weeks ago at 40 something. I bought it yesterday at 63.63 and rubbed it in when I placed the phone order my online order was still being rejected .

Nicolas Darvas made over $2,000,000 in two years or less, back in the 50s when $2,000,000 was lots of money.