i need a loan for 25k to be able to day trade dammit

12/3/2008 10:49:29 AM

I need to throw some money in the market that I deem "gonna lose it" money just to learn how everything works

Any suggestions for good books to read to get started?

[Edited on December 3, 2008 at 11:05 AM. Reason : asdf]

12/3/2008 11:05:16 AM

re-bought FAZ at $58 - stop market at $56 - hoping this 300 point swing comes downward

12/3/2008 11:19:53 AM

Quote :

"hehe well, i didn't sell. so it's probably going to open about 50 bucks down tomorrow morning so no gloating just yet."

Did you take the profit?

12/3/2008 11:22:46 AM

^^plz2explain?

[Edited on December 3, 2008 at 11:23 AM. Reason : ]

12/3/2008 11:23:13 AM

bought FAZ at $58

dont' want to lose much at all since i've made profit today - so i put in a STOP MARKET SELL order at $56 where i automatically put in a SELL MARKET if the price reaches $56.

FAZ is an ETF bear financials (betting on down) with 3x volatility so you see major swings in the day.

12/3/2008 11:26:52 AM

With internet trading accounts you can set limits on when to buy and sell. He bought FAZ which is an etf that is 300% the inverse of a bundle of Finance Stocks. The market is up 2% or so which means an inverse fund will be down. He is hoping that the market comes back down today which will drive the inverse back up. To protect himself, he put in a stop loss order at 56 so if this stock starts heading south in a hurry he'll be able to get out of it at or near 56.

How many shares are you trading when you get into these things?

[Edited on December 3, 2008 at 11:29 AM. Reason : .]

12/3/2008 11:27:45 AM

was only able to do 80 shares when i started, doing 100 now. i like the major swings

12/3/2008 11:31:47 AM

a bear market rally to the tune of several weeks may be in the cards

12/3/2008 11:37:31 AM

even with the 700 point loss we saw a couple of days ago you think? i think there are still major down days to come followed by a few days of gains

12/3/2008 11:55:09 AM

can someone explain the inverse fund thing? you are "betting" that the market drops? is that correct?

12/3/2008 11:56:38 AM

you are betting that the stocks in that ETF that they invested in DROP. this is not tied directly to an INDEX, but it's tied to FINANCIALS. it doesn't include ALL of them, but the key ones.

up another 10% on the day <3

[Edited on December 3, 2008 at 1:28 PM. Reason : ]

12/3/2008 1:12:49 PM

just barely missed my buy order for SRS at $119.50 this morning, it bottomed out at $120 and is now around $135 and on an uptrend

booooo

12/3/2008 1:33:11 PM

in at 58 out at 66.43

gonna go for FAS now

[Edited on December 3, 2008 at 1:54 PM. Reason : .]

12/3/2008 1:52:40 PM

i have 3 day trades of 5 days...

if i buy something before market closes at 4pm... can is sell at 5pm "after-hours" and it not be counted as a "day-trade" ?

12/3/2008 2:55:26 PM

Quote :

"even with the 700 point loss we saw a couple of days ago you think? i think there are still major down days to come followed by a few days of gains"

i think we see those major down days after said rally

12/3/2008 5:43:06 PM

sold that SSO again for $24.95/share (bought in the 2nd time at $23.25). Turned $10k into $13k so far in the last week and a half.

12/3/2008 7:18:15 PM

too bad I dont have money to get rich with.

fuuuuckers

12/4/2008 10:02:16 AM

i made 45% in 2 days off of FAS / FAZ

missed my sell on FAZ this morning to make another 6%, doh. Gonna wait it out and buy on a high or low if i can time it.



what's the play on banks with this announcement to drop rates a full 1%? doesn't seem to have done anything yet, probably waiting on official announcement w/ details?

[Edited on December 4, 2008 at 10:22 AM. Reason : ]

12/4/2008 10:05:44 AM

Yeah market appears stuck in limbo right now cant really decide which way it wants to track, getting close to selling some things at slight profit if this thing starts nudging down a bit more

12/4/2008 10:34:15 AM

probably getting back into SRS today.

was gonna get in earlier, but it keeps dropping. if i can get in around 100 that'd be tits.

12/4/2008 10:48:25 AM

Are you (and the market?) already pricing in a potential drop in the mortgage rates? The individual homebuilders are up 10%+ today. What would cause a quick reversal that would run SRS?

12/4/2008 11:04:08 AM

GO SWHC!!!

12/4/2008 11:21:46 AM

bobby: with the huge rate drop coming, why buy into SRS?

12/4/2008 11:42:40 AM

Quote :

"a bear market rally to the tune of several weeks may be in the cards"

i think we may go from undertow to crest at a breakneck pace..

12/4/2008 12:11:10 PM

^ What is the reasoning?

Anyone ever trade in a sub penny stock? I think scottrade charges an additional .5% commission on the purchase price? I'm just looking to put about 1-200 on one of these guys for a possible long-ish term play. Anything to know about?

12/4/2008 1:03:43 PM

you probably will never make your money back

12/4/2008 1:10:02 PM

It's definitely a gamble for sure. However, assuming one had some type of insider info that would result in an 1000% jump in revenue in the near future pending litigation, it can be expected that the stock might nudge up a fraction, no?

All hypothetical of course.

12/4/2008 1:17:21 PM

Quote :

"^ What is the reasoning?"

just eyeballing the charts - it looks like there's consolidation & if we're not going to come out of this bear market for a while, we're due for a few sharp rallies.

note: i'm not an expert technician, nor have i made a fortune in the market.

12/4/2008 1:26:21 PM

I'm kinda feelin ERX. Maybe because it has been beaten down a bit. Though, I wonder does a strong Dow/S&P rally pull up Oil/Energy as well?

12/4/2008 1:30:05 PM

Looks like the market is trying to finish higher. Think we get another mini rally to end the day?

12/4/2008 2:34:37 PM

way to fuck it up for us

12/4/2008 3:18:58 PM

TZA

12/4/2008 3:23:45 PM

^^ I know right? I've top ticked twice this week. Monday with FAS right before the big purge, and again here.

12/4/2008 3:29:04 PM

^^

12/4/2008 3:40:51 PM

hey guys

i think im gonna grow a mullet

12/4/2008 3:55:58 PM

Nothing like a board full of red

12/4/2008 3:58:23 PM

^^

http://www.cnbc.com/id/24292380

12/4/2008 4:22:20 PM

Quote :

"Nothing like a board full of red"

yeah..

12/4/2008 5:14:24 PM

Quote :

"I need to throw some money in the market that I deem "gonna lose it" money just to learn how everything works Any suggestions for good books to read to get started?"

A. Put it in now...as good old buffet says "Americans buy everything on sale except investments" if it's not money that you need in the immediate future, this is the time to buy, especially if you're putting it into a qualified account that you can't touch for 40+ years.

Money Magazine is usually a good tool for first time investors. Honestly, there isn't a science to it until you have enough cash to really diversify. If it's just "some money you're throwing in" there really isn't much to learn

12/4/2008 10:48:31 PM

^ I tend to agree. there is money to be made in the short term with such volatility, but there is also a great deal of money to be made for the long term investor with these discounted stocks

[Edited on December 4, 2008 at 10:59 PM. Reason : such]

12/4/2008 10:59:19 PM

^ which is why I play it both ways.

12/4/2008 11:22:10 PM

DAMN HK at $11.50

12/5/2008 11:46:30 AM

Had the window loaded up for 200 shares of ERX with a limit of 26.00

Kicking myself for not pulling.

12/5/2008 11:55:04 AM

In terms of long term value, I'm a big fan of COH.

12/5/2008 12:28:17 PM

re this:

http://www.google.com/search?hl=en&q=approaching+grand+supercycle+top&aq=f&oq=


i just pdf'd an article from a magazine i've had since May 2007 -- it said the grand supercycle top was October 2007. Its scary accurate. PM me your email if you want me to send to you.

12/5/2008 2:38:56 PM

Quote :

"Had the window loaded up for 200 shares of ERX with a limit of 26.00 Kicking myself for not pulling."

Opens mouth, inserts barrel.

God knows I wouldn't mind flipping from 10% down to 10% up over the past month on a single trade. As per the course, trades I've had ready to fire away and didn't would have worked out, and the ones I do fire away on don't work out. Fuck.

12/5/2008 3:18:37 PM

sold all my financials on Monday ---> fail

12/5/2008 4:55:11 PM

Is it sad that I sold something for a $10 profit today and was actually happy about it damn this market haha

12/5/2008 5:19:14 PM

haha, I've actually sold stocks for a loss recently and been happy just to get out for a minimal loss

12/6/2008 2:12:55 AM