Stock Market Day-Trading Discussion Thread

usctrojanman29_IHB

usctrojanman29_IHB

New member
Since there are a handful of you guys that trade and others who are curious to know what us traders do, I thought it'd be a good idea to create a thread for us to bounce ideas and strategies off each other.
 
[quote author="blackvault_cm" date=1225345009]I was just about to create a thread...lol.</blockquote>
I beat ya to the punch...now if my trades were made with such great timing I'd be a rich man. haha
 
Ok, going into tomorrow I have the following options...



1 DOW 92 Nov Put

1 S&P 97 Nov Put

2 QQQQ 35 Dec Puts



I'm hoping for a nasty GDP number and another limit down on futures (crossing fingers).
 
Btw, which broker do you guys use for your day trading? I use TDAmeritrade, but I'll be shifting over to Charles Schwab in Jan. after I get my bonus as they pay about 2%+ on cash balances in brokerage accounts and have nice pricing for day traders (if you make over 120 trades per year it's $8.95 per trade and $0.75 per contract vs. TDAmeritrade's $9.99 per trade and $0.75 per contract).
 
[quote author="skek" date=1225346563]I think it goes without saying, but deserves some emphasis here at the outset, that if you rely on an anonymous internet forum for investment advice, <strong>you are an idiot</strong>. Do your own research and make your own decisions. Everyone's situation is different, no one is giving investment or financial advice here and you shouldn't day trade, or trade in options or other derivatives unless you can afford to lose <strong>everything</strong>. I can just imagine some lurker reading one of blackvault's posts and betting their entire 401k on a November BAC put in anticipation of a 50% return...



OK, with that public service announcement out of the way, proceed...</blockquote>


Yes, agree absolutely. I only trade with play money, not even my IRA.
 
[quote author="skek" date=1225346563]I think it goes without saying, but deserves some emphasis here at the outset, that if you rely on an anonymous internet forum for investment advice, <strong>you are an idiot</strong>. Do your own research and make your own decisions. Everyone's situation is different, no one is giving investment or financial advice here and you shouldn't day trade, or trade in options or other derivatives unless you can afford to lose <strong>everything</strong>. I can just imagine some lurker reading one of blackvault's posts and betting their entire 401k on a November BAC put in anticipation of a 50% return...



OK, with that public service announcement out of the way, proceed...</blockquote>
Ditto that, I only trade with what I can afford to lose (similar to going to the casino to playing poker). I'm a big believe of looking at charts, trend lines, moving averages, and looking at the advance/decline figures since I trade the major averages. I just like the fact that I now have a place to confirm my thoughts and strategies with other folks and get some feedback.
 
[quote author="usctrojanman29" date=1225347030][quote author="skek" date=1225346563]I think it goes without saying, but deserves some emphasis here at the outset, that if you rely on an anonymous internet forum for investment advice, <strong>you are an idiot</strong>. Do your own research and make your own decisions. Everyone's situation is different, no one is giving investment or financial advice here and you shouldn't day trade, or trade in options or other derivatives unless you can afford to lose <strong>everything</strong>. I can just imagine some lurker reading one of blackvault's posts and betting their entire 401k on a November BAC put in anticipation of a 50% return...



OK, with that public service announcement out of the way, proceed...</blockquote>
Ditto that, I only trade with what I can afford to lose (similar to going to the casino to playing poker). I'm a big believe of looking at charts, trend lines, moving averages, and looking at the advance/decline figures since I trade the major averages. I just like the fact that I now have a place to confirm my thoughts and strategies with other folks and get some feedback.</blockquote>
I'm old but not a pro, so I'm not an old pro. BTW, I bought a put on the market before the 500+ crash 1987.
 
[quote author="skek" date=1225348419]At least you said "you are an idiot as skek says" instead of "you are an idiot as skek <em>is</em>!"</blockquote>


Opps. I told you my grammar is bad.
 
Heh, funny that BAC puts are mentioned as an example. And, yes, following tips any where on the intarwebs is really, really dumb. Do your OWN research, and don't play with money you are not afraid to LOSE all of.



That said, bought the BAC NOV $20 puts for $0.99, and as of the close it is up 15%. I think BV is right, the GDP numbers will disappoint. Either way, it should be a volatile day tomorrow, and a lot of fun for those that play.



I'm glad you guys started this thread, and I didn't think the convo in the other thread was something that needed to be taken private. As long as you all are comfy with telling people what you are doing, then it is cool. I just hope no one gets too excited and makes a big bet on the one that goes really bad. But again, if you follow the nutters here, then you have to just as nutty, and know that we have all taken losses as well as our gains. Most of us have been fortunate to have better gains than our losses.
 
I've been doing well with BAC buys at extreme lows and selling when it rallies, but check out JOYG.... 29% in 19 hours of owning it. I'm no expert, but this stock has been over sold and when it tanks on the bear days, it comes back a day or tow later and comes back strong. I wanted to keep it at the price I paid for it Monday, but I knew I could pick it back up later for less than I sold it for at mid morning our time.
 
[quote author="blackvault_cm" date=1225360129][quote author="stepping_up" date=1225357447]I've been doing well with BAC buys at extreme lows and selling when it rallies, but check out JOYG.... 29% in 19 hours of owning it. I'm no expert, but this stock has been over sold and when it tanks on the bear days, it comes back a day or tow later and comes back strong. I wanted to keep it at the price I paid for it Monday, but I knew I could pick it back up later for less than I sold it for at mid morning our time.</blockquote>


I disagree. Is it oversold on a day to day basis? week to week? month to month? Perhaps. Are we going to enter a bull market now for years to come? Not a chance. (I still think we are still heading for a 7000 DOW in near term.)



I define oversold is when Future P/E ratios are lower than current P/E ratios. (many are still not)

If stock A has a P/E ratio of 5 this is good right? Well what happens when next quarter they earn much less and their P/E adjust to 25? Not so hot huh?



Due to the fact we are heading into a global recession, earnings will plummet.

You have to remember the crisis hit us really hard just recently; the past month and a half. So companies will still have some decent profits built in and some will continue to do ok in next couple of quarters as they have contracts. However, people will spend less and many companies won't renew business contracts and will bunker down instead. We are only in the beginning stages. Volatility will settle, we might even pop up for a week or two maybe even a month, but expect the market to continue its downward trend.



Earnings will fall and bears will continue to tear this market apart.



Now if tomorrow we report a GPD of +5% (lol) then my view will completely change and I'll agree with you that we are entering a bull market.</blockquote>


Don't people lie about the GPD stuff? I mean I don't want to be manipulated here.
 
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