Any stoner Day Traders out there?
- Thread starter The Son of Man
- Start date
cheeseysynapse
Well-Known Member
Money. That's how.
There are some prop shops (proprietary trading). Basically these are shops that trade their own cash. The traders trade the shop's cash. To work for these firms you need an ivy league education or be related to the owner. There are other prop shops where you bring your own money (bright trading) and you trade through them, and they allow you INSANE leverage. Which is awesome if your right, but you'll be broke in a day if you're wrong.
The best way to get into trading is to go to chicago, at the exchanges. Work as clerk, live it, breathe it, sleep it, and someone will sponsor you, or hire you.
If you study the market daily, learn as much as you can. You'd be surprised how far 5K can go...............before taxes.
A great resource for U.S. stocks is www.finviz.com its a new site with a lot of resources.
Trading is like growing. You have to be dedicated - out of love. You really need to love this shit. Cause, it seems glamorous, it isn't. You spend a lot of time staring at a screen doing nothing.
Most people connected with the street don't trade. They sell. This is salesman's game. It doesn't matter what you know, all the matters is to get them to sign the line that is dotted. I was fired from Morgan Stanely as a retail broker because I wasn't making my quota. Basically, I hated it. And stopped tryin. The pressure is constant, especially for new fish.
And now, with the panic setting in..... Nobody is hiring. There are enough traders looking for jobs to fill the army. Its dead. And when the market volatility dies down, its gonna get even worse.
Be a pharmacist, or a dentist.
The Son of Man
Well-Known Member
We are the ones that did that to japan when we forced them to double the value of their currency.
The US has natural resources/commodities and diversity which is totally different from the Japan liquidity crunch.
kingtrip
Well-Known Member
I've actually been considering it, because I know how easy it can be in a normal market, but with the economy these days, I imagine it'd be like taking candy from a baby. Got any good recommendations on where to go?Shit is too easy these days
Trip
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Now playing: Nine Inch Nails - Capital G via FoxyTunes
The Son of Man
Well-Known Member
I've actually been considering it, because I know how easy it can be in a normal market, but with the economy these days, I imagine it'd be like taking candy from a baby. Got any good recommendations on where to go?
Trip
I've been following the crowd everyday taking ~11-12%Just search out the volume.
cheeseysynapse
Well-Known Member
The levered ETFs are where its at!
Now they're rolling out 3x ETFs! On a daytrading margin thats 12x! But, my balls aren't that big.
Now they're rolling out 3x ETFs! On a daytrading margin thats 12x! But, my balls aren't that big.
cheeseysynapse
Well-Known Member
Japan didn't let their banks fail, and that trash stayed on their books a decade! We're propping up banks left and right. The only way we get out of this without a prolonged recession is to devalue the dollar to toilet paper. Which, at this rate, shouldn't take too long.
The Son of Man
Well-Known Member
Regional banks are just fine---the big banks were once regional banks. Charlotte is booming man.
cheeseysynapse
Well-Known Member
You're in Charlotte?! I'm in Durham!
Charlotte is BOOMING!
AHAHA - what is it now? South/East/Regional HQ of wells fargo?
Naw, Ken Lewis is da man. But, didn't they just announce 30K of job cuts, ON TOP of the the merill cuts?
NC is booming dude.
Raleigh is one of 20 municipalities that have growth and AAA rated muni bonds.
Charlotte is BOOMING!
AHAHA - what is it now? South/East/Regional HQ of wells fargo?
Naw, Ken Lewis is da man. But, didn't they just announce 30K of job cuts, ON TOP of the the merill cuts?
NC is booming dude.
Raleigh is one of 20 municipalities that have growth and AAA rated muni bonds.
The Son of Man
Well-Known Member
You know what would be a good long term trade? Life Insurance companies with clean balance sheets. A bunch of policies are going to get canceled through the down turn and picked back up with the turn around. Liquidity+Penalties+Commissions. I must dig deeper.
cheeseysynapse
Well-Known Member
Absolutely!
I played HIG last week. Right when it shot out of its base around $10. Got in at 10.67, and rode it all day.
But, for long term. I like LFC. Probably the only way a U.S. citizen can play the shanghai market.
But, the whole sector is ripe for long term players. HIG should be a double from here still.
The Son of Man
Well-Known Member
CIEN--has been extremely irrational lately 
The Son of Man
Well-Known Member
Opec is going to do whatever it takes to get oil to 55 a barrel
The Son of Man
Well-Known Member
cnbc's erin gives me a big rubbery one
cheeseysynapse
Well-Known Member
Opec is going to do whatever it takes to get oil to 55 a barrel
HAHA.........No fucking way. At their last meeting, they didn't cut, and oil was just over $50 - after falling $100 in 4 months! Now they are talking about "emergency cuts." Whatever. Getting to Opec to act together is like herding cats.
They're all going to cheat, they always do! Cause, if this "slowdown" continues, ain't no way they are gonna see $50 for oil. They're all panicking now. Just think about Dubai........all that construction. The UAE is gonna pump all they can to keep that "dream" alive.
The Son of Man
Well-Known Member
Oil has to be 55 dollars for the saudi's to be in the black with their govenment.
cheeseysynapse
Well-Known Member
What? Noooooo. The Saudis are THE low cost producers. It costs them about $5 per barrel to get out of the ground.
Hell, Suncor's break-even point is $30/barrel. And that's a lot more capital intensive to mine those tar sands.
The Son of Man
Well-Known Member
I'm talking about their social programs--the whole country runs off oil revenues.
cheeseysynapse
Well-Known Member
Yeah, CIEN - najarian was wetting himself last week about how they broke some size/speed barrier.
That chart looks nasty though. I don't think its the networkers time just yet. Or anybody else's....
That chart looks nasty though. I don't think its the networkers time just yet. Or anybody else's....
cheeseysynapse
Well-Known Member
That is more likely. I think you could raise that number too. A lot of the Arab states bought the "peak oil" meme hook-line a sinker. And they budgeted for ever higher prices.
Gonna be interesting to see what happens over there if oil remains dead money for the next couple years.