“If you want to gamble, go to Las Vegas”
Doh!
I think I spot the problem here.
Stock tip 101 - you can lose money as easily as you gain money. Be prepared for both.
The media scum watched the Dow like vultures and saw it going down a little. They posted exaggerating headlines fabricated to start a panic, and the markets went down much more after that.
Someone split face cards then doubled down...
DOH!
How could he go broke buying on the dip? Just hold onto the securities until the market goes back up. It’s the other financial shenanigans that ate him up.
I could live just fine for many months on 10 grand.
My tastes are simple.
Play stupid games...
Two of the great pitfalls of day trading are trying to time the market and going for a big score. After years of inconsistent results, a friend of mine finally became successful at day trading by adopting the approach of successful bank robbers: hit the tellers only, so to speak, by going after only small gains; stay away from the vault, meaning the large risks of trying to hold even a winning position too long; and get in and out quick. Mastering that technique meant consistent small winning trades that provided little excitement or risk.
cash advances cost more to borrow too ha ha
Fascinating subject. The person who mentored me said they lost $200K, can't remember which crash, then learned to trade smarter, more carefully, and how to short. Said they traded Merill Lynch all the way to the bottom. Then traded GE once a day only. Probably wouldn't be a good idea now.
Since then, I was advised to pick one company, know it inside and out, how it fluctuates during the day, when the MM's go to lunch (how do you tell that?!). If I had to make a living that way, I would, but I would not trade on borrowed money (credit card, margin, etc.).
I did what I set out to do, made a little money the first year, probably broke even after I filed my taxes. No I think I came out a little in the black but hardly worth all I put into it for almost a year.
It was a good experience. I had never owned a stock in my life before that but always wanted to try it when I saw friends making money (they usually traded long).
It is a form of gambling I'll concede, but you can play with the odds a little more in your favor if you know what you are doing. I used some basic charts which were a help and watched selected stocks in real time.
I usually played Kraft before it merged with Heinz. When I saw that I had plunked $21K down on one trade, I thought that was too risky and haven't traded anything since. I read up on how to short but don't fully undeerstand it. I don't understand options either. Or hedge funds. Don't want to pay someone else a commission now to invest my money for me now.
Market just closed. DOW down over 1000 points, didn't get the exact number. I wouldn't want to lose what that person did but it's not really that terrible compared to what could have happened.
Don’t fight the tape. If the market wants to go down, it’s going to go down.
I tried playing penny stock poker with a small amount of money. I went bust, a victim of the pump and dump insiders.
Idiot.
The bank skims 3% of each credit card advance.
You’re down 3% the instant you make the first buy, and get wacked again any time you put more money in.
Buying on margin in a declining market. C'mon, guy, seriously?
I know a young guy who lost 15K on credit cards buying into a bitcoin multiplier scheme. He bought 18 at around 800 thinking he’d get something like four coins for every one. He gave up ownership to the scheme and lost it all.