Investors Opinions.....

[Meractik]

I am a newbie but I am looking for opinions of people who heavily invest in the stock markets and their opinions of certain online brokerage applications.

I know their are a few companies out there that all allow day traders to do just about anything but here are some key elements I would like to have in whatever brokerage site I sign up with.

- I currently am playing with StockTrak (www.stocktrak.com) to experiment and would like something that works similar to that interface, if possible...?

- I would really appreciate an easy to use mobile app - something that could notify me on a smartphone of certain transactions or info (Ex: Stock reached a SELL Limit and is going to transact @ specified price limit)

- Something that would be accompanied by tutorial videos and some good support (as stated above I am a newbie, and I would like to have a lot of instructional videos that can teach me how to do certain things etc...) -- at this point I would be simply looking to do simple day trading but I would like lots of features to be available to me if I get into heavy stuff in the future.

Any information those of you who are heavy day traders or anyone who uses online brokers feel free to provide your opinions of who you go with and why. I really want to make the first choice be a good one and not have to switch around to several brokers till I find one I like. Thanks!

 

[kranky]

Could I ask why, as a newbie to investing, why you want to use the riskiest, most likely to lose money method of investing (i.e. day trading)?

 

[Arcadio]

Could I ask why, as a newbie to investing, why you want to use the riskiest, most likely to lose money method of investing (i.e. day trading)?

Maybe the Op is a newbie at day trading, not investing.

 

[Meractik]

Maybe the Op is a newbie at day trading, not investing.

The above is correct. I have other stable investments (I apologize for my verbage being incorrect) I am a newbie to day trading...

I am aware of the risk but am captivated by the possibility of reward as well.

No risk, no reward...

 

[Exterous]

No risk, no reward...

Just because there is risk that doesn't mean there will be reward. I don't have much to add about day trading but I see people use that phrase as a way to justify overly risky choices, usually combined with an abundance of ignorance when it comes to investing

 

[Meractik]

Just because there is risk that doesn't mean there will be reward. I don't have much to add about day trading but I see people use that phrase as a way to justify overly risky choices, usually combined with an abundance of ignorance when it comes to investing

I know that, anyone to think that the two are mutually exclusive is ignorant. Its not a guarantee one will bring the other with it - I am looking for suggestions of web portal cloud like software for those willing to play the game. Not argue the fact as to whether its a good idea or not, I understand the liabilities.

 

[Meractik]

bump

 

[Miramonti]

Just because there is risk that doesn't mean there will be reward. I don't have much to add about day trading but I see people use that phrase as a way to justify overly risky choices, usually combined with an abundance of ignorance when it comes to investing

Someone can daytrade successfully and have absolutely no clue about investing. They are two entirely different games, and for practical purposes, are mutually independent.

 

[Exterous]

They are two entirely different games, and for practical purposes, are mutually independent.

This makes no sense. To day trade do you not trade something of value, typically money or capital, in return for a stock or position with the expectation of a financial gain? Thats pretty much the definition of investing. There is no time frame requirement to be an investment

 

[olds]

Someone can daytrade successfully and have absolutely no clue about investing. They are two entirely different games, and for practical purposes, are mutually independent.

This.
I had a co-worker (not a real bright guy) that was making money day trading. He eventually got two other co-workers to go along with him. He lost them both almost $10k each.

 

[Miramonti]

This makes no sense. To day trade do you not trade something of value, typically money or capital, in return for a stock or position with the expectation of a financial gain? Thats pretty much the definition of investing. There is no time frame requirement to be an investment

The general definition of investing in the market is considered having a long term perspective. 'Daytrading' is the opposite and things that are involved in 'investment' decisions, such as PER, company prospects/growth, industry health, insider actions, and so on generally have little to no relevance in short term/day trading decisions.

If you want to get hyper-literal on a term like "investing", which in a broad literal sense could be relevant to any decision that one makes in life, then stick to the english grammar threads and stay away from the market related ones.

 

[nickbits]

I lost 1k last week day trading appl. I gave up.

 

[Miramonti]

Then again, many investments are simply daytrades gone bad.

 

[OverVolt]

Don't day trade, just keep some money in stocks and move it around as the market changes. Talking like maybe 1 trade every 3 months tops.

Its a bit ironic that all these stock market investment threads appear when the market is at a relative high. There is the saying "Sell in May and go away." Its not really a good time to enter the market but its a good time to cash out if you had any stocks :awe: My opinion.

 

[Miramonti]

Don't day trade, just keep some money in stocks and move it around as the market changes. Talking like maybe 1 trade every 3 months tops.

Its a bit ironic that all these stock market investment threads appear when the market is at a relative high. There is the saying "Sell in May and go away." Its not really a good time to enter the market but its a good time to cash out if you had any stocks :awe: My opinion.

Indeed. When people are enthusiastic to jump on the band wagon is generally a pretty good barometer that things are or will soon be headed in the other direction.

 

[OverVolt]

Oye

 

[Hugo Drax]

The above is correct. I have other stable investments (I apologize for my verbage being incorrect) I am a newbie to day trading...

I am aware of the risk but am captivated by the possibility of reward as well.

No risk, no reward...

Unfortunately the odds are against you, you have a 98% chance of loss of capital or underperforming the S&P 500.

Think about it, if I asked you can I read some books and fly a 747 during in IFR stormy conditions would I be successful? What do you think the odds would be.

Trading is like any other profession, you don't just read a book and make profits, otherwise everyone would be rich.

#2 Papertrading is nothing like real trading. In real trading you are dealing with the market microstructure. where in papertrading you always get perfect fills, always a market etc..

 

[Hugo Drax]

I know that, anyone to think that the two are mutually exclusive is ignorant. Its not a guarantee one will bring the other with it - I am looking for suggestions of web portal cloud like software for those willing to play the game. Not argue the fact as to whether its a good idea or not, I understand the liabilities.

It will be pretty much mutually exclusive to you. You will take on all the risk but I doubt you will get rewards.

Anyhow go ahead, fund your account with the 25K SEC minimum and open up a type 2 margin account to allow pattern day trading and come back to me in a month with the results.

 

[olds]

Indeed. When people are enthusiastic to jump on the band wagon is generally a pretty good barometer that things are or will soon be headed in the other direction.

Billionaires Dumping Stocks

 

[Miramonti]

Unfortunately the odds are against you, you have a 98% chance of loss of capital or underperforming the S&P 500.

Think about it, if I asked you can I read some books and fly a 747 during in IFR stormy conditions would I be successful? What do you think the odds would be.

Trading is like any other profession, you don't just read a book and make profits, otherwise everyone would be rich.

#2 Papertrading is nothing like real trading. In real trading you are dealing with the market microstructure. where in papertrading you always get perfect fills, always a market etc..

The irony of that suggestion coming from someone with a CBOE avatar, which was generally composed of 80+% scalpers in the pits basically daytrading in and out of positions for quick profits off the order flow.

Btw, do you have a source for your 98% quote? Sounds like a bs @ss-grab to me (not to say you started it...you probably heard it in chatter somewhere.) I don't think statistics can be accurately quantified in such a short statement without any qualifiers to define what a 'daytrader' is etc.

/edit: Btw, someone eventually will have some answers for you OP. I pay for the software I use and the the broker I use has tools focusing primarily on execution and not analysis.

 

[Hugo Drax]

The irony of that suggestion coming from someone named CBOE, which was generally composed of 80+% scalpers in the pits basically daytrading in and out of positions for quick profits off the order flow.

Btw, do you have a source for your 98% quote? Sounds like a bs @ss-grab to me (not to say you started it...you probably heard it in chatter somewhere.) I don't think statistics can be accurately quantified in such a short statement without any qualifiers to define what a 'daytrader' is.

A few failed brokerages, Tuco for example had to release its list of trader information and it showed that over 95% of its day traders lost money.

Actually there were plenty of people at the pits who lost everything from bad trades. They went in to scan in at the gate leading to the pits and it would not open up for them.

To make money in any career you need years of experience and education and surviving mistakes before you can win, to think that just because you read some books or made some money paper trading != make money daytrading.

Just before becoming a commercial 747 pilot you need years of training/education and lots of cockpit hours before they can be a successful 747 pilot.


Anytime I hear another wet behind the ear kid thinking that they can just open up an account and make profits day trading I get a chuckle. It is sort of like a disrespect to those involved in the industry, like any halfwit could do it. Which is wrong, totally wrong.


Go ahead, fund 25K into a type 2 margin account and get back to me in 30-60 days and let me know how it goes. With kids sometimes they need to scrap an elbow before they learn the lesson or burn their finger on the stove after you told them numerous times regarding the dangers of a hot stove plate.

 

[sunzt]

options day trading can minimize your absolute $ risk by being able to maximize profits with the least capital. Google "Pit Trades" for a good group focused on this. Basically they'll teach you how to be profitable with 500, 1000, and 2000 dollars day trading options. If you can't manage to do that, you shouldn't risk any more money. As for brokers see below:

OptionsExpress
Just2Trade
Tradeking/Zecco
Optionhouse

 

[Miramonti]

A few failed brokerages, Tuco for example had to release its list of trader information and it showed that over 95% of its day traders lost money.

Actually there were plenty of people at the pits who lost everything from bad trades. They went in to scan in at the gate leading to the pits and it would not open up for them.

To make money in any career you need years of experience and education and surviving mistakes before you can win, to think that just because you read some books or made some money paper trading != make money daytrading.

Just before becoming a commercial 747 pilot you need years of training/education and lots of cockpit hours before they can be a successful 747 pilot.


Anytime I hear another wet behind the ear kid thinking that they can just open up an account and make profits day trading I get a chuckle. It is sort of like a disrespect to those involved in the industry, like any halfwit could do it. Which is wrong, totally wrong.


Go ahead, fund 25K into a type 2 margin account and get back to me in 30-60 days and let me know how it goes. With kids sometimes they need to scrap an elbow before they learn the lesson or burn their finger on the stove after you told them numerous times regarding the dangers of a hot stove plate.

I don't know who Tuco is but I'm assuming your references to failed brokerages are ones that failed during the market turmoil. So...95%+ of those "daytraders" (again, not sure how these were defined and isolated from the others), from those brokerages, trading while the market is going to hail in a hand basket...lost? ok... We know that most prefer to work from the long side and no doubt many of those had 'daytrades' turn into 'investments' unwillingly and were generally in a pretty brutal environment to be working from the long side.

most of the successful traders I know who lasted a long time were successful early. There's simply too much risk to last long without being successful fairly quickly imo.

I don't dispute most will lose money, overwhelmingly, but if everyone took that into account and avoided it, no one would have had the chance to be successful. Trading short term is a very different game and takes a very different perspective of 'value' or 'tradeworthiness' than investing. Some get that and some don't, and the ones that don't often never do, regardless of education or finance experience.

 

[Exterous]

If you want to get hyper-literal on a term like "investing", which in a broad literal sense could be relevant to any decision that one makes in life, then stick to the english grammar threads and stay away from the market related ones.

I wasn't the one nitpicking over my use of the term 'investing' despite its technically correct usage :sneaky:

Its a bit ironic that all these stock market investment threads appear when the market is at a relative high. There is the saying "Sell in May and go away." Its not really a good time to enter the market but its a good time to cash out if you had any stocks :awe: My opinion.

I have noticed a very sharp increase in the number of ads for investing (apparently i have to say and day trading as well ). I don't have the paper in front of me but the WSJ noted that a significant number of Middle/Lower class Americans who left the market in 2008 are just now or only recently getting back in. Wasn't January the first time in 2 years that people put more money in mutual funds than they took out? Everyone wants a piece of the action without realizing most of the best pieces are long gone

 

[Meractik]

options day trading can minimize your absolute $ risk by being able to maximize profits with the least capital. Google "Pit Trades" for a good group focused on this. Basically they'll teach you how to be profitable with 500, 1000, and 2000 dollars day trading options. If you can't manage to do that, you shouldn't risk any more money. As for brokers see below:

OptionsExpress
Just2Trade
Tradeking/Zecco
Optionhouse

Thanks, ill check em out... I am very very new to the game, Hugo Drax - you need minimum 25k to open a margin day trading account? I very easily could dump that money to do so... but I do not want to drop that much and have it tied up just to play with. (i am not rich) I want to have full control of my monies - I will accept risk but I am simply looking to go with something to throw a few hundred every so often into and just dip my toe into the waters..... Do any/all the online brokerage firms mandate a 25k minimum account to allow you to trade? (even the ones with the 5.95/7.95 a trade fee?)