|
Posted by D on August 10, 2008, 7:53 pm
Hi all - I'm new and looking for some advice. I've been saving up money for
awhile - my income right now isn't that great but I've managed to save about
$60,000, and I hate the fact that I'm earning 3.5% minus taxes in my online
direct account, as this isn't even keeping up with inflation. Beyond that
though, I would to trade stocks for my livelihood if that's possible. Beyond
stocks I'm also interested in commodities, and possibly other areas as well,
but at this point my main concern is learning as much as possible.
I'm interested in almost any possibility, though I'm reluctant to day trade
(bad experience a few years ago when I was just starting to trade - didn't
lose a lot of money but have a reluctance to day trade again). I'd also
rather not stare at a computer monitor all day long. I was also initally
very interested in penny stocks but after doing some reading (mainly
usenet), I'm reluctant to do that too, because of the risk. I must admit
though, seeing a stock quadruple in price in two days is pretty exciting.
I'd like to stay away from things like indices as I don't really see them as
being predictable outside of technical analysis, which I don't have a lot of
confidence in, at least at this time. A while back I used statistical
software to see if previous movements in the S&P could predict the next
movement (using daily data) - I found no predictive power whatsoever. Of
course, that was just one example, but so far I don't have a lot of faith in
solely technical analysis (but I also don't know a lot about the market
yet).
My main concern is not LOSING money - I know everyone makes losing trades at
least from time to time, but I worked hard and saved for a while to bankroll
that $60,000 (while in grad school no less), so minimizing losses would be
key for me. Again, some losing trades would be fine as long as I'm making a
profit overall, and in the end I would like to make a steady income trading
stocks as my livelihood even if that meant making riskier trades. Making
millions would be great of course, but I would be more than happy if I could
pull in $50,000 per year somewhat consistently trading stocks.
So I searched an amazon, and found some books that seem useful (examples:
The Neatest Little Guide to Stock Market Investing, A Beginner's Guide to
Day Trading Online (2nd edition), How I Made $2 Million in the Stock Market:
The Darvas System for Stockmarket Profits), but was looking for
recommendations for books from traders here, and any other advice. Not to be
a jerk, but I really only would like advice from people who have been able
consistently make money trading stocks, commodities, etc. (makes sense,
no?). I'm very committed to this and will do whatever it takes - I'll read
100 books, study the market for years, anything.
Thanks, Dave
|
|
Posted by Blash on August 10, 2008, 7:32 pm
D wrote on 8/10/08 7:53 PM:
> Making
> millions would be great of course, but I would be more than happy if I could
> pull in $50,000 per year somewhat consistently trading stocks.
Most people would be very happy to do that with $60K in capital.....
All you want to do is safely make 80% on your money......
U.S. Gov't bonds yield 3.5-4%......the higher the yield you want, the higher
the risk you have to assume......
You may have read a lot of books but you haven't done much thinking......
|
|
Posted by D on August 10, 2008, 9:14 pm
>D wrote on 8/10/08 7:53 PM:
>
>> Making
>> millions would be great of course, but I would be more than happy if I
>> could
>> pull in $50,000 per year somewhat consistently trading stocks.
>
> Most people would be very happy to do that with $60K in capital.....
> All you want to do is safely make 80% on your money......
> U.S. Gov't bonds yield 3.5-4%......the higher the yield you want, the
> higher
> the risk you have to assume......
> You may have read a lot of books but you haven't done much thinking......
My main goal would be making a consistent income by trading stocks - not
$50k in total but per year. And as I said I'm just getting started in
this - so neither have I read a lot of books nor thought a lot about the
best plan of action.
|
|
Posted by on August 10, 2008, 9:15 pm
education is expensive, greed is a sin
JAV
|
|
Posted by FrediFizzx on August 10, 2008, 10:09 pm
> So I searched an amazon, and found some books that seem useful
> (examples: The Neatest Little Guide to Stock Market Investing, A
> Beginner's Guide to Day Trading Online (2nd edition), How I Made $2
> Million in the Stock Market: The Darvas System for Stockmarket
> Profits), but was looking for recommendations for books from traders
> here, and any other advice. Not to be a jerk, but I really only
> would like advice from people who have been able consistently make
> money trading stocks, commodities, etc. (makes sense, no?).
You are in the wrong group. All that gets talked about here is
politics and hogs. LOL!
If you figure out how to do it though, come back and tell us how you
did it. Or tell us how long that $60K lasted. ;-)
Yeah, read all the books you can. My favorites for long term
investing are Ken Fisher's "The Only Three Questions That Count"
(up-to-date) and Peter Lynch "One Up on Wall Street". What the heck,
get all of Cramer's books also. You will understand his show better.
I have one of his books. It was OK. The guy knocked down $100
million trading stocks so he probably knows something that you can
use.
Fred
|
| Similar Threads | Posted | | Re: When you first started trading... | December 28, 2005, 6:18 pm |
| Re: When you first started trading... | December 29, 2005, 9:18 am |
| Re: When you first started trading... | December 29, 2005, 8:44 pm |
| How does psychology affect in your trading? (Trading Forex, Stocks, options, Indices, Commodities) | July 17, 2008, 11:09 am |
| How does psychology affect in your trading? (Trading Forex, Stocks, Indices, Commodities) | June 30, 2008, 9:28 pm |
| What is the importance of Volume Spread Analysis in your trading? Find out by joining FREE live edge market trading on Stocks, Forex, Futures, Commodities | April 29, 2008, 11:59 am |
| Re: How to earn in stocks trading | February 21, 2008, 2:43 pm |
| This is better than trading stocks, you'll fall in love | September 17, 2007, 3:23 pm |
| Anyone out there doing "Pattern Trading" of indexes or Stocks? | April 25, 2008, 8:31 am |
| Re: *** $5,751.50 - $10,000+ per Month Trading Penny Stocks..REALLY!!! *** | October 6, 2008, 9:13 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap