iwannaiguana
iwannaiguana
Joined: Jun 4, 2011
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August 8th, 2011 at 6:46:04 PM permalink
Since I consider stocks a form of gambling I feel it's appropriate to mention it here. Are many people active traders here? Daytraders? Anyone have their portfolios devastated by recent events?

I always thought stock trading was fun. I dabbled in daytrading and did fairly well. After the market crashed in 08 I only managed to come out even, though. I am 'lucky' enough not to have any spare cash to have invested right now. I would definitely stay away from the market for at least the next few months until things settle down.
AZDuffman
AZDuffman
Joined: Nov 2, 2009
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August 8th, 2011 at 6:54:58 PM permalink
Quote: iwannaiguana

Since I consider stocks a form of gambling I feel it's appropriate to mention it here. Are many people active traders here? Daytraders? Anyone have their portfolios devastated by recent events?

I always thought stock trading was fun. I dabbled in daytrading and did fairly well. After the market crashed in 08 I only managed to come out even, though. I am 'lucky' enough not to have any spare cash to have invested right now. I would definitely stay away from the market for at least the next few months until things settle down.



Just practice trading the Forex right now. Trying to save some cash to go real next year. One thing I see there is you cannot scalp much. Trying to practice until I can even make $20-30 a night risking $150 or less per trade, IOW $10,000 lots. If I can do that I hope to build over time and get more serious.

I don't like calling the markets "gambling" or "betting." I'd more compare it to sports-wagering and say "wager" or "take a position." Sports betters and stock pickers seem to cross talents.
Tolerance is the virtue of believing in nothing
zippyboy
zippyboy
Joined: Jan 19, 2011
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August 8th, 2011 at 7:06:07 PM permalink
The Dow numbers for the day only matter if you're buying or selling. I'm doing neither.
"Poker sure is an easy game to beat if you have the roll to keep rebuying."
iwannaiguana
iwannaiguana
Joined: Jun 4, 2011
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August 8th, 2011 at 7:12:12 PM permalink
Quote: AZDuffman

Just practice trading the Forex right now. Trying to save some cash to go real next year. One thing I see there is you cannot scalp much. Trying to practice until I can even make $20-30 a night risking $150 or less per trade, IOW $10,000 lots. If I can do that I hope to build over time and get more serious.

I don't like calling the markets "gambling" or "betting." I'd more compare it to sports-wagering and say "wager" or "take a position." Sports betters and stock pickers seem to cross talents.



The stock market is one of few propositions that can offer a positive edge. I still consider it gambling or betting just as much as I do sports betting. There's always risk, even smart traders lose big sometimes.

Quote: zippyboy

The Dow numbers for the day only matter if you're buying or selling. I'm doing neither.



I'd say they still matter if you're holding. If you're 20+ years from retiring then no big deal, but when you're over 50 and watch your retirement fund lose 10%... You gotta sell sooner or later
thecesspit
thecesspit
Joined: Apr 19, 2010
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August 8th, 2011 at 7:47:04 PM permalink
Just like you can buy using dollar cost averaging (at least if your taking a relatively simple, hands off approach) you can sell the same way, or at least convert from shares into secure bonds over time... that way you don't have to second guess the market.
"Then you can admire the real gambler, who has neither eaten, slept, thought nor lived, he has so smarted under the scourge of his martingale, so suffered on the rack of his desire for a coup at trente-et-quarante" - Honore de Balzac, 1829
NandB
NandB
Joined: Jan 26, 2010
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August 8th, 2011 at 8:22:29 PM permalink
I never try to catch a falling knife. I don't reccomend buying right now. The problems are deep and well-established. Imagine people fleeing to US Gov. Bonds. They are in competition with the US Gov. itself... and when they pull the tablecloth away... crash, and loss of principal.... but, gee, you get a higher interest rate. The old adage in the tech-world comes immediately to mind, "First-adopters must die". If you must do something with your currency.... sit on it, just like the grown-up boys do, Silver is still 40ish an ounce, a fair bit more palatable than 1700+ Gold.Wait and ride this out a bit, play close to the vest.

if you're in a 401K, you might be toast... AGAIN, just like 2008. (What a shell game)

FWIW N&B
To err is human. To air is Jordan. To arrr is pirate.
EvenBob
EvenBob
Joined: Jul 18, 2010
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August 8th, 2011 at 9:07:49 PM permalink
Its 12am and the DOW futures for tomorrow is already
down 300 points.
"It's not enough to succeed, your friends must fail." Gore Vidal
odiousgambit
odiousgambit
Joined: Nov 9, 2009
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August 9th, 2011 at 3:33:39 AM permalink
There will be a bottom. 'Have they found it yet' is the question.

There is one thing that will go back up and I guarantee it. Oil is down now and you can't lose long term on that is my bet. The VDE etf is getting more of my attention at the moment.
"We thank with brief thanksgiving Whatever gods may be That no man lives forever, That dead men rise up never" Nor any gambler the long run see ever ........apologies to Swinburne for that last line
s2dbaker
s2dbaker
Joined: Jun 10, 2010
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August 9th, 2011 at 4:16:47 AM permalink
I worked in derivatives for years, stock markets panic and those are really good days for traders. They'll never admit it though.
Someday, joor goin' to see the name of Googie Gomez in lights and joor goin' to say to joorself, "Was that her?" and then joor goin' to answer to joorself, "That was her!" But you know somethin' mister? I was always her yuss nobody knows it! - Googie Gomez
inap
inap
Joined: Dec 12, 2009
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August 9th, 2011 at 4:37:27 AM permalink
Quote: s2dbaker

I worked in derivatives for years, stock markets panic and those are really good days for traders. They'll never admit it though.



high volume is good for traders, but september and october, typically the worst months of the year is just around the corner. if the market doesn't recover a little before then i think things could get much worse.

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