Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?! -- Ignore unavailable to you. Want to Upgrade?

To: Mike Perras who wrote (75)	1/17/1999 5:33:00 PM
From: Dave Gore	Respond to of 611

Agree, Mike on almost all points! And very few will be better off Daytrading vs having a job...I do both for now and am so far able to focus on both. That may change. Here a response to some of your points Mike...the others were good too. 1-) I truly believe we could make 50% on our money every year by staying out of the market after August .. DG: Agree, you have to be very selective if you stay in the market all year. DEFINITELY stay out of Pennies after May! Back in okay in late Fall. Stay away from all stocks with low volume. 3-) STOP LOSS, STOP LOSS, STOP LOSS (should be #1 rule). DG: Plus, Never put in market order on a stock at the open 4-) Averaging down can truly be a killer. DG: Yes!! If you average down, make darn sure it is at a price that is so good that it is a "no-brainer". Be very patient and at least 80% sure you have seen the bottom. Learn how to read charts! 5-) Buy nothing between 9:30 & 10ish. DG: Yes, but may be good time to sell during opening half hour run-up 7-) Always pay attention to the news wire, the Clinton thing looks like it has zero effect so far .. but if it looks like he'll be removed, the markets will get very rough. DG: Yes or have CNBC or Bloomberg on TV going all the time 8-) Also wire stories can put a stock in play for a few hours & you can ride the news. DG: Yes, www.briefing.com is one that really moves a stock when they announce something...check it out, but realize that there will always be people that get news well before you do....do NOT chase a stock that is running and use a limit order, so the MM's don't screw you. 12-) Have 2 ISP connections for sure, really can't afford not to. DG: invest in LEVEL 2 (for day or minute trading) or at least have a cable or DSL modem and access to real time quotes (for day or week holds). Good luck, all....and remember DAYTRADING WILL GET MUCH HARDER FROM HERE ON OUT....you will need to do shorting and understand put options as hedges to make money going forward, plus you will really have to know and understand sector rotation and momentum investing or you are bound for failure. And you must know the basics of analyzing day, week, and yearly charts. In the BB/OTC market you will need to know what the additional risks are like 504 financing terms, convertible debentures, non-reporting companies, lousy or dishonest management, massive shares outstanding or authorized, etc. BUT if you can FIND a good Penny Stock, it can be incredibly rewarding and actually less risky and volatile with 3-10 times more potential return than say, the I-net stocks are right now. You just have to know the right buy points. DAVE