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Just started investing in the market

Spot In The SkySpot In The Sky Posts: 1,175
edited September 2008 in All Encompassing Trip
So Im hoping to turn into like a day trader, or a quick trader of sorts.
This morning I put $1000 in WM (washington mutual) when it was at 4.04 per share and ended at 4.27, once it gets to 4.50 ill sell my 245 shares and reinvest it.

Anyone else have success in the market?
"The world is dangerous, feel safe here tonight..." EV 9/17/06

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Comments

  • stevieraveonstevieraveon Posts: 413
    I like betting on sports better, at least I feel like I have some type of intelligence about what the outcome might be.
    Bob Loblaw's Law Blog: "Why should YOU go to jail for a crime someone else noticed?"
  • LesbelgesLesbelges Posts: 434
    In the long run you will lose money because you pay for each transaction you make through whatever brokerage firm you use. Secondly, mutual funds have fees...If you really really wanted to go that way, go with index funds which do not have fees you have to pay.

    But either way, you will never know more than the market unless that is your job and you have access to tons of info. Don't waste your time (and money).

    Recently, Warren Buffett bet that the S&P500 would beat any mutual fund over the 10 years. Reading between the lines, he is saying that an index fund (S&P 500) will outperform an actively managed fund over the long run. This is mosty due to the fact that the fees to manage the mutual funds as well as the transaction fees will more than negate the benefits of having someone actively manage you money.

    Hope this helps!
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  • Lukin2Not4YouLukin2Not4You Posts: 94
    the good news is that you have come into a market that is very volitile and you could get lucky. at least do a bit of ABC trading, following the RSI, slow stochastic, and moving averages.

    bad news is youve come into a market that is over reactive and has abandoned gains and losses caused by growth and earnings, instead its at the whim of huge money, shorts, and other market manipulation(like outright lying). Good Luck! ive lost lots and lots of money this year!

    also be careful with those financials WaMu could be the next to collapse!
    sorry to paint a bleak picture but thats the state of the current market.
  • spongersponger Posts: 3,159
    According to Warren Buffett, the ultimate investment is one that you can hold onto forever.

    Don't forget to factor in the taxes on short term capital gains.
    reigning champion

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  • Indian SummerIndian Summer Posts: 2,296
    Dude, stop now. Day trading with such a small amount of money is for lack of a better term, Stupid. Suze Orman, Dave Ramsey, and David Bach....who are my trifecta of financial wisdom all advise against day trading. Unless you have millions of dollars to risk, you CAN'T make any money day trading.

    You're 23 Years old. If you started maxing out a 401k and a Roth IRA right now, you'll retire rich and early.
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  • Fighting HellfishFighting Hellfish Posts: 3,170
    I agree. Do some research, find a stock you really like, buy it, and hold it. Not necessarily forever, but constantly monitor it. Day trading is just gambling. Expensive gambling at that. Whatever profit you make will be eaten up by taxes and transaction fees. I recommend looking into Costco. You can get all of their recent filings and the most recent annual report from their website, Costco.com

    I have to add, what you described is not investing.. It's speculating, or gambling.
  • riffrandallriffrandall Posts: 685
    A thousand dollars? Seriously? Did you get that when the man in the suit walked by and dropped it in your cup in Grand Central Station?
    I was a financial advisor for years, I've had phenomenal success in the market.
    But if you came in my office I would tell you to take your stupid thousand dollars and go to Foxwoods, because you'll do better there. Try to have someone else pay for gas.

    A thousand dollars. Thanks for the laugh.
    "If you're looking for someone to pull you out of that ditch, you're out of luck."
  • JOEJOEJOEJOEJOEJOE Posts: 10,619
    riffrandall wrote:
    A thousand dollars? Seriously? Did you get that when the man in the suit walked by and dropped it in your cup in Grand Central Station?
    I was a financial advisor for years, I've had phenomenal success in the market.
    But if you came in my office I would tell you to take your stupid thousand dollars and go to Foxwoods, because you'll do better there. Try to have someone else pay for gas.

    A thousand dollars. Thanks for the laugh.

    Even though his strategy may not be the best, everyone has to start someone. If he starts with $1,000, so be it. He may lose it all, but such is life.

    No need for you to sound so bitchy and pretentious towards the OP.
  • Spot In The SkySpot In The Sky Posts: 1,175
    JOEJOEJOE wrote:
    Even though his strategy may not be the best, everyone has to start someone. If he starts with $1,000, so be it. He may lose it all, but such is life.

    No need for you to sound so bitchy and pretentious towards the OP.


    Thanks Joe-
    I dont think people understand that I am trying to start small, like just make like $50-$100 a week from quick trading, eventually to build up a little more.
    You don't lose money until you sell...
    If I sold the same day that I bought these 245 shares of WaMu, I wouldve made $45...whats so wrong about that?
    "The world is dangerous, feel safe here tonight..." EV 9/17/06

    38+6 shows at the age of 27 and counting...but still no Undone

    My podcast: Hotel Manager Talk- Dedicated to Hotel Employees, tell your friends. http://www.HotelManagerTalk.com
  • g under pg under p Surfing The far side of THE Sombrero Galaxy Posts: 18,200
    I invest a couple grand a year that the govt allows in AG Edwards

    Peace
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  • iluvcatsiluvcats Posts: 5,153
    JOEJOEJOE wrote:
    No need for you to sound so bitchy and pretentious towards the OP.

    Yes I was wondering what that tone was about too.
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  • spongersponger Posts: 3,159
    riffrandall wrote:
    I was a financial advisor for years, I've had phenomenal success in the market.


    wowoowowowow.
    reigning champion

    http://forums.pearljam.com/showthread.php?t=272825
  • senninsennin Posts: 2,146
    Wamu took a huge hit today.
  • ReleaseMe...ReleaseMe... Posts: 494
    follow lenny dykstra on his hot picks, i hear he's good

    learn to play poker and put that thousand in an online poker room. shit, i wish i had a g to bankroll me at a table!
    Mansfield II: # 23, since '03

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  • SpreadtheJAMSpreadtheJAM Posts: 344
    riffrandall wrote:
    A thousand dollars? Seriously? Did you get that when the man in the suit walked by and dropped it in your cup in Grand Central Station?
    I was a financial advisor for years, I've had phenomenal success in the market.
    But if you came in my office I would tell you to take your stupid thousand dollars and go to Foxwoods, because you'll do better there. Try to have someone else pay for gas.

    A thousand dollars. Thanks for the laugh.


    HaHa. Brutally honest.

    No but seriously don't think thats the best way to make money. Besides WaMu's a dog.
    BORGATA>VIC
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