Quote:
Originally Posted by seeandsee
I will hold my shares for better times!
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BAD MOVE! If they are falling in value, DUMP THEM NOW and sell short. You can make money regardless of the direction of the market. Do not believe all the bullshit that brokers tell you about shorting. If you use a trailing stop on all your day trades and work in a system that is NOT subject to emotions and market swings, you can make money day trading every day.
Brokers are the spawn of Satan. Whenever the big brokerages recommend a buy, you will usually see them in Level II SELLING the exact same stock; conversely, when r=the recommend a sell, you will find them BUYING. They use their clients' as sheep the way a minister uses his flock - to get them to do things in the best interest of the broker/minister. They tell you that shorting stock is risky (a lie) yet they do it more than they go long; they tell you that everybody loses money day trading (another lie), yet that is all they do from open to close -- DAY TRADE.
Successful day traders are a threat to major brokerages, which is why they perpetuate the myth that it is a losing proposition. Of course, people can and do lose money day trading (but they lose more taking the advice of their brokers). To make money day trading, you need a system that will force you to execute buys and sells once your criteria have been met. If you stay true tot he system, you will make money, not on every single trade, but overall you will come out on top, because you are playing the percentages. The minute you start holding trades longer to try to make more $$ or dumping faster because you don't want to lose a penny, you're not going to fair well.
I will admit that I am currently having financial problems, but that was the result of an unexpected illness which drained my financial holdings to the point where I no longer had the minimum amount necessary to day trade (25k). My mobility is limited due to my need for oxygen but you can bet that once I have 25k in the bank again, I will hit level II and never look back. It SUCKS having the knowledge but no access.