Posted:
#1
I
Newbie help
Views: 723
Posts: 15
Posted:
#2
Quote Originally Posted by MWC:
I
I don't know what that was all about, the webpage freaked out.
Anyway, I know some of you guys get really tired of this on here. But here it goes anyway. About a month ago I started a Scottrade account with a little over 5k. I've been reading and watching, etc, etc. Trying to learn everything I can. I'm a techical guy by trade, Engineering, GIS, GPS, etc. I'm not a finance guy, that's for sure. I have an arsenal of "bean counter" jokes.
So, I'm starting to think that maybe that's my problem. This may sound juvenile to some of you, but in one month, as of today, I've made a total of fucking 16 whole dollars!!! Remember, this is a gambling website, and I'm a gambler. This type of return is not the usual -110 return I'm used too. Advice?
Posted:
#3
if you have no financial background, best advice is to find value based ETFs across the board...some large cap, some mid cap, some small cap, some intl
contribute a little bit each month (auto-deduct) and distribute your money into those 4 areas and then
FORGET THIS ACCOUNT EXISTS
seriously...the little guy can only win one way...buy and hold
contribute a little bit each month (auto-deduct) and distribute your money into those 4 areas and then
FORGET THIS ACCOUNT EXISTS
seriously...the little guy can only win one way...buy and hold
Posted:
#4
I hear ya KOAJ. That's exactly what I told my wife recently. I told her I might just put the money into something like that and wait for football season to start. 
$5200 bucks and I've made $16 in a month 
. I make that in about 20 minutes here at work.
$5200 bucks and I've made $16 in a month . I make that in about 20 minutes here at work. I've have a fairly aggressive 401k that seems to perform much better than this Scottrade experiment that I seem to be wasting my time with.
Posted:
#5
MWC,
Is 5k a large ammt of money for you? I ask seriously or is this risk capital where if you lost it, the experience would be considered valuable and you wouldnt regret it?
If you need that 5k and cannot risk it, then do what Koaj said. If this is considered risk capital and you are ok with either a home run or a strike out, then you should view it accordingly.
5k isnt a ton to trade with to be honest..it buys you 1k shares of a 5 buck stock..that needs a big move for you to realize a nice gain percentage wise.
I need more info before issuing my opinion, so let me know what you HAVE been doing thus far and what kind of funds these are to you and your family..
Is 5k a large ammt of money for you? I ask seriously or is this risk capital where if you lost it, the experience would be considered valuable and you wouldnt regret it?
If you need that 5k and cannot risk it, then do what Koaj said. If this is considered risk capital and you are ok with either a home run or a strike out, then you should view it accordingly.
5k isnt a ton to trade with to be honest..it buys you 1k shares of a 5 buck stock..that needs a big move for you to realize a nice gain percentage wise.
I need more info before issuing my opinion, so let me know what you HAVE been doing thus far and what kind of funds these are to you and your family..
Posted:
#6
wsc-
No, this 5k is play money, basically. Like I said, if it were football season, it'd probably go there. But, I thought I might try to do something somewhat responsible this time.
I'm just not patient enough, that's my problem. I own shares in five different companies - 2 healthcare, 2 communications and 1 in gaming. 4 of the 5 are up today.
Posted:
#8
MWC,
I get where you are coming from..I have been in the same boat where you have a certain ammt and have the ambition to really turn it into somthing large..and you see these stocks moving all over and you cannot catch a wave so to speak.
I have to be honest with you that the safe route is for your wife, the 5% savings route, but if you wanted to try and make a big hit you need to take a risk and healthcare and communications arent the ones you are going to see move.
In my opinion, in my past..I made the most money with the smallest ammt of capital (when in your position) by watching movers, high gainers early in the session and try to run with one, catch it early and make a few good trades. I would avoid catching falling knives even if it seems tempting because that kind of trading takes longer time and can zap your account easily.
The other choice is options..but I suggest if you arent 100% comfortable with the theory behind options and the risks involved that you steer clear of them.
It sounds like you need somthing a little safer than high risk capital..you might think it is play money, but I gotta think (from experience too) that the wife doesnt see it that way.
Not trying to steer you towards a 5% account because I really think after inflation a 5% account is for old farts or ultra conservative investors, but in order to really make a huge move in the market in a SHORT period of time you have to be willing to take big risks....
I get where you are coming from..I have been in the same boat where you have a certain ammt and have the ambition to really turn it into somthing large..and you see these stocks moving all over and you cannot catch a wave so to speak.
I have to be honest with you that the safe route is for your wife, the 5% savings route, but if you wanted to try and make a big hit you need to take a risk and healthcare and communications arent the ones you are going to see move.
In my opinion, in my past..I made the most money with the smallest ammt of capital (when in your position) by watching movers, high gainers early in the session and try to run with one, catch it early and make a few good trades. I would avoid catching falling knives even if it seems tempting because that kind of trading takes longer time and can zap your account easily.
The other choice is options..but I suggest if you arent 100% comfortable with the theory behind options and the risks involved that you steer clear of them.
It sounds like you need somthing a little safer than high risk capital..you might think it is play money, but I gotta think (from experience too) that the wife doesnt see it that way.
Not trying to steer you towards a 5% account because I really think after inflation a 5% account is for old farts or ultra conservative investors, but in order to really make a huge move in the market in a SHORT period of time you have to be willing to take big risks....
Posted:
#9
I don't know that much about taxes etc for US (being a Canuck) but forget about trading for now. Seriously. As the quote goes, "If you don't know who you are, the stock market is an expensive place to find out." Your money is better spent on some books to really educate yourself first.
some good reads off the top of my head
Random Walk Down Wall Street by Malkiel is a favourite of mine
Risk is a 4 Letter Word (more geared to Canadians but good insights into the risk-reward, the basics of CAPM etc)
Books by Suze Orman
General Markets and trading (LOTS out there)
Market Wizards, New Mkt Wizards and Stock Mkt Wizards by Schwager
2 books by Peter Lynch - Beating the street and one up on wall street
Reminiscences of a stock operator - Jesse Livermore
More specific trading
Alexander Elder - Trading for a Living, Come into my trading room
John J Murphy and Tom Demark- both have several about technical analysis
Posted:
#10
Hey, thanks for advice all. It's kind of strange seeking advice from anonymous strangers, but none of my buddies are into it other than their 401ks.
I'll heed your words, buy some books, and seriously think about putting this money into something long term. Although, the 5% savings is much too conservative for me (remember, we're gamblers, that's why we're here). I could be wrong, but the ETF's seem more attractive right now.
Posted:
#11
Quote Originally Posted by wallstreetcappers:
In my opinion, in my past..I made the most money with the smallest ammt of capital (when in your position) by watching movers, high gainers early in the session and try to run with one, catch it early and make a few good trades.
I've changed my strategy. This is what I'm trying to do now. Consolidated this morning, and caught what I think is a runner....
Posted:
#14
Hey wallstreet-
Thanks for the reply. I was kinda pissed this morning after seeing the dji fall once again. The bottomline is, now is just not a good time in my life to be trying to learn this stuff. Right now I have ZERO time for anything else besides getting ready to move (the wife and I are relocating, with new jobs, new house, selling old house, etc, etc, the whole nine yards).
So, after logging into my account this morning and watching it slide once again, I just sold everything this morning and called it good. I may use it as part of a down payment on some land we've been looking at. I will give it another shot some other time.
Posted:
#15
To elaborate some further, I first tried to diversify this small amount of dough into several different markets, I quickly realized I didn't have enough money for that to work. So, I then consolidated, and went with AMD, which I thought would rebound, but there seems no chance of that. So, I sold that and put it into an industry I enjoy - gambling. I went with Shufflemaster, SHFL and Trump, TRMP. Both have been on the skids. Most my money recently was in SHFL, I've talked to some of their employees, and they have no idea why it's sliding because they're busier than they've ever been and have new orders coming in left and right. SHFL was at almost 40 a share a year ago, it's less than 20 bucks now.
Two things: I know nothing about investing and I have zero patience. I'm a gambler, huge risk = huge profit. If that's not working, I'm not interested. Especially if my bankroll is getting eaten away in small chunks day after day after day. Fuck that, I say.
I'm sure you guys will kill me with all the things I've done wrong and my philosphy, but I'm a big boy.... Fair warning though, if you break down the companies I've invested in, like I've seen on here before, I will have no idea what you're talking about. Again, no time to learn right now. I will though, it is a goal of mine for sure. I like to have control of my money, not just a 401k that I never see.
Fair warning though, if you break down the companies I've invested in, like I've seen on here before, I will have no idea what you're talking about. Again, no time to learn right now. I will though, it is a goal of mine for sure. I like to have control of my money, not just a 401k that I never see.
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