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Online Day Trading: How many of you do this?

Discussion in 'Members' Lounge' started by Cashizslick, Feb 25, 2008.

  1. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

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    Hey all,

    So I have been musing over ways to pass the time at while being bored at work. I was wondering how many of you are involved with day trading and what sites you use.


    Thx,

    C
     
  2. BigJ

    BigJ I'm just about that action Boss. VIP

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    Scotts Trade.
     
  3. Briansol

    Briansol Admins Admin VIP

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    unless you've got a serious bankroll to play with, i wouldn't recommend it.

    A) you're going to get hit transactions fees per trade (9.95 to 19.95), X2 if you buy and sell in the same day, so you need to make 20-40 bucks a day just on the stock value a day to break even, which means you probably need a couple thousand in stock to toy around with.

    B) everytime you make a transaction, you will have to file the sale on your taxes. 5 trades a day X 250-odd days of the stock market being open = a SHIT ton of forms to deal with come tax time.
     
    Last edited: Feb 25, 2008
  4. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

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    ^ I was just thinking about that actually. 9ish/trade is not pennies.
     
  5. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    yup +1
    you are better off spending that time researching good stock picks, then make a huge purchase and let it sit for a short period.

    if you want to be more active without needing as much overhead, you should look into buying and selling options. But that isn't exactly for a novice. you can take a free class at your local Fidelity for something like that though.
     
  6. BigJ

    BigJ I'm just about that action Boss. VIP

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    $7/trade at scottstrade.


    My dad purchases and sells usually once in a while, depending on what tips he got from someone. Recently purchased a crap ton of wamu I believe around 12ish, and sold around 17ish. This was a real short term deal and it was a quick buck to be made. He then reinvested it directly into Jones Soda, but that was a more long term purchase.


    And I think we're going on a business trip and going to potentially invest in a biodiesel company. It's doing big things. IPO was around $4/share, and is around $88. They're looking for a big split, so soon it'll be a great time to buy.
     
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