Discussion in 'Investments' started by Enronitis, Mar 2, 2015.
Successful day-trader, am active in multiple types of investing.
Ask me anything.
Whats your opinion on Timothy Sykes?
He's a doohick moron.
I respect the fact he made some money off of pennies, but anything he "teaches" or claims to 'teach' is publicly available in the first place. He makes all of his money these days off his courses and really isn't insightful or in anyway impressive in terms of being a trader.
I wouldn't waste a dime on him, and always advise caution when listening to anything he spouts.
Doesn't he actively trade tho and show results?
He rarely makes what he claims he does as again he generates majority of his income through his courses now.
You're free of course to give it a try, but everything I've heard/seen of him has lead me to distrust anything/everything to do with him.
Besides, if you want to trade pennies you can just learn some basic technical analysis and throw on a screener to detect for unusual volume and trade off that.
How much do you need to start making a decent income from trading?
You need $25,000 to legally day-trade, but in order to make decent income you need at the very minimum $1,000 I personally always say.
But this does need a certain amount of skill and patience.
What can you expect to make a day as a day trader? Highs and lows?
Depends on how long you put in, and the general plays for the day.
On the low end I make ~$1,000.
On the high end I've made ~$13,000+
It's frankly not very consistent as of course no one can truly predict a stocks movement.
Whats the most you've made in a day?
About $26,000 in a single day.
But I had over $130,000 invested to earn that.
What steps would you recommend as in how to start? Is it better to find someone already thats in the industry to teach you? Books or courses? Thanks
I personally believe the best way to learn the ropes is by getting right on them.
Jump right into investopedia and whatever books/courses you could find. It takes time, a long time to become a real serious successful trader, but it's well worth it in the end.
Play around with stock simulators as much as possible and develop a feel for how the market works, reacts to news, and maybe even develop a trading style/strategy while you're at it. (Or pick specific sectors you like, I'm a big Oil/Energy guy personally.)
From my experience, no one can really TEACH you all too much without smushing bias and opinionated nonsense in your face. It really is just best to learn on your own and ask questions on anything that's confusing. (I'm more than happy to answer questions.)
I'd also suggest as a general investor to read:
The Intelligent Investor by Benjamin Graham
A Random Walk Down Wall Street by Burton G. Malkiel (*)
The Black Swan by Nicholas Nassim Taleb (*)
If It's Raining in Brazil, Buy Starbucks by Peter Navarro
Always a Winner by Peter Navarro (*)
What could you invest with 1k$
I need more information as to what your goals with that $1k are.
Are you looking for passive income? Active?
Are you trying to make $100+ a month off it, do you not care?
How old are you?
Where are you located?
As much as possible $
Germany for now
Stocks or Forex, or Stock Options, matter of personal preference.
$1,000 is a tad limiting in the stock market, but is manageable with careful trades, realistically options would be more profitable if you take the time to learn what you're doing.
Forex is also good, $1,000 is plenty due to the high leverage, but again takes time to learn.
You'll have to find an international broker to suit you.
thanks for the advice
Whats the best online site, program or resource to help get started?
Investopedia is by far the best resource to use.
Stockcharts.com also has a fantastic charting school which is exceedingly helpful if you are interested in technical analysis.
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