The Official Day Trader Thread and Diary

[skippy]

Two more years of a zero percent rate on some capital gains. It was originally seen as a one-year anomaly: The capital gains tax rate for folks in the 10% and 15% income tax brackets was zero for 2010. This bill extends that for two additional years, which means some serious planning opportunities for families. Families who support low-bracket relatives (they can be elderly parents or young adult kids over the age of 18; over 24 if they are students) can give them winning shares of stock instead of cash. The low-bracketers can sell the shares and pay nothing in gains taxes through 2012. It’s an economical way to help the starving grad students in the family.

[AgeOfEnlightenmentSCP]

I would like to successfully day trade, but I have two main hangups with it: first, it seems like gambling and I don't like to gamble. Second, I'm sure there are systems out there that make it less of a gamble, but I'm wary of promises of "sure fire systems" because let's face it- if there was one, nobody would be selling it, they'd be using it and keeping their trap shut. So, how does one learn to day trade and come out ahead MOST days, and can I get started with a small amount of money-- $5K or less?

[Virgil Showlion]

Paul, the old day trading thread (pre-move) had a detailed log of secret's day trading strategy collected over dozens of pages.

My limited recollection is that it involved looking for poppers and droppers shortly after the market open. Secret would identify several stocks before the open, buy and hold for a matter of seconds during a run, and then flip the stocks for a tidy profit.

Much of his advice concerned putting in tight stops in case a trade swung the wrong way. Also, advice about avoiding gambling no-nos: taking on riskier bets to recoup losses on a bad day, etc. His strategy was thorough to a fault. I chided him once that simple computer program could implement it. He calmly replied that I was correct.

The old day trading crowd was also fond of telling newcomers to "read the thread" or "buy a book on day trading". Since the former is no longer an option, perhaps you can appeal to Rick, secret et al. for an abridged version of their system. As I understand it, there is also a live chat they participate in where they exchange market info in real time.

[Deleted]

Paul... trade in mulch. You will do better.

[AgeOfEnlightenmentSCP]

Ah, so it's the Roy Rogers advice: "Buy stock, if it goes up- sell it. If it doesn't go up, don't buy it."

[skippy]

Feb 17, 2011 10:42:20 GMT -5 AgeOfEnlightenmentSCP said:

I would like to successfully day trade, but I have two main hangups with it: first, it seems like gambling and I don't like to gamble. Second, I'm sure there are systems out there that make it less of a gamble, but I'm wary of promises of "sure fire systems" because let's face it- if there was one, nobody would be selling it, they'd be using it and keeping their trap shut. So, how does one learn to day trade and come out ahead MOST days, and can I get started with a small amount of money-- $5K or less?

I started day trading with 1751.00... Gambling is where you can't control the outcome. Day trading has a somewhat controlling factor. You should get their "Live" voice chat room information and listen in one day. There is no Bullcrap about their trades as you can listen to them "Live" hear entry's, exit's etc...

[traderrick]

Gap Up: ARUN,SPWRA,BRCD
Gap Dn: CPB

[secret1122]

Paul, as others have already said, what we do is not gambling. We have systems in place (rules) that take away many of the unknowns that would normally make our entries and exits guesses and turn them into calculated moves that promise an 80% or greater success rate on the trade. Over the last year that the live chat has been going everyone has varied the techniques they personally use, so everyone is trading just slightly different than each other, but the overall rules remain the same which keeps us overall on the same page. I have found over the last many years that most people say they are interested in day trading, but in reality they just want some quick cash with absolutely no work involved. When it comes time for them to put money in an account they are nowhere to be seen. If you're truly interested, the best thing you can do right now is get into that chat so one of us can talk to you and explain the basics of our strategy, and as said already you can sit with us as we trade live every morning. The chat started with me showing everyone how I trade and most, if not all considered me to be some kind of guru, know-all wizard. Well a year later we now have several members than can easily out perform me on a regular basis. In other words, the methods can be picked up, understood, and utilized easily to a point where you can be successful very quickly. We have a wide variety of people from all over the world, including what may be one of the best day traders history has ever seen, that all have great advice and are more than willing to share their knowledge with you. You will find more help than you imagine as everyone here wants each other to succeed. If you really have an interest in this, let us know. We're more than happy to show you the ropes.

[AgeOfEnlightenmentSCP]

OK, I'll bite. I absolutely cannot do it today, but next Tuesday morning I'm open. How do I get in on the live chat?

[secret1122]

Hopefully Pat see this over the weekend. You need to email him and he'll give you the info to setup the chat. For starters you can download Ventrillo which is the program we use for the chat.

[skippy]

Wow, i was in the "Live Chat" today only and NO ONE was there... What gives?? Today was the only day too... oh well

[Duh]

Skippy,skippy,skippy....The market is closed today as you now are no doubt aware.

[secret1122]

Feb 21, 2011 10:22:03 GMT -5 @Duh said:

Skippy,skippy,skippy....The market is closed today as you now are no doubt aware.

I'm pretty sure he was just joking with us. Take a look at the last thing he said. You fell for it hook, line, and sinker. Looks like Bread was doing some more fishing this weekend and managed to catch a large one. ;D

[patcubed]

PalmBeachPaul,

Send me an email to [e-mail] and I will send the the information that you need to join the chat. Also, I have an 80 page document extrapolated from the old forum with lots of good information if you are interested.

Patcubed

[traderrick]

Gap Up: MENT,TSL,SGI
Gap Dn: DCTH,E,FRX

[secret1122]

You got me Bread. I didn't notice the name when I answered your questions. You just earned a bonus point for that. Well played.

[traderrick]

Gap Up: VRTX,OCLR,DTV
Gap Dn: HPQ,SATC,GRMN

[Scalpem]

Hey T-Rick and Leather,

Hows it going ? Are you trading better without us ? Have you found a different 'holy grail' ? I am being serious, are you doing better outside the room. Let us know if you care to answer. (no hard feelings from me-just trying to learn and improve)

I do hope you are but your wit is missed.

[traderrick]

Hey to you Scalp,
I wouldn't say I'm doing any better but I was doing pretty poorly for a while in the room so I thought if I reduced my distractions I could improve. It has been a struggle as things tend to snowball when you're experiencing a bad streak. I'm only now beginning to regain my composure and have considered coming back to the chat.
I have found that it helps to have a group of people scanning the market for potential movers.

[traderrick]

Gap Up: PCLN,NTES
Gap Dn: IDCC,SLXP

[intheleather]

Hey Scalp, good to hear from you. No new 'grail', lol. I agree with traderrick that it does help to have the group scan, but I also found that I was overtrading and giving back, or worse losing more, than I made in the morning trades. So, I've been focusing on being disciplined in my trades, which I was lacking while in the room. Once I feel I've got that where it needs to be, I'll be back. I hope everyone is doing well.

[Scalpem]

Well guys, I am glad you are both doing better and can certainly understand what you needed to do. Don't rush back, get your methods disciplined,your emotions in check and if and when you are ready,I am sure I speak for many in the room that we look forward to seeing you back.

In the meantime, good luck, great trading and good............

[traderrick]

Gap Up: OVTI,CRM,IPG,CROX,RDC
Gap Dn: None

[Scalpem]

This is what I imagine cd looks like in emoticon art (your comment this am re my other posting did not go unoticed )

Have a great weekend !

[traderrick]

Gap Up: MRX,JKS,OAS
Gap Dn: HBC

[audizz]

Wow, I cannot believe I found this. I was a long time lurker on the MSN boards for nearly a year and then wasn't sure where you all went when they killed the boards, great to be back.

Anyway I'm not in a position to trade (funding my account this week, have been paper trading for awhile) and look forward to contributing.

Does the Vent still exist secret/breadman? I tried to get in today and it just sits there like it's trying to load.

Thanks,
AudiZZ/Zack

[traderrick]

I'm glad you found us again Zack.
There is a new vent site but Patcubed would have to get you the info on how to join. He does check in here from time to time so he will probably see your request and have you send an Email.

[patcubed]

audizz and others,

OBTAINING CHATROOM INFORMATION

Send me an email to [e-mail] . Setting up the chatroom envirorment is simple, but requires downloading some free software

[patcubed]

traderrick and intheleather,

Good to hear you guys are doing okay. You both are certainly welcome back to the chatroom anytime you feel that it is what you need. Good luck with your trading.

Patcubed

[traderrick]

Gap Up: LO,IBN
Gap Dn: CEDC,RRC,SOL,YOKU

Thanks Pat and good luck to you and the others in the room.