Who plays the stock market?

M

Mike Panic

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Jul 22, 2009
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www.mikepanic.com
I know there are some poker players here, anyone splash around in the market?

I'm still kind of green, mostly playing with sub $5, high risk, volitile companies, trying to get in and out of stocks in 72 hours or less for a 5-15% profit, but have been left holding the bag a few times over the last month.

Anyone else mess around?
 


Long term for me. I dont need the money now. Just looking for strong companies - there all a bargain right now.
 
I don't even know where to start to get into stocks. Brokers % seems too high, high frequency trading stuff I read about is total bullshit arbitrage, isn't the market only during business hours? I would be pissed if the market closed on me before I could make a move.
 
joevis said:
If you like to gamble, you should get into trading options. Much bigger thrill.
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ehh, I had enough heart burn with FNM, that I bought Thursday, watched it sink more than 20% Friday and then nice pre-market run this morning, bad first two hours and finally dumped for a small profit because I don't believe in the company. My bankroll isn't big enough right now for options, and I don't think my stomach could handle it.

Rusky said:
Long term for me. I dont need the money now. Just looking for strong companies - there all a bargain right now.
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While I agree there are a TON of bargains out there, right now in my life I'm not a fan of the long term investment, especially after seeing some recent companies tank and fall flat on their face and / or the dreaded reverse split, or worse, delisted. Long generally means that the company is paying a decent dividend and you think the company can and will continue to turn a profit and will go up. Maybe I'm just a little too jaded, but just because things were at a higher price doesn't mean they will go back up again.
 
droplister said:
I don't even know where to start to get into stocks. Brokers % seems too high, high frequency trading stuff I read about is total bullshit arbitrage, isn't the market only during business hours? I would be pissed if the market closed on me before I could make a move.
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I use Zecco - $4.50 / trade.. .and you can setup buy's and trades on limit's, so it will only execute a trade on a certain price. Market is 9:30-4 EST M-F, closed on weekends and major holidays.
 
Mike Panic said:
I use Zecco - $4.50 / trade.. .and you can setup buy's and trades on limit's, so it will only execute a trade on a certain price. Market is 9:30-4 EST M-F, closed on weekends and major holidays.
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Same here. I was with them when they were free, but they recently started charging. They're trying to make money like everyone else. Overall, good company to work with.
 
Mike Panic said:
and you can setup buy's and trades on limit's, so it will only execute a trade on a certain price.
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Ya that's what the high frequency trading abuses. They do small tests to find your limit and then sell you at that price. So rather than getting a stock at $6.50 which is market, you get each one at $6.80 your limit because they abuse the system.
 
Mike Panic said:
While I agree there are a TON of bargains out there, right now in my life I'm not a fan of the long term investment, especially after seeing some recent companies tank and fall flat on their face and / or the dreaded reverse split, or worse, delisted. Long generally means that the company is paying a decent dividend and you think the company can and will continue to turn a profit and will go up. Maybe I'm just a little too jaded, but just because things were at a higher price doesn't mean they will go back up again.
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If you believe we haven't floored yet, then go ahead and wait. Just dont miss, the uproar opportunity. Keeping cash in the long run is not wise, if you think inflation is coming.
 
Rusky said:
If you believe we haven't floored yet, then go ahead and wait. Just dont miss, the uproar opportunity. Keeping cash in the long run is not wise, if you think inflation is coming.
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I don't think anything is at the floor - I think for me, at my age and risk / return value, playing small waves makes a little more sense for me. I started getting my toes wet in November of last year (I played around 10 years ago then got out) and have since turned nearly 60% profit on my mostly short-term investments.

I played techs for a while, got minorly burned, evened out with banks, then profitted from banks, then started to play in the bio-tech field. Got caught holding the bag for a few weeks with one bio-tech, it was sinking like the Titanic, then finally rocked up and sold for a profit. I've recently moved back into banks / mortgage companies and maybe going to look at the tech sector again. I'm OK with small waves, 4-10% gains and the risk factor I'm dealing with, as I don't have my life's savings invested.
 
^^ I really like the Warren Buffet strategy, and just feel comfortable doing it.
I guess what ever works for you. But I do think were pretty close the floor, some companies will continue to fail. But the strong ones, have made the adjustments. I just hope the Government doesn't fuck shit up.
 
I took a risk and dumped about $10k into Ford when it was at $2/share. Looking at $8.01/share today so far. I keep some bigger money in long term stocks like Kraft and play tech stocks for short term gains.
 
You guys should check out investors business daily. Good system CANSLIM. And it also teaches you to set hard sell limits and do it. Sell at 8% down no matter what. Which you can do with their system. It teaches you to find stuff that is going up not level or down.
 
if you are playing stocks currently - the cycle is repeating itself

Play tech ..
financial will rally from tech followed by commodities.



This year I'm up 126% overall playing these stocks. (this doesn't show my losses just my winners)

BAC - bought in at .. 4.14
C bought in at 1.29
CIT bought in at .88
DSX bought in 12.87
F bought in at 5.40
APPL bought in at 126.00
HOG bought in at 15.44
CAT 31.22


If you want to make money in a safer way, loose the highly volatile companies. Its easier to take a few % here and there with a minimum downside... when you play stocks think in terms of .. how much could I possibly loose.

And the way the market runs now, you have to protect cash. Everyone has their own strategy..good luck
 
I day trade and mess around with penny stocks aside from my affiliate marketing ventures... my recent penny stock play VRAL went up quite a bit for a nice gain.
 
FRE .... has posted a profit ... 1.88 now..... target price next 5 days. .. 3.44

UP 128% today..

Keep your hats on , its going to be an interesting roller coaster with this one ... the stock was $60 a year ago before it collapsed.

Minimum downside, also this is going to help spur the financial sector ...
 
Sold FNM this morning for a small profit, the company leaves a really bad taste in my mouth, but had I held till closing bell, or perhaps open tomorrow, I'd be WAY up. FRE is the same way, another gov't owned company that leaves a bad taste in my mouth.

Peteg00 - looks like we shared a few of the same stocks. I missed the boat on LVS / SLW and a few others when they were in the $2-3 range...
 
Drake said:
You guys should check out investors business daily. Good system CANSLIM. And it also teaches you to set hard sell limits and do it. Sell at 8% down no matter what. Which you can do with their system. It teaches you to find stuff that is going up not level or down.
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IBD ftw! i started learning from them a few years ago. My trading has since evolved. I'm no longer pure CANSLIM. Its a great place to start for the beginner. I've started with options over the last year. It definitely gives you more leverage if you dont have that much cash to start with. I think you need like 3K in your account to do options trading.
 
I use Interactive Brokers, but I execute my trades myself via Ninja Trader. I don't trade equities though; I trade mainly futures, options and currencies.

I spent quite a few years to learn and to find out what sort of trading was right for me. If you choose to look into it and put in the necessary study, I'm sure your style will be different from mine and entirely your own.

Best of luck.
 
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