Going for the gold
 

I'm 23 and have been a successful poker player for about 4 years now. I play in the winter and run a lawn biz in the summer. I recently started trading about 4 months ago. I got tired of playing cards.. just seemed like a constant grind that I never see myself gettin rich at. I'd average about $2500 a month profit but after my morgage payment and other expenses, I wasn't making as much as I'd like. I have all the goods now.. insider purchase alerts, live newsires, and the advanced anylyzer from ameritrade. I put $3500 into the account and now have 8k. Apparently the government has restrictions on what a daytrader can do if they have less then 25k in their account (long explaniation, but they'll lock up your margin and shorting ability). Well I don't know how they say most daytraders lose, but I see ridiculous returns on stocks that i've missed. Make a long story short.. I'm going to get me a 40k home equity loan tomorrow and im going for the gold! Plannin on making 100k minimum the first year.

Re: Going for the gold
 

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I recently started trading about 4 months ago. I'm going to get me a 40k home equity loan tomorrow and im going for the gold! Plannin on making 100k minimum the first year.

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Yikes! I hope you are kidding. If not, I hope you reconsider. If this is what you want to do, take some time and plan it right. But definitely give it more than four months before you mortgage the house. That is 80-85 trading days at most.

Re: Going for the gold
 

A few comments on your upcoming venture:

1. People trade way differently with FU money than with a larger bankroll that could have serious implications to your lifestyle if lost. It like playing craps and tossing a buck on a hardways bet - who cares if you lose it.

2. Now that you have all that "sophisticated" stock information at your disposal - you have 10% of the information that an average Wall Street trader has at their fingertips.

3. In general, I think day traders over-exaggerate their results (similar to poker players). Most Wall Street traders would kill for a 25% return every year.

Take your 40K and invest in some new lawn mowers or a business that you can use your skills in the winter.

Re: Going for the gold
 

So what else would a wall street trader have on top of me? I also see 25% return a year way below what is possible. With the live streaming news, there are an average of 3 decent stories a day on otcbb stocks. Out of those 3.. 2 seem to be hype, where the 3rd one moves the stock 100-200% for the day. The hype stocks average a small gain or loss up to 30%. I compare it to poker, bet 1k at 3k and you only need to win 1 in three times. The odds on the stocks are better, bet 4k and stand to win 4k-8k once and lose 1200 twice. Just a couple stocks that have run like this in the last couple weeks after the press release.. bvle went from .50 to $1.40. Alti went from something like 2.25-5.00. And today, Sfxc went from .055 to .18. All had nice volume so low volume isn't a factor.

Re: Going for the gold
 

I don't understand where you think you are getting your edge.

Re: Going for the gold
 

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I'm 23 and have been a successful poker player for about 4 years now...Plannin on making 100k minimum the first year.

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I think you need to re-evaluate your poker situation if you have been playing seriously for 4 years now and cannot make 100k a year doing it.

Re: Going for the gold
 

I don't know of many people who make 100k a year playin cards, but those that do are probably puttin in a ton of hours. Poker becomes there life, and unless they win a big tourny, 100k will be the max they will average. With trading your profits seem unlimitless.. as your bankroll increases so do your possible profits. You could have 100 mil but your not going to find a 1mil-2mil limit holdem game, that will allow you to keep increasing your bankroll on an exponetial basis.

Re: Going for the gold
 

4 months? You've never seen a real down market yet then... all you've seen is stocks move higher and higher.

I hope you are kidding.

-RMJ

Re: Going for the gold
 

I've been on the sideline of the markte for a few years. The last time I was in it was back in the IPO craze where I turned 2k into 30k in a few of months. I had a few online accounts and was gettin distributed 100-300 shares of most of the ipos. I saw the dreamworld where I'd pay $12 a share and the thing would open trading at $90. Luckily I was one of the few that would sell at these prices. Then I proceeded to watch the market fall and put these companies out of business or under $1 a share. (Ebay being the only exception). So I'm not exactly new to the market. Just fairly new to having money in it again.

Re: Going for the gold
 

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The last time I was in it was back in the IPO craze where I turned 2k into 30k in a few of months. I had a few online accounts and was gettin distributed 100-300 shares of most of the ipos.

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That's interesting...

1) As a small-time investor ($30K) you were able to get IPO shares? In today's climate, where IPOs were not nearly as hot, you often need 50K to get in on uninteresting IPOs, and 100K or more to get in on better.

2) If you flipped your IPO shares, then you are much less likely to get future IPO shares...

3) In short, yes, I'm calling BS.

But, whatever, it's your money. Go and mortgage the house, and make a killing. Go for the gold. Good luck.

-RMJ