Going for the gold

wickedgoodtrader · #1 02-18-2005, 01:00 AM

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.

tech · #2 02-18-2005, 01:30 AM

[ QUOTE ]
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.

[/ QUOTE ]

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.

midas · #3 02-18-2005, 10:54 AM

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.

wickedgoodtrader · #4 02-19-2005, 12:25 AM

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.

HDPM · #5 02-21-2005, 02:10 PM

"So what else would a wall street trader have on top of me?"

Not having to worry about lawnmower repair?

Dan Mezick · #6 02-23-2005, 07:28 PM

I have to conclude that 'wickedgoodtrader' is really just running an elaborate and very effective joke here, and I for one have been sucked in by it.

Basing trades in penny stocks on today's news for 25+ percent annual gains, nice.

Voltron87 · #7 02-23-2005, 08:03 PM

I was 100% sure it was a joke until he came back again and again... and then posted a pick with a news report. Very goot indeed. Whoever did this should out themselves, I would give them a lot of credit.

Paluka · #8 02-19-2005, 12:39 AM

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

Paluka · #9 02-19-2005, 12:41 AM

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

[/ QUOTE ]

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.

wickedgoodtrader · #10 02-19-2005, 02:06 AM

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.