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Conversation Between Scotty and Yatta
Showing Visitor Messages 11 to 20 of 33
  1. Yatta
    03-19-2009 06:38 PM
    Nay, I only put in a grand. I WAS up to 2 grand but the stock fell today so I'm only up $700. :o

    I need more money... been working my ass off at work and in college.
  2. Yatta
    02-26-2009 04:21 PM
    I didn't know about the bans, but if I had gotten into the investment business a few months earlier, I could have made thousands selling short.

    Imagine selling short BAC at $30-40 back in 2008, and buying 5 bucks a piece to cover. O_o

    BTW, I really don't think BAC will get nationalized. The US was founded on the principles of private enterprise and that will never change under this current regime, regardless of economic circumstances.

    Happy birthday. :-)
  3. Scotty
    02-26-2009 12:17 PM
    My IRA got taken down from $45K to $30K despite the fact I'd shoveled $9K into it over 2 years, but I'm still shoveling in the Federal maximum of $5K a year. I went from 24.5% up to 30% down at the worst point, which is a 54.5% haircut.

    My IRA is my long-term investment, and should serve me well in the long run, especially with this historical buying opportunity.

    Oh well, off to eat lunch...
  4. Scotty
    02-26-2009 12:16 PM
    In order to be a bona-fide day trader, I'd have to have $25K of trading capital, which I don't. I'm worth a lot more than $25K, but I don't have that much free to trade with.
  5. Scotty
    02-26-2009 12:16 PM
    If the banks get nationalized, the stockholders will get wiped out. No matter how low BAC has gone down, it can still go to zero.

    I made a nice 50% or so gain last summer by buying puts on BAC (that's an option that's like a short with leverage) There are probably ppl that made 250-1000% gains doing that as the banking crisis hit, but as the banking sector can rally on good news just as easily as it can tank on bad news, I stayed out. Also, at one point, shorts on bank stocks were banned for a few months, which wiped out a lot of shorts and puts on the banking stocks.

    I usually do $500 per trade myself.

    Although I'd like to be a long-term trader, my trading horizon is usually a few days to a few months. That's just the way the market is right now. I'm also willing to go short or buy puts: Some of my best trades were shorts and puts.
  6. Yatta
    02-26-2009 12:23 AM
    So far so good. I'm up $250 from a $1000 investment on BAC but I'm not pulling out for a long while. Let's hope it keeps doing well because that's a lot of money for me but my economics professor urged me to invest rather than let it sit in the bank and lose value because of inflation.

    Do you day trade? You look like the long-term investor type to me.

    I'm thinking of getting a second job just so I'd have more money to invest. Everything is so damn cheap in comparison to the 52 week high... it won't ever be like this again once we're out of this recession. It certainly is the best time to be buying stocks in my opinion.
  7. Yatta
    02-20-2009 09:21 AM
    Thank you for the advice! :)

    I'm not going to trade until next week, but some huge companies are hitting all-time lows in share prices, to a point where it can't even get lower than a few bucks.

    I'm not sure about mutual funds or IRA's, I'm only into stocks right now.
  8. Scotty
    02-20-2009 09:09 AM
    One thing I've learned in this bear market is that, no matter how low a stock goes, it can always go lower.

    Although dollar cost averaging works with mutual funds (as the fund managers get rid of losers and find new winners for you), it can get you in trouble with stocks: If a stock breaks its trendline support, that support can become resistance, keeping your shares underwater for a long time.

    There's a crapload of stocks I want to buy, but I'd rather wait until the economy recovers, and even then, I'll buy when it hits and respects trendline support, and keep a 10-15% trailing stop to get out if the stock tanks.

    As the saying goes: "Stocks take the stairs on the way up, and the elevator on the way down. When investors hit the panic button, look out below..."

    Good luck with your trading. :)
  9. Yatta
    02-20-2009 08:48 AM
    Staying in cash? Shares are DIRT CHEAP to buy right now, and I'm thinking long term. Can't go wrong with that. :)

    I'm using Scottrade because it's only 7 dollars a trade.
  10. Scotty
    02-20-2009 04:00 AM
    I'm using TD Ameritrade at present.

    Given the ugliness of this market, I'd recommend staying in cash, but it's your money. Hopefully you do better than I've done, approximately a 20% loss, but then again, my IRA (not managed by me) went from 24% up to 30% down.

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