fook me the fact you had $3k as an 18 year old is great!
Anyway, as others are saying, the way you're going about this is bloody stupid. Forget stocks, for a start.
Thank you!
. Yeah I worked pretty hard between 2 part time jobs while manager my final year of highschool as well, it has been pretty tough but pretty rewarding so far. I decided about 6 months ago that I wanted to buy a g35 coupe in summer 2011, still looking ok, might get pushed back to later in the year but I still really want to get one. As a result I started working very hard and saving toward small goals ($1,000 when your only 18 and have to deal with drinking and other things is harder than you'd believe to hit) but since there it's been going in the right direction steadily. So obviously my risk wasn't assessed very well :whistling
try 10p a pip forex with £250 accounts, after blowing up 30-40 demo accounts as i did!
I'm open to learning all sorts of different thinks, so maybe I will try this!
-------------------------- just on a random unrelated sidenote----------------------
I came accross binary options about a year ago, it looked pretty enticing since there was no "commision" besides the the spread of what you make and what you lose. Regaurdless, I started trading a bit through anyoption since at that time I only had a few hundred dollars to use, more so for fun and I was completely aware it was virtually gambling. I actually ended up developping a decent strategy & trading plan using only binary options that ended up working out pretty well and I was able to grow my account on anyoption, so it is something that I am considering trying again now. I stopped because I needed the money in my account.
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Congratulations.
You are well on your way to becoming a trader very quickly.
Thanks, at least I am making the mistakes early and (hopefully) will learn from them and benefit myself. I won't give up this quickly.
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You have learned the first of many valuable lessons.
The first is that paper trading is completely different to trading with real money. (Losing real money brings out the sweats and panics).
The next is that penny stocks are volatile. CXZ has moved as much as 75c in a day, so the drop yesterday is nothing out of the ordinary. (You should have known that and a 15% move should be within your tolerance)
The next is that it is not a huge loss. Keep calm, stop sweating and the market may recover the minor loss.
Reply:
I agree, paper trading is much much different from real trading. As previously mentioned playing with play chips in poker is much different then playing for real money. When emotions come into play there is a major change and there are many invaluable lessons that can only be taught in my opinion from doing the real thing. I'm sure many can develop and become successful traders strictly by paper trading but it is something I mentally can't do.
I guess I am lucky in that I only lost 15%. It just seemed pretty alarming to me at the time, I obviously didn't put in research, and it was pretty much a gamble. I realized that after I made the trade that it was stupid and pointless I was just eager to jump in.
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oh by the way liquidate this crap unless you have a good reason to be in a mining penny stock ffs!
reply: Already did, thanks for the input though. Much appreciated!
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ooks good. I'm buying too.
Don't make me regret selling at 1.85 now!
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Sure dude but that's a week's work or less?
You have learned a very cheap lesson, believe me. Doesn't make it pleasant now but what can ya do.
So anyway...
Firstly, I'm very pleased with you that you did get out. That's a hugely positive sign that you have what it takes to succeed... you didn't hang on hoping it came back.
Secondly, what do you intend to do next?
Reply: I suppose I can make it back in a week, but it really does suck. I will earn probably about $8,000 this year. So if you're making 80 multiply the loss x 10 and that's what it is like. Maybe it isn't a lot, just seemed like it. Pretty frustrating though, especially look at the graph it was almost funny, I bought at $2.11 then within minutes it sank 10%. Kinda hard mentally to get over that, since it was litterly my 3rd trade ever (and first day ever trading)
Thanks, I'm glad I got out when I did too, as I would have been down another 3-4% at where things are standing now. I was going to stay in and chase my profits but then realized that would be an even bigger mistake then jumping in in the first place. Definitely not a good habit to develop.
I have done a lot of thinking between yesterday and today, and I've decided to take it a little more serious and try to actually preserve the money that I have worked hard to save over the last couple months. I've developped some sort of a plan:
I'm going to take half the money and invest it into a mutual fund that is doing well, and hope to get some sort of growth out of that. I'm taking a chunk of it and investing it into some websites through flippa.com with a friend and hoping to see some revenue and growth out of that, I will probably put about $500 into anyoption, and trade using that as it's a little less risky but still exposes me to some sort of trading which I enjoy doing. And then I will do a bit of range/band trading. I'm going to do obviously a bit more research this time and not throw away money into penny stocks. However this is a rough outline of how it will look
$500 - anyoption
$1000 - mutual fund or etf
$1500 - trading
$500 - websites
( I have about $3,500 availible to do this)
As well I will be saving about $1,000 per month ideally through working part time that will contribute to the above mentioned.
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BTW, how much commission did you pay to your broker to buy and sell 1200 shares?
I ask because im hoping the pattern day trading rules kick in to suspend your account, so your broker doesnt eat half your account in commisions.
I only actually traded 715 shares of cxz, so it was $7.15 in and $7.15 out. I think in total I will owe about $30 in commision fees for the trading I did today, because I did buy into the FAS financial bull as well and then sold that off.
