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StandardBasicCardTheorist

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StandardBasicCardTheorist last won the day on July 12 2019

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About StandardBasicCardTheorist

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  1. Daytrading free money thread

    Quick update. So, the market crashed big last week. Lots of up and down moves since then. The main strategy is still the same but I've learned a lot more and have been doing a lot better. Luckily, due to market conditions, there are a large number of opportunities each day and these generally yield quick bounces or dips for around $200-500 per contract. The system is able to double the money every few days but I'm not able to trade overnight, due to sleep. Trading smaller and safer, but making more trades. It's just that big moves in either direction are really helpful.
  2. Setting up a bussiness - shopify? Ecommerce? DGZ please help!

    When trying a new venture, if it fails, 'fail cheap and fast'. That is, avoid any large time and capital requirements. The thing is, the current business is already established. I wonder if it would be possible to hire more people and thus keep running it, and how long it would take to learn how the business runs. Perhaps your parents could slowly step away as you slowly step in. It is less risk because you already know the current business works. For the online venture, I imagine you would need a way to gauge online demand. It would take like 75 stone clocks to equal a single tabletop or some such thing. Cost:effort ratio. Also, diversification would require some degree of new set-up. Also consider online margins vs current margins.
  3. Setting up a bussiness - shopify? Ecommerce? DGZ please help!

    There was a person I know who got her storefront a little famous last year by giving small items to well known Youtubers. They reviewed it and had the shop link in the video description. Not sure if your thing is something that goes with the Youtube, but its a thought. I used to sell things online; one thing that got sales was having web accounts in the niche groups which was being sold to, getting the name out there. If you can really have a competitive advantage, people will quickly take notice. Generally, higher quality=less sales, more profitability. Amazon is the big market here, so if you can be competitive there, I expect you can do big business. I'm not quite sure what kind of things it is though; Etsy-esque? You can also do B2B to sell greater quantity.
  4. Daytrading free money thread

    Usually the case is you want to follow the trend, eg buy what goes up and cut what doesn't. The US share market, in the long term, has outrun inflation and other asset classes. Of course there are corrections but it always has gone back to new all time highs within a few of years. I believe Ray Dalio, manager of the largest hedge fund in the world, called it a one-way bet; if it goes up, great! If it goes down and doesn't go back up, it means something is fundamentally wrong with the US economy and at that stage, we'll have riots and things where money won't really matter anymore. So needless to say, he is heavy in US equities for a long time. Mortgage is a form of leverage- it works well when in your favor but when things turn south, it tends to hurt twice as much. I don't know that much about real estate, but if the appreciation and rent exceeds the costs, it works, but if property values and demand for luxury goes down, then it hurts. Yeah, I'm buying and selling in the same day. More and more though, I think holding for longer periods of time is better. A lot of the time, flipping in and out leads to missing a major move. That's not to say its like being Warren Buffett- there are many opportunities to get in and out- but the trend is still up. Holding for a few days to close is usually regarded as 'swing trading'. 'Position trading' is to hold for a few months or years. Jesse Livermore, one of the greatest if not greatest trader ever, often bought stocks at all time highs. This was because he expected the trend to continue. He could day-trade too, but he said the big money was in the big move- and the big moves are usually in the direction the market is already moving.
  5. Daytrading free money thread

    Well, I posted my predictions and if they had been followed (assuming you don't go all in each time, eg being reasonable) it would have turned a profit. There are many trading styles. I recommend reading about Supply and Demand trading, that is what I use. Some use Market Profile which does well for them apparently; I never got into it. DO NOT start using real money. Use a paper trading account, or write down the trades you would have made (do so in real time- hindsight bias will certainly make you think you're better than you are and this will lead to real losses), rationale, etc. That is, have a trading journal. Investment=/=trading. If you want to buy and hold forever, that's a different story. Time horizon, goals etc. all vary. Mature the cash generally has people buying into a variety of things and holding, eg a diversification.
  6. Daytrading free money thread

    Did some testing over the weekend. Found a similarly derived, yet new strategy. It is perhaps preliminary, but it seems to be more profitable by a factor of several times the old one. Not only that, but it appears that risk itself has been reduced. Still need to test it more, but I don't see any reason it shouldn't keep working. This is extremely exciting.
  7. Daytrading free money thread

    Closed oil at 58 for 7 tick profit. Not the best trade, as it moved up some, but gains are gains. I don't know if other things will hit today, seems a little slow.
  8. Daytrading free money thread

    Looking to short the Russell 2000 at 1699.50 and crude oil at 58.07. Let's see what happens.
  9. Daytrading free money thread

    Had a rare +30% day today, and then blew it on trading natural gas. Up only 2% on the day today. I cannot consistently read natural gas- its known as the 'widowmaker' in trading circles due to its unpredictability and wild moves. Removed it from my watchlist.
  10. Daytrading free money thread

    Closed for breakeven, it didn't work. Possibly due to the daily open being under, but who knows. Made a few other trades. Missed out on a jackpot by closing too early because it didn't spike the way I wanted, and meant to close a trade but accidentally doubled the position. Turned a good trade into barely profitable. Also lost a bit on another. Up a little bit today
  11. Daytrading free money thread

    A similar, yet different type of setup. Going to buy the Swiss at 1.039, let's see what happens.
  12. Daytrading free money thread

    Had a really big day to make up- Caught the bottom on gasoline today and took a spaceship to the moon. It went back down but I closed it well before that. I didn't call it so no proof but it's all good.
  13. Daytrading free money thread

    Closed for a big loss. There were reasons for it, but there will always be. Recouped a fair bit from other trades today. Just part of the game.
  14. Daytrading free money thread

    The New Zealand Dollar is currently trading at 0.6658. If it hits 0.6663, then I will take a short position with a large amount of leverage. For every 0.0001 it moves, my account will move +/- 1.5%. This is a big one.
  15. Daytrading free money thread

    Sigh. I missed the low...by just thirty cents/$30 per contract. If the order had went through to the buy point, I could have been sitting on over $3,000 on each one. I know it's part of the game, but it's just really frustrating when that happens.
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