Investing in Precious Metals

[UWone77]

@ UW Thats where identifying support and resistance levels is crucial.
"Why is that everytime I buy a stock it goes down"

Stone, you're supposed to find the video where it explains, why do stocks keep going up after I sell?

[Stone]

Rule #3 Once I sell a stock, I never look at it again.

[UWone77]

Rule #3 Once I sell a stock, I never look at it again.

You're a much better man than I sir!

[Stone]

Its not easy but trading without emotion is truly the key. " Dont fear losses and dont celibrate gains"

[UWone77]

STCG tax does suck... Your welcome on the tip, I still have 20K shares and hope she keeps rising. Lost my daytime job last week, I was wanting to get into day trading anyways. So I have to take profits off the table and protect my cost basis. 32 years of back breaking construction, I am done with that... Feels good to use my brain for work instead of beating the hell out of my body. Free's me up for time out on the land this year!! No more bosses and no more time clocks How is the house coming along? Should be dried in and then some by now???

So Stone, sorry to hear about the day time job loss. Knowing you, you're well prepared for those kinds of incidents. So are you seriously going to day trade for a living for awhile, or plan on going back to your regular gig when you're/they're ready to go?

House is coming... slow. Had to recently fire the framers because they were taking their sweet ass time and called the backup crew in.

[Stone]

I highly doubt I am going back to that job. My plan was one more year then move into day trading full time anyways. I have alot to learn before I start trading full time, TD has an education center that has about six months worth of classes and info on it. There are lessons on line as well as many video series on youtube. The education is free, its all out there. I am currently studying mon-thurs then I go over my notes on friday and put what I learned into practice with some light trading. Made a bunch of mistatkes last week trading but learned even more by those mistakes. I figure about 3200 hours of class time and I will be GTG. Sucks about the framers, I did residential framing for 10 years...

[UWone77]

Back up slightly over .30 cents today.

[Aragorn]

.32 right now.

Kicking myself over selling.

[Stone]

5K for an hours work is nothing to kick yourself over. Create a crash buy list for the next market crash and you will be back in the game. Mistakes are how we learn... Selling into strength should have been in 5k share increments as it is rising. Then putting stop limits in place to protect your unrealized gains on the way up... Selling on the way up allows you to re coup and protect your cost basis and lock in profits...

[Stone]

@UW I know you said you hate STCG tax but do you at least take back your cost basis on your rising stocks to protect your initial investment?

[alamo5000]

5K for an hours work is nothing to kick yourself over. Create a crash buy list for the next market crash and you will be back in the game. Mistakes are how we learn... Selling into strength should have been in 5k share increments as it is rising. Then putting stop limits in place to protect your unrealized gains on the way up... Selling on the way up allows you to re coup and protect your cost basis and lock in profits...

I agree with this. Whether or not selling was a 'mistake' or not is too soon to tell. You can easily wake up a week from now going 'I am glad I sold when I did!'

The trick to investing isn't all about getting a grand slam every single time at bat. It's about getting those base hits and being able to identify opportunities. Consistency is more important than one big thing. If you started out with $10K and you can find an investment every other month that goes up 20% each time... after one year you will have tripled your money.

If you constantly look for that "I need to triple my money every time I put it in the stock market" kind of thing, odds are you won't get it.

[Stone]

Exactly, you have to focus on the risk and not the reward.

[Aragorn]

Well, any other good leads? Anything worth sinking that money into?

[Stone]

Safest place right now is cash. Im going to start looking for some new prospects tomorrow. We had 3 major up days on the DOW im thinking we will have a few down days here shortly, which will reduce gains.

[UWone77]

I don't believe it's necessarily going down. I think the market is in for another mini run up, simply because the 3rd stimulus will drop and there will be a influx of cash into the market. In fact I think this rally will be pretty nuts, but that's just my opinion.

https://www.foxbusiness.com/markets/...r-stock-market