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I think I'm just lucky, some rainman, or maybe just good at this. I was handed a stock trading account with Siebert to manage, and own, with the simple instructions of 'do better than I did' two weeks ago. The account had something like $419,000 combined, cash and portfolio. My father was big into biotech, since he is a doctor, and he knows what and when to buy, but is terrible at selling. Anyway, he was getting about a 10% return per annum the past few years, which I can't complain about. I made my first picks and buys about 2 weeks ago, and am going to use most of the rest of the $140k or so left in cash slush to do so, since it sitting there's doing me no good. I'm eyeing more oil companies since they are getting hammered because of that thing in the Gulf. Anyway, did my beginner's luck do good?  
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Jul 23, 2010 00:41
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mik posted:Option 1. With Ford, yeah, it was, but I really like NE Noble's longterm prospects and think it's super undervalued. We'll see, though, most of whaat I have wanted to do so far but didn't have the balls has had me regretting not pulling the trigger, like shorting the hell out of Tesla the day after the IPO, but that was a no-brainer. While I'm trying my hand at medium-and long-term stuff, when I learn more, I want to get into really short term trading, since I like the idea and have the capital to make it work (maybe.) But I'm gonna hold off till I'm not a clueless bumbling newbie. Edit: Only thing about NE that worries me is their proposed buyout of Anadarko and the attached 25% liability in the Gulf thing, but I don't know enough to fully understand the possible outcomes I also like the concept of hedging to isolate risk from overall sector trends, and pitting company versus company, and that is the strategy I am going to research the gently caress out of next. It just seems so neato, as a risk-reducing concept. Method Loser fucked around with this message at 01:18 on Jul 23, 2010 |
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Jul 23, 2010 01:11
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Tasty and Delicious posted:Are you swing trading your dad's money with no experience? I know. I feel both companies are good things to hold on to in the near future, though, so I'm just happy I didn't royally gently caress up. I know two weeks is nothing, but this is the first time I've ever played with REAL money, I've done some thought games for years and usually my ideas would have been profitable when I follow them. It's not like I have no idea what I'm doing at all. ChubbyEmoBabe posted:What the gently caress? Your dad gave you, an inexperienced trader, $140K of real money to trade with? No, 420k. 220 liquid, 200 in stuff he liked which I am researching into if I should hold/sell since I know little about biotech. I have 140 now since I put 80 into NE and F. Like I said, he;s good at knowing when to buy, bad at knowing when to sell, so I'll figure this all out. Hobologist posted:About time. I know. These are just the real transactions, though, I've had LOTS of years of thinking about the market and making guesses as to what I would theoretically do, so it's not like I'm bumbling in saying 'HAY WHAT'S SHORTING' or something. But I do still realize I know VERY little, and need to learn a whole lot more. It's just encouraging that I didn't lose 10k the first day, or something. I'm simplifying about the gulf thing, I've done my homework on NE, and I like how they look for the price I paid. I'm just dipping my toe in here, and will slowly go until I'm underwater, I have no intention of thinking myself superman and losing everything thinking I'm Warren Buffett Basically, I didn't mean to come off saying 'I DID THESE TWO RIGHT THEREORE I KNOW ALL,' I am just saying it's some good encouragement for a complete newbie to using real live dollars 
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Jul 23, 2010 04:12
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Plastic Jesus posted:Park your dad's money in PIMCO Total Return until you've run your "thought games" in a paper account for a year or two because Jesus Christ you're bragging about two trades after two weeks on a subforum of a goddamned Internet Comedy Site? I have been doing thought games for years, not in any official tracked account, but just tracked in my mind. 'oh, I'd buy this now' and remember, see it rise (or sometimes, less often, fall) and think 'and then dump it now and make whatever %' )or go 'oh poo poo I would have lost x%, bad idea.) . The only reason I was given this almost half a million dollars was because I've been conversing for my father about my 'thought games' for years now and he seems to think I can do well. My father wasn't like 'oh here's a half million dollars in a trading account, go buck wild with 0 idea what you're doing' I still discuss with him what trades I'm going to make to get his feedback, too, even though it's now my money, just to bounce ideas off someone with more experience (even if he wasn't the greatest; he did okay) And I'm not bragging, I'm just introducing myself duders, sorry if I came off as arrogant  Basically, this was a HAY GUYZ into this thread, but I guess I came on too strong. Sorry, I was just excited about my luk ad prospects for the future
Method Loser fucked around with this message at 04:23 on Jul 23, 2010 |
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Jul 23, 2010 04:19
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Hobologist posted:A person's memory tends to play tricks on them. That's why paper investing is important* I'm talking at least 2 years from now, getting into day trading. And even then I would make sure I knew what the gently caress I was doing. I'm not planning on doing this next week; this is a future goal for me And I understand the memory thing, but we're also talking about my father's memory of my track record of guesses and predictions, and he's confident enough to give me a half mil, as basically 'I think this can support you the rest of your life if you do right, so I have a gift for you' so that should say SOMETHING, I'm not a total moron at least. But you're right, I should have done it official-like with monopoly money, but I feel confident I can not lose my rear end right now, and at least pull somewhat of a small profit. I don't expect to do as well as I have the past few weeks for a long time, I know I just got lucky. But still, I was the one that made the choices, so I didn't completely gently caress up or anything. It's just a slight boost to my hope that I can do this forever and do well, as a profession for myself. And I know that I very well could end up be being behind 10% after a year, but if I learn, it may just be worth it to me. I'm not in any way delusional about my chances or ability, I just have the luck to have a lareish amount of capital, so it would require a super bonehead move to destroy myself. Keep in mind I'm 24, I have a lot of life to go. Method Loser fucked around with this message at 04:34 on Jul 23, 2010 |
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Jul 23, 2010 04:28
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Hobologist posted:But you liked Noble because of the Gulf thing and are worried about the Andarko. Those are the concerns of a fundamental approach. Fundamentals don't generally come into the day trading arena; what changes about a company on a single day? (Apart from an oil rig exploding, of course, but that's not what a day trader cares to predict). Short term trading requires quite a different approach. No, whihc is why I'm saying for not even at least 2 years will I actually do it, maybe start with monopoly money in a year, but until I feel like I DO know what you're asking, I won't even attempt it. Like I said, future goal I want to someday partake it. And only if I do well on the longer term side of things, say I get REAL lucky and make 100k in 3 years off my long/mid term investments, well, Ill set aside like 50 and day trade with that, WHEN I FEEL LIKE I KNOW WHAT I AM DOING, so if I really gently caress up, I can go back to the other that I hopefully will be good at and not lose everything.
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Jul 23, 2010 04:40
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ChubbyEmoBabe posted:Heed what Hobologist is saying. There is a world of difference to the point of being mutually exclusive between "trading" and "investing". Then I need to research more and decide which I want to spend most of my efforts learning about on. Thanks for the advice. EDIT: ChubbyEmoBabe posted:Jesus, I was born into the wrong family So was I, I was adopted as a baby Method Loser fucked around with this message at 04:57 on Jul 23, 2010 |
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Jul 23, 2010 04:54
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whalesneedlove posted:I think the best thing to do is for everyone to pat him on the back and then move on. He will most likely experience the same "education" that most traders/investors go through. Look forward to this Method Loser... I realize overestimating yourself is suicide, which is why I am deathly afraid of doing so. I don't plan on ever claiming I know poo poo about poo poo in markets until I am SURE I do, and I plan on taking it slow. That's why I've only picked two relatively stable stocks in 2 weeks. I'm not just thinking 'gee this would be a good idea' and executing without hours, if not days of research and talking it over with others. I plan on being a self-proclaimed newbie moron for a long time, even past the point I may not even be. But thanks for the warning, seriously, this sort of criticism, warning, and advice is why I'm here. Plastic Jesus posted:If for some reason you're against paper trading you should take that $50k slice now and actively trade with it. Park the rest somewhere relatively safe and don't.loving.touch.it. Then after you lose 50 grand you can say "at least I didn't lose 9 times that much." You derided your dad earlier for not knowing when to sell, but think that your talent lies in remembering "oh hey, that looks like a buy." I'm really not trying to be a dick but markets work differently from how you think they do. I don;t plan on playing with any more than 200k total at any given time, on my own ideas, for a long time. I'm only 80 in right now, on a 73 or something investment. If I lose 200, then someone else can take over the quarter mil for me, I tried and failed. I'll go back to square one paper games and try again in a few years. Again, I'm only 24, so I have lots of life to learn and I don't know poo poo, I am not going to invest in anything super-risky for a long time, and I'm going to be as thorough and careful as I know how to be. Which I'm sure I have a lot of learning to do on, as well. Method Loser fucked around with this message at 05:04 on Jul 23, 2010 |
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Jul 23, 2010 05:00
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Waroen posted:How exactly are you going about researching these stocks? What's your methodology for deciding it's a good investment or value or not? History of the company, future prospects, the P/E, basic stuff, professional analysts ideas, and anything else I can come up with on whatever company, earnings reports, you know. I may not understand everything, but that's the goal, man, I want to LEARN, not necessarily win as I first start out. This is one of the first things I want to improve my skills in.
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Jul 23, 2010 05:13
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lazybrain posted:Wow, method loser, I hope you don't live up to your namesake. As most successful traders would tell you, good trading is about proper discipline more than anything. As a 24-year-old who had 500K dumped in his lap, what makes you think you've built good decision-making discipline in your life? I'll answer this one, since this is getting to be repetatitve, but this is a good question. I moved halfway across the country for a year, lived in a lovely apartment, cut all contact with my family, and worked as a cook in fast food for 12 months because I wanted to know what it was like living like most people. So no, I'm not some ivory-tower sheltered idiot that knows nothing of the real world.
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Jul 26, 2010 15:05
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Baddog posted:You sound like such a child of privilege, but your dad only has 500k saved up? Or is he just giving you access to part of his savings? I mean, if that's it, you aren't really that far above "most people". This is play money to him. If I lose it all it will have no effect on either of our financial lives. For reference, he makes more than that, post-tax, per annum. I and he have Panamanian citizenships with which to keep our savings. We're not hurting. Edit: For more reference, he's bought girlfriend 1 two houses, two cars, put her through law school, and bought her ex husband a house just to show how baller he is. Girlfriend 2 he bought just a car. #3 got a house. He ought a $400k condo he rents out for 2500 a month, and paid the morgage off in under 9 months. Nothing I can gently caress up would even dent our wealth. The banks in Panama are AFRAID of my grandmother, she has on more than one occasion walked into her bank and threatened to withdraw all funds if they didn't give her a higher (reasonable, but still higher) interest rate. THey've never let her walk, she got it every time. I've never heard of anyone even trying that before with a bank, much less ones in tax haven countries. The balls that woman has. She lives on an entire floor of a condo here, and owns several other buildings in the neighborhood. Beachfront, most exclusive residential area in Panama. 500k isn't poo poo to us, stop worrying about me loving up my family's future or something. This is better than being handed a trust fund, right? I get to learn and actually do something to earn the money I'll be getting anyway. I'm the only son of an only son. Nowhere else for it all to go, so I need to learn, might as well be trial by fire since it's the fastest way. I wasted years being a heroin addict, I gotta catch up to what I need to know to manage my family fortune. Method Loser fucked around with this message at 02:57 on Jul 27, 2010 |
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Jul 27, 2010 02:44
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SouthShoreSamurai posted:Would you kindly pay off my house before you blow that 500k? I don't think that's how you increase the amount of money you have
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Jul 27, 2010 03:18
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I notice you all are criticizing me here, but if you're so much better, why don't you post your investments and returns? I mean, I sold 2k stocks of F I had at 10.08 for 12.97 today, netting a little under 6k in a little over 14 days. I'm not doing too terribly, even with a small sample size. I'm gonna keep playing, and if I lose, oh well I learn,and if I win, hooray I have more money and learned. It's win-win for me.
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Jul 27, 2010 03:27
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Tasty and Delicious posted:How about we don't turn the thread into a dick measuring contest I didn't want to, but people dont understand I want to learn, not put it in some drat mutual fund and slowly watch it grow. Trial by fire, right here. Vatek posted:Nobody is criticizing you, we are simply telling you that you stand a very good chance of losing a huge amount of money because you are completely unprepared for trading the market. You have no risk management, no overall strategy other than "make money" and you have no idea what you are doing. Did I not make it obvious I know full well I probably will lose a lot? I know that. I want to learn. That is all. This is the fastest way I can think of doing so. I don't want to brag, but I want you to understand this money is meaningless to me.
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Jul 27, 2010 03:35
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Actually, know what, I apologize for loving up your thread. You guys and I aren't on the same page, and as such, I don't belong here, I'll go back to doing it on my own. I wish you all the best, I'm out.
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Jul 27, 2010 03:40
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