Day trading is an area of stock investing that I've been a little bit fascinated with because of the possibility to make a great deal of money in a short amount of time...That is, if you start off with a boat-load of money.
I knew a woman who participated in day trading and she told me that yes, there were days that she made tens of thousands of dollars, however, there were days that she lost thousands of dollars.
In this video we get a stock tip that making alot of money through day trading is not possible...What do you think?
A few years ago "Trader Mike" shared his thoughts on day trading where he outlined his personal strategy and offered resources that helped him transition into day trading. Another blog I came across that contains some useful tips on day trading is Traderfeed.
My personal take on day trading is that in essence, it's like gambling. Sure, there is sophisticated software available to help you out, but the bottom line is that there are still no guarantees. Granted, there aren't any guarantees in any type of investment. However, day trading for me just seems very stressful. Not to mention the possibility of becoming addicted to it - as Peter Millman discusses in this video...
"In all realms of life it takes courage to stretch your limits, express your power, and fulfill your potential... it's no different in the financial realm." --Suze Orman
What are you doing today to fulfill your potential as an investor? What have you learned from the past and what can you do to make sure you don't make the same mistakes?
If there's one thing we can learn from the current economic state of affairs, it's that we all could use a little help with managing our debt. Many people have built their lives on debt and it has become an acceptable way of life for them. However, they got in over their heads in debt and now the debt has spiraled out of control.
Some people were naive to the idea of adjustable rate mortgages and now have house payments that have doubled. Then there are other people who felt the need to keep up with the Jones' and simply just started living way beyond their means.
If this sounds like you, here's my advice: Get help. Invest in yourself for once! For the sake of your mental health and your financial future, it's time to come up with a plan to get out of debt. Turn off the stock market news and start focusing on ways to turn your debt into wealth.
What are ways that you can increase your income?
How can you reduce your spending?
Are there psychological issues that caused the debt that need to be addressed?
I recommend moneysupermarket.com as a resource for debt advice. UK residents can compare debt management services and consultants. There is also a guide for dealing with debt problems and other articles to help you manage your debt. You can also find links to non-profit organizations that offer help and support.
Do you have any debt advice to share?
Photo Credit: borman818
As a regular viewer of The Daily Show with Jon Stewart, I often see him taking shots at Jim Cramer who hosts the show on CNBC's Mad Money. Last week Stewart finally interviewed Cramer and drilled him about all the "shenanigans" and falsehoods that Stewart created.
Watch the full episode with Jon Stewart and Jim Cramer below...(Email readers may have to click here to watch)
I do agree that CNBC has a duty to expose the truth when it's obvious that CEOs have come on a show or news broadcast and boldly lied to a reporter's face. I believe the media has played a huge part in why our economy is the way it is right now. Many people watch the financial news and take in what's said at face value.
As I've said before, education is key in investing. Stop relying on the financial news and stop relying on people who disguise themselves as financial advisers for your education. Period.
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For me, Twitter has become a great tool to keep up with the "chatter" about the stock market. I already know what the media is talking about: "Doom and gloom". I want to know: What are the people talking about?
If you're not familiar with Twitter, I recommend reading this blog post I wrote over at one of my other blogs, Using Twitter to Make Connections.
For realtime chatter, I often visit the Twitter Search page and type in a word or phrase in order to see what people are talking about on any given subject. Here's a screenshot of what comes up when I search for "stock market":
Twitter is also a great way to connect with other like-minded investors. Ernie Varitimos put together a list of Finance Gurus for Apple Investors to Follow on Twitter. Forex.Edu also has a list of 25 Forex-Related Twitter Accounts Worth Following.
If you're on Twitter, you can follow me @studio747.
Thanks to AlphaTrends.net, here is a video offering a perspective of what happened/is happening in the stock market right now...(Email subscribers may need to click here to watch the video.
I have to agree that this market is being ruled by emotion and fear. If you're participating in this market and you're a long-time trader, just hold tight!
Do you have some thoughts to share about what's going on in this Bear Market? Would love to hear your thoughts...
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