Quote Originally Posted by Obs View Post
Pattern day trading is extremely easy you can make money on a losing stock if you learn the average peak and valley of a falling stock with extremely high volume.

The pain in the butt part is you have to post a $35,000 Bond.

I got but tons of freeriding violations and good faith violations before I found out what I was doing was illegal but I was damn good at it.

You can make a butt ton of money in one day off of an incredibly volatile stock.

Making money used to not be my issue it was the way I spent it on bullshit.
Again, dont do what I do/did. I was doing this for a few months with a penny stock I had been following. It always traded between $0.08 & $0.13 It had been doing this for months if not over 1yr. One evening after hours when it was around $0.08 I put in a buy order for 5,000 shares. I didnt put in a limit order because even if it opened at $0.09 I wanted it and had done it a few times already. I had also built up a tidy little sum with it and another stock that was going to the moon.... lol

Well the following morning, Long before I got up, it opened at $8.00 a share. Hmmm $8.00 x 5,000 = $40,000. Trade was suspended shortly after because it was determined to be some type of manipulation. Either way I was out 40K but luckily I had more than enough to cover it but it put a hold on plans I had to sell off some of my profit and turn into cash. As my luck/life goes that next week is when the technology stocks started taking a dump and within a week all my profits were gone and soon I was in the red, working with stock I bough on margin. Not good.

I actually got a check less than a year ago for almost $10K as settlement for the penny stock manipulation scam. They guys got caught but it took 15+ years to settle and basically cost me over $250K.

Such as life.