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  1. #1
    Join Date
    Apr 2008
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    30,270
    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.

  2. #2
    Join Date
    Apr 2007
    Posts
    18,340
    Quote Originally Posted by lovbyts View Post
    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.
    I'm broke as a joke. I once had money but pist it away along with my youth and body. I wish I could post a 35k Bond and I could live wherever there was wifi and day trade.

    Instead I'm piss ass poor trying to get closer to Kansas City where my work is.
    Someday maybe I will get the opportunity but it's looking bleak lately.

  3. #3
    Join Date
    Apr 2008
    Posts
    30,270
    Quote Originally Posted by Obs View Post
    I'm broke as a joke. I once had money but pist it away along with my youth and body. I wish I could post a 35k Bond and I could live wherever there was wifi and day trade.

    Instead I'm piss ass poor trying to get closer to Kansas City where my work is.
    Someday maybe I will get the opportunity but it's looking bleak lately.
    Dont give up but at the same time dont be obsessed with it. Plans/life changes day to day and like most things the opportunity will probably present itself when you arent looking for it.

    Ive had so many set backs in my life I cant and count and dont want to remember. I try to take the good with the bad and focus on what I have instead of what I dont or what I loss. I know sometimes it sounds like I may be pissing and moaning but Im not. Someone will post something that reminds me of an experience and Im just trying to share hoping it will inspire someone or provide information of what to watch out for.

    I can for sure relate to the being broke, been there, done that and sometimes its still paycheck to paycheck as well as wasting my youth and abusing my body in a lot of ways but thats life. Hopefully I will do better the next time around if there really is reincarnation or the next life.

  4. #4
    Join Date
    Apr 2007
    Posts
    18,340
    Quote Originally Posted by lovbyts View Post
    Dont give up but at the same time dont be obsessed with it. Plans/life changes day to day and like most things the opportunity will probably present itself when you arent looking for it.

    Ive had so many set backs in my life I cant and count and dont want to remember. I try to take the good with the bad and focus on what I have instead of what I dont or what I loss. I know sometimes it sounds like I may be pissing and moaning but Im not. Someone will post something that reminds me of an experience and Im just trying to share hoping it will inspire someone or provide information of what to watch out for.

    I can for sure relate to the being broke, been there, done that and sometimes its still paycheck to paycheck as well as wasting my youth and abusing my body in a lot of ways but thats life. Hopefully I will do better the next time around if there really is reincarnation or the next life.
    I don't give up. Just was bitching about the perpetual circle jerk.

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