I agree. Day trading works for some but not most. As for me, I wouldn't recommend it from personal experience. I put a huge amount of cash in one of my brokerage account towards the end of last year and earlier this year, made $20,000 in 2 weeks so I figured trading could be a way to generate extra income. The Greeks fear hit the market and poof all $20,000 got sucked right back in the market but I lost another $15000, then $25000, then another $20,000 LOL - it could have been worse, still suck to be cut $60k in the span of 7 months. Thank Goodness, I have a considerable cash reserve and that was a good lesson. I'll make the money back within a few months but not willing to play with stocks on my own anytime soon.
Long story short, be careful if day trading, I think the best way for it is if you are doing it full time and not juggling anything else. Tracking the market while presenting or im meetings and conferences at all times got old quick. Besides, the market seems way too inflated to me at this point, we are back to the 13k range but not for the reasons we should. QE3 announced, ECB bond purchase announced, meaning that for the short term there will be another bounce in market but who knows for how long. Moody's already announced they ll slash our rating further if we didn't get to an agreement.
With the looming sequestration, the nasty political environment (I personally deal with Senators - they battle on even the most remedial issues) I ll probably add index funds to my portfolio and rebalance my portfolio towards conservative end for next year should there be further turmoil - what brokerage firm do you get them from Mike? I do the max for 401k, max for Roth IRAs, mutual funds in place of college savings 529 for my daughter and other investment tools.
Sorry for the book guys, just figured I would share my experience and I'm always interested in investment discussions. Back on my vacation
