Stock advice

[vraiblonde]

I admit it - I'm a dumbell when it comes to the stock market. I like my portfolio so far and it seems to be doing well. But is there someone on here who knows what they're talking about so I can ask questions? I can call my Scottrade guy, but I hate to bug him. I'd rather bug you all.

I sold my Google yesterday for a tidy profit. After it stops its downward spiral and starts going back up again (which I believe it will), my intention is to buy it back. Can I do that? Is it wise? Should I have not sold it in the first place?

 

[Pete]

I admit it - I'm a dumbell when it comes to the stock market. I like my portfolio so far and it seems to be doing well. But is there someone on here who knows what they're talking about so I can ask questions? I can call my Scottrade guy, but I hate to bug him. I'd rather bug you all.

I sold my Google yesterday for a tidy profit. After it stops its downward spiral and starts going back up again (which I believe it will), my intention is to buy it back. Can I do that? Is it wise? Should I have not sold it in the first place?

look up "wash trade"

Yes you can

 

[Pete]

Actually forget that, you made a profit. Wash sales only come into play if you sold at a loss.

 

[mv_princess]

I'm sorry.........I read the title and thought it said "Stork advice" hahaha...ok moments over

 

[willie]

I admit it - I'm a dumbell when it comes to the stock market. I like my portfolio so far and it seems to be doing well. But is there someone on here who knows what they're talking about so I can ask questions? I can call my Scottrade guy, but I hate to bug him. I'd rather bug you all.

I sold my Google yesterday for a tidy profit. After it stops its downward spiral and starts going back up again (which I believe it will), my intention is to buy it back. Can I do that? Is it wise? Should I have not sold it in the first place?

Sounds like a good plan. When you figure out the peaks and the pits, let us know.

 

[vraiblonde]

When you figure out the peaks and the pits, let us know.

This is why I almost wish I hadn't sold it - because now I actually have to pay attention.

 

[Pete]

This is why I almost wish I hadn't sold it - because now I actually have to pay attention.

You can set a limit trade. Make your order so that if the price hits a certain limit you automatically buy. Say Google is at $347.13, you make a limit order for $320.00 and set it to expire in 60 days. If the stock hits $320 one Tuesday afternoon while you are watching Oprah your broker buys the stock automatically.

 

[vraiblonde]

You can set a limit trade.

I've got it set to email me when Google hits $330 or $360. But sitting there refreshing the Positions window is addictive. Daytraders must have ulcers the size of Minneapolis.

 

[Pete]

I've got it set to email me when Google hits $330 or $360. But sitting there refreshing the Positions window is addictive. Daytraders must have ulcers the size of Minneapolis.

Do you have a margin account?

 

[vraiblonde]

Do you have a margin account?

I'm not even sure what that is.

 

[cattitude]

Do you have a margin account?

 

[cattitude]

I'm not even sure what that is.

stock market credit card.

 

[Pete]

I'm not even sure what that is.

A credit account with the broker. Back when I traded if I bought a stock I could not turn right around and sell it the same day. I had to wait for it to clear through a clearing house.

the only way you could "day trade" was via a margin account.

 

[cattitude]

Don't worry Vrai, if you screw it up, call me. I work in the Broker-Dealer Securities Litigation group.

 

[vraiblonde]

Okay - no, I have a cash account. I sold the Google yesterday and those funds are available for trading, but I can't cash them out yet. I think I have to wait a few days or something. I'm not worried about it because I intend to reinvest, not cash out.

 

[vraiblonde]

Don't worry Vrai, if you screw it up, call me. I work in the Broker-Dealer Securities Litigation group.

 

[2ndAmendment]

You can set a limit trade. Make your order so that if the price hits a certain limit you automatically buy. Say Google is at $347.13, you make a limit order for $320.00 and set it to expire in 60 days. If the stock hits $320 one Tuesday afternoon while you are watching Oprah your broker buys the stock automatically.

That works unless the stock is tanking, which has happened on occasion. If Google is at $347.13 and you make a limit order for $320 and set for it to expire and watch Oprah and miss the news that the Google CEO just went postal and killed the entire senior technical staff and the company was tanking, you buy as it free falls through $320 and finally get out at .25.

What is the likelihood? :shrug: Ever heard of Enron?

The moral of the story is, you can not set and forget. You still have to be reasonably aware of what is going on with stock you own or want to own.

 

[2ndAmendment]

A credit account with the broker. Back when I traded if I bought a stock I could not turn right around and sell it the same day. I had to wait for it to clear through a clearing house.

the only way you could "day trade" was via a margin account.

Most firms now clear the trade immediately if they hold the certificate. It is in their best interest. I have sold and bought and sold and bought the same day with the same funds.

 

[Fred Hoeck]

Many analysts think Google is going down another %50. I think you would be better looking for another area to invest. Remember the 90's when all the Internet stocks went through the roof and then the bubble burst. Just finished using up loss carry-overs. I thought of shorting Google. The bloom is off the rose, they have competition, and they have bad relations with the GOP which will not help them in getting legislation and regulations favorable to them passed, remember what happened to Microsoft.
Dividend paying stocks pay you to invest, and dividends have favorable tax treatment right now.
Seems like the Telecom sector is rebounding, finally. The oils are going down.
One can not be a passive investor anymore if one is invested in high tech. Maybe you might want to look into exchange traded funds.

 

[willie]

Keep one thing in mind: