I think your sister-in-law had the right idea.

Can't he go to someone else who is not a family member to help him? I worry that if things don't work out, the blame might be put on you with lots of problems down the road.

Oh Rolo...please try try try,  to talk him out of doing this.

    I know someone who is doing this for the last year.  The man is "GLUED" to his computer...he is addicted actually.  He is also losing so much money it isn't even funny.   Can you tell him to put it in a CD or something?   Jeese..........

I wish Linda, he is like a mule with blinders and thinks he sees a bushel of apples ahead!

It is truly scary even on dialup.

Let me related my very personal experience.

My father took $130K - the proceeds from the sale of his home, and began day trading with it.  

Over the course of two years he made over ONE MILLION DOLLARS.  

And then he proceeded to  Yes, all of it.  Every stinking dime.  He thought it couldn't happen to him.  He "knew" when to get out . . . .he knew what he was doing . . . .yeah . .. sure . . .

When he died he was receiving $900 a month from Social Security.  Nothing else.  No savings, no rainy day fund, nothing.  Food pantries, subsidized housing, no money for anything but survival at the barest minimum.

My advise is don't get involved in it.  If he wants it so bad let him figure it out.  Don't enable him.

I just set up the account for him and faxed the documents necessary.

I’m sure he will be calling me for help with the web page because he can’t find his crapper when it comes to the internet and links and such…

I’m not answering the phone if he calls, I’ll let the machine get it.

I just hate being sucked into crap like this, my conscience is bothering me.

I’m going to run from it the best I can and hope the shrapnel misses me…

Add; He cannot call tech support and be online at the same time so that will slow him way down!

Even though the account is already open, I really would try to talk him out of it unless it's "play money" he can afford to lose and this would be a form of entertainment to him.

Day trading, as already pointed out, is simply a form of gambling.  Maybe he'd have more fun taking the money, grabbing the family, and heading to Vegas together?

As in gambling, the odds are stacked against you.  It is a high-cost proposition, because you have to cover the cost of the commission and the short-term gains tax before you even break even.  So it's one thing if he views it as a form of entertainment - another thing altogether if he views it as a form of investing.  It isn't.

Actually - all you really have to do is point out how difficult professional money managers are finding it to make money in this market!

Here's something that may help you talk some sense to him:  Multimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or

The North American Securities Administrators Association found that "at least" 70% of day traders lose money (and most of them "almostly certainly lose everything they invest", and only 11.5% "might" profitably trade.

If he still insists, read this for advice if he's considering paying for some type of trading system - he's got to make sure the system he's considering hasn't been censured, fined, or is under investigation for false advertising:  Multimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to or ;

Good luck,

Laurie

Oh, no. 
He's on dial up and wants to get level 2 quotes for day trading through a retail broker?  Lol
What other types of investment knowledge does he have?  Does he have any idea how stocks trade? 

Unfortunately, it's too late for you to say no.  If your father is of healthy mind, I guess you have to let him learn this lesson the hard way. 

Can you say Hemhorrage?? OMG! Even if you have SOME knowledge....sheesh! That's dangerous right now!
How 'bout dirt? it's cheaper in most parts of the country now than it was 2-3 yrs ago.of course, even with that, $20 isn't a lot...BUT, it's certainly safer than stock..........
Rolo, I wish you strength-and luck!
Cathi

It's gonna be a tough road for him.  Win some, lose some. 
I used to be a SOES trader back in the day, then I went in to day trading for myself.  I did well for a couple of years, then the banking lobby got some new rules instilled so retail traders get last in line for everything.  I didn't even play that game.  I went into accounting.

This market is actually a good market for trading.  Volatility is where money is made......if you dont lose it first.

cynjeep89 wrote on Dec 3^rd, 2008 at 8:04pm:


Quote:


Now you know Cathi dear, the culprit and she said it was because he was yelling at her on the phone!!

Rolo..

Print this entire thread thus far and give/send it to him.  Do NOT enable him any further or your conscience will bother you forever.


Linda

And the phone is ringing… Here it comes… I’m not answering it… Not going to do it! Rolo...

Add; He has called 4 times in 10 min.....