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Word Count: 483
A couple of years ago my father learned of a new way of trading stocks called day trading Day trading is a way for the average person to buy and sell stock without having to deal with a broker The idea is eliminating the middleman in order to increase profits The flaw in the idea is that success is contingent upon the day trader having the ability to capitalize on the system by being aware of all aspects of the stock market Ignoring the few problems with the system my father signed up for an Ameritrade account and began his research of the stock market In the beginning my father only used the set amount of money he allotted himself to buy and sell stock with He purchased many different stock market magazines newspapers and spent vast amounts of time researching over the Internet He formulated a plan to buy stock in new up and coming businesses at low prices and when the stock goes up even small amounts your profits go up in great amounts This process is known as purchasing penny stocks Using this system my father was very successful for several months My fathers success however did not last as long as he hoped that it would Although his plan had its advantages in that you can double or triple your profits relatively quick There was something he did not consider and that is that the reverse is also a possibility My father did not realize that the very factors that made penny stocks so good also made them very dangerous He invested mostly in technical stocks all dependent on each other and the technology market in order to prosper He thought this was a good idea due to the boom in the technology industry and ignored the dangers of doing this The danger that my father so easily put aside soon became a
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