ctrout
122 posts
msg #62242
- Ignore ctrout
modified |
5/6/2008 4:23:37 PM
JP:
Now if I could only stop playing the stocks that don't base properly and take my losses. I am still in MFLX.
I don't mind playing under the 100 day though but I think it would have to be way under the 100 but only if they based long enough.
Got lucky on MFLX -- blew away earnings (btw, I hate holding over earnings but this had a late pullback into earnings and volume looked up into the close. Whew!)
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ctrout
122 posts
msg #62244
- Ignore ctrout |
5/6/2008 4:45:16 PM
rtucker:
If the stock is under $10, I will use a lot size about 1/2 the dollar value of a position of a stock over $10. However, I don't really day trade, I am more of a swing trader. I am prepared to average down though if the support is there.
For actual Daytrading I think that 13th_floor could guide you better. Personally, I very rarely sell 1/2 postition. I usually sell it all.
For really volatile stuff (Goog, OIH) , I buy puts and calls as this limits my downside.
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rtucker
318 posts
msg #62245
- Ignore rtucker |
5/6/2008 5:16:29 PM
Thx for the response ctrout. If there is one ( wish it was just one) thing about me it is too large a position size( up to 1/3) , so that I dont have much wiggle room. Almost always if it doesnt go up that day I'm gone/stopped out. and watch 1 day later as it later it moves up.
Must reconsider this......POT and PAL are recent examples... Thx...
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13th_floor
724 posts
msg #62247
- Ignore 13th_floor |
5/6/2008 8:15:04 PM
rtucker,
I play between $3k and $5k on almost every stock I long or short.
When I am on a roll I will play $5k,when I hit a softer period I back down to $3k/$4k.
Cleared $3700k today alone, hot now
Took almost $1500 from the short of VRML at $5.07
I daytrade only so take it for what it's worth.
Many times I'm in a stock half hour or less.
Hectic work but worth every second if you love it.
Good luck.
13th
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ctrout
122 posts
msg #62248
- Ignore ctrout |
5/6/2008 8:34:58 PM
rtucker:
I don't know who you trade with but, Interactive Brokers charges $1.00 for every 200 shares whether it is market or limit. The minimum fee is $1.00 per trade. I think the minimum $ amount to open an account is $15K. Of course, if you are daytrading you need to have more than $25K. Stocks like POT you have to give some room. I will give them 10% some times (but not often).
At IB even if you bot 10 shares at 200 that is $2000.00. The trade cost $1.00 in and $1.00 out. So you are not getting commissioned to death. If you have limited funds this will really help. I traded a couple of my kids account and they started with 15K but I had to swing them for longer periods.
Take a good hard look at JP's charts. You will notice for the most part he plays pullbacks to his support levels and he lets them consolidate. JP will rarely enter a trade when the stock is going down that day. So a stock that went to support held for a while and starting to move up is a pretty safe bet for 2-4% gains. POT was a safer play at the close on 5-2 at 186.61. It had support there in the 175 range. I would have Bot it that day and put a stop at 175 (6%).
6 % of $2000.00 is $120.00 loss plus the commission of $2.00 is 122.00.
You might say on 4/30 it could have been a play, too. If I would have played this on 4/30 I would have put the stop at 169 as there was a small gap up on 4/4 and I like to set the stops below the gap fill point. I didn't play it on either day!!
However, if you use smaller share sizes with lower commissions you won't get
knocked out of this trade. By the way, I wouldn't touch it at this level because it is in between support (175) and resistance (215). I don't like coin flips.
For Daytrading, It sounds like 13th Floor is the man you need to talk to. I usually trade the futures when I daytrade. For the record, I think swing trading is more risky than daytrading. I made $5,000 today but I could give it back tommorrow as the market could tank. I seriously doubt that I could give back $5,000 daytrading. Why?? tighter stops and you are following mommentum.
I am considering daytrading myself as swing trading doesn't take too much time.
Oh, other nice thing about IB is the scanners, futures, forex, and $1.00 options
all under one platform. Hope I didn't bore you.
C Trout
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13th_floor
724 posts
msg #62249
- Ignore 13th_floor |
5/6/2008 9:09:17 PM
ctrout,
Awesome on your $5000 day!
Rtucker,
ctrout is right, IMO over all,and I've been with alot of brokers over the years, IB is super.
Everything he mentioned plus I can get short almost any priced stock I want and instantaneously.
If you are a daytrader to really maximize your gains and take advantage of quick situations you gotta be able to get short when the situation calls for it.
There are a bunch of great short opportunities every week.
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rtucker
318 posts
msg #62250
- Ignore rtucker
modified |
5/6/2008 9:54:30 PM
Thanks for the responses guys. Putting your picks out there daily for others to see/track is awesome. Trust me that any amount of trading tactics/advice that you put out there wouldnt bore me or probably anyone else. And, I do have a JP swing filter that I run. I am a recovering knife catcher! I'll get out of your way. Rock on..
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ctrout
122 posts
msg #62256
- Ignore ctrout |
5/7/2008 3:54:38 AM
rtucker:
Nothing wrong with catching falling knives as long as you do it the way 13_floor does. Quick ins and out. Trying to catch a falling knife and swinging it ... well that's not too safe. I know one swing trader that caught Crox at 36 in Nov 07 could have got out say around 42 on 12-11. He still owns it at 10. That's not swing trading that's investment praying.
Same guy bot Bidu at 65 rode it up to the peak. He claims there was no technical reason to ever sell it. Now that's just plain wrong. Could you imagine how much more he would have by shorting tops and buying the support or consolidation. Man I would be praying it would come down so I could buy more shares cheaper.
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13th_floor
724 posts
msg #62257
- Ignore 13th_floor |
5/7/2008 9:39:19 AM
Long FRPT 4.14
Long ALVR 8.65
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ctrout
122 posts
msg #62258
- Ignore ctrout
modified |
5/7/2008 9:50:27 AM
Out CSUN 9.73plus 3%
Out CLB at 129 plus 3 %
Out DE plus 1%
Out CLWR plus 1%
Out $RUT Calls even
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