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FIST13F
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Question, I have been told it is not wise to buy at market price. However I am so new dont know the difference between STOP and Stop Limit. A short explanation would be helpful. Thank you for your time. Oh yeah, my account is through E Trade at 12.00 per trade. Is that a fair price.
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edgewise
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Here's an explanation I pulled off of the RSHN thread from a few days ago:

quote:
Originally posted by AgentGPF:
quote:
Originally posted by edgewise:
Actually, in Choicetrade they have "Stop/Loss" Orders. I haven't played with those yet.

Stop Limit orders. When the STOP price is hit it triggers your LIMIT order.

So you can use it for a buy or a sell, I use them for sells when I want to avoid getting stunk in a tanker. I will set my LIMIT a bit below my STOP to make sure I am exited from my position without being left in the dust, on smaller volume stocks that move quickly you can easily get left behind if the two values are too close together.

If I put in a limit order sell on ChoiceTrade for .007, if the market value is .0071 I will get market value. That is one nice thing, despite it being a limit order I will not get screwed with ChoiceTrade in that regard.



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Hindsight is 20:1.
It's like printing money.

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edgewise
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And then, regarding Etrade..

12 bucks isn't bad, compared to some brokers. But, there's cheaper options out there.
I use Choicetrade. It's only $5 per trade, and it's got a really nice, easy, simple layout.

I've been working with my dad's Etrade account, so I've been getting used to that a little, but I still like Choicetrade's style more.

Also, you may want to look into Scottrade. It's real-time quote system is a whole lot nicer than Etrade's.
But Scottrade charges $7 plus .5% of the principal for any order for a stock under a dollar, which adds up real quick if you're making big trades.

Hope this helps.

--------------------
Hindsight is 20:1.
It's like printing money.

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FIST13F
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Hey thanks edgewise, how is choice trades real time tracker?
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T e x
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get em both, for all features: no stops on Scottie

Choicetrade real good for those who can't sit in front of computer all day...

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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edgewise
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quote:
Originally posted by FIST13F:
Hey thanks edgewise, how is choice trades real time tracker?

I haven't tried their real-time tracker. I've just been using Scottrader.
And honestly, if I have a little more continued success, I may invest in 'Microcaptrade' cuz it seems to have a lot of good features that would be worth the investment.

But as far as free real-time quotes, Scottrade's the best option that I know of.
But I don't know about Choicetrade's though. I don't think they offer it for free, either.

You can just open a Scottrade account with 500 bucks, and then just leave that account sitting, and do all your trading in Choicetrade. That's the way I do it. Then you can use Scottrade's free quotes, and still have the best of both worlds.

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Hindsight is 20:1.
It's like printing money.

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10of13
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FIST13F
After you have made 30 trades in a quarter..etrade will take the cost down to 9.99 for each trade...and then there is another option for 6.99 a trade...I have opened up the choicetrade account for the cheaper price/trade but haven't tranferred all of the funds yet...

Edgewise...does scottrade have L2's for pinks?

I've been using Ameritrade...but it runs about $34 a month...just for the pinks..and I don't really trade them that often...thanks in advance...

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#1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!

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CareyRay
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In OTC you can not put in a Marketorder! Only Limit orders. You can also use them as support nd resistance lines when buying and selling a stock! Market orders do not give you that option! Commish isn't much because when your making 1k+ Profit per play you wont feel a $15 commish. Canada is $25 one way!
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edgewise
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quote:
Originally posted by 10of13:
FIST13F
After you have made 30 trades in a quarter..etrade will take the cost down to 9.99 for each trade...and then there is another option for 6.99 a trade...I have opened up the choicetrade account for the cheaper price/trade but haven't tranferred all of the funds yet...

Edgewise...does scottrade have L2's for pinks?

I've been using Ameritrade...but it runs about $34 a month...just for the pinks..and I don't really trade them that often...thanks in advance...

No, Scottrade doesn't have L2's. Not for any of the exchanges.
But they do have a program ScottraderElite, which has L2's, but to get that, you have to have an account value over 25,000 and I don't have nearly that much, so I haven't been able to check it out.
I don't think they even have L2's for the pinks there though. Just the bigger boards.

I'm gonna be looking into MicroCapTrade (there's a whole nother board on this site dedicated to it).. It appears to be $119.99/month, but you get streaming news, L2's, T&S and all that good stuff with it. I get T&S with Scottrade, but the L2's and streaming news would be worth the price for MicroCapTrade.
And, if you get it through this site, you get 20 bucks off per month.
And I figure I could make at least 100 bucks in a month if I have all that info to play with when making my trades.
I've only been getting the L2s for RSHN lately through PinkSheets dot com, and they've helped me a ton for flipping the stock.
Oh, and a trial month with the L2's is only 30 bucks, so you can test it out in case..

Hope this helps.

--------------------
Hindsight is 20:1.
It's like printing money.

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Machiavelli
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quote:
Originally posted by CareyRay:
In OTC you can not put in a Marketorder! Only Limit orders. You can also use them as support nd resistance lines when buying and selling a stock! Market orders do not give you that option! Commish isn't much because when your making 1k+ Profit per play you wont feel a $15 commish. Canada is $25 one way!

You have me confused with your statement... you can put a marketorder in any stock market... not just limit orders... whether you get filled or not at the price you want is another matter... also how do market and/or limit orders give you Support and Resistance lines????? I think you are confused and mixing things up ... either that or I'm very tired today and i'm mixing things up lol ... anyways explain to me.. maybe it's just me... <shrugs> ....

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Let the world change you... And you can change the world.

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CareyRay
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quote:
Originally posted by Machiavelli:
quote:
Originally posted by CareyRay:
In OTC you can not put in a Marketorder! Only Limit orders. You can also use them as support nd resistance lines when buying and selling a stock! Market orders do not give you that option! Commish isn't much because when your making 1k+ Profit per play you wont feel a $15 commish. Canada is $25 one way!

You have me confused with your statement... you can put a marketorder in any stock market... not just limit orders... whether you get filled or not at the price you want is another matter... also how do market and/or limit orders give you Support and Resistance lines????? I think you are confused and mixing things up ... either that or I'm very tired today and i'm mixing things up lol ... anyways explain to me.. maybe it's just me... <shrugs> ....
1) You can not put a Market order on pennystocks

2) You can give a stock support by putting a limit order to buy shares. Ever seen a stock get alot of sells on the bid. And never downtick. Maybe because someone in the public has a huge Limit order picking up shares on the bid! Tht may cause a bounce!

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hbbus700
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Another Newb here with a newb question but here it goes. What are the advantages of L2's? Also what are Level 2 quotes?
Thanks

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T e x
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When you look at, say, Yahoo Finance and see a chart, a quote, last price, etc...? That's considered "Level I"; Level II is where you can see which MMs are on the bid side, which are on the ask...

Think of it as though you see a car coming up at auction...if you wanna buy that car, would you rather see 50 car dealers in the line waiting to bid on it? Or 50 in line ready to sell you one just like it?

well, that's not quite right, but you see market forces at work, eh?

Basically, it makes a difference how many MMs are on bid vs how many on ask (and also which MM firm it is, in which position)...anyway, Level II shows that.

Can they play head-games, knowing traders are seeing Level II? sure, they got Level III... [Roll Eyes] Daytraders find Level II indispensable...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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10of13
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quote:
Originally posted by hbbus700:
Another Newb here with a newb question but here it goes. What are the advantages of L2's? Also what are Level 2 quotes?
Thanks

the advantage of L2's...huge...but they also need to be "real time"...not the delayed that most offer for free...20 minutes is a long time and allot of $ when dealing with stocks...

With the level 2 you can see what the ask and bid are right now...and you can usually tell if the stock is going to go up or if it is going to go down...You are able to "put" your order in at the exact moment that you want...not try to guess...when you are dealing with pennies or the daytrading...level 2's offer a great advantage...

Try this site
http://www.investopedia.com/terms/l/level2.asp

and here's is allot of other info;
http://www.investopedia.com/terms/l/level2.asp

GLTY!!!

--------------------
#1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!

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T e x
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10, funny you mention "delayed L2s"... have played runners with Ktrain navigating on merely the "montage"... ya, not a newbie thang, so perhaps not appropriate to this thread... on the other hand, some may find these interesting:

first, a thread that starts much like this one--
http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/2/ t/007887/p/1.html

(plus, a *hint* of Purlie's fun--mid-thread, she asks Glass, "Can you not stay off-topic?" funny chit... BUT if you read that far? you're w-a-a-y past the L2 stuff.)

then, some "live action"

http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/12 /t/000709/p/1.html

[ April 14, 2006, 02:05: Message edited by: BuyTex ]

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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hbbus700
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Thanks, much appreciated!!!!
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10of13
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hbbus700

Sorry that I double posted the link earlier,,,here is the other one that I meant to post

http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/9/ t/001296/p/1.html...

How's it goin' Mr. Tex? [Wink]

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#1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!

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T e x
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fine, 10, thanks--but sumpin's wrong with that link

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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Machiavelli
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quote:
Originally posted by CareyRay:
quote:
Originally posted by Machiavelli:
quote:
Originally posted by CareyRay:
In OTC you can not put in a Marketorder! Only Limit orders. You can also use them as support nd resistance lines when buying and selling a stock! Market orders do not give you that option! Commish isn't much because when your making 1k+ Profit per play you wont feel a $15 commish. Canada is $25 one way!

You have me confused with your statement... you can put a marketorder in any stock market... not just limit orders... whether you get filled or not at the price you want is another matter... also how do market and/or limit orders give you Support and Resistance lines????? I think you are confused and mixing things up ... either that or I'm very tired today and i'm mixing things up lol ... anyways explain to me.. maybe it's just me... <shrugs> ....
1) You can not put a Market order on pennystocks

2) You can give a stock support by putting a limit order to buy shares. Ever seen a stock get alot of sells on the bid. And never downtick. Maybe because someone in the public has a huge Limit order picking up shares on the bid! Tht may cause a bounce!

1) Must be me again.. but ive put Market orders on penny stocks (assuming we both have the same definition of Penny stocks which is any stock under $5 per share) in the past before (wasnt a good idea but i was a newbie in those days but nonetheless ive put market orders)... if you can't put market orders through your broker then you may need to switch brokers...

2) If you think one person alone can provide "Support" to a stock or "Resistance" ... your not living in reality especially when it comes to penny stocks that are diluted with so many shares and takes alot to move a stock whether up or down... remember "institutions" do not buy such stocks...

--------------------
Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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10of13
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quote:
Originally posted by BuyTex:
fine, 10, thanks--but sumpin's wrong with that link

Argh...OK Last time...here's a link (I hope) to some great info for newbies..

http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/9/ t/001296/p/1.html

--------------------
#1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!

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T e x
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quote:
Originally posted by 10of13:
quote:
Originally posted by BuyTex:
fine, 10, thanks--but sumpin's wrong with that link

Argh...OK Last time...here's a link (I hope) to some great info for newbies..

http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/9/ t/001296/p/1.html

there ya go. Ya, that was a nice thread...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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