Make your money a few ticks at a time... 5 - 6 day trade a day of 50- 100 at the end of the week will add up...
Scan for a stock with some MOMO and play it for a cuple of ticks.... When I buy stock I buy enough for a $50 profit ( 5000 * .20 sell at .21 = $50 profit and so on ) ticks above your buying price a tick and place your sell inmediatedly 1 or 2, Specially on news plays and you will almost get it all the time,
[ May 17, 2006, 16:36: Message edited by: Prdponce ]
Posted by Aleks on :
BRAVO!
Well put, this is what I do too.
But I have TD Waterhouse where each trade is 30 to buy and 30 to sell, so my ticks have to be 3 or more....
Posted by gatorboy2424 on :
yeah and what kind of commissions do you pay
Posted by Sigma on :
Just don't use Wells Fargo. 3% commission on each side of the trade.
Posted by Prdponce on :
quote:Originally posted by gatorboy2424: yeah and what kind of commissions do you pay
Prdponce went to far as to say take 50 dollar profits on 1 tick skims, but I say that if you can take a 100 dollar - 30 or 40 dollar commission, you are sitting pretty.
Posted by Prdponce on :
quote:Originally posted by Aleks: Prdponce went to far as to say take 50 dollar profits on 1 tick skims, but I say that if you can take a 100 dollar - 30 or 40 dollar commission, you are sitting pretty.
Got the LInk Above $ 7.00 a TRIP //// Posted by MoMoMoney on :
Scottrade trade charges $7 + .5% for penny stocks, so that's pretty much 12 bucks per trade? This blows because I just realized this. Any brokers out there with lower commissions per penny trade?
Posted by Prdponce on :
quote:Originally posted by MoMoMoney: Scottrade trade charges $7 + .5% for penny stocks, so that's pretty much 12 bucks per trade? This blows because I just realized this. Any brokers out there with lower commissions per penny trade?
LOwtrades
Posted by MoMoMoney on :
lowtrades charges flat 3.50 for all trades, including penny stocks? Have you had any problems with them concerning anything?
Posted by Homersbud on :
Choicetrade! $5 per trade!
Lowtrades is $5 too but after you make x amount of trades, the commission gets cheaper. If you are going to be trading 4-5x a day, lowtrade might be the way to go because once you hit like 400 trades, your commission is only $2.99. Pretty cheap compared to Schwab where I was getting charged $20 per trade! What a friggin joke that was.
Posted by MoMoMoney on :
wait, this fee is only if you make a certain number of trades per month?
Posted by Prdponce on :
quote:Originally posted by MoMoMoney: lowtrades charges flat 3.50 for all trades, including penny stocks? Have you had any problems with them concerning anything?
IF you place an order with quotracker... I dont have any problems at all...... NO a flat fee... go to the webpage no minumum to open ....
Posted by Homersbud on :
quote: wait, this fee is only if you make a certain number of trades per month?
The initial commission for lowtrades is $5 per trade if you use their website. After you make 100 trades, the commission becomes $3.99 or something like that. The more trading you do, the cheaper the commission is.
Choicetrade is a flat $5 per trade no matter how many trades you make. I haven't have any problems with Choicetrade so far and I've been using them since last year.
Posted by tonicma on :
Well, i make about on average $2000 per day trade on penny stocks.
Get in when vol is up and than sell when hit 20 to 10%
Easy money
Posted by cougarfeather on :
$2000/day
Man, you gotta share some strategies
Posted by Prdponce on :
quote:Originally posted by tonicma: Well, i make about on average $2000 per day trade on penny stocks.
Get in when vol is up and than sell when hit 20 to 10%
Easy money
Do you put 20K in a penny? 2k is 10% of 20K....
Posted by TruthLiesWithin on :
TD is part of Ameritrade.........I scrapped my old TD account when I was getting socked with $50 and $80 commissions....
The only downfall to Ameritrade is that if you have under $25,000, you can only make 5 round trip trades a week before getting flagged... I agree with the $50 here and there ideal..
I usually get a few to do that for me from one day to the next... Slow and steady beats getting one big loss waiting...
Posted by Matrix Trader on :
Does Choicetrade or Lowtrades offer Level 2's? Scottrade has L2 but only of those who maintain 25k in their account. That is messed up.
quote:Originally posted by Homersbud: Choicetrade! $5 per trade!
Lowtrades is $5 too but after you make x amount of trades, the commission gets cheaper. If you are going to be trading 4-5x a day, lowtrade might be the way to go because once you hit like 400 trades, your commission is only $2.99. Pretty cheap compared to Schwab where I was getting charged $20 per trade! What a friggin joke that was.
Posted by kkt6zv on :
[/qb][/QUOTE]Do you put 20K in a penny? 2k is 10% of 20K.... [/QB][/QUOTE]
I guessing he makes more than 1 trade per day.
Just my guess though.
Posted by Homersbud on :
ChoiceTrade offers L2's for $30/month.
When I had the service from ChoiceTrade, they didn't have L2's for Pinks, so I cancelled it and using QuoteStream now which runs me about $50/month.
QuoteStream is the SAME program ChoiceTrade offers (they call it ChoiceStreamer) so I would think the Pinks are included now...
I don't know if Lowtrades offers L2's or not..
Posted by Gary59 on :
Just downloaded the Quotetrackerprogram seems like you can link it to many of the online accounts like Scottrade, ameritrade and so on but you have to put your account info and password info into the program to get it tooo link up , Just kind of leary about giving that info to a no charge type program ,, Has anyone used quote tracke with a program without using lowtrade as a primary trading program yet ?? I am going to check out the program though and see what options are offered it does say free L2s with the program too...
Posted by BlindMellonChitlin on :
Hell ...I make 20K on a bad day.
I use the flufelnagel double flip method.
(Talk is cheap)
Posted by BlindMellonChitlin on :
quote:Originally posted by Gary59: Just downloaded the Quotetrackerprogram seems like you can link it to many of the online accounts like Scottrade, ameritrade and so on but you have to put your account info and password info into the program to get it tooo link up , Just kind of leary about giving that info to a no charge type program ,, Has anyone used quote tracke with a program without using lowtrade as a primary trading program yet ?? I am going to check out the program though and see what options are offered it does say free L2s with the program too...
With all the scams around...I would never give up my personal information to a 'free' anything.
Posted by Gary59 on :
Yep think Im gonna stay with my scottade looks like the quotetracker will only give info that you are subscribed too anyway ... So im not taking any chances
Posted by kkt6zv on :
quote:Originally posted by tonicma: Well, i make about on average $2000 per day trade on penny stocks.
Get in when vol is up and than sell when hit 20 to 10%
Easy money
Do you seriously make that much everyday. I can't wait till I get that good.
Posted by Chopper on :
It is a very good idea to have a couple accounts in case one happens to have problems like Scottrade. I happen to like Scottrade and Etrade.
Also should you have a small amount of money it allows you to kinda day trade. Depending on your account balances as few as 6 round trips or unlimited should you have a 25k margin accounts. If all you have is 4k seed money, split it up in 2 accounts then you have at least 6 round trips in a five day period. It increases your buying power with more trades. GLA
Posted by STOCKGANGSTA on :
I AGREE WITH PONCE SOMETHIMES YOU CAN SCALP THEM FOR MORE LIKE 30% LIKE $1700
Posted by coalkickin on :
Choicetrade..$5.00 a trade...Free realtime, L2's etc for 90 days...then 20.00 per month. Never had a singel problem with them Posted by coalkickin on :
However it does not have a spellcheck...(single)
Posted by Homersbud on :
quote: However it does not have a spellcheck...(single)
lol
Posted by Birkoff on :
I use Lowtrades. It is $2.99 to buy/sell.
L2 and time sale is $13 /mo, but they don't have L2's for pinks. They are thinking about switching their L2 provided.
Very cheap. No percentage, just flat 2.99.
Posted by keithNJ on :
good post.........Prdponce
Posted by deepockets on :
Multiple trades for small consistant profits are the way to go. I've been doing that with GTE and it works great if your disciplined enough to trade like that. The trick is to find stocks that have enough volume to get in and out quickly and that move 4% or more once or more per day. Even after commissions ($5.00 at Ameritrade Izone)that means good profits. My goal is $300+ per day. I can live on $1500 per week. Then every once in a while you get caught in a big gainer and have a really good day.
Posted by anders19199 on :
whats the rules on daytrading??
i like this topic . . this sounds like a great way to make money . . use 10k for 5-20% gains on daytrading and 10k for a couple long term stocks like NLST
i thought daytrading was only 3 trades per every 5 business days. Or is there a way around that rule by creating multiple accounts
Posted by deepockets on :
No way around the rules. It's an SEC rule. Unless you trade trough more than one broker.
Posted by deepockets on :
5-20% gains are hard to hit consistantly. 3-4% multiple times a day is much easier to hit and to find stocks that do that.
Posted by renrob05 on :
ok i'm canadian...what's the cheapest comish i can get?
Posted by Matrix Trader on :
Thanks for the info!
Can you link QuoteStream to other accounts for buy/sell like choicetrade, scottrade, etc??
Thanks
quote:Originally posted by Homersbud: ChoiceTrade offers L2's for $30/month.
When I had the service from ChoiceTrade, they didn't have L2's for Pinks, so I cancelled it and using QuoteStream now which runs me about $50/month.
QuoteStream is the SAME program ChoiceTrade offers (they call it ChoiceStreamer) so I would think the Pinks are included now...
I don't know if Lowtrades offers L2's or not..
Posted by Jerry Medved on :
1) Lowtrades does have Level II available for an extra fee.
2) the $3.50 commission with Lowtrades is for Registered QuoteTracker users placing the trades through QuoteTracker and does not have a minimum monthly trading requirement
3) QuoteTracker can also be used with ChoiceTrade TradeStream platform for Level I, Level II, charting, Backfill and full integrated trading: http://www.choicetrade.com/quotetracker.shtml
We have been around for almost 8 years and not once has there been a security issue (logins are not sent to us).
I would be glad to answer any other questions you may have on the matter or QuoteTracker in general
Posted by BuyTex on :
quote:Originally posted by Jerry Medved: 1) Lowtrades does have Level II available for an extra fee.
2) the $3.50 commission with Lowtrades is for Registered QuoteTracker users placing the trades through QuoteTracker and does not have a minimum monthly trading requirement
3) QuoteTracker can also be used with ChoiceTrade TradeStream platform for Level I, Level II, charting, Backfill and full integrated trading: http://www.choicetrade.com/quotetracker.shtml
We have been around for almost 8 years and not once has there been a security issue (logins are not sent to us).
I would be glad to answer any other questions you may have on the matter or QuoteTracker in general
Hey, Jerry, good to see you dropping by.
will review your post, and prolly have a coupla questions...
Based on our previous correspondence, I'm sure you welcome a good dialogue.
thanks again...
Posted by BuyTex on :
Checked one of those links, withdrew this opinion:
quote:Ric Member
Member Rated: posted September 30, 2004 01:24 AM You're up late, I been trying to help best as possible. Had your product since May and its the first thing I look at when I go to the computer.
not to put Ric on the spot (he may have changed his mind since then, doh!), but that's pretty strong, coming from one of the very-best-and-trusted, most-loved traders here.
Judging from this? We could have a really strong discussion of trader-platform alternatives, for different budgets and different trading styles. Super. Thanks again, for dropping by as you do...
--tex
Posted by kkt6zv on :
Is it easier to daytrade with big boards or pinks and OB'S ???
Posted by Skyman on :
Lets see, quotetracker is free but it has to be fed with data that costs $$ right?
Posted by permanentjaun on :
One problem I see with this system is the following.
Your trading style requires several thousand to be put into a play to make 50-100 off of little movement. A lot of the people on this board are either newbies or just don't understand the game. There are two situations that are difficult then. The first is a mental block a newbie would have at putting thousands into a play even if they have plenty of money to do so. Losing several hundreds to thousands is still losing several hundreds to thousands.
The second problem is if they get past the mental block, trading efficiently to get those few ticks can be easier said than done for most of the people on the board. But yes, 50-100 a day or per trade adds up quickly. Matt
Posted by dacollecter on :
well, not to brag, but I have been averaging $500 a week with small amounts of money. These are just with penny stocks.
Posted by Prdponce on :
quote:Originally posted by permanentjaun: One problem I see with this system is the following.
Your trading style requires several thousand to be put into a play to make 50-100 off of little movement. A lot of the people on this board are either newbies or just don't understand the game. There are two situations that are difficult then. The first is a mental block a newbie would have at putting thousands into a play even if they have plenty of money to do so. Losing several hundreds to thousands is still losing several hundreds to thousands.
The second problem is if they get past the mental block, trading efficiently to get those few ticks can be easier said than done for most of the people on the board. But yes, 50-100 a day or per trade adds up quickly. Matt
Just posting some of the buys sell today... as an example on the 2 ticks tread.... It does required a a couple of thounsands a day... This was just a suggestions for the newbies daytrader...
they could have bounght 250K of rmdg this morning * 25 a ticks and sold ... less money is all relative...
Posted by lieutenant7 on :
If I didn't keep getting stuck with crap I would be doing alright LOL
Posted by Prdponce on :
I guess the two tick thread got delete... I dont know why... just showing what i am taking about here
Posted by MCJA on :
quote:Originally posted by Prdponce: I guess the two tick thread got delete... I dont know why... just showing what i am taking about here
I like the two tick thread
Posted by mboukili on :
i made decent money doing that and i m a newbie, then it thought it ll be wise to go with oil, i m down 50% overall, but it looks like it s boucing back, but know i need it to go up 100% to break even, sucksssss
Posted by skipdeez on :
quote:Originally posted by Prdponce: they could have bounght 250K of rmdg this morning * 25 a ticks and sold ... less money is all relative...
After reading this thread I cooled my jets a bit. I did exactly what you said above with RMDG. Tried to buy 500k, got filled for 263k at .0015, sold at .0018 (of course it went higher). But, I made $80 and went about my day.
Posted by Prdponce on :
quote:Originally posted by skipdeez:
quote:Originally posted by Prdponce: they could have bounght 250K of rmdg this morning * 25 a ticks and sold ... less money is all relative...
After reading this thread I cooled my jets a bit. I did exactly what you said above with RMDG. Tried to buy 500k, got filled for 263k at .0015, sold at .0018 (of course it went higher). But, I made $80 and went about my day.
Get two or 3 plays like this each day time five in a week... it will add up...
The thing about this is that sometimes people get greedy and miss the selling, then you get stuck waiting for the rebound.. it is easier to sell on the way up than on the way down .... and it goes down fast...
Posted by Jerry Medved on :
quote:Originally posted by Skyman: Lets see, quotetracker is free but it has to be fed with data that costs $$ right?
You do not have to use a datafeed that costs money. Most QT clients use their broker for the datafeed, in which case there is no cost for the data. For example, Ameritrade, optionsXpress, Interactive Brokers, etc.
QuoteTracker can be used for free, or registered. Registration gets rid of the ads, increases max # of days on intraday charts from 2 to 10 and removes the 6 month restriction on the dynamic historical charts (static historical charts - ProphetCharts and BigCharts - are unrestricted either way)
Posted by kt325ci on :
It's owned by TD Ameritrade and is only $5 per trade. I've been using it for a long time now and am happy with it.
Posted by Jerry Medved on :
kt325ci - actually, I believe you can get that down to $3 per trade, if you pay a $50 fee (don't know if that is one time or annual). If you make more than 25 trades a year, would be worth emailing them about that. Also note that QuoteTracker has full integration with Ameritrade (works with IZone accounts too) - drastically faster and more powerfull than using the web site or their Java applets to trade.
Posted by Prdponce on :
quote:Originally posted by Jerry Medved: kt325ci - actually, I believe you can get that down to $3 per trade, if you pay a $50 fee (don't know if that is one time or annual). If you make more than 25 trades a year, would be worth emailing them about that. Also note that QuoteTracker has full integration with Ameritrade (works with IZone accounts too) - drastically faster and more powerfull than using the web site or their Java applets to trade.
Hi Jerry
I see you got my e-mail...
That is what I like the most with one click you can see all you need the chart, news l2. and make a trade fast.... with a click of the mouse... another thing is that you have to refresh the page on the web base, to see if the order executed... in quotetraker the transaction monitor is dynamic... I can make a decision in less than 30 sec on news plays....
Posted by Skyman on :
How do yall find the stocks that will go up a few ticks? Will quotetracker scan for them with my criteria?
Posted by njs300zx on :
quote:Originally posted by Aleks: BRAVO!
Well put, this is what I do too.
But I have TD Waterhouse where each trade is 30 to buy and 30 to sell, so my ticks have to be 3 or more....
Dude I have TD ameritrade and I only pay $9.99 for every trade now
Posted by toad wallstreet on :
Member Rated: 2 Icon 1 posted May 18, 2006 03:58 PM Profile for Skyman Send New Private Message Edit/Delete Post Reply With Quote How do yall find the stocks that will go up a few ticks? Will quotetracker scan for them with my criteria?
DD and more DD
Posted by kkt6zv on :
Does there have to be a certain level of volume to be able to sell 2000$ worth of stock quickly after a few ticks ? ? ?
Posted by Prdponce on :
quote:Originally posted by kkt6zv: Does there have to be a certain level of volume to be able to sell 2000$ worth of stock quickly after a few ticks ? ? ?
It is relative to the PPS, but you need to make sure you can sell it... The thing to look for here is for a little MOMO something that is running, buys comming in in bunches, and always have the sell order at the ready in case it turns around...
Posted by Prdponce on :
quote:Originally posted by Skyman: How do yall find the stocks that will go up a few ticks? Will quotetracker scan for them with my criteria?
I can track up to 600 symbols, sort of MIcrocaptrade, with QT... one thing I do every night is scan for the most active stock during the day and add them to the list. Then I monitor sort them by # trades...
This is not my only trading Style I play news, bottom bounces and swing trades also ... This was only a sugestion for those that have not defined their own style and are new to pennies... if you are disciplined you will make small gains consistently... yes there will be somme that runs some more after you sell, in time you will identify those, but many time you will avoid the sickenning feeling of seeing your profit evaporate because you can nott sell when everyone start unloading, chasing the bid down...
Posted by Prdponce on :
quote:Originally posted by Skyman: How do yall find the stocks that will go up a few ticks? Will quotetracker scan for them with my criteria?
i like that website also but would you share your screener requirements to find these stocks? i've been wanting to try that trading style cause i feel its a lot safer in these nervous times.
also--the two ticks thread moved to the 'hot stocks free for all' board thanks
Posted by *Magnetic*Microspheres* on :
not to put Ric on the spot (he may have changed his mind since then, doh!), but that's pretty strong, coming from one of the very-best-and-trusted, most-loved traders here.tex; I haven't seen a post by Ric in a while, I miss his insights! Posted by dejavu on :
Prdponce, Any recommendations on the level II services to use with QT?
Thanks, dejavu.
Posted by Jerry Medved on :
dejavu - What type of stocks do you need Level II for - regular NASDAQ or OTC, Pink?
Who do you use for a broker?
Posted by dejavu on :
Hi Jerry, I am looking specifically for otc and pinks.
Also, i am planning to start using lowtrades. But one thing that concerns me and i have to clarify with lowtrades is how the commisions are calculated for shares beyond 100,000. Or is it a flat rate if i go through the link provided earlier by you even after 100,000 plus?
Thanks for asking me. I started using QT for a week now. It is a great piece of software. Want to make use of it to a great degree. I am analyzing/shopping for a great broker and level II service.
Also i might do some nasdaq trades in the long run.
Thanks, dejavu
Posted by Jerry Medved on :
dejavu -
Lowtrades commissions - you would need to ask them about that. I do not keep up to date on the finer details of the commissions at various supported brokers
Lowtrades has Level II, but you would need to check with them about OTC/Pink support.
Posted by dejavu on :
Jerry, thanks a lot for your tips. I will do some research on these and will decide soon.
Thanks, dejavu.
Posted by Prdponce on :
quote:Originally posted by dejavu: Prdponce, Any recommendations on the level II services to use with QT?
Thanks, dejavu.
Dejavu,
I use Stockwatch for level II ...it integrates well with QT.. Also the news feed is excellent. It seems to be the best for the price and there is no charged to set it up like others....
As for you over 100K shares question the masimum is about $3.00. plus the commision of 3.50 with QT....
Hope this help take care,
my 2 Monitors set up with QT
Posted by dejavu on :
Thanks a Bunch Prdponce. Visual example is worth thousand words. I couldn't get a visual idea and you cleared that out.
dejavu.
Posted by HorseRider on :
Have been using Quotetracker integrated with MB Trading for a while now. A great program, it can be configured to meet almost anyones needs. The customer service is very fast and friendly and the program is being improved all the time. MB Trading is a good broker also. Haha I sound like a promoter, but think these can be of use to anyone looking for a good trading setup. I may configure QT more like the setup Prdponce has and give that a try.
Posted by Prdponce on :
quote:Originally posted by dejavu: Thanks a Bunch Prdponce. Visual example is worth thousand words. I couldn't get a visual idea and you cleared that out.
dejavu.
I forgot you will see a push pin on all the windows... Make sure they are all pushed in, linked, and once you click on a symbol the charts, history and daily, news, trade order level 2 , T/S, they will come up for it... and if you want to buy it, push the buy bottom everything is set up but the QTY... Hardly miss any news play...
You can make a buy decision in less than 5 Sec with a click of the mouse.....
Posted by Carp-Swing-Trader on :
I use Lowtrades and have been pleased. They are by far the cheapest for penny stock investors who buy huge #'s of shares and don't need the dreaded charge per share garbage fees or fees for so many shares over a certain limit. But I do not like the fact that I have to wait 3-4 days after a sell until the money posts in my account. Does other online trading co's do that? I would like to be able to daytrade but that prevents me from being able to do that. I do not have alot of money in my trading account. I would like to start trying to get 10% a week but if I could get the money to post sooner in my account; I could possibly do 3 daytrades a week. That would be 30% gain potential each week. Any thoughts? Thanks
Posted by Hannibull on :
Carp-Swing-Trader,
I know the feeling. I assume by what you write that you opted for the cash account. What you need in your situation however is a margin account, that way the money is posted in your account instantly without having to worry about the 3-day settlement rule. However be careful!! If you do more than 3 day trades (buy WXYZ and sell WXYZ in the same day) in 5 business days, your margin account will be flagged as a "Pattern Daytrader Account", and you're in trouble if you don't have $25,000 in your account. If that's the case, the broker will block your account from taking on other positions for 90 days until you add enough funds to your account so that your account value is at least $25,000, however I think you can sell positions at any time during those 90 days (anyone correct me if I'm wrong on this one!)
This is an SEC rule and is therefore the same for all brokers (except for some overseas ones, like one I use here in Belgium among others in America, I can daytrade without restrictions however commissions are crazy!), so unless you have $25,000 I'd be really careful with the amount of day trades you do.
Good luck !
Posted by Homersbud on :
quote: I use Lowtrades and have been pleased. They are by far the cheapest for penny stock investors who buy huge #'s of shares and don't need the dreaded charge per share garbage fees or fees for so many shares over a certain limit. But I do not like the fact that I have to wait 3-4 days after a sell until the money posts in my account. Does other online trading co's do that? I would like to be able to daytrade but that prevents me from being able to do that. I do not have alot of money in my trading account. I would like to start trying to get 10% a week but if I could get the money to post sooner in my account; I could possibly do 3 daytrades a week. That would be 30% gain potential each week. Any thoughts? Thanks
I use Choicetrade and when I sell something, I have until the end of the day to buy into another stock or else wait 3 looooong days before the funds clear. So I usually buy into something else before the day is over. Works pretty well so far! Posted by vinnie1 on :
do you to wait the 3 days before you can sell it?
Posted by Homersbud on :
quote: do you to wait the 3 days before you can sell it?
Nope!
In fact, I sold a small portion of IPRE on Thursday and bought in RMDG. I sold RMDG first thing Friday morning, and got into WNSH afterwards in which I sold some later in the day.
Posted by Bob Frey on :
Taking 3 days to settle funds is an old school thing.
We used to take possession of the stock certificates.
When we sold we had three days to get them down to the broker and sign them over to the buyer.
Posted by CRab on :
I've heard alot of speculation about what a pattern daytrader really is and what actually happens. So I actually experimented. I was flagged a pattern daytrader about a week and a half ago, 90 day restriction and all. I then called and asked what was going to happen to my account(previous phone calls to ETrade only got me their standard definition).
Well, to my suprise my helpful Indian friend simply stated that now I could only trade with settled funds. So...now I simply buy and sell with already settled funds. They even let me add margin capabilities to my account to help me further.
Honestly...it's like nothing even really happened in my account.
This is not meant to tell people to ignore the rules and daytrade to ones demise. I'm just stating what I discovered about MY account with ETrade.
IGNORE ME PLEASE!!! I AM A NEW MEMBER AND I GENERALLY ONLY CONTRIBUTE NONSENSE!!! Posted by BuyTex on :
This is kinda what I was saying about brokers simply wanting protection re margin calls...
CRab, please describe the activity that got you "flagged" in the first place.
Thanks,
--tex
quote:Originally posted by CRab: I've heard alot of speculation about what a pattern daytrader really is and what actually happens. So I actually experimented. I was flagged a pattern daytrader about a week and a half ago, 90 day restriction and all. I then called and asked what was going to happen to my account(previous phone calls to ETrade only got me their standard definition).
Well, to my suprise my helpful Indian friend simply stated that now I could only trade with settled funds. So...now I simply buy and sell with already settled funds. They even let me add margin capabilities to my account to help me further.
Honestly...it's like nothing even really happened in my account.
This is not meant to tell people to ignore the rules and daytrade to ones demise. I'm just stating what I discovered about MY account with ETrade.
IGNORE ME PLEASE!!! I AM A NEW MEMBER AND I GENERALLY ONLY CONTRIBUTE NONSENSE!!!
Posted by CRab on :
It was actually during the NDOL fiasco. I bought and sold it several times. I said it was an experiment...lol...it was just an idiot new guy mistake though. I didn't keep a log of how many trades I had already made(dumb). I went over my limit obviously.
Posted by Bob Frey on :
Trade three times ( buy and sell any stock or equity in the same day three times in 5 business days. )
Ya get nailed unless you have a account with 25K.
Posted by BuyTex on :
quote:Originally posted by Bob Frey: Trade three times ( buy and sell any stock or equity in the same day three times in 5 business days. )
Ya get nailed unless you have a account with 25K.
well, see? that's what got me to thinking...you see that language "any" stock/equity...but dig down and it says the "same" stock/equity...
see what I mean? Apparently I can make endless round-trips, as long as they're not in the same ticker...yes?
Posted by Bob Frey on :
Yes if you have 25k in the account.
If not ,,, not.
Posted by BuyTex on :
quote:Originally posted by CRab: It was actually during the NDOL fiasco. I bought and sold it several times. I said it was an experiment...lol...it was just an idiot new guy mistake though. I didn't keep a log of how many trades I had already made(dumb). I went over my limit obviously.
no, really--thanks a lot...supports my new outlook, which is day-flipping the same stock is what you gets you tagged, NOT buying/selling any ol' thing in the same day...
Posted by Bob Frey on :
One thing you might try is opening another account with a dif broker. Then you get double the number.
Posted by BuyTex on :
quote:Originally posted by Bob Frey: Yes if you have 25k in the account.
If not ,,, not.
so then, what about the "official" language re "same stock"?
Posted by BuyTex on :
quote:Originally posted by Bob Frey: One thing you might try is opening another account with a dif broker. Then you get double the number.
got accounts, wanna know the "rule" re "same stock"
Posted by Bob Frey on :
Same stock same account.
Posted by CRab on :
yep that is my understanding...
like I said though...I haven't really noticed any difference in my trading...as long as I have free cash I'm good...
they do give you the option to just make a deposit to cover the funds used before being cleared...
my friend from etrade even said I could just sell off another security to cover the uncleared funds...this is because of the five day window...you sell and presto, clear funds three days later covering your uncleared mess...which really isn't messy, lol...
Posted by BuyTex on :
quote:Originally posted by Bob Frey: Same stock same account.
ya, so I can day-flip stock (1) and (2) and (3) and (4), etc...
no repercussions...
The "clock" actually starts when I day-flip (round-trip) any of those the second time...that's my "new" understanding...
Posted by BuyTex on :
quote:Originally posted by CRab: yep that is my understanding...
like I said though...I haven't really noticed any difference in my trading...as long as I have free cash I'm good...
they do give you the option to just make a deposit to cover the funds used before being cleared...
my friend from etrade even said I could just sell off another security to cover the uncleared funds...this is because of the five day window...you sell and presto, clear funds three days later covering your uncleared mess...which really isn't messy, lol...
this is something K used to say: "trade cash account and don't worry about it"
Posted by BuyTex on :
quote:Originally posted by BuyTex:
quote:Originally posted by Bob Frey: Same stock same account.
ya, so I can day-flip stock (1) and (2) and (3) and (4), etc...
no repercussions...
The "clock" actually starts when I day-flip (round-trip) any of those the second time...that's my "new" understanding...
*bump*
Posted by Bob Frey on :
Yea if you have cash in the account and use it that day or any day. You get to go in and out with the cash.
But don't use it again these days till it is back or less than three times in five days.
Posted by BuyTex on :
seriously, I get that my cash account is "different" than margin accounts...
but I'm still not getting the warm fuzzzies re the distinction of trading the "same stock" vs "round trips" in a variety of different stocks...
Posted by Bob Frey on :
Complicated but...
You can avoid the buy in and out of the same stock or security buy moving the date or strike of an option. You can move to other stocks in the same industry. All that does is let you sell and buy in the same day as above without breaking their rules.
If you have over 25k In the account then all goes out the window.
Posted by BuyTex on :
whee...options--
ain't there, yet...
but ya, "other stocks" . . . without breaking their rules.
That squares with my current thinking....
thanks for hanging Posted by Bob Frey on :
NO thank you for hanging...
Posted by BuyTex on :
lol...
got more questions, for another day...
gotta get my beauty rest
Posted by Bob Frey on :
What ever the settlement time is for a security is what is governing this stuff. ( stocks 3 days )Options ( Options 2 days )settle faster than stocks and stocks settle slower or a day later the options. ( Todays so called world )
None of it is true in the real world. ( We all know they take our money in .5 seconds. ) The SEC just says that is how it is. So the brokerages grab all the money shares or whatever and collect the interest on it for a few days. Must be billions since they like it so much.
[ May 21, 2006, 02:59: Message edited by: Bob Frey ]
Posted by Aleks on :
I bought 12,000 shares of VRDM, at 0.135
The stock is up to almost 0.16 now....
As soon as I see the resistance come, I am out and made myself a nice bit of change!
Posted by Prdponce on :
If cash account only 25K does not apply...
Posted by ohdagagain on :
quote:Originally posted by renrob05: ok i'm canadian...what's the cheapest comish i can get?
Well they say the first step to recovery is admitting it! Good job you are on your way!
Posted by Prdponce on :
is getting harder to find the big runner... i see new people around ...
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