posted
I am new at stock trading and would like to learn the basics of trading can anyone help me out?
10of13
posted
Some simple and Basic questions:
What do these letters mean? DD=due diligence (Research) MM=Market Maker (definition http://www.sec.gov/answers/mktmaker.htm ) EOD=End Of Day EOW=End Of Week HOD=High of Day PPS=Price Per Share O/S=Outstanding Shares POS=Piece of "Poo Poo" IMHO=In My Humble(Honest) Opinion LMAO=laugh My A** off L2's=Level 2's
How is one "flagged" a daytrader? To avoid being flagged a daytrader, you can not sell and trade the same stock more than 3x's in a 5 day period. Buy "XYZ" and sell it the same day=not a day trader. Buy "XYZ" on Monday and sell it on Tuesday=not a daytrader. Buy AND sell "XYZ" more than 3x in a 5 day period= Day trader. You can buy and sell different stocks...just not the same one.
What are "free" shares? Many People will sell a stock once it has "reached" an increase where they can sell to "get back" their original investment and then continue to let the rest of the shares "ride", these are "free shares" (ones that the gain of the pps has "covered") All of these, once sold, would be complete profit.
posted
wow, great post 10of13. That is a great list of information, it will help everyone. Thanks.
10of13
posted
I hope it has some useful info for everyone... I tried keeping my opinions out of it...and only list info...
hawkball
posted
Question from a newbie, WHERE do you guys (and gals) buy your stocks. A lot of sites won't do penny stocks and the ones that do charge outrageous yearly fees. Any info would be appreciated.
10of13
posted
Lots of places, Etrade, Choicetrade, ameritrade, lowtrade...Good luck...
skipdeez
posted
i like choicetrade, been with them over a year and i am pleased. $5 flat trading fee. tough to beat IMO.
hawkball
posted
Thanks for the info. I appreciate the time.
Av8trader
posted
How is one "flagged" a daytrader? To avoid being flagged a daytrader, you can not sell and trade the same stock more than 3x's in a 5 day period. Buy "XYZ" and sell it the same day=not a day trader. Buy "XYZ" on Monday and sell it on Tuesday=not a daytrader. Buy AND sell "XYZ" more than 3x in a 5 day period= Day trader. You can buy and sell different stocks...just not the same one.
I'm not sure about that last one. I've already got a warning from Scottrade for daytrading more than 3 different stocks in a 5 day period.
BuyTex
posted
ask em why--get it in writing, would be my opinion.
Ask SEC/NASD for the *exact* regs...if your broker violating? report 'em...
that being said, your broker *can* refuse your business.
keep us in da loop, willya?
[ May 17, 2006, 01:55: Message edited by: BuyTex ]
10of13
posted
quote:Originally posted by Av8trader: How is one "flagged" a daytrader? To avoid being flagged a daytrader, you can not sell and trade the same stock more than 3x's in a 5 day period. Buy "XYZ" and sell it the same day=not a day trader. Buy "XYZ" on Monday and sell it on Tuesday=not a daytrader. Buy AND sell "XYZ" more than 3x in a 5 day period= Day trader. You can buy and sell different stocks...just not the same one.
I'm not sure about that last one. I've already got a warning from Scottrade for daytrading more than 3 different stocks in a 5 day period.
What I posted was from Etrade...and they quoted the Sec rules...but I would assume that different brokers can have their "own" rules...are you sure that the "warning" was not for using "unsettled funds"? I have never used Scottrade..so I am not able to "help" you...but I would contact them and have them explain it to you... GLTY
Machiavelli
posted
Read these books:
A Beginner's Guide to Short Term Trading by Toni Turner www.toniturner.com
How I made $2,000,000 in the Stock Market by Nicolas Darvas
Trend Following by Michael Covel
Reminiscnes of a Stock Operator by Edwin Lefevre
Market Wizards by Jack D. Schwager
The New Market Wizards by Jack D. Schwager
There are others I've read but this should be enough for now. Will keep you busy educating yourself.
Av8trader
posted
The warning stated that I was a pattern daytrader. I'll call them up tomorrow and ask a broker for clarification.
Sure would be nice to just have 25k+ and be done with all this!!!
10of13
posted
quote:Originally posted by Av8trader: The warning stated that I was a pattern daytrader. I'll call them up tomorrow and ask a broker for clarification.
Sure would be nice to just have 25k+ and be done with all this!!!
Maybe a margin account would "solve" the problem... But let us know what they say K? GLTY
posted