posted
3 accounts give's me the flexability to trade 15 daytrades in 5 buisness days...But I write date of the trade down on my White board for a fast glance..
Erase board with a dry Erase Marker in large letter's. LOL
This system has not failed me yet... Sometimes I am in a stock for minutes, when I hit a pre-determined target? I sell when daytrading.
However toooo many times I've broken my own rule and lost money.
Posts: 10729 | From: oregon | Registered: Feb 2005
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posted
Tex..not sure which you are suggesting...this one?
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 also agree with Dust and Tex...multiple accounts come in very handy!
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8890 | Registered: Jan 2006
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quote:Originally posted by 10of13: Tex..not sure which you are suggesting...this one?
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 also agree with Dust and Tex...multiple accounts come in very handy!
no...
you collected one that had the *full* reg-agency definition--starts out "sounding like" any round trip triggers the day-trade thang...but when you read the entire passage, it clearly says "in the same stock."
posted
I was flagged a pattern day trader and I didn't round trip the same stock more than once. Has to be a broker thing.. some sort of red tape they use to get more money.
-------------------- Spend word for word with me and I shall make your wit bankrupt Posts: 977 | Registered: Jun 2006
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quote:Originally posted by Relentless Despot.: I was flagged a pattern day trader and I didn't round trip the same stock more than once. Has to be a broker thing.. some sort of red tape they use to get more money.
i believe that...
to me? it's "kinda like" the record-date vs ex-date thingee...
companies AND brokers get that screwed up, alla time...
posted
Learn about NASD Rule 2520 and NYSE Rule 431 -------------------------------------------------------------------------------- Day trading is the practice of opening and closing an equity or option position (i.e., buying and selling the same stock or option) on the same trading day. A same-day buy and sell, or a same-day sell short and buy to cover, is considered a day trade.
If you make four or more day trades in a rolling five-trading-day period, you will be considered a pattern day trader under these rules. However, if the day trading activity does not exceed six percent of your total trading activity for the five-day period in question, your account may not be designated a pattern day trading account.
If you meet the definition of a pattern day trader, you'll be required to maintain $25,000 equity in your brokerage account at all times. If your account equity falls below $25,000, a day trading minimum equity call will be issued on your account requiring you to deposit additional funds or securities.
In order to meet the $25,000 requirement, your pattern day trade account will earn credit interest on the free credit balance.
As a pattern day trader, you'll be granted day trading purchasing power up to four times your NYSE margin excess.
Pattern day trading status only applies to customers with margin accounts. The day trading rules apply only to the buying and selling of the same stocks or options on the same trading day. They do not pertain to mutual fund or bond trades and are not applicable to positions held overnight or longer.
Note: Per NYSE Rule 431, stock transactions in cash and retirement accounts are subject to T+3 settlement. In other words, if you sell shares of stock held in your account, you may not use the proceeds to purchase another security until three market days after the trade (the settlement date of the sale). Options trades are subject to T+1 settlement.
posted
I'm under the cash account rules and have heard of others getting locked into a sell only by their providers after only 3 round trips in a 5 day period. They were locked for 90 days. They said they just opened another account somewhere else though.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Just wanted to check in here and tell everyone that I am getting to read the thread and I've been checking out all the various links you all sent. I'm not feeling quite so sick to my stomach today.
And I have to comment on this:
quote:oh and btw..get rid of NNRF if you already havent!!!!
Well, I've lost so much in that one, my entire position is worth a whopping $33.48!! I'M HOLDIN', BABY! Whoo hoo, to the moon!
Jo
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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posted
Will this discussion keep going, or is it done?
I am a newbie trader also, as you refer to them, I started to read this and got excited!
wanted to invest along with Jo and see what pearl girl and others could do for me. I hope it is still open.
Posts: 12 | From: N.W. Pa. | Registered: Jul 2006
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quote:Originally posted by 10of13: Tex..not sure which you are suggesting...this one?
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 also agree with Dust and Tex...multiple accounts come in very handy!
no...
you collected one that had the *full* reg-agency definition--starts out "sounding like" any round trip triggers the day-trade thang...but when you read the entire passage, it clearly says "in the same stock."
quote:Originally posted by LisaPizza: Will this discussion keep going, or is it done?
I am a newbie trader also, as you refer to them, I started to read this and got excited!
wanted to invest along with Jo and see what pearl girl and others could do for me. I hope it is still open.
================================================ Fear not! you can bet this will keep going, just stay tuned....Might even be some fire works once in awhile..lol
Posts: 10729 | From: oregon | Registered: Feb 2005
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posted
One more tip I never hear anybody talk about is call the transfer agent for a share count every week. If they won't give a share count don't play. You can usually find when the dump is coming on by calling. Also look at share count what company needs a billion shares. I try to stop buying when they get in the 700 million range.
-------------------- Amazing how much time we spend looking for the truth but never spend the time to get to the point. Posts: 1164 | From: KANSAS CITY | Registered: Aug 2003
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posted
Nice to see some people who's picks I have come to respect here.
I have done well looking at other's picks and verifying with my own DD to confirm or understand why that stock was picked. The oft repeated protect capital/profit has saved me more than once already.
I am excited to see some specific current advice from PG that we can follow and learn from. This is a fantastic opportunity!
-------------------- - "Pay it Forward" Posts: 1524 | Registered: Jun 2006
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posted
Jo, do you have an access to a Nasdaq streamer? Breaking news? Newspaper? many finds, right in front of ya, and you can take your time just DDing them.
Old foggies like me still like our newspaper for a reason..LOL
A good paper has thousands of stocks listed everyday.
Sometimes I start going thru my list..Well over a thousand now..Stopped counting.....
quote:Originally posted by Jo4321: Is there an active board that discusses those picks? Jo
Jo, About big board stocks. I follow some of the very good boards. I shall list a couple. one is stock arena . com. another is CNBC stock picks board. HSM has good members like chan whose picks are worth keeping on radar. short term, example can be like in CNBC, look for previous weeks best stock picker and get in and get out after he announces his next pick based on how high the chart allows you. For long term, Key to picking stock in big boards IMO is fundamentals such as Earnings Per Share, Accumulation Distribution, high EPS, earnings growth momentum so on and so forth. One of the easiest way to make money on a big board stock is by shorting stocks. charts give away shorting patterns extremely easily. take an example of orcl. a shortseller could have easily shorted orcl on the 18th or supg on 5th. easy 10-20% can be made on such stock patterns, especially in bear market.
stock fetcher . com has some good filters in its forum to select bullish/bearish patterns, for quick entry/exit based on charts. I have 3 -4 of my own which have outperformed over past 6 months. I shall open a thread on Allstocks and see if anyone shares their stock filters.
overall, get proficient in TA if you want to make money in big boards. some of the links I have posted earlier will be useful for TA.
-------------------- All my posts are based on my own opinions and not to be taken as buy/sell recommendations. Posts: 961 | Registered: May 2006
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posted
Short-selling is for very well heeled and seasoned Investor/Traders.....
An amateur should never attempt doing it.
You could find yourself in a margin call that ruins you..
You can lose more than you bet!!! Nightmare stories of amateurs losing homes, and having the life they had change in a matter of minutes...
Cramer? To many screw ups...Refco, remember..His pumping the scam left folks ruined..
Posts: 10729 | From: oregon | Registered: Feb 2005
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quote:Originally posted by Dustoff 1: Short-selling is for very well heeled and seasoned Investor/Traders.....
An amateur should never attempt doing it.
You could find yourself in a margin call that ruins you..
You can lose more than you bet!!! Nightmare stories of amateurs losing homes, and having the life they had change in a matter of minutes...
hehe.. is it worse than losing 93% of the income. and yes short selling and option trading is more risky than regular buying/selling, however, using simple clues, people can make small profits by making quick entry/exit.
-------------------- All my posts are based on my own opinions and not to be taken as buy/sell recommendations. Posts: 961 | Registered: May 2006
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Jo is trying to work a turnaround, here, huh? Is shorting and options really relevant, now?
NOPE!!! very bad idea in her situation right now IMO, but I was just talking in general context of how to play big board stocks, not purely on basis of who picks what, but how to use those picks to make you money, without losing a penny on it.
-------------------- All my posts are based on my own opinions and not to be taken as buy/sell recommendations. Posts: 961 | Registered: May 2006
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posted
Jo, I hope you are considering my previous advice.
NWD - buy at 1.38 - 1.48
This one will move up to 1.50 per share in one to three weeks. The next 10Q will move this up to 1.75 share, around there. Next 10Q is due very shortly.
NWD prices are down because amateur traders are not able to understand the last 10Q and the reason for reported single quarter losses in a very long time.
This stock will not fall below 1.35, most likely will not fall below 1.40 per. A slow mover which affords good safety; low risk.
I am also hoping you are considering my advice to be careful about who you trust. Should you fall back to playing pump and dump stocks, you will lose money and some of us will no longer work at helping you. You must display effort at helping yourself before others will be motivated to help you.
Not an impressive company, kinda so-so but some potential and ALAN is working hard at moving forward.
Not a well known stock, not very popular.
This is not a long term hold.
ALAN will move up to .70 to .75 in, guessing, two to four weeks. Not real confident this will happen so quickly, but it will move up at least ten cents per share.
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