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It is imperative that you do think you can own the world. Biggest mistake traders make is thinking they did something wrong when a stock goes south. The only thing they did wrong is accepting depreciation and not getting out of the stock that fails them immediately.
Not on the next day. Know it is going up the same day only. Where are you looking for your stocks and what are you using as your to quantify good versus bad?
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After reading that again what your actually describing to me is in huge part frame of mind. Also more than anything being right here at the screen following real time trades... correct? There in lies the problem for me to do that. I would always look for a stock that looked good after the market closed when I got home usually late, have my wife pick it up the next morning when the market opened if it was going forward. If we got in we would figure the exit price and she would put in a trailing stop/loss. I would check it on the blackberry throughout the day. I wasn't able to look at level 2's like most people here which is why I never took the time to even earn how to do that, I wish I knew how to read them though in case I ever can stay in the chair all day. Then there is the other point of my mentality that if I did get in a stock and since I was putiing all I had which is what I was supposed to do to acheive the 3% goal if it went down 1 or 2% I could hold it for a turn around because once it was sold the cash took the three days to settle and it wasn't doing me any good to let it sit unuseable. I hope I explained that the way I was thinking of it. But I totally get where your coming from. See if you agree with me on this one..... momentum. How do I play momo if I don't do level2s? I can see what the volume is but I won't know what the average volume is for the stock for that time of day. In some cases for example the average volume is say 100 shares at the end of the day but at 10 am the volume is 70 shares that one is easy to see the momo. I guess what I am asking is how do you play momo without being right here. Or is it better to find the stock that has been down and turned around and play the upside for the day which is basically what I was doing. That one I was comfortable with and more times than not it worked, even on paper when I would practice. But still to be honest few were same day, sometimes 2 or three days even more than a week. I did cut my losses on those and moved on SIRI is just the one that killed me it dropped like a rock, I just couldn't fathom a company that became a monopoly and whose product is great, I have it in my truck, couldn't turn around. I wasn't in love with the stock, I was in love with the product and still am. The majority of the stocks I purchased last year I had no idea what the product even was I just liked the chart and based my pic solely on that. But from here on out I am a f...ing shark and I'll rip your leg off if you get in my way and spit it out if you don't taste good. One last thing I'll say. The hardest part of any of this isn't selling the loss, or picking the stock it's sticking to the gain. The biggest thing I learned is the stop/loss to always use it on the way up. Place that and it takes the greed emotion out of the equation. Thats a wonderful tool and I know what your going to tell me.... use it on the negative side also.
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Wow Bigfoot, some excellent pointers. More of a swingtrader myself and learning to pull the sell trigger much faster which is like getting hit upside the head for not picking the V8 - "wow why didn't i think of that". I never stop learning. JG I'm not sure how much work you do with charts but imo by learning some of the indicators you can see how the stock may perform much easier than just picking something that may only provide a little spit in the wind and come right back at you. Here's a link to some of the training videos that Ace of Spades put here... http://www.allstocks.com/stockmessageboard/cgi-bin/ultimatebb.cgi/ubb/get_topic/ f/9/t/002175.html? Best of luck!
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Boo, I felt pretty comfortable with the indicators I was following back then, rsi,sto,volume,support line, and bullish candles. They seemed to work for me more times than not. I think and maybe I'm wrong that you can just confuse yourself trying to many indicators. I think Tex once pointed that out to me but my memory ain't what it used to be.
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quote:Originally posted by jgrecoconstr: Boo, I felt pretty comfortable with the indicators I was following back then, rsi,sto,volume,support line, and bullish candles. They seemed to work for me more times than not. I think and maybe I'm wrong that you can just confuse yourself trying to many indicators. I think Tex once pointed that out to me but my memory ain't what it used to be.
stick to what works for you. no doubt about it.
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quote:Originally posted by jgrecoconstr: After reading that again what your actually describing to me is in huge part frame of mind.
Correct. The stock market is a mental game. Being mentally prepared means everything here. If you are not in the right frame of mind others can take advantage of you and your capital.
Also more than anything being right here at the screen following real time trades... correct? There in lies the problem for me to do that. I would always look for a stock that looked good after the market closed when I got home usually late, have my wife pick it up the next morning when the market opened if it was going forward. If we got in we would figure the exit price and she would put in a trailing stop/loss. I would check it on the blackberry throughout the day.
Being in front of the screen is important but if you are working tag-team with your wife there may be solutions. Nearly all of your thinking should be done prior to entering a stock. This can be your portion. You already know what you like in a stock, continue to look for those that match your desired qualifications. Put together a list of stocks to watch, volumes and momentum signals to look for, etc. Her portion would be buying, watching, and selling. This is where the discipline is hardest. You must be able to cut immediately if the stock is not performing to expectations. Keeping a tight stop loss is a good way to conserve capital but you should really be thinking about getting in and out so fast that a stop loss is unnecessary. If you are not actively working to keep your exposure to risk at as close to nil as possible then it doesn't really make sense to be going after small gains.
A tip on entry points: Unless your stock is really booming (to the point where you think you could get in, get your 3%, and get out again within minutes) you should not buy within the first hour of trading. There is often a lag that happens after the first traders have taken their positions when buyers hold back to see if sellers will come down. Sitting this out is fine...if you are an investor who has faith in the stock. Those who play the small gains program are not investors and don't rely on faith. Small gains players dart in, take a bite, and dart away before anyone notices.
I wasn't able to look at level 2's like most people here which is why I never took the time to even earn how to do that, I wish I knew how to read them though in case I ever can stay in the chair all day.
L2's are nice and some traders swear by em but ultimately they are unnecessary. I don't pay for them, you shouldn't either unless you are going to quit your day job and sit in front of the ticker all day long.
Then there is the other point of my mentality that if I did get in a stock and since I was putiing all I had which is what I was supposed to do to acheive the 3% goal if it went down 1 or 2% I could hold it for a turn around because once it was sold the cash took the three days to settle and it wasn't doing me any good to let it sit unuseable. I hope I explained that the way I was thinking of it. But I totally get where your coming from.
I understand the reluctance but Always Remember, if you lose 1% you have to make 2% on the next trade before you break even. Keeping losses small is more important than anything else.
You feeling the pressure of time? You can't wait 3 days for your cash to settle? BAD BAD thinking!!! You are exposing yourself to risk because of impatience. Make one 'good' trade a week and on this program you will be a millionaire in less than four years. Is that not quick enough for you? Throw your impatience out the window. It is hurting your chances for success. By the way...I thought you had a margin account. Why aren't you using it?
See if you agree with me on this one..... momentum. How do I play momo if I don't do level2s? I can see what the volume is but I won't know what the average volume is for the stock for that time of day. In some cases for example the average volume is say 100 shares at the end of the day but at 10 am the volume is 70 shares that one is easy to see the momo. I guess what I am asking is how do you play momo without being right here.
L2's give you depth in market maker positions but in the end does not help measure momo. You measure momo by the excitement level of the traders, the volume accelerating in pace, and the indicators and pps appreciating in value. L2's can be masked. Forward movement speaks for itself. 10 minute or sixty minute charts spanning a few days should give you an idea about average and above average volume and indicator directions. Skimming the discussion boards should give you an idea about investor sentiment. This is something your wife would have to learn or you yourself would have to pre-plan personal expectations so that when you have that moment to look at your blackberry you can quickly see if the pace is matching your expectations.
Or is it better to find the stock that has been down and turned around and play the upside for the day which is basically what I was doing. That one I was comfortable with and more times than not it worked, even on paper when I would practice. But still to be honest few were same day, sometimes 2 or three days even more than a week.
Seeking the top actives and looking at BooDogs swing stocks are both good ways to find potential companies. How large is the pps of these companies you are investing in? It could be you are investing in stocks that are too large for your bankroll to be used effectively. When your roll is small you should be concentrating in stocks a dollar or under that gain percentages quickly. Leave the big stocks for when you have big money.
I did cut my losses on those and moved on SIRI is just the one that killed me it dropped like a rock, I just couldn't fathom a company that became a monopoly and whose product is great, I have it in my truck, couldn't turn around. I wasn't in love with the stock, I was in love with the product and still am.
You don't really need me to say anything to this, you learned your lesson. Just a general word of wisdom that a company's product and its stock are related about as closely as your foot and your ear. They may both be a part of the same body but in the end, there is so much stuff in between that they don't really have much to do with each other.
The majority of the stocks I purchased last year I had no idea what the product even was I just liked the chart and based my pic solely on that. But from here on out I am a f...ing shark and I'll rip your leg off if you get in my way and spit it out if you don't taste good. One last thing I'll say. The hardest part of any of this isn't selling the loss, or picking the stock it's sticking to the gain. The biggest thing I learned is the stop/loss to always use it on the way up. Place that and it takes the greed emotion out of the equation. Thats a wonderful tool and I know what your going to tell me.... use it on the negative side also.
LOL Damned right on all counts. You are a ****ing shark and you take what you want! (Don't let it suppress your aggressiveness...but you are a small shark. The mistakes that happen from holding an appreciating stock beyond the percentage?...That means a bigger shark came along a took a bite out of you while he was taking a bite out of the stock.) Never try to predict bottoms. Never hold and try to predict tops. Take your bite (3-6% or so) and move back to the safety of your brokerage account.
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Big, you must be making a killing in motivational speaking engagements. If not then you should probably be looking for a second career. All good points that I can reference back to. No on the margin account, never did get approved for one but I have 10 k in there I can split up and approach this at three fronts. After all why settle for a million when I can have three. ( I got that attitude adjustment from you...Lol)
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Was in AUY at 8.14 out at 8.41.. Big you'de be proud of me, I was going to sell at a 1% gain as the day was getting late but I got the 3.
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P M I GROUP INC(NYSE: PMI) After Hours: 0.77 0.01 (1.32%) 7:24PM EThelp Last Trade: 0.76 Trade Time: 4:04pm ET Change: 0.13 (20.63%) Prev Close: 0.63 Open: 0.64 Bid: N/A Ask: N/A 1y Target Est: 2.50 Day's Range: 0.61 - 0.84 52wk Range: 0.26 - 6.49 Volume: 6,046,416 Avg Vol (3m): 1,763,830 Market Cap: 62.24M P/E (ttm): N/A EPS (ttm): -11.40 Div & Yield like to see this dip back under .7 1st but we'll see
EFJohnson Technologies, Inc(NasdaqGM: EFJI) After Hours: 0.00 N/A (N/A) 8:00PM EThelp Last Trade: 0.69 Trade Time: 3:58pm ET Change: 0.05 (7.49%) Prev Close: 0.64 Open: 0.67 Bid: 0.62 x 500 Ask: 0.70 x 17800 1y Target Est: 2.46 Day's Range: 0.66 - 0.70 52wk Range: 0.58 - 2.10 Volume: 21,258 Avg Vol (3m): 41,979.4 Market Cap: 18.18M P/E (ttm): N/A EPS (ttm): -0.80 Div & Yield need to watch closely, earning call coming up on Wed. flip a coin lol
FORD MOTOR CO(NYSE: F) After Hours: 5.75 0.06 (1.05%) 7:37PM EThelp Last Trade: 5.69 Trade Time: 4:00pm ET Change: 0.29 (4.85%) Prev Close: 5.98 Open: 5.99 Bid: N/A Ask: N/A 1y Target Est: 4.37 Day's Range: 5.56 - 6.00 52wk Range: 1.01 - 8.68 Volume: 102,843,727 Avg Vol (3m): 65,229,700 Market Cap: 13.64B P/E (ttm): N/A EPS (ttm): -6.46 Div & Yield: I met all my targets on this and sold yesterday. Missed getting back in on todays low but watching.
Eddie Bauer Holdings, Inc.(NasdaqGM: EBHI) After Hours: 0.00 N/A (N/A) 8:00PM EThelp Last Trade: 0.35 Trade Time: 3:59pm ET Change: 0.03 (9.27%) Prev Close: 0.32 Open: 0.32 Bid: 0.32 x 800 Ask: 0.39 x 1300 1y Target Est: N/A Day's Range: 0.30 - 0.37 52wk Range: 0.24 - 8.72 Volume: 1,015,032 Avg Vol (3m): 747,295 Market Cap: 10.79M P/E (ttm): N/A EPS (ttm): -5.38 Div some of the retails had a bit of a pop already, we'll see if this one does too.
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TY Big.... and you know what I learned today... be happy!!! and never look back no matter how curious I am. OCNF hit $2.05 today that could have been another 25% but hey it could have been -25% too!!
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quote:Originally posted by jgrecoconstr: TY Big.... and you know what I learned today... be happy!!! and never look back no matter how curious I am. OCNF hit $2.05 today that could have been another 25% but hey it could have been -25% too!!
nice jgrecoconstr
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?
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quote:Originally posted by The Bigfoot: LOL Money,
I've tried em out but feel I can get what I need asking for updates and save myself the subscription.
BUT...don't tell me, tell jgre here why you like em so much.
How do they help you in your trading?
(P.S. jg...Money is a much more adventurous trader than I am. He will play a stock up, down, and sideways and usually find a profit in it.)
I can say how they help me. Even as a swing trader it's good to see who is leading the pack and what kind of interest is weighing in on the play. More important to you daytraders, but if there are only a couple MM's flipping back and forth to eachother then there could be a chance that the play won't go how you want. The charts reveal a lot and having a set of rules to follow such as a 2 mil volume minimum daily average helps to make sure there is at least someone there to buy your shares when you're ready, but glancing at the LII's shows who you're up against when you get close to your targets and you can see how to take the edge and put it in your favor for the price going in or getting out. A little more info... http://www.value-stock.com/level2.htm
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?
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P M I GROUP INC(NYSE: PMI) After Hours: 0.77 0.01 (1.32%) 7:24PM EThelp Last Trade: 0.76 Trade Time: 4:04pm ET Change: 0.13 (20.63%) Prev Close: 0.63 Open: 0.64 Bid: N/A Ask: N/A 1y Target Est: 2.50 Day's Range: 0.61 - 0.84 52wk Range: 0.26 - 6.49 Volume: 6,046,416 Avg Vol (3m): 1,763,830 Market Cap: 62.24M P/E (ttm): N/A EPS (ttm): -11.40 Div & Yield like to see this dip back under .7 1st but we'll see
EFJohnson Technologies, Inc(NasdaqGM: EFJI) After Hours: 0.00 N/A (N/A) 8:00PM EThelp Last Trade: 0.69 Trade Time: 3:58pm ET Change: 0.05 (7.49%) Prev Close: 0.64 Open: 0.67 Bid: 0.62 x 500 Ask: 0.70 x 17800 1y Target Est: 2.46 Day's Range: 0.66 - 0.70 52wk Range: 0.58 - 2.10 Volume: 21,258 Avg Vol (3m): 41,979.4 Market Cap: 18.18M P/E (ttm): N/A EPS (ttm): -0.80 Div & Yield need to watch closely, earning call coming up on Wed. flip a coin lol
FORD MOTOR CO(NYSE: F) After Hours: 5.75 0.06 (1.05%) 7:37PM EThelp Last Trade: 5.69 Trade Time: 4:00pm ET Change: 0.29 (4.85%) Prev Close: 5.98 Open: 5.99 Bid: N/A Ask: N/A 1y Target Est: 4.37 Day's Range: 5.56 - 6.00 52wk Range: 1.01 - 8.68 Volume: 102,843,727 Avg Vol (3m): 65,229,700 Market Cap: 13.64B P/E (ttm): N/A EPS (ttm): -6.46 Div & Yield: I met all my targets on this and sold yesterday. Missed getting back in on todays low but watching.
Eddie Bauer Holdings, Inc.(NasdaqGM: EBHI) After Hours: 0.00 N/A (N/A) 8:00PM EThelp Last Trade: 0.35 Trade Time: 3:59pm ET Change: 0.03 (9.27%) Prev Close: 0.32 Open: 0.32 Bid: 0.32 x 800 Ask: 0.39 x 1300 1y Target Est: N/A Day's Range: 0.30 - 0.37 52wk Range: 0.24 - 8.72 Volume: 1,015,032 Avg Vol (3m): 747,295 Market Cap: 10.79M P/E (ttm): N/A EPS (ttm): -5.38 Div some of the retails had a bit of a pop already, we'll see if this one does too.
okay check this out, got shaken out of PMI, hell of a run there that i missed because i got spooked by the fundamentals. Watching CNO since i didn't have the powder. F didn't play it. EBHI sold half at .75 from .318 Just sharing Jr. not butting in on your thread. I'm a swing trader not a daytrader or 3% trader though if something hesitates and i'm at 3%... see ya.
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Boo, fill in all the blank space you want to here, I'm not touchy on a thread. I was thinking if my funds are free tomorrow I would jump in HYC. I have tripled on my free shares of WFC so I'm just letting that ride. If it makes it back to $28 where I believe it had a lot of resistance last summer I'll bail on it. Picked up NENE a few months back when it was .18 just $150 worth but that's up around $400 I believe. C that I was sitting on is close to even I have no worries on that getting in the green, it will happen. Down 11% as of this minute. Once it goes green and I bail I'll have another 3K so I won't have to wait for funds to clear and I can do 3% on two different angles.
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quote:Originally posted by jgrecoconstr: Boo, fill in all the blank space you want to here, I'm not touchy on a thread. I was thinking if my funds are free tomorrow I would jump in HYC. I have tripled on my free shares of WFC so I'm just letting that ride. If it makes it back to $28 where I believe it had a lot of resistance last summer I'll bail on it. Picked up NENE a few months back when it was .18 just $150 worth but that's up around $400 I believe. C that I was sitting on is close to even I have no worries on that getting in the green, it will happen. Down 11% as of this minute. Once it goes green and I bail I'll have another 3K so I won't have to wait for funds to clear and I can do 3% on two different angles.
Click... 3% 2 different angles, good idea. kinda like my doin a $500 experiment with one fund and another management with annother fund. Almost like diversifying. Kinda hard not to get distracted. imo Cash is a most welcome position sometimes. Plan the plan... trade the plan.
I need to say this to myself every few seconds now. Get a little bitto honey and it wants to burn a hole right through.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?
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I didn't do to hot end of the week, didn't lose anything I just missed getting in Thursday, and then was apprehensive on friday. I was interested in jumping in CML Friday but the downturn the day before scared me off. That was up 6% so another oppurtunity I blew.
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You made the right choice. You were unsure. The only blown trade is one where you take a loss.
A lost opportunity is nothing. There are 100's of stocks with a three percent gain every day. You can only capitalize on a fraction of a fraction of a fraction of them. While you were thinking about CML you let another hundred go without realizing it. Are you discouraged at your inability to follow the entire stock exchange at the same time? No, it is unreasonable for you to expect that of yourself.
It is also unreasonable of you to expect that you will capitalize on every stock you look at. Remember...you are not here to chase money, you are here to make money. Take the fruits of the choicest stocks that pass your scans and dismiss the rest as not worth your time.
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Damn........ where the hell were you when I was growing up. I coulda used you back then, I may have been a surgeon, or a astronaut, not whacking nails for twenty years. Are you looking to adopt a middle aged balding male? I can rake the lawn and chit!!!
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quote:Originally posted by The Bigfoot: You made the right choice. You were unsure. The only blown trade is one where you take a loss.
A lost opportunity is nothing. There are 100's of stocks with a three percent gain every day. You can only capitalize on a fraction of a fraction of a fraction of them. While you were thinking about CML you let another hundred go without realizing it. Are you discouraged at your inability to follow the entire stock exchange at the same time? No, it is unreasonable for you to expect that of yourself.
It is also unreasonable of you to expect that you will capitalize on every stock you look at. Remember...you are not here to chase money, you are here to make money. Take the fruits of the choicest stocks that pass your scans and dismiss the rest as not worth your time.
wheeeeeeeeeee!
lol, now there's a post...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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