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I've done investing before but never really got into the day trading. I'm interested and I am about to begin. I've done my research on it so I'm not going in blind but some of this still seems to be unclear to me...
IS it really this simple? I've been watching stocks all day today. I've seen INOV go from .0001 to .0004. If I had put $1,000 into it at .0001 and sold it at .0004 that would be a 400% profit. This all just seems to easy to me because making 4K like that just doesn't seem feesible. What am I doing wrong?
quote:Originally posted by EverydayTrader18: I've done investing before but never really got into the day trading. I'm interested and I am about to begin. I've done my research on it so I'm not going in blind but some of this still seems to be unclear to me...
IS it really this simple? I've been watching stocks all day today. I've seen INOV go from .0001 to .0004. If I had put $1,000 into it at .0001 and sold it at .0004 that would be a 400% profit. This all just seems to easy to me because making 4K like that just doesn't seem feesible. What am I doing wrong?
AHHH, everything is easy on paper..but try getting your order filled at .0001 and .0004 and you may see the difficulties. See you can't buy at the extreme low for the day and sell at the exreme high for the day. In penny world you are at the mercy of the MM's bid/ask. So if you had gotten your order in at .0001 you would be lucky right now to have sold at .0002. Nothing to sneeze at but you could also be sitting on 10,000,000 sheets of toilet paper, lol
but ya it's almost that easy. except for the last price isn't necessarly what you can buy or sell a stock at. doesn't matter so much in stocks over $5, but it matters the world in micro pennys.
if you're new to the world of micro, jump into IBZT. or watch the dadog.
quote:Originally posted by EverydayTrader18: Is it harder to BUY the stock at the last price or SELL the stock at the last price?
Are you saying that it is nearly impossible to get at the last, but more or less bought and sold at the Bid/Ask?
And also, Ameritrade says that the trades will go through immediately or free commision, so are these trades going to be free commission?
I'm saying that the high for the day is a buy from one of us "traders" from an MM. You could put your sell in at the high but it most likely wouldn't have gone (sometimes it does). AS for Ameritrade. They guarantee 5 second execution NOT 5 second buys/sells. Basically it means that they will post your buy/sell within 5 secs or your trade is free. There is never a guarantee that you will be able to buy or sell!
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And my last question just has to do with everyone elses success. I'm trying not to get too personal but I'm just wondering how many of you have made a substantial amount of this. How much have you made and can you make a living off of this?
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quote:Originally posted by EverydayTrader18: And my last question just has to do with everyone elses success. I'm trying not to get too personal but I'm just wondering how many of you have made a substantial amount of this. How much have you made and can you make a living off of this?
Compare what we are doing to "gambling", although I do feel that through good dd you can make excellent decisions, but none the less...how many "gamblers" do you know make a living off of gambling (playing the slots)...take that number and add a couple since we can make more informed decisions. BUT the market can be just as fickle as the casino. I have been doing stocks for years and pennies for a few months and am constantly learning the feel and rythem of the market and I am no where near making a living off of this game. Take some books out of the library on day trading and read testimonials. And keep paper trading, make the mistakes on paper and then start in small amounts. You are going to make mistakes. Make them with the least amount of loss you can.
quote:Originally posted by EverydayTrader18: Was it just me or at one point today did INOV go up 2000%?
It was just you...the high for the day was a mistake on someones part. A mistake being that an accidential order went in for .008 or someone entered one wrong on the MM side. The actual days trading was between .0001 and .0003. BUT, 300% is still AMAZING with this stock.
It seems easy at first untill you lose your shirt... there's an old saying that goes.."if it seems to good to be true it probably is"...the best thing to do is read every post and every answer over the last few weeks and you will learn almost everything you need to know...
The problem with penny stocks is that unless you spend most of your day watching and researching (DD) your stocks you can lose everything in minutes...
quote:Originally posted by EverydayTrader18: I've done investing before but never really got into the day trading. I'm interested and I am about to begin. I've done my research on it so I'm not going in blind but some of this still seems to be unclear to me...
IS it really this simple? I've been watching stocks all day today. I've seen INOV go from .0001 to .0004. If I had put $1,000 into it at .0001 and sold it at .0004 that would be a 400% profit. This all just seems to easy to me because making 4K like that just doesn't seem feesible. What am I doing wrong?
ESTABLISH A SET OF TRADING RULES THAT WORK FOR YOU. THESE ARE MY RULES. YOU HAVE A ADAPT YOUR OWN. MAYBE THIS WILL GIVE YOU SOME GUIDELINES TO GO BY.
MY PENNY STOCK RULES:
1. I never buy on impulse or get emotionally attached to a penny stock--think LOGIC--I buy it, I sell it, I make money and I rarely look back. 2. I never buy a stock JUST because I like it or worse someone else likes it. 3. I rarely buy a micro penny stock trading under a volume of 50,000 mil--80 to 100 mil is better (always remember there has to be buyer for every stock you buy).. 4. I rarely hold a micro penny stock over night...My definition of micro penny is under .10 cents ..Rarely over a weekend..NOTICE I SAID RARELY. THERE ARE SOME STOCKS THAT HAVE A BUILD UP AND IF THE VOLUME IS GOOD AND I FEEL CONFIDENT ABOUT MY DD I WILL HOLD IT FOR THE RUN. At $7.00 to $10.00 a trade I can buy and sell it every day on news or hype or earning whatever. .(THAT'S WHY IT'S CALLED DAYTRADING) 5. I never buy a penny stock on the way up. IE CHASING I watch the pre market trading and set a buy price and a sell price and stick to it (missed out on NEOM by sticking to my rules--I noticed it at .11 and refused to buy to high) UPSIDE IS I DO NOT HOLD 500,000 SHARES OF NEOM AT.43 CENTS---DOWNSIDE I DID NOT MAKE 50,000 DOLLARS. I DID MAKE A COUPLE OF GRAND BY PLAYING THE GAP AFTER THE RUN. IF YOU MISS THE RUN PLAY THE GAP. LIKE THE MAN SAID--THERE IS ANOTHER STOCK JUST WAITING TO BE BOUGHT. 6. I never think about GETTING RICH OR RETIRING on penny stocks..My goal is to make $200.00 a day and not lose my original investment. Most often I exceed my goal. (When I lose money it is usually because I have not followed my own rules) 7. I never ride a stock down--I will sell it and re-buy it. EXAMPLE: BOUGHT CTKH AT .002 AND .0022. SOLD HALF AT .0046. SOLD HALF OF THAT HALF AT .0069. IT STARTED GOING DOWN AND I BAILED OUT AT .006. BOUGHT AGAIN @.0032. LOGIC-DO YOU ACTUALLY BELIEVE MUTUAL FUND MANAGERS WOULD HAVE HELD ONTO IBM IF IT DROPPED 50%?????--(WELL SOME WOULD) LOL I THINK NOT..RIDING A STOCK DOWN IS LIKE THROWING 50% OF YOUR MONEY OUT OF A CAR WINDOW AT 75 MILES AN HOUR AND HOPING IT FLIES BACK TO YOU. OR BETTER YET "IF YOU LOVE IT LET IT GO--IF IT LOVES YOU IT WILL COME BACK TO YOU". THATS BULL****--IF IT LOVED YOU IN THE FIRST PLACE IT NEVER WOULD HAVE LEFT.....I have actually bought and sold the same stock 3 times in one day. ATNG WAS A RECENT 3 TIME BUY AND SELL. BOUGHT AND SOLD IBZT 3 TIMES ONE DAY. (not usually but it does happen).
8. I never insult or bash another fellow trader..I respect other people's trading methods. I LEARN FROM THEM. What the hell--It's not my money.....( It's not like they are setting on third base at a black jack table and take a hit on 15 and the dealer has a 6 showing and I have $500.00 dollars riding on that hand). Remember it is us against them. I DO LISTEN AND LEARN AND BENIFIT FROM THEM. 9. I never trade with MONEY that I am not willing to lose. 10. I follow the market and market trends (not just the stocks) 11. I never buy a stock without reviewing, analyzing and understanding the charts. I learned how to read charts and believe in them...They do not lie..I MAY NOT KNOW WHAT THEY MAKE OR PRODUCE OR SELL WHEN I BUY IT BUT I DO REVIEW THE CHARTS ON THE FLY AND PUT IN A BUY ORDER FOR SMALL AMOUNT TO GET IN THE DOOR. MOST TRADERS KNOW WHEN A RUN IS COMING AND HAVE ALREADY DONE THE DUE. 12. I never get gambling and investing confused. I INVEST IN REAL ESTATE...MY BUSINESS...SMALL,MEDIUM AND LARGE CAP STOCKS WITH A HISTORY-MANAGEMENT TEAM-FINANCIALS--ASSETS--CASH--ETC..30YEARS+ GROWTH AND INCOME MUTUAL FUNDS WITH 12% OVERALL GAIN IN GOOD AND BAD TIMES (THEY ARE PROFESSIONALS AND THAT IS THEIR JOB). I GAMBLE WITH PENNIES.. MY DEFINITION OF PENNIES IS ANYTHING UNDER $5.00. 13. I always take 50% of earning from each week and e-transfer into INTEREST BEARING TAX account. THEN I LEARNED HOW TO INVEST THAT MONEY IN REAL ESTATE TO ELIMINATE PAYING TAXES. INCORPORATE AND PROTECT. 14. I ALWAYS TAKE MY ORIGINAL INVESTMENT OUT OF THE EQUATION WHEN IT IS FEASIBLE TO MAKE ENOUGH MONEY ON THE TRADE TO MAKE IT WORTHWHILE .IE..WHEN THE STOCK IS ON A RUN UP SELL PORTIONS AT AT TIME TO RECOUP ORIGINAL INVESTMENT. IF IT IS A STOCK I PLAN TO KEEP LIKE TFSM--I BOUGHT AT 1.06. AT 2.12 I WILL SELL HALF AND RECOUP INVESTMENT AND KEEP 5000 SHARES FOR FREE. HOPEFULLY THAT WILL BE THIS WEEK. 15. I ALWAYS HAVE FUN......ACTUALLY I HAVE A BLAST.... 16. I LEARN SOMETHING NEW EVERYDAY... 17. I CAN'T SPELL, TYPE WELL OR USE PROPER GRAMMAR--AND I SWEAR LIKE A SAILOR..BUT IF YOU PUT A DOLLAR SIGN IN FRONT OF IT---I WILL FIGURE IT OUT.......THAT CERTAINLY DOES NOT MAKE ME STUPID..IT MAKES ME SMART BY RECOGNIZING MY LIMITATIONS. LEARN YOURS. 18. I ALWAYS MAKE MY OWN DECISIONS AND TAKE ALL RESPONSIBILITY FOR MY ACTIONS. 19. I LAUGH EVERYDAY..MOSTLY AT MYSELF AND SOMETIMES AT OTHERS... 20. LAST AND MOST IMPORTANT--THE MARKET HAS A RHYTHM--EACH STOCK HAS A RHYTHM--LIKE GREAT SEX--A RHYTHM..FIGURE OUT YOUR OWN RHYTHM WITH THE MARKET. IT IS CALLED CHARTS. LEARN THE RYTHEM OF THE CHARTS. THE REST WILL FOLLOW. TAKE THE TIME TO PASS ON YOUR GOOD FORTUNE TO OTHERS. WHAT GOES AROUND COMES AROUND AND YOU CAN TAKE THAT TO THE BANK.
DIANA OWNER/CEO/ADMINISTRATOR REALITY INCORPORATED DBA HELPING HANDS-EMERGENCY SHELTER FOR TEENAGERS FORREST PARK PRE-SCHOOL AND CHILDCARE CENTER A NON-PROFIT ORGANIZATION BRINGING QUALITY TO YOUNG LIVES
P.S. BROKE A FEW OF MY OWN RULES TODAY WITH QBID. RODE THAT BEEEEEAAAACH DOWN LIKE A BORROWED MULE. GOT GREEDY AND DID NOT TAKE MY PROFITS WHEN I SHOULD OF. ALL THO I DID TAKE MY CASH OFF THE TABLE EARLY. LOST OUT ON ABOUT 20 GRAND IN PAPER MONEY. REAL MONEY IF I WOULD HAVE SOLD WHEN I SHOULD HAVE AND BOUGHT BACK WHEN I SHOULD HAVE. COULDA--SHOULDA--WOULDA...BRIGHT SIDE I AM STILL 15 GRAND UP. MUUUUHAHAHAHAAAAAA
BETWEEN MY REAL INVESTMENTS IN THE STOCK MARKET AND MY PENNY GAMBLING I MADE ABOUT 7 TIMES THE AVERAGE YEARLY INCOME OF A FAMILY OF 2 WORKING PARENTS. GOOD YEAR AND GREAT MARKET CONDITIONS....BULL BULL BULL
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I just got here a week ago and have learned so much about this market and it's due to most of you people like Diana, DaDog, and Purl (even though she is rarely in this atmosphere).
I really want to thank you and tell you that I admire your tenacity.
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[QUOTE]Originally posted by Purl Gurl: [B]* pokes her back in through a window *
CRASH!
PURL PURL PURL
I KNOW YOU ARE LURKING. LOL MISS YOU GURL. LOVE YOUR COMMENTS AND HUMOR. I WILL BE UP ON THE BIGS SOON TO TALK ABOUT ENCU-MASG-MAGR-FATS-CNET-IVAN. BEEN CHARTING SOME GREAT 1.00 INTRA DAYS. YEAH DADDY.
I HAVE BEEN ON QBID LIKE MY FIRST BORN. ACTUALLY I DON'T THINK I GAVE MICHAEL T. THIS MUCH ATTENTION. HUMMMMM.
DON'T BE A STRANGER HERE ON THE DOWN UNDER. YOU KNOW I LOVE YA. CALL EM LIKE YOU SEE EM GURL.
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Diana I think you could be a great mentor if you gave damn--LLOOLL-- hey on that love and release thing-- If it doesn't come back hunt it down and kill it.LOL
quote:Originally posted by glassman: Diana I think you could be a great mentor if you gave damn--LLOOLL-- hey on that love and release thing-- If it doesn't come back hunt it down and kill it.LOL
THAT GIVING A SH-T..NOW THAT'S A SERIOUS PROBLEM. I THINK THAT IS WHERE THAT BORDERLINE EMOTIONAL DETACHMENT DISORDER COMES IN!!
YOU ARE RIGHT.. HUNT THAT BEEEAAACH DOWN POP A CAP IN IT'S A-S. THAT'LL TEACH THE MO FO TO BAIL....LOL
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