posted
What are the better sites to keep track of ones stocks? I find myself jumping from Scottrade to Yahoo Fianance page, just wondering are these laim platforms and if so what one's do you use?
-------------------- Watch your pennies and your pounds will take care of themselves!
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posted
Scot-trade has real time quotes as they happen. I would recommend Scot-trade but if your not looking at it during the day, just use yahoo.
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posted
You guys are very helpful, appreciated! Thanks!
BuyTex, Yes I have a Scottrade account and it's all there in front of me I'm sure, I just haven't a clue what I'm looking at, newbie from Ireland, haven't a clue about the stock market, just thought hey!! I'm living in the mighty USA, my kids are all born here why not dabble in the stock market and who knows, mabye I have a bit of the green on my side.
So guys, I'm an absolute green horn in the field stumbling my way and trying to pick it up as I go.
On that note:
What do the terms Swing Trade? Day Trade? mean?
I also wanted to ask, if I were to buy in on say 50 -60k of at 0.1 stock, can I loose it? I mean is my money safe sitting there until the price goes up, or is there a chance that I could loose it?
-------------------- Watch your pennies and your pounds will take care of themselves!
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posted
holy moly... if you got a position at a dime--0.1--it can plummet through .1 to .01 to .001 to .0001--read up quick, bro. Is all your capital in nwpo?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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posted
you can lose all or most of it...you need to establish an exit point, i.e., if the stock goes up X %, then you sell, conversely, if the stock goes down X %, then you sell
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Don't count on it, I think that saying needs to be re written never had a drop of luck!! well I guess that's a lie, being in the USA married with a beautiful family and playing the stock market, I guess that is the greatest of luck
I'm thankful, and boy!! is it the land of opportunity!
-------------------- Watch your pennies and your pounds will take care of themselves!
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quote:Originally posted by Eire: You guys are very helpful, appreciated! Thanks!
BuyTex, Yes I have a Scottrade account and it's all there in front of me I'm sure, I just haven't a clue what I'm looking at, newbie from Ireland, haven't a clue about the stock market, just thought hey!! I'm living in the mighty USA, my kids are all born here why not dabble in the stock market and who knows, mabye I have a bit of the green on my side.
So guys, I'm an absolute green horn in the field stumbling my way and trying to pick it up as I go.
On that note:
What do the terms Swing Trade? Day Trade? mean?
I also wanted to ask, if I were to buy in on say 50 -60k of at 0.1 stock, can I loose it? I mean is my money safe sitting there until the price goes up, or is there a chance that I could loose it?
Swingtrade: buying/holding/selling a stock from 2 to 5 days
Daytrade: buy/sell/hold a stock from minutes to hours in the same day but closing all your positions by the end of the trade day
Positiontrade: buy/hold/sell a stock anywhere from 2 weeks to a few months but less then a year
Recommendation: Swing or position trade to gain some experience before ever attempting daytrading... or stay with swing/position trading and forget daytrading.. same amount of money can be made in either/or.. it's not how fast or long you trade in a stock but how good your stock picks are...
Can you lose all your money in a .10 stock? yes .. you can lose all your money in any stock whether a penny stock or a mainstream stock...
Recommendation: Read books on trading, never put all your money in only one stock... at the most put 1/3 (33.33%) of your bankroll in any one stock... put stop/losses on all stock positions to limit your losses and protect your profits... put your stop/losses or trailing stop/losses at between 7 to 10% of the price you entered when you bought the stock and move the stop/loss up as the price of the stock goes up if it does..
Beginner's book recommendations:
A Beginner's Guide to Short Term Trading by Toni Turner www.toniturner.com
posted
Thank you Machiavelli for taking the time and going through and pointing out the differences and recommendations.
Thank you!
I'm using Scottrade so I have either option to use.
Stop Stop Trailing Stop
I'm not 100% sure which is the better one to use being a newbie to the market.
Am I correct to say that using either of these options that upon activation of these options that I am selling my stock?
Is there a simple way to activate a stop when you have already placed an order, the reason why I say this is because I don't see a way to activate the stop with an existing order! can I only set this with new orders?
I've ordered the books thanks!
-------------------- Watch your pennies and your pounds will take care of themselves!
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posted
Hey, fellas, don't think Scottie allows *any kind* of stop order on pennies.
What ya gotta do, with a day runner, is ride herd, manually changing your sell price as it rises. Only experience will show you how to execute your sell in your "comfort zone." iow, if you set your sell too close and hit the button on a small dip, you'll get bought out only to watch it climb back up.
For instance, players who can use stops sometimes get whacked when the stock is intentionally "shaken" to trigger stop orders so as to pick up cheaper shares, then move back up.
Also, say panic sets in or a group-pick heads south; this is NOT a dip but a freefall, where she lands nobody knows: if you're too close to the current price, when it plummets, it will drop right through your sell target, before you can pull the trigger...then you're desperately chasing it down.
Some say set your limit at 7% loss, others say 10% or even a little higher...the point is protect capital. It's a tool...only you can determine the value for you...
Another strategy, I picked up from one of the vets here: if you're confident in a rise yet you can't babysit it...set your sell at 20% profit (or whatever you're comfortable with). You may return and find it's still climbing, now at 150%...o no! sold way too early!--but that's much better than seeing that it peaked, then fell so much that now you're 30% down.
For example, with NWPO, which you've seen climb nice and slow most days--Friday it dipped from about 1.64 to 1.49 (1.51?). At 10%, you could have had your sell order ready at 1.47. On a slow one like that, when it hits 1.48, pull the trigger. Worst that can happen? You sell at 10% off the high of the day, presumably still up quite a bit.
Better? if you're watching it...sell at 1.62, let it dip, then decide if you want back in, a little lower than you sold. However, getting back in also requires awareness of:[list][*]more settled funds[*]profit vs commissions[*]knowing how closely your broker chooses to interpret "pattern day trades."
For now, my opinion? Make some trades, protect your capital and keep reading. Remember, "cash" is a position, too. Good luck to us all...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by Eire: Thank you Machiavelli for taking the time and going through and pointing out the differences and recommendations.
Thank you!
I'm using Scottrade so I have either option to use.
Stop Stop Trailing Stop
I'm not 100% sure which is the better one to use being a newbie to the market.
Am I correct to say that using either of these options that upon activation of these options that I am selling my stock?
Is there a simple way to activate a stop when you have already placed an order, the reason why I say this is because I don't see a way to activate the stop with an existing order! can I only set this with new orders?
I've ordered the books thanks!
You can put stop/loss (stop sell) orders on any existing and/or new orders... you just have to be holding a stock first.. yes a stop/loss is a sell order but if and only if the price is hit.. say your stock is .50 per share..and you put the stop/loss at 10% of the price (.45).. if the stock hits .45 that day your order becomes a market order and your stock is sold immediately and you are out of the position... but if your order doesnt hit .45 that day and instead goes up to let's say .65 your stop/loss goes up with it to .585 ... you either change your stop sell order (stop/loss) each day if it goes up after the market closes or you have a trailing stop/loss which in turn does it for you automatically each closing and/or opening trading day.. though not all brokerages offer this and if they do not all offer it on penny stocks.. if i were you i would change your broker from Scottrade to let's say ahhh Choicetrade.com because from what i hear Scottrade has alot of restrictions on trading pennies and hit you with extra fee's...
-------------------- Let the world change you... And you can change the world.
posted
good stuff, mach. as i said, pretty sure no stops of any kind on Scottie... they do enable GTC (good-till-cancelled) but that's only for the profit-taking/capital protection tactic I mentioned earlier...
Mach, you're a font of knowledge, i didn't know stops embraced percentages...good info
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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Hey, I want to get into some penny stocks...i am 16 and i really wanted to getinto some penny stocks. I did not want to invest to much money, but i wanted to try it out just so i could get a feel for some stock market and make some money if possible.
Penny stocks are appealing to me so i have been reading up on them often and i was wondering if i could get someones insight on what my first step should be. I think i know what compant i wanted to invest in. I wanted to spen about $100-$150. If someone could just help me out that would be greatly appriciated. Do i have to go through a broker, becuase from what i am seeing, im sure they are alot of money. What are some of your ideas??
posted
Ryan.. save more money... have $500 minimum.. $1,000 better... read books before you trade and such... if you want recommendations let us know...
-------------------- Let the world change you... And you can change the world.
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And no, i'm not selling for P123. Just thought of how difficult it could be for a newbie to start and would like to help.
Would be good to feedback here if u do test P123!
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I'm another newbie who has become very interested in the penny stocks having been turned on to it be a friend and am now into PLNI at about 300K shares. My question is what is the (B&A 5000x5000 or 1x1)all about? I also read a lot from father of two and bought a chunck of ICMH. Both of which are looking for a news item to come out soon. Thanks for any help you can give.
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Just a quick hi from another investing newbie. I'm interested in swing trading stocks in the $3-$5 range and have a rather minimal account with Scottrade. I'm a graduate student... I'm not playing with my book money, but I'm not able to throw vast amounts of cash into an account, either.
Looking to pick up some good advice here!
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for tracking stocks and research I like stockcharts.com. This also has a lot of technical indicators and you can make chart using almost whatever kind of indicator you want. It also has a stock scans section that you can find out which stocks the indicators are indicating to buy or sell. I also like the IBD website. Im on a free trail now but I like it so far. I like the IBD stock checkup section. You type in your stock and it shows how your stock is rated acording to different indicators. You can also look for the highest rated stocks. There rating system is pretty thourough using several different things. IBD rates every stock on the nasdaq and nyse.
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