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Los Angeles, California, USA. Sorry for not being clear. I suppose I should worry about CA state income tax also.

I quit my full-time job earlier this year. I trade during the mornings with the intention of being a trader. But, in the evenings, I work as an independent contractor. I have losses in one business (since I'm a newbie) while having profits in another. So here's my issue: I have some...

Well, I figured out what my edge was. It was just that I had a personality problem where I'd be so anxious to make money back after a loss that I'd do stupid things. When I started to control myself and wait again for another setup, I started doing well. I had the same problem today, but I...

3 of the past 4 weeks have been profitable for me. One week, I had some kind of mental fart and screwed it up, but I've returned to normal. However, I've been trading only 100 shares at a time. If this week is profitable, I'm thinking about trying 200 shares at a time. What general...

Thanks for your response. To answer your question: I generally only enter spots where I think I can escape with small losses. Some may call it insane, but I find that when I don't follow the rule, I get susceptible to those drops on DNA where the stock plummets a full 20-40 cents. Those...

Well, I trade DNA and FTO on the NYSE. I'm net positive on both stocks historically, but today, for example, when DNA tanked almost 4 points, I couldn't time an entry with any feeling of security. Today was one of those days where the sellers were on a rampage taking the stock down. I still...

I've been following SteveTvardek's advice on the NYSE. I started trading lower volume stocks and I had my second week of profit. Feels good, but there's more work that needs to be done. I noticed, though, that whenever there's news on a stock or if there's abnormal volume, that I have a...

If you have any NYSE stocks you can recommend, I will be willing to look at them for the academic exercise. Another question: Are you STRICTLY waiting for opportunities to take when you see floor brokers/specialist activities, or are you trading other setups as well?

Seth, I have a very good commissions structure. It's definitely geared towards scalping.

Cheese, First, I already take money from the market. I just don't take money from the broker. That will take some work. Second, lick my nutsack, bitch. I'll be taking your money with regularity in 2 years. You can laugh now, but you won't be laughing forever. Cheers, -Rat

This sounds like a reasonable metric. Thanks for your advice. I know this depends on the stock, but how many setups do you think there are per day on an average stock on the NYSE? For example, a poker player will say it's good to win "one pot" per hour. Today, for example, on DNA, I only...

So, here's my dilemma: I trade only 100 shares at a time on the NYSE. I'm trying to build up some consistency, but I'm still a losing trader -- but barely. I've lost about $3000 since I started, but the loss rate has been slowing down for the most part. I'm starting to see winning days...

(+$53,+$36.2,+$24.82) Good day. Removed HAL from the basket, added FTO. Started feeling the commissions based churn towards mid-day, so I started to look for something that was moving more cleanly. Opted for FTO. Last week's search and pain with horrible days was unnecessary. I think I...

(+$46.14,+$9.74,-$17.23) I made a good bit in the morning, but pissed it all away in the afternoon. I'm an idiot. In addition to DNA, I added HAL and MO to my basket. I will drop MO and stick to just DNA and HAL.

Thanks for the reply Steve. I do use the tape. Probably just not as effectively as you. :) How about some tips to look for with regard to when to distrust the book based on the tape? Just one sign or two that you've seen that can alert me. If this takes away your edge, I understand and...

So what are your techniques for keeping losses small? I mean, you don't have to reveal everything, but what are you looking for? Multiple levels of support beyond just 1 price level? Or are you simply looking for a trend to form so you can add an extra level of confirmation to the NYOB, so...

One more thing: the 10 second lag in the NYOB seems to be a problem also. By the time I see an 8000 pop into the book, it's like every trader out there has seen that order and has stuffed orders in. I wonder who actually gets filled and if it's worth getting filled so far out from the volume...

The key to trading is to keep losses small. I've ingrained this in my head, but in practice, there are situations where I can't keep those losses so tiny. In my mind, as a scalper, I don't like to take losses > 3 cents. First, let me explain my situation and frustrations: Typically, I...

(-$44, -$79.70,$-107.44) ... Wow. -$107. I lost $70 on VLO in 5 minutes. I tried to get out, but got over filled, then ate more losses. I went from positive against the market to down major cash so fast it wasn't funny. The same strategies that work for DNA do NOT work for VLO. I'm so...

I've been trading for three months now. I only trade the NYSE. I only trade 100 shares at a time. At first, I was losing against the market, commissions, and SEC fees. Then, I started beating the market but losing to commissions and SEC fees. Then, I started beating the market and...