Got into trading after college, 1 year retail, 1 month prop so far...I have issues..

Quote from neveral0ne:

well the 1k /2k is for citigroup mostly, everything else ( while being waited to get a fill on Citi ) I trade myself, based on my own "setups' and research from home. this week I am up 180$ total on 3 days... all positive...I'm actually using a strategy that one person uses here also from forex...works pretty good on stocks also.
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Are you at Swift?
 
Well Yeah I am confident to play 2k shares on Citi... but 2k shares.. on Alcoa or or BaC ... is not soo easy plus my heart would stop lol , 200 shares is good for now til i get confident enough... and consitent
 
As I told, it is all psychology. But if you think, if you trade 2000 shares, you lose $60 per trade = 3 ticks loss you win $60 per trade. It doe snot matter because liquidity is there for you to pick.
I need to move my things to Live 100 shares and after I am sure it works and I think why not, I will trade as much as I am allowed since day one.
I actually traded Alcoa today along with other liquidity monsters. everything works fine. I just sit there finger on entry to close position at the first sign of trouble. thankfully have not lost more than 3 ticks yet.
 
You know, may be you see it too. when I am 1 tick down I start looking for opportunity to close at 0, if 2 ticks at 2. and it just moves this way, same price but one moment you are 2 ticks down, another moment 3 ticks down. But price is still same. I wonder what it might mean.
 
I made calculations. It looks like I have to add another $0.8-1.00 as liquidity removal fees (which I knew), some ECN and some other fee. So, it is actually 2 ticks to overcome before I am net positive.
Today had many lost and BE trades. so, after calculating fees out out of 46 gross ticks only 16 left. The irony is that I was 26 net ticks before 10:30 and I noticed I close most of good trades too early.
sine Tuesday we are closed I am moving Live on Monday. Tomorrow will concentrate on letting trades run especially just in the beginning of the day when big move happens fast.
I understand you open trades with Citigroup with limit orders and get added liquidity $. Any other fees over there?
Anyway, very good progress.
I am looking towards next week to see how things will go on Live account.
 
Quote from atlTrader666:- I lost money in November because I failed to recognize trending days as opposed to sideways days. If you haven't done so already, learn about bull/bear flags and use them to your advantage on trending days. If the S&Ps are trending after 10:30am/11:00am, it's a good chance that so will your stocks. Also knowing that the XAL index has been raging on the daily chart... favor getting in on those bull flags. Also, learn about other simple patterns. But remember that charts can be deceiving and big market players manipulate them to look a certain way. Then a fakeout will occur and you'll get stuck on the wrong side. Look for volume to confirm breakouts of patterns such as triangle. I use 5-minute charts and I always wait for the candle to close before getting in. That way, i don't get in a stock and get stuck in a tail. Also, don't fall in love with too much candlestick patterns just because I mentioned them. They are largely irrelevant to day trading. I just watch for tails and signs of where the candle closed (on high of bar?). Take it easy with all those three soldier patterns. Just ask yourself if the candle is bullish, bearish, or a neutral doji.
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I just learned more from reading this 45 seconds of text than I did in the last 2 days of reading the forums. It's moments like this that makes it all worth it.
 
Quote from qwiktrade:

The simple answer is that you should be looking to enter your trades on the "shadows that appear" instead of stopping out there. If you are consistently getting stopped out but your strategy is sound then you have to either loosen your stop which has negative implications for your Risk/Reward and could erase your edge, or you have to enter the trade at a better price. Waiting to enter at a better price means you will miss some of the opportunities and you will have to deal with the emotions of feeling left out on the occasions that you do not get a fill.

If you are asking "How do I know", you are being too aggressive in my opinion, especially as a newbie. You should be saying, "I don't know what is going to happen therefore I am going to wait for the best possible entry that gives me the best possible chance of profit, otherwise screw the market, I'm not placing a trade."
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wonderful advice. i'v been trading full time for about 2 mos. now and i think that is the best strategy. it's best to get left out and wait for a good price

you have confirmed it for me.

thanx!!!
 
Quote from Wilt:

Anyone trying to tell you to get out after 2-3 pennies a damn tool using you to stack up commissions and sucks at trading. Now, if the stock is low price like AMR, that's different, because 2-3 cents represents like .25-.4%. It's not meaningless on stock that price. 2-3 cents is arbitrary number as meaningless as 2-3 cent gyrations in prices.

Bottom line, your training sucks horribly. You need to evaluate risk/reward, not count pennies. If you went down 4 cents, but then it went 25 in your favor, should you be worried about the 4 cents? How did that affect your profitability? Daytrading over pennies is wack. It's a total jerk off. Try to look at things on a percentage basis, that's what means something.

Wilt
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Just looking at how many pennies it goes up or down is meaningless unless you take the whole trde into consideration.....if one is trading 100,000 shares, and they make $0.02, that's $2000 right there......in that case, a mere "two or three" pennies is not chump change.

As for the $0.04 to $0.25 thing.....yes, you're correct, if you make $0.25, then what is $0.04?...But that's only in retrosepct...what if it goes down $0.04, and then plunges $0.25?

One must always factor in possibly being wrong.
 
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