Quote from Jeffp:
Al lot depends on your timing and the circumstance at time of trade
First, 2-4 ticks as a stop? that's less than typical wiggle on most anything.
You should be running Time of Sales, with VOLUME color coded red/green/yellow.
The speed of the tape will clue you into if you can move your shares in the current market at a specific time.
Use momentum and direct ECNs to load or unload.
Depends on what part of the move you're trying to buy or sell.
Its easy to buy size at established resistance, typically lots of sellers there.
If you try and sell there ....get in line, other wise step inside and try and sell the momentum ticks before testing that resistance line.
The opposite is true at the bottom of the move with selling at support, its easy, since there's usually plenty of net buyers or shorts covering, here again, use momentum step in above support to cover or buy for the bounce.
Get out clean with out any skid marks or odd lots left.
Pay special attention to larger than normal blocks above the ask or below the bid in these sup/res areas or after excessive buying or selling pressure...have these color coded pink/ blue on time of sales window.
This is all basic stuff...Do you need a Mentor?
No one at the firm can help you?
Hmmm makes me really question that 2-4tick stop.
Hi Jeff,
Thank you for response.
Yes, 2-4 ticks stop loss
Yes, I am watching the tape before entering trade.
The problem is that our office is a new one. opened 3 months ago. Believe it or not, we have no a single experienced trader at the office. The one who probably has some experience is office manager's assistant.
Although because I see him trading same 100 shares I doubt he is a real deal.
Our daily limit is $20.
Originally we had 11-12 guys. All newbies.
5 were constantly losing. some lost at least $800-1000 in 2-3 months , probably way more as I noticed some were running loss at $50-70 on 100 shares.....They just could not cut that loss. Ok, they are gone, which is good.
I see that daily P/Ln looks much better as office at least is not losing money.
I was losing money first 2 weeks but last 2 started gradually trading that loss back. in 7 days only 1 day lost. Before, I had gross positiove but net negative on some days cause of fees., Now I understand what I should do.
Started trading live 4 weeks ago.
Had not had this losing day, would have probably moved to 300 shares. what a shame. I gotta make it next week.
I asked that more experienced assistant about say trading Ford with 10-20K position. He told me should not be problem, but I am most worried about liquidity. This is why I asked question.
I am working on my strategies and although we are not allowed to trade first 15 minutes, i see a lot of potential there.
It was interesting to read your comments. i need to read them few more times as I am not familiar yet with stocks trading jargon.
