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My simple, yet profitable trading strategy
- Thread starter traderich
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Thanks alot. Is 10am eastern time? Also when you say you pick your favorites...are you just looking for good volume stocks? Or maybe stocks that have the largest gaps? I see what your saying about NTRI. If you dont mind could you just give me one or two lines about why you sold it this late in the day. Forgive me if Im prying too much. This way of trading seems simple and from my experience these are the ones that work the best. Thanks again for your time! JimQuote from Dustin:
First at 10am I look over the Yahoo to % winners and losers. I pick my favorites and put them in charts. Then I also have TI alerts set up to tell me when these things are moving, just as an additional alert in case I need to move stops or add to positions.
NTRI is a good example of why you should consider shorts in this system. I got in about an hour ago in the flatline area...tight stop, good risk reward. Also, there is no fundamental reason to just trade NY stocks.
Quote from Spxdes:
How exactly do you add to your position? Are you only adding shares when your alerts go off, telling you the stock is going in your direction? I am assuming you are pyramiding into the stock?
Yeah I always pyramid in as it starts going in my direction. Like NTRI just now I sold .35, .25, .17, .15, .05...then covered the .8's to the .5's. It was trading in such a tight range that you could have a dime stop on with a possible .3-$1 win.
Quote from jim c:
Thanks alot. Is 10am eastern time? Also when you say you pick your favorites...are you just looking for good volume stocks? Or maybe stocks that have the largest gaps? I see what your saying about NTRI. If you dont mind could you just give me one or two lines about why you sold it this late in the day. Forgive me if Im prying too much. This way of trading seems simple and from my experience these are the ones that work the best. Thanks again for your time! Jim
Yes 10am est.
Anything that gapped on decent volume has the ability to move later in the day. NTRI was going to break one way or the other, and the chart looked so weak that the short side seemed pretty good. Just start with a small test position and add quickly when it turns out you are right. That way you stop out with small positions, and win with big positions. GYI was a good late day long...same concept.
It is a simple method, but I am constantly adjusting positions according to how well they are working out. I also use a lot of hard stops to avoid accidental big losses.
hey traderich,
I am new to the elite trader forum and pretty much new to day trading (actually only paper day trading now) but anyway, I like the simplicity of your strategy and it seems like you have been doing well with it (congrats).
I have an observation, (please correct me if I am wrong) it seems that the focus of your strategy is Price % gainers that have a certain volume (over 100 k). And it seems that if you could identify just one bad seed your weekly gains would increase dramatically.
So I paper traded six stocks (like you said)
EL,
GBX,
SID,
PPC,
SIE,
LEV
not sure if those would have been your picks but they were mine this morning at 10:05 am based on your criteria.
Now at 10:30 I ran another yahoo % gainers list and all the stocks were in the list except for PPC . I guess what I am wondering is if you are getting the list really from 9:40 data and you are buying at 10 am some of the stocks (like PPC) could no longer be in the % gainers.
It just happens to be that PPC has not recover (and it may recover by the end of the day) but I was wondering it that is at all a consideration.
I just ran another yahoo % gainers are there are 3 others that are not on the list but clearly PPC was off right away this morning. Any thoughts ?? I will continue to paper trade/track this theory. Thanks
I am new to the elite trader forum and pretty much new to day trading (actually only paper day trading now) but anyway, I like the simplicity of your strategy and it seems like you have been doing well with it (congrats).
I have an observation, (please correct me if I am wrong) it seems that the focus of your strategy is Price % gainers that have a certain volume (over 100 k). And it seems that if you could identify just one bad seed your weekly gains would increase dramatically.
So I paper traded six stocks (like you said)
EL,
GBX,
SID,
PPC,
SIE,
LEV
not sure if those would have been your picks but they were mine this morning at 10:05 am based on your criteria.
Now at 10:30 I ran another yahoo % gainers list and all the stocks were in the list except for PPC . I guess what I am wondering is if you are getting the list really from 9:40 data and you are buying at 10 am some of the stocks (like PPC) could no longer be in the % gainers.
It just happens to be that PPC has not recover (and it may recover by the end of the day) but I was wondering it that is at all a consideration.
I just ran another yahoo % gainers are there are 3 others that are not on the list but clearly PPC was off right away this morning. Any thoughts ?? I will continue to paper trade/track this theory. Thanks
JT,
Today the stocks are:
LEV
EL
GBX
SID
SPR
BA
I got some horrible fills today, I guess the MM saw me coming and decided to fock me again! (lol) I guess being paranoid is part of daytrading eh?
Anyways, my portfolio cost me 241,690 plus commissions.
As of 1:50, my portfolio is worth 242,780. Not bad considering how bad the fills were I got. I got EL at 46.43! and LEV at 14.14. Those were horrible prices considering where they were 3 minutes prior!
To answer your question, I know there are a zillion other ways and times to get prices for stocks. I get my List of stocks from yahoo at precisely 10am. I then enter these stock tickers into my streaming live quotes and then see if they currently have over 100k shares traded. If yes, I start buying 1000 share market orders. I start at the top and go down the list until I have my 6.
I may have to try something different like randomly picking 6 off the entire list of 20-30 if I keep getting horrible fills like I did today!
My paranoid evil twin is telling me I was an idiot to ever put this out to the public!!
peace.
Today the stocks are:
LEV
EL
GBX
SID
SPR
BA
I got some horrible fills today, I guess the MM saw me coming and decided to fock me again! (lol) I guess being paranoid is part of daytrading eh?
Anyways, my portfolio cost me 241,690 plus commissions.
As of 1:50, my portfolio is worth 242,780. Not bad considering how bad the fills were I got. I got EL at 46.43! and LEV at 14.14. Those were horrible prices considering where they were 3 minutes prior!
To answer your question, I know there are a zillion other ways and times to get prices for stocks. I get my List of stocks from yahoo at precisely 10am. I then enter these stock tickers into my streaming live quotes and then see if they currently have over 100k shares traded. If yes, I start buying 1000 share market orders. I start at the top and go down the list until I have my 6.
I may have to try something different like randomly picking 6 off the entire list of 20-30 if I keep getting horrible fills like I did today!
My paranoid evil twin is telling me I was an idiot to ever put this out to the public!!
peace.
traderich: I honestly believe your system, like most systems (maybe 97% or more), only works in a bull market.
Then again, any system, random or rational, works in a bull market.
Then again, any system, random or rational, works in a bull market.
One other thing I had to mention since it came up today.
Some had suggested that I look at the reasons behind why the stocks jumped up such as a buyout offer.
LEV today announced a buyout offer for 14.41/share. I saw this news early and watched LEV from 13.52, then 13.58...and on.
I could tell just looking at it that it was going to make my list and was debating whether to just buy it then. Of course I didn't and bought at 10:03 am and got a horrible fill.
So anyways, if I was to try and pick and choice stocks on my list based on news, I would NOT have bought LEV because of the little upside potential.
Now take a look at the chart for LEV.
I have heard that the market is NOT rational, but hey folks! who was buying this stock over 15/share?
I think if I started to try and filter my list of stocks, I would end up buying what I considered good values, and honestly very few of the stocks I buy do I consider good value.
Peace.
Some had suggested that I look at the reasons behind why the stocks jumped up such as a buyout offer.
LEV today announced a buyout offer for 14.41/share. I saw this news early and watched LEV from 13.52, then 13.58...and on.
I could tell just looking at it that it was going to make my list and was debating whether to just buy it then. Of course I didn't and bought at 10:03 am and got a horrible fill.
So anyways, if I was to try and pick and choice stocks on my list based on news, I would NOT have bought LEV because of the little upside potential.
Now take a look at the chart for LEV.
I have heard that the market is NOT rational, but hey folks! who was buying this stock over 15/share?
I think if I started to try and filter my list of stocks, I would end up buying what I considered good values, and honestly very few of the stocks I buy do I consider good value.
Peace.
traderich,
based on the limited research i have been doing, I think you are on to something waiting until 10 am to buy... the stocks in the %gain list seem to go all over the place from 9:30 to around 9:50 and then they seem to settle a lot of the time gaining by the end of the day .... i am sure there will be those that jump form the start at 9:30 but it doesn't seem to be the norm (again, limited research) .... i will continue to do the data gathering I spoke of before (the point being improving a system that seems to work) and I will keep you posted... p.s. PPC is now the only one down over $1000 form the stocks i paper traded this morning (not sure what it means) even with the jump in the market...anywayss cheers
based on the limited research i have been doing, I think you are on to something waiting until 10 am to buy... the stocks in the %gain list seem to go all over the place from 9:30 to around 9:50 and then they seem to settle a lot of the time gaining by the end of the day .... i am sure there will be those that jump form the start at 9:30 but it doesn't seem to be the norm (again, limited research) .... i will continue to do the data gathering I spoke of before (the point being improving a system that seems to work) and I will keep you posted... p.s. PPC is now the only one down over $1000 form the stocks i paper traded this morning (not sure what it means) even with the jump in the market...anywayss cheers
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