newbie looking for virtual mentor/ mentors

Yes, I like FAS as well, but how can you trade it confidently with daily loss limit of 20 ticks?
When I am allowed to trade 500 shares and have $60-70 daily loss limit it is time to trade FAS. I have seen guys winning one day $30 on Fas and then losing way more.
I do not want my account drop too much to trade back more than. The less I lose now the easier it will be to trade my DD later when I trade bigger sizes and more volatile stocks.
 
One more thing. when trading FAZ and FAS the difference lies also in liquidity. While FAS looks like overall liquid it has very low liquidity at each price level. 100-500 shares per each 1 cent level. While FAZ has liquidity per each price level of 200000 shares.
I am trading firms' capital. If I scalp well, I can be allowed to tarde really big sizes and 1 tick might mean a lot of $$$. Tickis different for different stocks.
 
Last week I got new strategy to learn. This is contra trend strategy which generally speaking is a hunt for reversal. This is a good one. I have been learning to trade it since last Friday and results have not been good. Generally the whole point is to lose a little when wrong and to let profits run when right. So, while taking small losses on losers, I did not capitalize enough on winners.
Generally, it has been my worst week and I decided to stick with what I do well by now. Was $16 up yesterday to waste everything on this contra trend efforts. I nailed it finally but again did not capitalize fully.
I certainly will continue to practice this strategy but only on Demo for now and start live only when I can trade 500-1000 shares with only 100 shares, to have my risk low.
I will try to make April positive month as I feel I can do it if I stick to my original trading method.

Good points:

1. I controlled my losses better than before. Just had more of them than before. Closed trades at predetermined mental stop loss.

2. Whenever I had a signal, I entered trade.

Bad points:

1. Aggressive market order entries hurt me. This strategy is not for scalping.
After seeing what added liquidity can do from yesterday I will enter and exit with limit orders as of now.

2. No more new strategies until I make it to 1000 shares. stick to what already works for me for now.
 
Floor manager told that experienced successful guy is coming over on Monday and that he will teach us some strategies with low risk.
It will be interesting. The guy has been in our office and gave a lecture. he sounded like someone who knows what he is doing.
 
Quote from ammo:

most of your trading examples say "i thought",wait and let the stock set up, when it does , put on a position and wait for it to move in your direction, 5 or 7 cents is an awful tight stop,i would rethink that
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Just for the record:
What a coincidence.
I took axactly that trade and failed.
:)
 

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trade 500 shares with $60-70 daily loss limit, almost no one can do that!
trade FAS with 100 shares size with $60~70 daily loss limit is realistic.




Quote from shiko2000:

What I mean is when i am allowed to trade 500 shares with $60-70 daily loss limit, I can trade FAS with 100 shares size.
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