Opening IB account. Trade PLan?
- Thread starter Kastro_316
- Start date
I started the same way. With no solid idea of what to do, I wanted to just double my money. Proceeded to lose 60% of my money before I decided to get more serious with my trading.
My advice is to educate yourself with checking out a few books and picking up on different ideas and apply them to your own goals.
Good luck.
My advice is to educate yourself with checking out a few books and picking up on different ideas and apply them to your own goals.
Good luck.
to just two stocks. It seems as if you are looking to make a large return from a small capital base (which is dangerous proposition to begin with.) But if this is the case, you may want to look a some Bio's like CHIR, CEPH, ICOS, GILD or AMGEN. These stocks can have violent intra-day point swings, and if you are on the right side of the trade, they can be very profitable (or disastrous).
If you are an experienced trader, this may be worth some investigation, if you are just starting out, I have found that LLTC is a very predicable stock which correlates well with the e-mini's especially to the long side.
If you are an experienced trader, this may be worth some investigation, if you are just starting out, I have found that LLTC is a very predicable stock which correlates well with the e-mini's especially to the long side.
it seems to me that you don't have a strong enough plan. Stocks don't stay in a range ... i remember when i though it was that easy ... but it's not, they also can trend.
a good plan needs to have stops, perhaps profit taking/pare targets and a better definition of an entry system.
imho, it's perhaps better to focus on intraday swings so that you don't have overnight exposure in this market. Then i prefer trending markets ... they're easier to trade than ranges i think.
fwiw ... ask if you want to know more about what i think.
ps hope you didn't buy BRCM at 17 :eek:
a good plan needs to have stops, perhaps profit taking/pare targets and a better definition of an entry system.
imho, it's perhaps better to focus on intraday swings so that you don't have overnight exposure in this market. Then i prefer trending markets ... they're easier to trade than ranges i think.
fwiw ... ask if you want to know more about what i think.
ps hope you didn't buy BRCM at 17 :eek:
Kastro, If you feel that you have a good handle on your favorite stocks try trading a couple option contracts. Only $1 per contract commission at IB and settle in 1 day. You can trade every day with $5000. and you will avoid a major blowout in your account in the event you are holding a huge gapper. Best to read a little about options first. Trading the QQQ options are great, they have strike prices at 1 dollar increments and they are very liquid. You also limit the chance of huge over night gaps that can kill you on individual stock options. Just remember all stocks are prone to split personalties. Just when you think you have their moves pegged they will bite you in the ass. Have fun!
Note: sitting on your hands is a position in the market, don't be too anxious
Note: sitting on your hands is a position in the market, don't be too anxious
I feel like I am a turnnig into a Werewolf. I am growing six inch fangs, claws that cut like a stilletto, blood shot eyes, the strength of a lion, and the urge to feast on a kill.
That is what I think I am turning into when I see people like you doing what you are about to do.
How do you fight such a beast? Get a shot gun with a silver bullet.
I will leave it as an exercise as to what that means in relation to trading.
nitro
