People like that steve tvardek. Where did you learn DAYtrading??

Quote from Maverick74:

General message to this thread. You guys are blowing up my inbox. I appreciate all the PM's and questions but you guys are crashing Baron's server. If there is any way you can post your questions on this thread, I would really appreiciate it. Or PM baron and ask him to increase our inbox capacity. LOL.

Besides, many of your questions will benefit others in this thread as well. So please direct your comments or questions here. Sorry about this, but my inbox is full.
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Mine still has plenty of space left. I even have a dedicated "is this the holy grail? " map :)

Anyways, thanks all. I'll let you, I'm off tape reading or what seems like it and I won't be back before... nah probably tommorow :D
 
Steve,

Since this thread is dedicated to you (it has your name in its title), I have a couple questions for you. I looked at a number of your P&L posts in that thread and haven't seen a single losing day in the several that I checked. Further, your daily earnings are fairly impressive by my standards. So, my questions are: how many trades do you do on average per day; what is your approximate win/loss ratio; and, what is your average $win/$loss. I don't trade stocks, but I'm curious so I'm only asking for off-the-cuff "ballpark" figures.
 
u look for news 'cause u need a deep pocket bastid to have a particular interest in that stock and buy it all the way up, preferably from the open to the close...news attract buyers.
 
velocity trader

Right on, it is up to the individual to learn from trial and error what works for him/her. That concept seems to elude the 95% that try but fail.

When individuals can not grasp such a simple concept it must also mean they will miss just how easy the entire game really is.

Try lesser.....NOT harder. Works every time.
 
Quote from sappjason:

Maverick,
So, I've choosen my first NYSE listed stock to trade. For all the pros out there (if you want to take my money, while I'm trading this thing), I've choosen DDS. It was in the news and it's trading at around 28 per share with an average daily volume of about 839K. So, that looks like it fits your suggested criteria.
Now, after I picked this stock, it dawned on me that you mentioned to pick a stock in the news for a reason. However, before just blindly jumping into this substantial educational feat, I have to ask, why should I pick a stock in the news? Is it because news will attract attention to it for the day and hence, more traders will be in there duking it out? Or is because "the public" will be in there duking it out? What were your thoughts on this Maverick? Lastly, does the stock have to be in the news recently as I still haven't found a way to get the full day's T&S and I'm not going to trade until I find an easy way to do that. (Completenewbee, have you found an easy way to get this data?)
Anyway, I have a few more questions (if you don't mind). I want to only trade 2 to 3 shares at a time (rather than round lots), because, I figure during my 6 month to 1 year learning stint, I don't want to loose my A&*#*^&@#, but rather learn to read the tape, while still loosing money for several months and maybe never make money, if I can't put in the necessary time or don't have what it takes (in which case, I will hopefully just give it the hell up). So, with that said, is this 2-3 share limit a wise thing or should I (or do I need to) trade in 100 share lots? I fully realize that my fills will kind-a suck as I would be trading in odd lots and can't easily split the spread or take out the ask with a round lot "buy market order".
Lastly, why do I need to pick a different stock everyday? Does this have to do with focusing on a stock in the news or does this have to do with learning to trade different NYSE stocks?
On a more philisophical note, what will you do if the NYSE moves away from the specialist system and more towards the whole ECN approach? I'm guessing it's kind-of innevitable as technology advances. I do know that many NYSE stocks are also traded on some of the ECNs (such as Island and Archipelago). I guess my question here is: Do you think the ways of the ticker tape readers will be a thing of the past or once you learn this time tested skill, will it always be valuable?

Thanks again,

Jason
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Json .... I really hope you stay with the odd lots most of the time.
Price can move suddenly and far. If you are in for say 20 to 50 shs short/long you wont have to take too big a hit in case you need to bail out. You gotta protect that capital at all cost right now. And ...i use IB and i have no trouble getting filled either
long/short 80% of the time even with odd lots.

BTW ... Today is my first anniveresy trading intraday/swing and i still feel very much a beginner. My acct got funded at IB june1 05.
for me its learn learn learn. ET people are big help.

Also .... you might take a look at BBY. Its fairly "news" sensitive every wk or so and usually no wild moves. Could be good to practice on maybe.

later ... rj
 
Haha, yeah I noticed that the thread has my name in it, its rather embarrasing since I am not a big trader whatsoever. We should replace my name and put in Rearden Metal instead :D

I've had a couple down days this year so far but nothing too major. My trading is pretty rigid and structured which is a good thing but also a bad thing in the sense that I want to break out but know that my rules dont allow me to. I guess I should change a few rules around and see what happens.

Anyways, I dont know how many trades I do on avg a day. Its hard to say, because each 100 share lot I cover as I am clipping out counts as 1 trade so the # of trades is rather deceiving. I would say I am probably in and out of about 100-150 trades a day? Totally guessing on that figure since I dont keep track of it myself.

As far as wins/loss %, I really dont follow it either. I just trade what I see and as long as my P&L curve is rising over time, I dont worry too much. Its the complacency that gets me worried. I am sure, when I do hit that plateau, I will need to look in more detail over my trades. My risk/reward is very good so I am sure that helps. Probably close to 1/5 I would say. Again, this is a guess.



QUOTE]Quote from Thunderdog:

Steve,

Since this thread is dedicated to you (it has your name in its title), I have a couple questions for you. I looked at a number of your P&L posts in that thread and haven't seen a single losing day in the several that I checked. Further, your daily earnings are fairly impressive by my standards. So, my questions are: how many trades do you do on average per day; what is your approximate win/loss ratio; and, what is your average $win/$loss. I don't trade stocks, but I'm curious so I'm only asking for off-the-cuff "ballpark" figures. [/QUOTE]
 
Quote from sappjason:

Geeze. Come on Maverick74. I realize that what I did in the past was stupid and insane and that a 5K account won't get me too far. Actually, this account is really 6.5K, not 5K.

However, with that said, by paying off my 2nd mortgage, I put myself into a psychological position that I actually wouldn't "stress out" about losing the money left in my account (the remaining 6.5K). I have another 30K in cash and 26K in an IRA, so if I ever become successful at trading, then I can always get access to more funds. But, for now, SCREW THAT!!!!

Besides, my 26K IRA account is through Interactive Brokers and the've given me margin trading privs and futures trading privs in that account. However, I'm not about to screw with that as I want to "start over". I've actually been involved in the market for about 10 years (most as a longer term investor), but I've come to the stark conclusion that I don't have what it takes to be a good long term investor. My stocks usually go to #&%^@%&^#% over the long haul and I'm just sick and tired of watching it happen.

Who knows, I may eventually go back to long term investing, but with the added twist of only committing small portions of my asset base to positions (at first) and then sizing them up as they go my direction (with trailing stop losses set at appropriate points). I'm not there yet though. I still yearn to learn more about shorter term trading.

Anyway, this time around, I'm on a mission to prove that I can be successful with a little, before I bet anymore with a lot. I am understanding that proper psychology has much more to do with this game than the size of my account.

So, my tact (this time) is to be honest with myself and others.

Anyway, any help would truly be appreciated. I'd still like to hear/read your thoughts, even though you don't seem to want to share them. Criticism is fine. I can take it.

Jason
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I think you made a smart move--a guaranteed win. If I had lost the money you did, I'd probably do the same. Imagine how you'd feel if you blew the last 25K (and still had that mortgage).

You can always come back to trading in the future, if and when you're ready. And a person can start with 5K and make big money.

I wish you the best.
 
Quote from smilingsynic:

I think you made a smart move--a guaranteed win. If I had lost the money you did, I'd probably do the same. Imagine how you'd feel if you blew the last 25K (and still had that mortgage).

You can always come back to trading in the future, if and when you're ready. And a person can start with 5K and make big money.

I wish you the best.
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agreed, i wish i was as smart when i begun tradin'..it wud have save me a lot :(
 
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