Small Change

[vorzo]

Initially I set out to swing trade, but after a few relatively large losses (mostly gaps against me) I decided it was too risky for my capital and these choppy markets without much trend follow-through (although one could argue that there were a few nice rallies since last summer). Besides, swing trading would require wider stops - again an issue of account size. So I switched to day trades, off the 1 min chart with the 5 min chart for trend confirmation.

With a prop trading license, you would have lower fees with Green Tree Trading.

I'll try to find out what the lower fees are.
And thanks for the pointers on options, I'll check out the IB site.

Your handle - Enigma has a song, "Return to Innocence" I think, in which there's a lot of your nickname as the refrain. How did you come up with it?

 

[vorzo]

Quote from dis:

Bottom picking is a losing strategy. Wait for the first higher low, and only then go long.

By higher low you mean the first pullback? I've noticed that with the tech stocks that I trade, the 1st rally off the LOD is the strongest, after the pullback they lose their steam and hardly ever take the high of the 1st rally, unless backed by good news or sector/market strength.

 

[vorzo]

PMCS

BOT 100 $6.07 TGT $6.19
SLD 100 $6.02 stopped out.

P&L=-$7

Didn't hear my alarm in the morning so decided to trade after 2:00 pm, when volume comes in the market. SOX was strong, so was watching PMCS. It seemed to pop with what looked like a reversal in the mkt ~ 2:30 pm.

Mistake: bad entry, not one of the two strategies I trade. Also outside of my usual hours.

 

[hii a_ooiioo_a]

I think that since you opened your IB account six months ago they may have changed their allowances for Canadian accounts, you may be able to upgrade your account to Margin.

Go to Account Login from IB main page, then click Upgrade Account Type, see if you can.

 

[vorzo]

FLEX

BOT 100 $7.35 TGT 7.48 below resistance
SLD 100 $7.42

P&L=+$5

Entry on stochs crossover with supporting market. Waited out pullback as stop was not triggered ($7.28), then chickened out and sold below prior high ($7.45).
Was watching SWKS too - it had a 50c run. Ironic. Networking was strong in the morning too (CIEN, JNPR).

 

[marketsurfer]

vorzo,

just a thought, you may wish to try the emini futures. www.daytrade4less.com allows you to trade one emini contract with only 500.00 margin. no PDT rules. its 2000.00 to open account. i don't trade with them, so i can't vouch for them but for a small account it looks like the way to go.

best,

surfer

 

[vorzo]

I spoke to an IB rep yesterday and he said that they allow margin accounts in Canada with the same requirements as U.S., and that I should fiddle with the financial info on my account and try upgrading again.
Apparently this can only be done through the web site, since their compliance department doesn't deal with customers. Ugh.

Thanks hii a_ooiioo_a

 

[vorzo]

Quote from marketsurfer:

vorzo,

just a thought, you may wish to try the emini futures. www.daytrade4less.com allows you to trade one emini contract with only 500.00 margin.

Thanks surfer, sounds like a good alternative. I'll give them a call.

 

[TadBurk]

Quote from vorzo:

My short term goal is to reach consistency, and to bring my equity to $10,000 (through savings and hopefully trading profits) then to join EchoTrade as a remote trader.

vorzo,

I'd go back to swing trading if I were you.

 

[dis]

Quote from vorzo:

By higher low you mean the first pullback?

Buy (sell) after a failed re-test of a low (high).