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Newbie checking in
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Created: by Carrerain4 Attachments:2

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Newbie checking in

  #11 (permalink)
Trading for Profit
Birmingham UK
 
Futures Experience: Intermediate
Platform: Meta + TradeInterceptor + FXCM
Favorite Futures: DAX ( GBPAUD if moving )
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received


Carrerain4 View Post
Fortunately (or unfortunately, depending on your point of view) I won't be meeting the definition of a pattern day trader for some time to come, if ever.

The thing is, I trade with a cash account. If you don't trade on margin, you can't be a pattern day trader as defined even if you make a hundred trades an hour.


I am setting up a second account which gives me access to margin, but not for me to trade in margin. It's going to be used for short sales instead.


It will be some time, even if my performance exceeds my wildest dreams, before I'll be putting enough money into play
that I would divide it up into several transactions per day and thus exceed 4 round trip trades per week.


I'm not (at this time) looking for several stocks per day to get into. I'm looking for ONE good one per trading day,
and I make my picks every evening or early in the morning, and if it's not a trading day, I trade my pick in a game rather than with real money. I find this to be excellent practice. I make notes on WHY I picked a given stock, when I pick it, and then can review my rationale in light of the stock's performance later. Very instructive.

Later, when I've built up my risk capital portfolio, I can look into the idea of making more trades at once. But like
I said, I expect it'll be a while before I'm in a position to do that.

Longs are okay at the moment, everything is pretty bullish, but when it turns bearish you need the short side.

you only trade 1 day per week anyway, so you get 2 trades on that day and your out and all fine, 3rd trade and account gets frozen and margin goes away, madness.

I'd margin both your accounts, then you get 4 trades per week, long or short, run 2 trades on different accounts basically and with the 100% Margin it's like both your account are the size of just 1 account.

Yes your looking for 1, but it's nice to be able to exit at BE and try another and do that on the short side when required.

Stick to 1, 2 tops, you can make enough hopefully, your not over night holding so no gap risks so might aswell go all in, more positions would just ruin your focus.

The following user says Thank You to Turveyd for this post:
 
  #12 (permalink)
Trading for Fun
Melbourne FL, USA
 
Futures Experience: Beginner
Platform: TC2000
Favorite Futures: stocks
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received

Thanks, that's good advice and it sits well with me. It's along the lines I was thinking anyway.

My picks so far for my trading games have almost all been successful. I'm looking forward to Friday when I can
again jump in for real and see what happens.

Last night I couldn't sleep and at 3 AM I was on the computer and found the news that led to my pick for the day,
which went rather well. I ended up picking RDC which charted for the day just how I like them, except for that big bump in pre-hours trading which reinforces my personal rule against buying when the market closes unless it's a limit order. That spike at the opening bell would have spelled disaster if buying with a market order. But this was all done in my game, not with real money. Still good practice.

I have not yet even learned where to go to do after hours trading. I'm sure the answer is just a Google search away.

 
  #13 (permalink)
Trading for Profit
Birmingham UK
 
Futures Experience: Intermediate
Platform: Meta + TradeInterceptor + FXCM
Favorite Futures: DAX ( GBPAUD if moving )
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received



Carrerain4 View Post
Thanks, that's good advice and it sits well with me. It's along the lines I was thinking anyway.

My picks so far for my trading games have almost all been successful. I'm looking forward to Friday when I can
again jump in for real and see what happens.

Last night I couldn't sleep and at 3 AM I was on the computer and found the news that led to my pick for the day,
which went rather well. I ended up picking RDC which charted for the day just how I like them, except for that big bump in pre-hours trading which reinforces my personal rule against buying when the market closes unless it's a limit order. That spike at the opening bell would have spelled disaster if buying with a market order. But this was all done in my game, not with real money. Still good practice.

I have not yet even learned where to go to do after hours trading. I'm sure the answer is just a Google search away.


Spreads are just silly for after hours trading just don't bother, my trading became useless when I was forced to hold over night and expose myself to Gap's and News, so stay with no over night holds if I was you.

Get account to 25K+ then 400% margin ( not over night ) and no issues ofcourse.

It's the hours of Prep every night / weekend, looking for the next likely candidates which killed me, these days with Forex / Index trading, I switch charts on, place a trade or 6 and switch off, much better life style, guess you only have 1 night of prep per week before your 1 day of trading, which helps.

 
  #14 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
Platform: corded black telephone
Favorite Futures: ticker tape
 
Itchymoku's Avatar
 
Posts: 2,892 since Apr 2012
Thanks: 1,681 given, 3,621 received

FreeStockCharts.com - Web's Best Streaming Realtime Stock Charts - Free

this gives some live data for free, isn't the best but it might help.

let us know when you get the criznib locked down like timmy does lol


Last edited by Itchymoku; July 16th, 2014 at 09:27 AM.
 
  #15 (permalink)
Trading for Profit
Birmingham UK
 
Futures Experience: Intermediate
Platform: Meta + TradeInterceptor + FXCM
Favorite Futures: DAX ( GBPAUD if moving )
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received


Itchymoku View Post
FreeStockCharts.com - Web's Best Streaming Realtime Stock Charts - Free

this gives some live data for free, isn't the best but it might help.

let us know when you get the criznib locked down like timmy does lol


When it takes more than 30seconds to be shown around your house, then I HATE you!!


Living the dream or what!

The following user says Thank You to Turveyd for this post:
 
  #16 (permalink)
Trading for Fun
Melbourne FL, USA
 
Futures Experience: Beginner
Platform: TC2000
Favorite Futures: stocks
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received

Another day, another dry run/gaming day. My pick for the morning was NEWL which hit 125 percent gains around 3:15 PM and closed up 103 percent.

I made some (game) money. The game account is up 19.5 percent since I started it up about a week ago.

I have made some mistakes that reduced my yield but almost 20 percent in a week doesn't exactly suck.


I've (re)learned that the nerve-wracking thing about watching a live stock chart is that unlike yesterday's charts,
you can't point at it and say "I'd buy here and sell...HERE." I just have to go with a combination of knowledge
and instinct and luck to see whether or not a small gain becomes a big one or disappears or disappears and then
comes back in a big way later in the day.

One part I did see coming was that NEWL would correct HARD if it actually hit 5 bucks a share. Which it did, and
I predicted that it would correct down to close to 4 bucks a share so I sold short right off the 5 buck peak and cleaned up, closing the short at about 4.25 per share.

So far I've actually made most of my game account money on shorts.

 
  #17 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
Platform: corded black telephone
Favorite Futures: ticker tape
 
Itchymoku's Avatar
 
Posts: 2,892 since Apr 2012
Thanks: 1,681 given, 3,621 received



not exactly worthless, but pictures of charts have a lot of worth

 
  #18 (permalink)
Trading for Fun
Melbourne FL, USA
 
Futures Experience: Beginner
Platform: TC2000
Favorite Futures: stocks
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Hopefully this works. It's my first attempt to post a pic in this forum.

I HOPE to catch something like this on Friday, the next day I put real money in.

The following 2 users say Thank You to Carrerain4 for this post:
 
  #19 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
Platform: corded black telephone
Favorite Futures: ticker tape
 
Itchymoku's Avatar
 
Posts: 2,892 since Apr 2012
Thanks: 1,681 given, 3,621 received

what made you pick NEWL?

How do you determine what stocks you're looking for, this is something I have problems with unlike the trade management aspect.

 
  #20 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,781 since Sep 2013
Thanks: 9,848 given, 11,151 received
Forum Reputation: Legendary



Itchymoku View Post
what made you pick NEWL?

How do you determine what stocks you're looking for, this is something I have problems with unlike the trade management aspect.

Stock screening is a 100,000+ page subject.


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