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Newbie seeks new Porsche via day trading. See what happens.
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Created: by Carrerain4 Attachments:29

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Newbie seeks new Porsche via day trading. See what happens.

  #191 (permalink)
Membership Temporarily Revoked
Calgary Alberta/Canada
 
Futures Experience: Advanced
Platform: TDWaterhouse
Favorite Futures: stocks (long term)
 
Posts: 934 since Feb 2014
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Carrerain4 View Post
WPCS hit my target price of 1.25 and I sold at that point. (2200 shares) It peaked very shortly thereafter at 1.31 but I got my 7 cents per share and the peak was very brief. I honestly think that if I'd hovered over the button and tried to manually hold out for a better price, I would have had a hard time doing it as I'd be inclined to react to a drop of a few cents with "wait and see" in the hopes that it would later go even higher. And in the end I'd probably not have done as well as just picking a price and letting auto execution get it for me.



Granted, it may limit my ability to extend my profits even higher, but I feel safer by taking a personal sense of excitement
and nervousness out of the equation. Trade without passion. Passion gets you in trouble.


I got 6 percent not counting fees. The new larger fee (20 bucks!) made a noticeable dent but it was still rather profitable.

congratulations on reaching your objective....during this day WPCS reached $1.39 so my prediction of $1.40 was pretty good too........

WPCS International Inc., WPCS Advanced Chart - (NASDAQ) WPCS, WPCS International Inc. Stock Price - BigCharts.com

You made a pretty good pick....it is falling back now but may rise again in the next week. Good luck on your next pick.

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  #192 (permalink)
 Vendor: www.probabletrades.com 
OC, California, USA
 
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tturner86 View Post
Whats the min needed to fund a IB account?

IB account minimums - https://www.interactivebrokers.com/en/index.php?f=4969

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  #193 (permalink)
 Vendor: www.probabletrades.com 
OC, California, USA
 
Futures Experience: Advanced
Platform: IB/TWS, NinjaTrader, thinkorswim
Favorite Futures: stocks, options, futures, VIX
 
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Carrerain4 View Post
After my current transactions have closed, I'm moving my accounts to Tradeking or some other low cost, quality brokerage, as the cost of my trades with Vanguard are now 20 dollars per trade! 40 dollars per round trip!
That's the highest I've ever heard of for any online brokerage.

I may keep my IRA account with Vanguard for easy access to their very good selection of high yield funds, but the active trading account will be transferring as soon as I sell out (unfortunately I'll be bit by that whopping 20 dollar fee when I sell out) and the funds settle.

I'm thinking Tradeking or IB. Got any other recommendations? I want low trading costs for stocks, and a variety
of order types, such as trailing stops and stop loss limits. I have seen that IB has a truly impressive list of order types and at the moment, I'm inclined to give IB a shot even though I have set up an (unfunded) account with TradeKing.

IB has much lower costs than TradeKing. They don't have a lot of trailing order types, so it takes more work, but worth it if you're up for it.

There's also Lightspeed, they also have per-sharing pricing, I'm not familiar with their software, commissions are little more than IB but a lot of day traders use it.

Here's Barron's review of best brokers in 2014 - The Best Online Brokers of 2014 - Barron's

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  #194 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
Broker/Data: IB
Favorite Futures: Stocks
 
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shodson View Post
IB has much lower costs than TradeKing. They don't have a lot of trailing order types, so it takes more work, but worth it if you're up for it.

What I like about IB is the ease of entering an order.
You can configure your order so that they automatically have a bracket order attached.
Bracket orders can be adjusted by dragging and dropping on the chart once the parent order is executed.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #195 (permalink)
Trading for Fun
Melbourne FL, USA
 
Futures Experience: Beginner
Platform: TC2000
Favorite Futures: stocks
 
Posts: 117 since Jul 2014
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I'm not eligible for IB due to the amount I'd have available to deposit, plus I don't yet have 100 trades in my logbook.

But I can use TK until such a time as I grow the account to 10K and by that time I should have more than 100 trades logged.

TK will be my stepping stone to IB.

The next time I say "I want 1.25 per share" and somebody says "I think it'll hit 1.40 a share" then I'm going to set my stop loss at 1.25 and my sell order to trigger at 1.38.

I don't really quite understand the whole resistance/support phenomenon, but apparently there is something to it
as I've seen a lot of stocks that took a while to break an even dollar amount and then once they've broken it, they're
well on their way to the next dollar almost immediately. And to a lesser extent, I see resistance at every 50 cent and every 25 cent level.

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  #196 (permalink)
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resistance/support

this is a good discussion on resistance/support. It is not a huge read but lots of good stuf for a beginner on the subject

Support and Resistance [ChartSchool]

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  #197 (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

Alibaba's upcoming IPO price is set to be between 60 and 66 dollars per share.

No telling what I can actually get it for the moment the shares are open for general sale, but you can bet that I'm going for ramming speed. I'll throw every tradable dollar I have into it. Both accounts, all in.


The general feeling is that it's going to be a BIG ONE as IPOs and future performance goes, and if it just makes its way
into the top 10 IPO performers over time, then investing all you can into it might set you up for life if you hold it long enough.

The Google IPO was the 10th largest IPO in history and if you bought 10,000 dollars worth of Google stock at the IPO price in 2004, it would be worth over 100,000 dollars now.

The best IPO of all time was Priceline. 10,000 dollars invested in it at the IPO would now be worth over 450,000 dollars.

The only thing about the Alibaba IPO that concerns me is that possibly it IS overhyped and people may be expecting too
much out of it, in which case it'll probably go through a bubble scenario with a large correction some several months or a couple of years down the road. But I think the long term prognosis will give a reliable upward trend and it will be a very good stock to buy and hold. I plan to keep it in my retirement account for the long term, but will use it in my smaller account to build cash value quickly.

My belief is that its short term gains potential will make it highly competitive with just about any stock you are likely to find. I think it could double within one week. It might even do it in one day.


Time will tell. But I will be buying into Alibaba the moment it comes available for purchase.

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  #198 (permalink)
Elite Member
Prince George BC Canada
 
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Remember FB

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #199 (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

I've always considered FB to be worthless. It's a trivial distraction with no real value that I can discern.


I sat down and finally entered all my trade data into a spreadsheet.

Since I began trading (and this journal) I have made slightly over 1000 dollars profit between my two accounts.

I don't have a precise number at the moment that defines my actual percentage yield, comparing initial account values to today's values, but it will be over 10 percent in total and that includes all my mistakes, losses, and fees.


The smaller account has a higher percentage yield but the larger account has of course generated more raw cash profit.

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  #200 (permalink)
Trading Apprentice
NYC, NY, United States
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Forex
 
Posts: 9 since Aug 2014
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Happy to see you're learning


I'm happy to see you're learning. You mentioned that you don't know why price will be going up or down and are trying to figure it out. Keep it up. Try using support and resistance, it's a starting point.


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