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


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

  #41 (permalink)
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GNBC currently trading 16.50s, that's gotta be good for at least one Porsche!

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  #42 (permalink)
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josh View Post
GNBC currently trading 16.50s, that's gotta be good for at least one Porsche!

But it opened like $16.07, higher than his $15.50 limit. So no fill. But I have a feeling he bought in after the open anyway.

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  #43 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
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I managed to make better than 2 percent so I'm happy. I did have to revise my limit order to get in but it worked out OK. I'd be happy to make 2 percent if I made that every time. It does add up.


It was not an epic example of an IPO nor did I expect it to be one. The really hot ones are NOT banks seeking to
raise money.


What I was told last night by the brokerage was slightly inaccurate. I couldn't REALLY get in before the stock went live on the ticker.

Raw numbers:

Bought 105 shares @ 16.5999
Sold 105 shares @ 17.0142
Securities/transaction fee $.04
Gross profit $43.50, fees $14.00
Net profit $29.46

Not awesome, but profit is profit and I DID make mistakes that I hopefully learned from so next time
it should (hopefully) be even better.

I'm satisfied with it.

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  #44 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received

Might as well say what's on my mind.

Granted, I'm still rather new to trading and ANYTHING can happen as I continue trading. I might make great money,
I might lose my whole trading fund, or anything in between.

I've looked at all kinds of trading strategies, most of which have names I don't even recall at the moment,
and I've looked at how news releases affect prices. I've looked at technical based trading with all sorts of weird and
creative indicators, many of which I don't understand.

in truth I am very skeptical of any technical indicator system for day trading. My rationale for this skepticism is this:

You're not trading against a mathematical phenomenon.

You're trading against a market that is completely controlled by the actions and influences of PEOPLE, and yes,
that includes automated trading algorithms running on fast computers, as they are simply executing algorithms
created to do what the algorithm writer would do himself, only faster.

It's a mind game. You are trading against herd instinct, the mob mentality, and a few other people who have the
predatory mentality that I associate with what I would BELIEVE would be a successful day trader.

This makes it worse than gambling! At least when you're gambling, you can determine both "real" odds and "house" odds, with the difference between the two being the house advantage.

Trading in the markets is not quite so rational and predictable as a roulette wheel.

At this point in time I am very skeptical of the usage of technical indicators for trading. I'd rather try to figure out
(quickly) how news releases will affect stock prices and try my best to get into a stock that is likely to jump over the
good news before most of the jump has already happened.

This particular method is one that I have not YET put into practice but it will be the basis for next week's trades.

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  #45 (permalink)
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Carrerain4 View Post

This makes it worse than gambling! At least when you're gambling, you can determine both "real" odds and "house" odds, with the difference between the two being the house advantage.

Trading in the markets is not quite so rational and predictable as a roulette wheel.

As far as i know the house edge is always fixed at 5.26% (if two zeros on the wheel) ...
then how roulette wheel can be more rational & predictable than trading ? can you elaborate ...

for me, TA is just a tool for 'how' get in (in order to minimizing risk) and FA for 'when' to get in ...


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  #46 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
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Life has thrown a curve ball at me.

I'm now unemployed, but actually quite happy about it, at least at this point.

So, I decided that it was time to move my schedule up for trading.

I have two accounts I can trade off of. The second one, which is larger by several times than the first one,
has been held in reserve and I did not intend to start actively trading with it yet.

So, I compromised: I'll trade with it, but ONLY use it to buy stocks that I do NOT expect to make good money off of
on a one day time scale. This is for longer term investments.

I watched Sea World stock (SEAS) get hammered on Tuesday. It dropped a third of its value.

But, I believed, and still believe, that it took more of a hit than it deserved and that it will recover much of its lost
value, in part because the company is still healthy and has announced plans to improve the situations that have
been the subject of some criticism levelled at the company.

So, I bought into SEAS at the bargain price of $18.90/share, 385 shares. It did drop even farther, actually breaking
below 18/share briefly, but that's OK and I actually expected that that could happen.

Today it recovered substantially off its low point but it's not back up to my buy price. It was up 66 cents/share today.

Of course in this game you can never be REALLY sure what will happen, but I am as cautiously optimistic about this
giving me a very worthwhile profit in the near term (a few weeks) as I have ever been about any stock yet.

My investment in this stock in my "B" account stands at 7276.5 dollars.

I have a limit order in place for 22 dollars a share. I think that's VERY conservative and it will go substantially higher than that.

At a price of 22 per share, it'll be worth $8470 to me, for a profit of $1179.50 after paying commissions.

In actuality, if it passes 21 per share, I will set a stop at 20.50 and if it pushes up another 50 cents, I'll reset the stop
to 21 and reset my limit order higher by a dollar. And continue the process until the stop triggers.

I don't actually see any reason why this can't eventually go back to its pre-crash price. Call it 30 bucks a share.

At 30 bucks a share, that would net me $3859.50. I would really like to see that but of course there are no guarantees.

Oh, this is interesting:

I've signed up for MomentumJunkie alerts.

I've only received a few of them and have not yet acted on any alert they've sent me but I have watched their
recommendations.

So far, every one of them has done amazing things. If their track record continues to turn in the same kind
of performance for the next several episodes, I'll take the risk.

Yesterday's tip was CJTF which spiked over 100 percent during the day, well after I got the email.

I'm quite aware that any such tips as that would be a "pump and dump" sort of deal, but that's OK if you
get out before the big dump comes along, isn't it?

I'm inclined to sell while the stock is still on the upswing. That's my cautious nature at work.


So from now on, I'll have the option of journalling both my "A" and "B" accounts, allowing me to make up to four
trades per week. The "A" account is unrestricted but smaller in value, and to be honest about it, the larger "B"
account is a retirement account. If I cash out of that account, I may have to pay a penalty, but if that's what
I have to do in order to keep the bills paid without a job, then so be it.

I had intended that eventually I would be able to derive an income from trading. Now it seems that I have to at
least try to use my trading to supplement my income a lot earlier than I expected. I'm not sure that I'm ready yet
but it's kind of a "Flap the wings or go splat" situation, or at least, not very far from it.

In total my tradable accounts are worth about 10K at the moment. I can trade (without violating Rule T) as much
as 14 times in 4 weeks and if I can just pull out 1 percent off of each transaction (averaged) then I could cover my
basic expenses and a little more. Which I'd leave in the accounts and let the accounts grow.

But even asking for a consistent 1 percent is a bit optimistic. I'm sure everybody reading this knows that you can
not expect to always pick a winner no matter how carefully you research it and plan it out.





I expect

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  #47 (permalink)
Super Moderator
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Don't count your chickens before they're hatched.

As a trader all you can do is cut losers quick, let your winners run, and manage your risk. I wish you the best of luck. But being newly unemployed can cause emotional strains that may affect your trading. You could feel pressured to make something happen, make some money, or anything. If you feel these pressures, step back and evaluate if you should be trading at that moment.

Not being a downer or naysayer, just being real with you. Keep your chin up and feet moving forward.

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  #48 (permalink)
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You are making all the usual mistakes and are right on track to lose your money. Read my signature if you want help.

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  #49 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014


Carrerain4 View Post
Life has thrown a curve ball at me.


I've signed up for MomentumJunkie alerts.

I've only received a few of them and have not yet acted on any alert they've sent me but I have watched their
recommendations.

So far, every one of them has done amazing things. If their track record continues to turn in the same kind
of performance for the next several episodes, I'll take the risk.

Yesterday's tip was CJTF which spiked over 100 percent during the day, well after I got the email.

You know why you get the e-mail alert after the event, don't you???

They want those-born-every-minute to buy the stock so they can unload their shares. You will never get an alert before the event happens it will always be after.

Just for the heck of it I decided the trading chart profile of CJTF for the past 5 days

Here is a picture of the chart



I am not known for my eyesight...but I cannot see the 100% gain On Thursday.



Even if I look back ten days....the only possible trade that comes close to 100% gain would be to buy at the low for the day on Aug 7 @ about $0.009/share and sell on the high on Aug 14 @ about $0.018

Some tip...a ten day hold on a very risky stock with an insane buy-in at $0.009/share and of course, they tell you about it AFTER the event.

You are not one of those born-every-minute...but if you continue using such sources you will be.

As far as your SEAS play goes...there is a remote chance it might work though I don't think you could explain why...other than your gut feel...

here is a chart of this stock



The stock appears to be just resting as the lower Bollie catches up to it....I think there is more downside yet though...or it could rise to $22 as you suggest...but that price will not rise as fast as it fell...could take 10 days or a lot more to get there IF you are correct...it still has to resolve that fall as a bottom first though and as I said I'd give odds it will fall further.

I agree with @Big Mike on his assessment of your chances


Last edited by Underexposed; August 16th, 2014 at 08:35 AM.
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  #50 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received


I have not chosen to pursue any of those "hot tips" as of yet but I'm watching them with interest and skepticism.
They're interesting, but of course I realize that the people who put them out are most likely trying to pump and dump
thus their offers should be treated with all the skepticism due to a live hand grenade found while digging at an old battlefield site.



Right now the only thing I have money in, stock wise, is SEAS and I do expect a profitable recovery but I believe it will require me to be patient. Since that particular account has always been used for buying and holding in the long term,
holding SEAS for the mid to long term is quite within my plans.


I'm trying very hard to avoid making rash decisions. Reading your comments and other content on this site is very helpful. Thanks.

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