Newbie seeks new Porsche via day trading. See what happens. - futures io
futures io futures trading



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


Discussion in Trading Journals

Updated by Carrerain4
      Top Posters
    1. looks_one Carrerain4 with 103 posts (42 thanks)
    2. looks_two Underexposed with 30 posts (43 thanks)
    3. looks_3 tturner86 with 21 posts (32 thanks)
    4. looks_4 deaddog with 19 posts (25 thanks)
      Best Posters
    1. looks_one josh with 3.1 thanks per post
    2. looks_two tturner86 with 1.5 thanks per post
    3. looks_3 Underexposed with 1.4 thanks per post
    4. looks_4 Carrerain4 with 0.4 thanks per post
    1. trending_up 19,590 views
    2. thumb_up 312 thanks given
    3. group 21 followers
    1. forum 263 replies
    2. attach_file 29 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Thread Tools Search this Thread
 

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

  #71 (permalink)
Prince George BC Canada
 
Experience: Advanced
Platform: IBs TWS
Broker: IB
Trading: Stocks
 
deaddog's Avatar
 
Posts: 789 since May 2013
Thanks: 118 given, 1,912 received


Carrerain4 View Post
Simply because it meets my desires for gain percentages. I'm not greedy and will be happy to achieve 2 percent after fees and commissions, any time. At 4.08 I'll get my 2 percent plus, and if it goes up another 2 cents, then I'm around 3.5 percent before fees. I consider this to b a realistic enough goal for the short term and if I get it, I'll be happy to take it.

I'm not trying for multiple percentages in stocks that probably don't have that gain potential in them. But looking at recent daily performance for this stock, I can see it. Particularly with the recent good news that was released about IAG.

Plus, it's a gold stock. I expect gold prices to rise, if not today, then soon.

And I have personal knowledge of the company. I've done subcontractor work for them. But they've never given
me any information that might be construed to be insider information even by the broadest definition.

Does your plan have an exit strategy if the price falls?

When you talk you are only repeating what you already know. When you listen you might learn something new
Reply With Quote

Can you help answer these questions
from other members on futures io?
Convert NinjaTrader NT7 indicator to Tradestation EasyLanguage and RADARSCREEN
Platforms and Indicators
Issue meeting order entry conditions
Elite Automated NinjaTrader Trading
Last 5 minutes Label
ThinkOrSwim
Moving average with Lag reduction
NinjaTrader
Linux?
ThinkOrSwim
 
Best Threads (Most Thanked)
in the last 7 days on futures io
What is your single biggest weakness?
95 thanks
Spoo-nalysis ES e-mini futures S&P 500
91 thanks
Is Volume Profile worth learning or is it an outdated concept?
57 thanks
Is Orderflow An Outdated Concept?
30 thanks
What % is your daily loss limit?
19 thanks
 
  #72 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received

Yes, I do. Stop loss at -1 percent.

Reply With Quote
 
  #73 (permalink)
New York, New York
 
 
Posts: 97 since May 2014
Thanks: 163 given, 61 received



Carrerain4 View Post
Simply because it meets my desires for gain percentages. I'm not greedy and will be happy to achieve 2 percent after fees and commissions, any time. At 4.08 I'll get my 2 percent plus, and if it goes up another 2 cents, then I'm around 3.5 percent before fees. I consider this to b a realistic enough goal for the short term and if I get it, I'll be happy to take it.

I'm not trying for multiple percentages in stocks that probably don't have that gain potential in them. But looking at recent daily performance for this stock, I can see it. Particularly with the recent good news that was released about IAG.

Plus, it's a gold stock. I expect gold prices to rise, if not today, then soon.

And I have personal knowledge of the company. I've done subcontractor work for them. But they've never given
me any information that might be construed to be insider information even by the broadest definition.

In my personal opinion, along with the collective opinion of many professionals I have studied, I don't feel that setting exit strategies by profit level is the best way to go about things. You say that your exit strategy is based off of a profit level of X%. The market doesn't care about how much YOU are making in a trade. Similar to your stop loss, set at a loss of 1%. Again, the market doesn't care when you lost X%. Instead of setting targets like this, maybe you could find a way to set targets/stops based off of your original hypothesis on the stock. For ex. I am buying at 3.10 because I have determined that blah blah blah will bring the price to 3.25 within the next months because of blah blah, also, my stop price will be set at 3.02 because at that point, I accept that I am simply wrong in my original idea.


Carrerain4 View Post
Yes, I do. Stop loss at -1 percent.


Reply With Quote
The following 2 users say Thank You to Limitless100 for this post:
 
  #74 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received

I'm kind of doing just that. For IAG, it just works out that 1 percent is about all I would want to give up in the hopes of a bounce. It's in the 4 dollars per share range so 1 percent is only about 4 cents a share.


My stop loss is proportionately larger with SEAS, which is currently around 19 a share. Since I fully expect it to make a good and profitable recovery in the reasonably near future, I'm actually willing to accept a larger drop in value (bottoming) without jumping out of it. I have more confidence in SEAS giving me 10 percent than I do in IAG giving me 10 percent.

So I guess you could say that my stop loss is more generous if I have greater expectations out of the stock.

I have no idea how wise that decision is as of yet.

Remember, I'm still quite new to this so my strategies and decisions are likely to be subject to many upcoming
changes as I find what works for me and what works against me.


I'm in IAG overnight, at least. It will be interesting to see how it goes tomorrow. I have observed that it generally
moves a fair amount between one day and the next.


This is a good time for me to ask a question, one that any person reading may answer if he chooses:

Are the bulk of your trades intended to be executed within a single day, or on a time scale of days, weeks,
or longer?

I had originally planned "day trades only" but that strategy is already being revised. I've been in SEAS for several
days and may be in it for weeks or months to come yet.

Reply With Quote
 
  #75 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 48,757 since Jun 2009
Thanks: 31,472 given, 94,072 received


Carrerain4 View Post
Yes, I do. Stop loss at -1 percent.

Why 1 percent? An arbitrary figure like that will yield arbitrary results, much like flipping a coin to enter a trade - there is no edge.

You need a very clear reason for entering the trade at the price you did, you need a clear exit and a clear stop, both determined prior to the entry and calculated based on price action -- not a static figure like '1%' or '10 ticks' etc.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following 4 users say Thank You to Big Mike for this post:
 
  #76 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received

I don't actually have a set entry point. I don't think I can COMMAND a stock to drop ten points so that I can buy into it.

My entry point consists of me looking at current prices, recent price history, and deciding for myself if I think that the
stock will move upwards by a sufficient amount, and quickly enough, to be worth my effort.

This does not mean that I am always successful in my judgements.

I'm not sure I really understand the comment about picking your entry point. All I understand there is the simple
principle of buying low and selling high.

There are stocks that I would believe will drop to a lower value and create a good point of entry, but I can't really
name any that I've found yet that are so consistent in their behavior that I'd bother to mention them by name.


Last edited by Carrerain4; August 18th, 2014 at 08:08 PM.
Reply With Quote
 
  #77 (permalink)
Prince George BC Canada
 
Experience: Advanced
Platform: IBs TWS
Broker: IB
Trading: Stocks
 
deaddog's Avatar
 
Posts: 789 since May 2013
Thanks: 118 given, 1,912 received


Carrerain4 View Post

This is a good time for me to ask a question, one that any person reading may answer if he chooses:

Are the bulk of your trades intended to be executed within a single day, or on a time scale of days, weeks,
or longer?

I had originally planned "day trades only" but that strategy is already being revised. I've been in SEAS for several
days and may be in it for weeks or months to come yet.

The majority of my trades are swing trades based on price action on a daily chart.

I read somewhere that swing trading was too slow for the day traders and too fast for the institutions.

If I have a day trade itís because I guessed wrong about the direction the market would move and my stop got hit.

I trade off the daily charts because I have all evening to set up my trades. I place orders, usually stop limit orders with an attached bracket order for my exits, before the market opens. I then have the rest of the day to do what ever I want.

When you talk you are only repeating what you already know. When you listen you might learn something new
Reply With Quote
The following 6 users say Thank You to deaddog for this post:
 
  #78 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received

Funny story: My brokerage made an "error" when setting up one of my accounts. It was to fix a problem I had in
configuring that account when I changed it over to a brokerage account.

I ended up with two money market accounts and my money in the wrong one. When they went to fix it,
rather than transfer 7747 dollars into the correct account, somebody fat-fingered their way into making a
SHORT SELL in a mutual fund in the amount of 7747 shares!

I can't short sell off this account. Not approved for margin.

So this morning my indicated balance is about -236,000 dollars!


It's being corrected.


I hope.

Reply With Quote
 
  #79 (permalink)
Super Moderator
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
tturner86's Avatar
 
Posts: 6,148 since Sep 2013
Thanks: 10,427 given, 12,482 received

What about your positions that you had open?

Reply With Quote
 
  #80 (permalink)
Melbourne FL, USA
 
 
Posts: 117 since Jul 2014
Thanks: 11 given, 49 received


They're still open. For however long it takes to achieve my profit goals, unless they trigger my stop losses first.

Reply With Quote



futures io Trading Community Trading Journals > Newbie seeks new Porsche via day trading. See what happens.




Upcoming Webinars and Events
 

Free BloodHound Licenses to everyone!

June
 

Every journal equals ten meals for the hungry

June
     



Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts