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ajtj: When the horses get a little excitable, its "whoa nellie"...gg
LG
cannabis: LOL...good come back
LG
rr: Base your trading year income on 240 trading days, giving you 20 days off for the exchange holidays and a few days off for vacation, being sick, dentist visits, etc.
I have a 100% Fib price projection for the SPX using the 2000 high, 2002 low and 2007 high of (791.89). However, being that close to the 2003 low of (788.90) and the 2002 low of (768.67) I would be surprised if the SPX gets to the Fib projection and it does not at leat test the 2003 low and likely the 2002 low.
Still room on my daily model for more down as the weekly continues to get more and more oversold. My intraday models are only slighlty mixed with most models in or near their respective oversold ranges. So, an intraday bounce is probable tomorrow.
Of course, non of this TA stuff is 100%...gg
LG
RCKS: It is time for a little "nip tuck"...gg
LG
rich ruscio: Day Trading accounsts allow up to 4X margin during the trading day, 2X overnight. Keep in mind, you only get to trade using your closing excess marging as basis for the next day. So there is a big incentive for most to go to cash each day in a day trading account.
I recommend no less than 50K to start your first account (50K 4x 200K), among the suggestions you saw on ajtj's thread yesterday...gg
Be sure you understand the day trading rules "well" before you start and make sure you understand the day trading rules variances at each brokerage you use.
LG
rr: I think trying to track each trade is so much extra work, that most folks will not keep it up, unless of course you use software that can capture the trades from your brokerages. Bottom line, some days it takes a minimal amount of trades to reach your goal, other days it takes more. And of course, some days you need to exceed your daily goal to compensate for the losing days. Your trading for an average daily goal.
Here is what I recommend spread sheet wise...
Tally Fields Use Column A (* Info generated by formula)
Trading Up Days*
Trading Down Days*
Percent Up Days*
Percent Down Days*
Total Trading Days*
Gains/Losses Summed*
Trading Day Average Gain/Loss*
Trading Weekly Average Gain/Loss* (5 trading days)
Trading Monthly Average Gain/Loss* (20 trading days)
Trading 11 Month Average Gain/Loss* (240 trading days with 20 days off from trading includes exchange holidays)
Columns
Date (Mon thur Friday, drag and drop auto remove weekends)
Traded Today (Yes/No) (Key in data, create drop down menu)
Recieved Confirmations (Yes/No) (Key in data, create drop down menu)
A column for each trading brokerage account opening balance (key in data)
Total Opening Day Balance* (sum of all your day trading brokerage accounts opening balances)
Daily Profit/Loss*
To Date Profit/Loss*
Daily Average Profit/Loss*
Deposit/Withdrawals (key in data) All relevant formulas need to include these in the overall computations.
Comments (key in data IE: Daily opening balance includes (Exchange fees, Interest, Platform fees, etc) Holiday, Vacation Day, etc)
Regards,
LG
Chrisalias: Well, limit orders work for me using TS and since ajtj suggested SKF, I am having a much more profitable day than I would have as the market comes down to make new lows.
I love it when a plan comes together...gg
LG
finally: I hope you haven't sowed that browie badge on your uniform yet...vbg
LG
DJ Whilshire 5000 making a new low today...
LG
SPY makes new intraday low...
LG
rr: That is not exactly how I track. I'll get back to you...gg
LG
TREND1: Most banks that offer brokerage services offer so many free trades per month based on the amount of money you have with them. None of the brokerages I use with banks have very good trading interfaces (platforms). So the free commissions are very secondary.
I only use those brokerages for medium to longer-term positions and all positions are established or exited using limit orders just to be safe.
LG
ajtj: Free trades don't amount to much if the trading platform is not very efficient to use and the fills are not very quick and very good.
LG
ajtj: Re-read my instructions. You need to play with it some, to get the feel how to use it. Trust me it works and it works well...
LG
ajtj: By the way, how are you paying only $2.50 for a 500 share order of SKF using IB?
LG
ajtj: Commissions are a little higher in TS than IB, but setting limit orders is very easy and very quick, easily making up the commission difference. All you have to do is click on the Bid or Ask button under the Buy and Sell Short button respectively on the order bar and that pops into the "Limit Price" field and if you want to change incrementally, use the up down arrows next to the "Limit Price" field. Click and hold one of the up or down arrows and it moves up or down rapidly. And you can change the increments and other stuff by right clicking in the order bar where there is nothing to highlight and select "Order Entry Preferences"...
There you go grasshopper...gg
LG
ajtj: XLF already put in a lower low today. Thanks for the heads-up on SKF, nice ride again today, but it is not a trading vehicle for the "faint-of-heart". You absolutely must know what you are doing...gg
Speaking of "faint-of-heart". I have a OTC stock I bought years ago thinking I would just tuck it away as IMO it had a good story. Well that cost me 99.99999% of my investment. So I've kept it ever since, not taking the tax loss, just to remind me what never to do again. Today, it jumped from .0001 cents a share to a buck. When it went green on TradeStation it stunned me. When I called TS to sell ASAP, it was just a bad tick. Back to just being a reminder...LOL
LG
ajtj: The XLF broke down to provide a low yesterday. And it is knocking at the door again today...
LG
mad: Just one and its a mentally unstable jackass, not a horse...gg
LG
mad: Too fast, too furious...gg
LG
ajtj: MET...wow
NASDAQ Comp came to within about a point of its low today.
LG
dec212012: Dog food...gg
LG
ajtj: Your thread reads like someone lost his ass in the market today and is taking it out on the contributors of your thread. It is getting to be a regular occurrence for him.
You seem asleep at the switch yet again...
LG
sentiment: Pencil in a daily routine outline and then endeavor each day to follow it. Nothing ventured, nothing gained...gg
If you have Windows, use Outlook's Calendar...
LG
steveftw: I am sure most reading the thread appreciate you sharing. It takes discipline to keep routines up. I think everyone that day trades needs to figure out what routine works best for them. I doubt anyone can just boot up the computer just in time for the open and make money trading all day on a regular basis, although I suspect a very small minority can...gg
The main theme is, it takes more work than just the hours the exchanges are open to be successful at day trading.
LG
teaparty: Well, I’ve been insulted worse...LOL
I’ll concede my post was a little out of line, but you need to settle down, as I never even implied you were not making money trading the futures. My point is and remains valid, most folks trading lose money and have no business trading options or futures which will only ensure they lose their money faster.
Easy does it until someone proves he or she can do this trading equities with little to no leverage. Then they should gradually increase their risk. After a few years of successful equity trading, then maybe someone can try their hand at trading the futures as long as they start out with the "easy does it" method.
LG
sandeeps: Ok, I see how it works. If 851.25 holds, look for 856.50, maybe...gg
LG
sandeeps: You're posting to the wrong person...
LG
teaparty: Please let us know in real time, when you've determined it is going to hold. TIA
LG
ajtj: but the swings on SKF mean you really have to trust your experience in dealing with MTFA
MTFA, what is that...gg
LG
teaparty: SKF is not the only symbol I am trading today.
However, I am comfortable trading equities with minimum leverage and I suggest most folks start off trading 100 shares of a stock they can read consistently and work their way up slowly from there.
It has been my experience, 15 grand up leveraged days for most begets 30 grand down leveraged days, etc. Back during the late nineties bubble years and following the pop in 2000, I lost track of how many folks came to me in private asking for advise because they were so far in the hole.
Turtle trading gets'er done...gg
LG
michael06662002: I am not following RIMM, so no opinion...
LG
teaparty: Actually I do not recommend leverage for most folks.
I was giving SKF a whirl because ajtj recommended it. SKF is hard to borrow at TradeStation, so I was only trading long today with 100 to 200 shares. I have still managed to pull out over two grand today, but it felt risky...gg
So many folks enter this game, expecting to get rich over night, when they should start off trying to just replace their current wages. Making just 300 bucks a day (on average) for 48 weeks a year yields 72 grand. Not a lot for some, but equal to if not more than many make in a year working their jobs. This can be done trading the SPY with just 100 to 200 shares.
Then when you have proven you can do it consistently, after the first year give yourself a fifty to one hundred percent raise by moving up to 200 to 400 shares, etc.
I long ago made the decision to work at trading just one vehicle well, very well. For me that was equities. Options IMO are a fools game and I don't believe most folks should be trading futures due to the leverage.
Nice and steady gets the job done...turtle trading if you will...gg
LG
teaparty: Because I do not want to...
LG
ajtj: Well I've been trading SKF this morning, what a wild ride. I have been using the SPY to trade it with limit orders, but money can be made even in a slow market.
As always, with leveraged opportunity comes leveraged risk. Trading this ETF (SKF) can be a quick way to lose one's ass.
Trading vehicles like this is only for the good "and" the quick...
LG
ajtj: Those folks aren't known for keeping money in cash.
I suspect the Treasury is counting on that...gg
LG
ajtj: I think the selling for redemptions is basically taken care of.
I will concede some hedge funds are talking down the redemptions such as Citi. I see that as Paulson did, talking up the economy until it fell off the cliff. Then you see articles like this...
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6t8y_uiLdKg&refer=home
http://www.marketwatch.com/news/story/portfolio-liquidation-triggers-turmoil-among/story.aspx?guid=%7B9562090F%2D2CC0%2D4EE2%2DACBF%2D2688F60061DA%7D&dist=msr_2
I suspect a lot of the money that gets pulled out of hedge funds will hesitate to get back in the market for a while...
LG
jdaasoc: Well I've been using a service for years, but none of them do a good job consistently, although the service I use now is the best of the ones I have tried.
I really do not have the time, but I am thinking about doing it again myself, so I took a look at the mower you suggested. It is more than half the price of the ones I've been looking at, plus free shipping.
Thanks for the reply.
LG
snootmagruder: Absolutely, when he started talking about "pot" and "tops", it really had me wondering.
LG