Let's all climb mountains in 2016 -- no matter how much higher they get and how much shorter you get!
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Re: IB
With the low $.01 commission one does not get Level II, but I believe one can pay extra to have it. I think there is a demo of their traders workstation on their site at www.interactivebrokers.com. I like the TWS setup because I can watch trades going by tick-by-tick and with two clicks reach out and grab a bid or ask to place my trades, no delay filling out order screens allowing the trade to possibly move away from you.
I have other accounts at other brokerages that offer Level II, better charts, and other tools, but they charge a lot more in commissions as well (think Cybertrader is the best for providing traders' tools). I also use MedVed Quote Tracker (free).
IB has the lowest commissions I know of, with the fastest executions I've experienced, so I am very, very happy to daytrade there. Trading at my other brokerages only makes sense for swing or longer-term trading, since I have to cover the higher commissions before making a profit, so need to trade for a home run rather than a base hit.
Good luck.
Newly
Fred, How did it work out for you with Interactive Brokers? I'm very pleased with the service, and especially their traders workstation, which allows me to monitor the action and enter quick trades. Also have to love the $.01/shr commissions. Good luck.
Newly
Boo Boo,
OVER - Looks like it is running away from both of us (LOL). Now printing 23.33!
Newly
Boo Boo,
Did you jump back into OVER after it dipped back down for the second run to 23? I missed it completely, but just took second half of profits from this morning's buy.
Newly
OVER -- Seems to be settling around the 22.80-23.00 area. Wish I had also played the other DOD (Disaster of the Day) THC -- it's already moved up more than 3 pts off the low. Missed that move. Oh, well, can't win 'em all.
Newly
Can't say. Looks like some mild support 21.50-22.00, trendline support at about 20.80. May not go below 22.50 again if the market holds up. I'll buy more if I can get in around 21-21.50, but if the market swoons, I will probably wait for a reentry around 19 (don't expect that, though).
Newly
OVER - nice .95 rise off the lows. Taking half the profits.
Newly
Need a stock with direction? Try OVER, straight down!
Newly
OVER now -4.94 at $22.59.
Newly
DOD (Disaster of the Day) = OVER -4.43 and still falling.
Newly
OT
Mlsft,
I have a new Sony running XP, and I still run an old DOS database program and another old program originally from an IBM AT 286 that I have had for 15 years with no problem. I used to run them in Windows95 and W98, then loaded them to this computer working directly in DOS (create the directory, copy the files into it), put an icon on the desktop, and voila!
Perhaps your programs are more complicated, but I have had no trouble loading and running my DOS programs in XP.
Newly
Mortgage interest rates follow the long bond (rather than the S-T rates) and are dropping again lately (after recent spike up), which could spark another refi boom and replenish consumers coffers just in time for Christmas buying.
Newly
OT OT
Yes, he is getting absolutely rabid. He must be REALLY short and hurting, or maybe just a paranoid depressive. Almost isn't worth going to G&V anymore and having to wade thru all his negativity! Someone should tell him IT IS WHAT IT IS. His mindset must really affect his trading ability.
Newly
The Inflation or Deflation debate goes on:
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18171735
Newly
Gold as money. The "other" point of view:
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18168134
Newly
Yep! S-T traders taking profit. Sold GSS 1.34, Sold BGO 1.12.
Holding HGMCY, CDE, PDG. Will buy back in on next pullback. Looking for much more upside in gold down the road.
Newly
OT, You're very judgemental. You would be much less angry if you take yourself out of the center of the equation and let other people be whoever and whatever they want to be -- it has nothing to do with YOU, don't take it as a personal affront.
Newly
OT
Hi Kevin,
I went through the same process (but not so extensively) and now use MyIE, which sounds very much like your Avant (has tabbed pages, popup stopper, re-opens where you left off without saving, etc.). I really like it for trading since I can keep all the sites I check regularly on one browser and one-click away at all times.
Newly
P.S. Though you won't remember me (I was just a lurker on SI back then) I remember you from that time you got so depressed, then disappeared and everyone was so concerned someone sent a policeman round to check on you -- must be nice to know that relative strangers care that much about your welfare!). Enjoy your posts.
I can relate! I, too, tend to exit much too quickly, often leaving the bulk of the gain on the table. Fear of watching profits disappear, I suppose, but frustrating nevertheless. If I see the price reversing when I've got a nice gain, I tend to abandon the original target and panic exit, only to watch it reverse back up to my original target. Still, a profit is a profit, is a profit. . .
I suppose one solution is to enter the trade with a trailing stop, and sell order at the target and just forget about it, but too often I've seen the MMs swoop down and take out those stops just before running the stock up. I suppose the real issue is my lack of confidence in the target areas I choose. But with this current market that is up, down and all around, I feel safer getting out early than risking staying too late at the party!
Newly
This is done by lenders in the past several years offering new homebuyers "no-down" or "low-down" home loans (or adjustables which start with a very low interest rate and rise each year) which get the buyers in over their head and, since the buyer has little or no cash invested, when things get rough (default) he simply walks away (foreclosure). Expect to see more of it in future.
Inventory of homes for sale is rising because more people (many in default due to job loss, etc.) have to sell, and fewer buyers qualify for any loan at all when prices rise as high as they are now. Fewer sales equal higher inventories.
Newly
BRCD running -- 8.32 now.
Newly
Not exactly sure what the problem is, but maybe:
1) Delete your cookies.
2) Right click on the toolbar, click on "customize toolbar"
will do the trick. Good luck.
Newly
Well, the story is, I started with one SEP account, then added a Roth. Then fired my broker and moved accounts online.
Wasn't sure exactly what to look for in an online broker, so set up three different brokerages. Added a fourth because I liked having a bricks&mortar brokerage nearby for a margin account with check-writing privileges. Then discovered IB, the fifth one I opened for their tradersworkstation and low commissions, also a margin account, and the one I prefer to trade in.
One advantage is that I can actually make 3 daytrades in 4 of these accounts for a total of 12 per day without getting the pattern daytrader label and without maintaining a $25K minimum balance in any one account -- in my largest account I can trade as much as I like, but it's also the highest commission (but is in an older, and I reckon safer, brokerage house) -- in these times when banks/brokerages may soon be in deep trouble, I prefer to spread "my wealth" around and not concentrate it in one place. One never knows what may happen in the future...
Also, no paperwork problems as 3 of the 5 are IRAs so no tax reporting on individual trades. I keep a daytrade book, so know which account each trade is entered/exited in at a glance.
Hope that answers your question.
Newly
tony,
Given your current financial situation, are you sure daytrading is for you? I've found that when one is too emotionally tied to the outcome of a trade it clouds one's judgment and one usually trades badly, compounding the financial problems.
Good luck to you.
Newly
Paula,
I use IB and of the 5 online accounts I trade with different brokerages it is the cheapest and the fastest. Their trader workstation makes placing trades and watching executions simple. You can download a trial TWS at their site I believe.
Commissions are $.01/shr up to 500 shrs, .005 beyond that ad infinitum. Don't know if "active traders" can negotiate for better rates on large trades, but worth a try for you. Also great commission rates on options.
Newly
tony, don't let it get to you. This is a daytrading board. During the trading day no one has time for questions. The people are helpful when they can be. They're here because it is board filled with valuable insights where they can swap ideas and info with other daytraders on their level.
One needs to educate oneself as much as possible. Lurk and absorb as much as you can, try figuring out the rest yourself, or check some of the educational sites. Hang in there. One day it will all come together for you. Just takes patience and effort, watching and listening.
Newly
Sometimes it is better to trade what you SEE, not what you THINK.
IMO, this is one of those times.
Newly
More on Gold from the boards at Ino.Com:
"Re: GOLD update
Don - Wednesday at 10:27 AM
In response to: GOLD update
This market is stuck until some "inside" news is released. I believe that will occur early Friday morning (3am New York Time), this will be when the ECB Monthly bulletin is released on the web. I think the numbers I am looking for will either tell us that gold will make a sharp rally higher over 330, or in fact Europe has now resumed shorting gold over the past month (which I kind of doubt it). Last month gold made a sharp upside rally in the Access Market prior to the opening of the New York Outcry session, and the New York SHORTS had covered when it was apparent that Europe did not short gold by my calculation for five weeks, as New York Traders thought they would.
The key here is to watch the behaivor of the EURO to GOLD. I strongly believe there is a direct connection between the two markets.
Anyway back to number crunching....
mlsoft,
Thought you might be interested in this: Gold & the PPT and other good stuff. A bit long, but interesting:
http://www.tocqueville.com/brainstorms/brainstorms.php?id=101
Newly
Out at 24.69.
Newly
23.99 ... 24.00 . . . and poof!
Newly
QLGC 23.80, AMD 3.80. Aren't they both reporting tonight? Can't
find anything. . .
Newly
QLGC ran to 23.92 AH. Now 23.77.
Newly
Sounds like the spin doctors at work to me:
Bubble Fears Drive Builder Stocks Down
(October 8) -- The Dow Jones Equity Index of homebuilding stocks fell as much as 5 percent early Monday, making the sector the biggest loser during the morning trading session. Stocks of mortgage companies--such as American Mortgage Acceptance at 7.8 percent and Impac Mortgage Holding at 6.5 percent--also were down, along with shares of other housing-related industries.
Analysts and portfolio managers say investors are overreacting to recent news articles about a possible housing bubble. However, industry experts say the reports fail to consider that there is little housing inventory in the market--which eliminates the potential for a supply glut like the one that hurt the sector during the previous economic slide.
Source: Wall Street Journal (10/07/02); Morrissey, Janet
Newly
Commitment of Traders: Interesting article.
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18092454
Newly
OT - anyone else having problems with pages loading slowly on Server2 today?
Newly
True, all too true.
Newly
Yes, it is sad. We trusted the "experts", our brokers, to look out for our best interests, while, in fact, they were looking out for THEIR OWN best interests.
I prefer to be a trusting individual, but must admit I've become quite cynical now, and trust no one when it comes to MY money.
Ultimately, my losses are my own fault, I suppose. I was busy trying to be a trustworthy person pursuing my own career, and wasn't minding the shop. Another lesson in human nature learned the hard way!
Newly
Take a break, Tony. Put it aside until a better day. Good luck to you.
Newly
"AG's fiscal policies and the excesses he enabled may have "done something evil" to all of our kids."
___________________________
Where were their parents while this evil man was foisting his agenda on all of their kids?
Newly