Train Guy
You'll love IB here's a tip..... stops,trailing or othewise if in blue not green on your screen are not seen by marketmakers. Set your stops and let your profits run.. I usually expect the market maker to try to hook inexperienced traders at expected market turns.Therefore I am expecting to trade against the obvious, and guess what after a fake, and sometimes a couple of false shakeouts the stock usually moves my way. If I am thrown from the horse I often get right back in the saddle as soon as the stock resumes its movement. My profit targets are usually 1 to 3% short term but often trading high momentum stocks I will quickly rip 5 to 10% from the stock.. My stops are set at .50 per cent or less depending upon the stocks beta and average daily range.
Oh, be very careful trading as I have lost several thousand dollars placing incorrect trades,the system is unforgiving.I am sure I am not the only one. I often trade 1000 shares...but it is quite a surprise in a blink to own 10000 shares of a 50 dollar stock. Yes I did this.
I hope you pursue you 1% per day system as I think it is very possible. Although you may be conservative in your thinking.
Oh, I use tcnet with Ib and I am very happy with it. I also use medved quotetracker and find It to be fair at best. What I need is a three head monitor with 40 real time charts and an assistant to help me watch the charts. I currently use 4 monitors 2 dual and 2 independent. A reliable broadband connection is a must....I tried several before finding reliable dsl. Cable gave me grey hair. My data cost including dsl and tcnet runs $118 per month.
My biggest mistakes have been failure to place stops and get out if I am wrong. No perfect yet but getting much better.
Distractions are also a problem. I run a small company with 40 employees between trades.
Oh I saw Heidi from survivor at our Walmart store today....saw her again in the latest issue of playboy.
From Across the Wide Missouri
River City Dan
AI
