First I laughed at the 25 or 50 free trades. The fact they expire within a month, I may get 2 or 4 out of them.
My problem was getting money into/out of them. Not so "easy". But the premise is - as I build the account, it isn't something where I need to withdrawl all the time. It will happen but not yet.
But yes my entire mindset is shifting. I am incapable of handling the penny plays. Heck even sub $5 is a problem. Requires much more focus than I can give, and as you said (and agree) I have a day job and can't sit in front of the monitor dumping the stuff as it starts to tank etc.
Still formulating a plan - my charts are not 100%. I want to buy stocks (like PFE) at the time they are below their EMA on the weekly (per Elder) - MACD going up; flip top the daily to see it going down for the day and then pulling the trigger. Like using ADX and Stochastics (not sure of Slow or Fast yet). Like the MACD. So more of that. And it is coming but a lot slower.
My selling point on PFE was wrong - late. But more than that, I want to be able to - get out when the daily says sell. Then if that same daily is going the other way, perhaps re-enter (versus going back to the weekly which now is saying over bot). Still playing with that.
Looking at stocks north of $10US ($12CDN) - ensuring there is ample liquidity, always always always have a stop (which is why I am sick of the pennies - a $20 could easily have a nice tight 5% stop loss and the ability to re-enter with another tight 5%; a $1 - would require a much broader say 15-20% loss - thats more than I want to afford on top of the mismanagement).
IBD - yes I want to start with that too. I read it a few times and thought it was chalk full of good stuff. They charge a pretty penny for some of their tools. But as I am moving to more technical, if I want to start adding some fundamental - their "ratings" could help filling that goal. Like you say, buy the newsletters or services that will fill the gaps on stuff I am not good on and/or haven't the time for. They are unique in this field.
Hear everything you are saying and have said. Focusing on a plan. Every free dime moved into the MM funds now until ready to start playing some more.
Companies like GM and F - interesting charts - nothing more. If they are buys is has little to do with the fundamentals.
And yes, I am happy about the foreign tax shit going away too. There were times during the 98-01 bull that I actually decided it was better to hold US stocks and pay the 1% (per month) penalty because they were appreciating so much faster.
The BoC chair agreed stating it was unfair to limit our investment potential. As self employeed it bothers me more than most having to pay both sides of the CPP into a broken system. I would like to hear them next to say "you can park that money into your own account". And get NO tax relief going in and paying NO tax coming out. That would definitely require a huge HOORAY! I believe that is the new account Bush is pushing (albeit not going over very well).
We can wish right?
As always.. cheers Frank!
Sexton
"When you have to shoot, shoot. Don't talk."
Tuco (The Good, the Bad and the Ugly)
"An umbrella with holes is better than no umbrella at all."
Dr. Alexander Elder on using stops.
