From what you said, your in a place that is completely emotion driven. The first thing needed is to learn to pick stocks before you move. If you have several stocks you know fit your criteria and make an emotional order, chances are you can't make to big of a mistake, because you have good canidates to start.
I'm going to post general info here and ask some more personal questions. If you feel uncomfortable answering, email me at chuck_faulkner@hotmail.com. But I'd like most the info here, so others can understand where we go. That way more than one person at a time can be helped at the same time. No problem if you want it off board.
OK, so we go on. Remember these are suggestions (layers) only. As with all things in life, as "Dustan Hoffman" said in a hero movie, to his son, the world is made up of layers of chit, you just have to pick your layer.
Only playing stocks that are in breakout action is the goal of all traders. Playing these stocks, when found, are the easiest to win or lose big money fast. What goes up fast comes down fast. Plus, most traders that play these have several going at the same time, to hedge loses. The sucessful ones know MM moves and play the MM moves period.DAY TRADERS. VERY HIGH RISK!!!
I have many MM posts and will try to pick some out, to post to you, if you ask. Other wize you can truge threw my history to find them. They list signals to watch for. I can see I should start saving stuff it files to refer back to.
Daytraders create a portfolio each day and if they miss on one trade, the profits on others balance out, just like an investor. So the 1st thing you should do is divide your money into several, not just one stock!
If you only play pennies, it's harder to find good plays, you should watch real time news web sites for PRs. Only for stocks on you watch list. And pennies don't release financial news often. So every time you see a PR for stocks on you list, pull it up on level II quick. Financial news will run a stock more often than general achievement news. Here again, you may feel your missing other good plays that are not on your watch list.
To that I say, "you have to have some discipline some where in your trading plan." Cowboys that ride out looking for adventure usually find it. Those prepared to survive, when they leave, usually come back!
Without packing your gear, (a watchlist of stocks that have good performance history), you may not survive! This means, if you get stuck in a play, in a good stock, you may be able to see a second day chance to get out alive!
So there's the beginning of creating a plan for trading day trade penny stocks.
1. Screen stocks that have been performing well and place them on a watch list. 2. Watch real time news for info on stocks in your watch list. 3. Try to play more than one play at a time.
Entry and exit points; I only have one trick for day trading pennies, that does not use shear guts, for pulling the trigger. It is a DMI chart pattern I've mentioned and posted before. It is not very good for real fast breakout runs, because they are over before you would see them on a delayed chart and I don't know of Level II that offers DMI. But here's a link to the info; http://www.investorshub.com/boards/read_msg.asp?message_id=6027913
As you go over this, feel free to come back with questions. So here's my questions.
Is it the action, that causes you to trade breakout stocks or just because you think you can make more money on them? Are you trading with extra money, money that will not be missed, if it is all lost? Why are you trading at all. EX; to pay bills, retired and it give me something to do, I want to stop working and live on earnings, Just like making money, and on and on.
The reasons will help me suggest a style I feel will help you realize your goals. Different styles of trading seem to meet different goals better.
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