Everyone seams to do this no matter if it's silly or not; so I'll start my own. So you all can critique me. I will take $3000 to whatever it takes me by years end, could be zero. In that case it will be the first journal that failed!? or not. Anyway, I didn't start today but a bit earlier, actually on mar 6th. so far here is what i got, below, im went long 300 REV at 0.93 last, wanna get rid of it tomorrow, actualy today after little sleep.
I'm really bad with entry points, I'm practicing on paper with some to get a better feel. Any advice would be good. Like yesterday when I went long on REV at .93 little later it dipped to .92 a new 52 week low. If you say to yourself: "I'm go long with "ABC" overnight and plan to sell it tomorrow for sure profits or not", do you stick to your plan and sell tomorrow no matter what, or should one be flexible and ready to wait another day? Always had hard time figuring that one out?
*new to elitetrader, but not a newbie to trading. If you are not flexible, in my book, you won't succeed as an investor. When I buy stock, and plan on a quick entry/exit, I set a goal of what price a want the stock to reach. Daytrading is a hard hobby/life-style... 80% of DTers fail. This is why I consider myself to be more of a "day-to-two-or-three-or-w/e-ammount-of-days trader". Do not feel pressured to sell your stock immediately if you have a dollar increase. If you are dealing with three grand, its difficult to make noticeable money if you are constantly buying/selling and dealing with the fees that coem along with it. If you buy you 20 dollar stock, just wait for a few days... most likely it will go down/up quite a bit, but sell it when you make a buck or two on each share... the market will run its course, and eventually you will meet that goal (trust me). I hope I am not just rambling on, but i would find 2 solid stocks, stock A and stock B. As they both fluctuate, say A rises by one dollar, sell it. Research for a new buy, and by the time you are buying your new stock C(a day or two)... stock B will possibly have made you some money, and you can go on looking for stock D. etc, etc. With three grand it is key that you focus n a few stocks, and wait patiently to make profit. If you rush into selling and buying, fees will eat you up and you will become frustrated and fail. Chill-ax is the biggest piece of advise i can give you. The market is rough, and daytrading will be too. *sorry about spelling, its 4 AM. Message me if you have questions, and let me know if I helped at all.
Just one question, why are you buying Revlon? Revlon's at a 52 wk low for a reason. I know that your account size is small, but I would not take the risk of buying penny stocks. I've made that mistake. Overtime, I brought 1200 shares of Covad because the stock price looked cheap, and they had a good story, but they have never made a profit since I purchased the shares in 2004. Now, I am taking a loss of $1000, it would've been worst if a PE didn't buy the company. So, now I rarely trade penny stock especially if the fundamental and technical look terrible.
Sometimes I question my own trades after they are filled. I just thought that it could go up a few cents and then i sell, which i plan to do today. sometime.
I understand that, I also have an account under $5000, So I need to watch my risk because I can't sell until the stock settles the next day.
can you recycle funds after you sell? i got to tell them to turn my account into margin so i can do that. otherwise i end up having to wait until next day to use funds.
Out of REV (3000) at 0.95 little change in my pocket, just 2 cents/share but does the trick. From now, no entry bigger then 1000 shares due to broker fees i just ran into... I might look into AMD but I couldn't make todays good entry. Again my funds don't recycle so i got to wait for tomorrow for entry.