did my first swing trade? 340 dollars profit.

Discussion in 'Trading' started by prc117f, Jun 4, 2008.

  1. prc117f


    I bought 1000 shares of General electric using etrade marketrader via a limit order.

    I put i trade in yesterday for a limit of 30.25 since it looked like the price of that stock hits at least 30.30 or under. It automatically bought the 1000 shares for me and then I had a sell order set for today at 30.61 since it seems to hit that level or more in the day at some point.

    It sold today in the morning I made 360 with subtracting commission (9.99x2) I made 340.02 dollars

    Not a huge amount but it was not to bad I would venture to start out with. I did GE cause I figure it is pretty safe to get the hang of it. All those other stocks like banks and financial companies seem too risky and after reading about what happened to bear stearn I am too scared to touch them.

    I will practice just trading GE for now and only 1000 shares buy and sell.

    I bought 1000 shares again at 30.30 this time it did not seem like it wanted to go lower, I did miss it at a cheaper price but now GE seems to be going up. I will wait till 30.70 this time for my sell limit order instead.

    I like to monitor the level 2 quotes with the ticker tape on the side and on the other screen I am using the charts and the streaming news system to keep an eye for any interesting stuff.
  2. ATLien


    That's some scary shit.
  3. NoDoji


    Lots of solid swing trade stocks (I never would've considered GE). Lately I've been very successfully trading RIMM, DRYS, GNK, TEX, CMED, JASO, and CDS (I think this one's finally settling in for a reasonable uptrend after being all over the map; I've made $25K on it in two months). These are A-rated stocks with high relative strength, so they're good for day trades and long term investments. Pick a few favorites, get to know them well (short term and long term support/resistance), follow the market, place your stops as soon as your order's filled, and you'll do well.
  4. NoDoji


    ATLien, I'm LMAO. Level II's really scary during an institutional selloff. Should've seen HPQ the day they announced EDS acquisition; 100 blocks hit the market at once. I saw the pivot coming a mile away and made a 150% profit on call options.
  5. I remember my 1st beer.
  6. prc117f


    I still have lots to learn that is why I am sticking to one stock for now and learning to do well with one stock. GE seems safe enough that I will not end up having worthless shares.

    There is so much to learn, I like watching the level II stuff but it seems pretty complex. I like to switch to the time and sales screen and filter by trades completed. You will see periods where nothing but reds show in the screen.

    What is a good book that explains level II and all that jazz?
  7. NoDoji


    I just started trading 3 months ago and after the first messy month, I turned a ton of mistakes into profits after reading two books: The Market Guys Five Points for Trading Success and The Market Maker's Edge, both on Amazon. Follow the guidelines in these books to the tee, don't cheat and you won't lose. You'll have losses, but your profits will far outweigh them. ETrade has lots of archived seminars, which are really informative. I've watched most of them, and joined some of them live, with Q&A. Power Etrade Pro is my platform. My husband recently tried a couple other direct access platforms and none compared to PowerEtrade. They won top online broker 2nd year in a row for a reason.
  8. prc117f


    where are these archived seminars on etrade. Sounds like a nice training tool. I will look at those books, thanks.
  9. NoDoji


  10. prc117f


    Well I sold GE again today and bought again. It sold at 30.70 and I ended up buying at 30.34 this time. I will set the limit at 30.75 for tomorrow to sell.

    My profit ended up today 380.02 after removing commission better than yesterday.

    I wonder how many times you can do this over and over.

    Thanks for the link I will checking those videos out and the books.
    #10     Jun 4, 2008