Finding a setup

Discussion in 'Strategy Development' started by ms_9901, May 12, 2004.

  1. ms_9901

    ms_9901

    First let me say that I am a newbie to this board. This alone should attract the vultures. I went to the Dogpile search engine last week, looking for daytrading information, and ran across the thread about the MBA. That was hilarious, and I don't think he should have objected. If anyone thinks message board are brutal, wait till they start trading. I have read a lot in here and I will thank you all to quit using those big words. I also find it very informative here and MBA would have also, but you have to read between the lines. I also read, Transition loser to winner, I think it was and it was great. The fellow that has two mercedes paid for, and trades from exotic places around the world must be very lonely to come in here. He did not give any advice, just bragged. When I get to that point, either the tequila or women will keep me occupied. What I really want to know is how to find setups an hour or two after the open. I am limited on funds and only have about fifteen thousand. I have been setting up on trades that close at their high for the day. I have to limit this to stocks under $15.00 to have at least 1000 shares and be able to rise at least 70cents during the first few hours. I have other open positions which allow my account to have the necessary $25,000 in equtiy balance. My problem is after I have made the trade on the open I am not really sure how to find the next trade. I have access to real time data through my broker. I have large shoulders, no chip on my shoulder, I do not cry, so hit me with your best shot.
     
  2. Lucrum

    Lucrum

    My advice : ignore the vultures, anyone who likes "tequila or women" can't be all bad.
     
  3. Osman

    Osman


    if you're able to find setups on daily charts, use the same process with the 5 or 15min charts. Tweak your method to handle the different nuances of the shorter timespans.

    Obvious tweaks are trading the shorter time spans with the time of day in mind. For instance 3:45-4:00 behaves very different from 11:45-1p. Things of that vein.

    post on how you find your setups for the morning and then we can help you adjust it for the time after the open.
     
  4. Lucrum

    Lucrum

    As for setups in individual stocks that's why I tend to prefer the indexes. I don't have to spend hours staring at different charts to find the next trade, instead I spend hours staring at the same chart waiting for the next trade.

    Seriously though there are several services that scan the stock universe for various user defined conditions but I don't recall the names of any of the them.
     
  5. BSAM

    BSAM

    Well, you're ahead of many, just by your initial observation/understanding of the vulture syndrome! Your gutsy to even make a "newbie" post around here. Yep, they're all here; the vendors, the braggarts, the whiners, the winners, the losers, and we have plenty of resident know-it-alls who are eager to tell you how to trade and can never be convinced there is any other way but their way. Watch how your thread develops. It will at least give you a chuckle.

    Personally, I would suggest a lot of reading, subscribe to an inexpensive data service and paper trade. From what I gather, from your post, you are very new to this. Takes a lot of time. Good luck!
     
  6. nkhoi

    nkhoi Moderator

  7. ms_9901

    ms_9901

    Thanks for your help, I went to Moneycentral and I like the screens. I shall watch the timeframes at different parts of the day and see if I can figure anything out. I have realtime data and a screener. As for how I trade now, I find a stock that has closed end of day at the high of the day and with a swell in the volume. I place an order at the open and when it is filled I place a stop order and move the limit up behind price or get stopped out. ULGX and TASR are examples. I am just not sure of how to screen stocks intraday and find setups. I have only been daytrading now for about a month, before that I swing traded. With the markets in a rollercoaster mode I decided to daytrade. Thanks again.
     
  8. nkhoi

    nkhoi Moderator

  9. ms_9901

    ms_9901

    Yes I have read that already, it is a good post. I have other things I do other than trade, so it will be nice to see what will happen. I do not plan to set the world on fire, just to make a good living. I still invest and swing trade. Last year, I made a 50% return on my account. Last year was a very easy year though. I used to sell mobile homes and once I sold a singlewide to a girl who was moving to Texas from New Jersey. She was in New Jersey at the time. My GM said I was an idiot and no one would buy a home without looking at it first. All the sales people laughed at me. I sent her pictures and info on the home and ordered her a new one. It arrived the day before she did. No one laughed after we signed contracts and delivered the home. Thanks for the link.
     
  10. nkhoi

    nkhoi Moderator

    Clayton Home? you work in right sector.
     
    #10     May 13, 2004