Gambling Pure and Simple

Discussion in 'Journals' started by wannabehftrader, Apr 10, 2005.

  1. This is either going to be a very short thread(account blow up) or a very long and happy thread(account blow up=the good kind).
    I will trade stocks between $5 and $10 on the Nasdaq that have average daily moves of 5 % and greater, these are your lower cap stocks that can move .50 any minutes. I also will trade afterhours newsmakers, no share price restriction here and some occasional options<speculation not hedging> I am a retail trader with ETRADE with current balance in that account of $30,970. I have a list of approximately 50 stocks on my watchlist that i will trade looking for minimum .10 moves minimum. I will trade long and short, on the long side an average of 12k shares and on the short side around 6k. No stops on the orders will be used but i will have mental stops. Perfect trading volume is 2 million shares a day on these stocks but on avg they will trade only a mil a day. Only goal is to be profitable, because if profitable it will be very big because of the size and the moves in these stocks. Wish me luck.
     
  2. Good luck.
     
  3. Nutzo

    Nutzo

    Do you plan on posting your setups before or after the execution? I look forward to your thread and I hope everything works out for you. :)
     
  4. Maybe you are the new Baruch?
     
  5. hans37

    hans37

    "No stops on the orders will be used but i will have mental stops."




    Funny thing about those mental stops, the exchanges don't appear to honor them. GOOD LUCK
     
  6. I wish you nothing but the best of luck in your fascinating endeavour and will look forward greatly to reading more about it.

    But the limitation above completely baffles me! I could understand the possible advantage of not having this rule, or even of doing exactly the opposite (because things can collapse more quickly and easily than they can increase), but I'm having difficulty envisaging why this principle as stated might be a helpful one. What have I missed?
     
  7. PetaDollar

    PetaDollar Moderator

    Have you ever been through boom and bust cycles before?
     
  8. do i plan on posting setups prior? no impossible, i will be trading, i am not trying to play some guru, just a good place to keep a daily journal.


    Thanks for all the good lucks:)
     
  9. the reason i will employ no stops is because the slippage would be huge. i will wait till i see size on L2 once my mental stop has been breached. Remember folks, the size i am trading it will be impossible to get in or out on 1 trade.
     
  10. Quote from wannabehftrader:

    I will trade long and short, on the long side an average of 12k shares and on the short side around 6k.

    its not my restriction, its an etrade thing
     
    #10     Apr 10, 2005