How do you get in and out fast enough? Is there enough liquidity in the stock to have all your shares sell at one or is your buy/sell orders broken up into pieces?
In and Out fast enough, LOL. I am NOT a daytrader (scalper). I am usually in a trade from 20 minutes to several hours. The norm seems like 30-40 minutes. Enough Liquidity? NEM = 8 Million shares Daily GLD = 7.1 Million shares Daily GG + 6.8 M PD = 6.6 M FCX = 5.0 M Liquidity is never a problem and I get filled very fast, especially with GLD which is an ETF. I only trade 1,000 - 2,000 shares at a time, baby crap. I usually cover all of my position at once, rarely do I scale in and out. My Entry point is never a guess, my trade signal is always followed 100%, I don't second guess. It's getting out that is hard.
Todays trades (always 2 min bar Candlestick). GLD (Max risk on this is always 7 cent stop) Long off of 11:00 bar @ 57.65 withh a Stop @ 57.58, currently UP 40 cents or 7/1 risk/reward. GG (Max risk is always 7 cent Stop) Short off 10:42 bar @ 27.63. Stock dropped .48 or 6/1 risk/reward. NEM (Max risk is never more than 12 cents, higher priced stock and more volitale). Short off 10:36 bar @ 49.69 with Stop above 49.80 (11 cent risk). Stock dropped .48 same as GG which is Half the price, that is why GG is my favorite (buying power). Risk/reward was 4/1. FCX (Max risk is 12 cents) Short off 10:26 bar @ 50.32 with Stop @ 50.41 (previous bar). I went with previoius bar because this bar only had 3 cent spread. Stock made almost $1.00 or a risk/reward of 10/1, although my initial stop if really tight would have been 4 cents or 25/1. Short off 11:22 bar @ 49.66, Stop @ 49.75. Stock is Currently UP 28 cents. PD (Max risk is 12-14 cents although I rarely risk more than 10) Short off 10:38 bar @ 75.81 with Stop @ 75.93 (which was next bar but had NOT triggered yet). Stock dropped 61 cents or a gain of 6/1. Short off 11:30 bar @ 75.37 with Stop @ 75.47. Stock dropped 9 cents then rebounded. I covered with a 2 cent gain to cover cost. Break even. Long again currently off 11:42 bar @ 75.44 wtih a Stop @ 75.37 Still in.
Up 60 cent so far on my PD call, I hope you took advantage of it. I posted it immediately, you time to get in. I posted the call @ 11:44, the exact time I got in. I will cover if stock drops to 75.89, giving me a 46 cent gain, or a risk/reward of 8/1.
99% I trade only gold stocks and ETF (GLD). GLD (ETF) Faaaaaaaaaaaaast and tight fills even with MKT order. GG (Lowest cost producer) NEM (Largest producer) When these two stocks move you have huge gains. I made $5,000 yesterday. FCX (Copper and gold) PD (Copper) I use GOX and the Comex (GC) Cash Futures market to enter/exit trades. Made $520 this AM then walked away. I hate gambling in these F'n FED meetings. Gold can spike faaaaaaaaaaast. I woulda, coulda, made HUGE bucks today. GG rallied over $1.00 on a 20ish stock.:eek: Had plenty of time to get in. I normally trade the AM only during huge market reports and call it a day. Friday will be better because they will NOT be false or irriational, quick moves. Should have a few 75 cent moves tommorow. Gonna try and pull 4k out of the market Friday.
I am kicking myself today because I got in and out quickly of a couple of GG trades this morning on which I didn't make or lose much, but after the Fed announcement I thought the market was overreacting to the news and I didn't want to get whipsawed and like you said it could have been real ugly. Plus, I thought gold would react badly to good news. Then, I just waited for a dip that never came. Pull back sometime tomorrow or just up and up back to $41?