Help! Best brokerage for day and penny trading?

Discussion in 'Retail Brokers' started by jellystone1, Oct 26, 2005.

  1. Robert here, I'm a 53 year old over trained underpaid groundskeeper who is about physically wrecked and desperately seeking a better way. Playing the virtual games been averaging 50% return in two weeks. Using real money would be ecstatic with ten percent, after I build some capital! So willing to risk a few bucks following the hype while learning the fundamentals and looking for pointers from you long term guru's. I recognize the possibility of loss but still want to try swing-day as so far luck and timing have been better than I had any hopes of.
    #11     Oct 27, 2005
  2. maxpi


    What is your selection method? How long do you hold an issue? Some of the pennies are so thinly traded that it is difficult to get any money into them but I do agree that the pennies is where the big % moves are.

    Interactive Brokers caps commissions at .2% of the trade so they are good for smaller orders of penny issues.

    #12     Oct 27, 2005
  3. Thanks Max! Started following Cramer the Cracked. Found an online site that has been following his picks disparagingly but I noticed something looking through the data. His first segment goes in depth, sometimes about small caps, and usually the next day or two his million or so watchers buy in. Often these fall right back down thereafter but for day trading who cares? Also got a great tip from gopennystocks concerning so going to watch with this free service. Anybody had any luck with any of the pickers who choose a couple stocks a day and cash out at the end of day? I assume they have enough following to actually be pushing prices up?
    #13     Oct 27, 2005
  4. maxpi


    I don't know about any recommendation services like that. Crooks abound in penny issues supposedly so most people are going to think that any penny stock recommendation is a scam artist trying to scare up buyers for his holdings. That would not keep me out of that action basically but I just have not the time to do much along those lines.

    I have seen a great call on a penny stock here on ET based on a narrow trading range and a volume upsurge, that action could have been based on somebody's recommendation. It might be a lot of fun to follow all the recommendation services one could find for awhile and check out the technical action to see what gives.
    #14     Oct 27, 2005
  5. Robert- You really need to research the fraudulent history of OTCBB trading. There was a great website that listed all the ways the shares could easily be manipulated. Unfortunately, it was recently taken down. Just because a company is legitimate does not mean that its shares are not being manipulated by some nefarious group.
    #15     Oct 27, 2005
  6. From what I have seen it goes for the big board stocks as well. They go up and down like a yoyo and I think most of that is manipulation by groups. Actually I think the whole stock market is on the other side of the looking low sell high...
    #16     Oct 28, 2005
  7. Yo Jelly! OTCBB's are much less regulated than listed and NASD stocks. Wild, Wild, West!
    #17     Oct 28, 2005
  8. Thanks trendy! Appreciate the heads up. Too bad they aren't regulated like Refco and Enron,lol. I recognize the need for due diligence. Still, for a guy with limited assets there is a lot of potential for gain. Not so much in the million for a buck but some solid companies in the dollar up range. Who do you like in brokers?
    #18     Oct 29, 2005
  9. I thought I would give up online posting for good, but I guess I'll take a little break. Brokers: I like Scottrade. That would be nuts for most people on this board because they are super hyper day traders and need ultra low commissions. I position trade mostly with realistic and non- arbitrary stop losses. I like knowing the brokers I'm dealing with and being able to show up unannounced. I don't trade futures, fx or options although, in the options arena, Options Xpress is probably a well run company. I don't like subscription models or trading courses or gurus. I don't have level II and don't really need it. I've generated triple and quadruple digit returns numerous times over spans of months without ever blowing up using my own methodologies. Why am I not a multi- millionaire yet? Because I assumed that I could I could be a good daytrader, engaged in commission geared "pro" daytrading, and have walked to hell and back on the personal front. Relying on trading seems like a quixotic idea unless you have bags of money backing you, no better ideas, a generous salary, have a successful strategy that cannot be easily arbitraged out of the market and a dispassionate demeanor.

    OTCBB's: good luck getting out of your shares when they are moving fast and in the wrong direction. Enron/ Refco/ etc: every flock has a black sheep. Small dollar stocks: why not just go for percentage returns and safer stock picks? 232 shares of HAL v. 2200 of ESLAG?

    Good luck and ET: flame away.
    #19     Oct 30, 2005
  10. Trendy, alas, not even one bag of money. Should have majored in finance instead of horticulture lo those many years ago. Starting in now green as grass,lol. Straddle, condors and butterflys? Duh,Huh? Working through the idiot guides from the library but got a way to go. Durn diabetic body is giving out on me so gotta find an easier way to make a minimal income.Which means risking a pittance to build a capital base. I appreciate your advice! Shoot, I appreciate any good advice! God bless.
    #20     Oct 30, 2005