I am pretty sure what stock it is, but I am not telling. P2 might konk me over the head. I will leave it up to him if he wants to tell... Heh. We can all jump in and run the stock up and make P2 some serious cash...at our expense!
Is that the answer? Size up to make that million? But eventually, you would hit a level where you can't go higher, depending on the daily volume and the volatility and such. What then? I think you have to dramatically increase the number of positions that you take at a certain level, sorta like the shot gun approach. ride you winners and cut your losers. If you trade 50 to 100 positions, and your average winner is $500 and losers at $200, you could easily make that million dollar. I think this would be a far safer approach than holding a 50,000 shares position on a single stock and hoping to make a point or two. Then again, can someone manage 100 positions effectively and not trade sloppy? More importantly, I am not there yet, so I am clueless as to trading at this level, but one day. Just one day. Who else is working on the same dream?
Don't know the circumstances of the 50k position. Could be hedged, somehow, or the probability could be 99%. Hope he's not shootin-the-moon.
I think your getting way ahead of yourself SB. It seems to me that this question will resolve itself automatically. Your comfort zone will keep you in the proper size if your wise enough to let it guide you. If you are not comfortable with your risk you are putting yourself at a severe disadvantage.
True, but to excel in anything you have to break through that "Comfort Zone", I personally know people who are trading comfortable, but you have to push the envelope and improve everyday. Pretty soon, money will not be an issue anymore and you trade because you like the game and you like the challenge, and you like to figure out the game. I am "LIGHT YEARS" away from this of course, but to dream is to motivate. I will keep dreaming and improve upon my trading day in and day out until my dream is realized. I am pretty sure that once I got there, I would value my whole journey more than the million dollar pay off. Can't wait.
Okay I'll give my guess that Praetorian has a 57K position in a stock THV (Thermo view industries) . It closed friday at 1.2. This is only an assumption on my part but whaever it is I wish Pra2 the best of luck.
shortee, I only have 37200 of thv. Good guess though. I bet one of you will figure it out. I bought on thurs at 1.05. I doubled up yesterday at under a buck. I really think that the only way to make a mil is to trade longer term positions like thv which I believe VERY strongly in. This position that's 57k shares is just a daytrade really. I probably make 30-50c in it. When I traded ene, I bought 1/4 mil shares at 37c or something. I had the right idea, but not the balls to go through with it. THe stock went up to over a buck within 3 days of buying it. I would have made a house. I believe the stock I took my position in last week will do the same.
I know of some folks who used to trade the shot gun approach (they may still). Basically they would buy strong stocks and short weak ones. Average position size of 1000-1500 shares but sometimes they would have 200 open positions. Then they would sort these stocks on a P&L blotter and just sell of the weak ones and ride the strong ones. It was pretty common for them to hold those 200 positions overnight. When you think about it it's really not a bad approach at all. Your hanging onto your winners and cutting your losers. And you are diversified across many different stocks (if one blows up overnight no bid deal), lol.... Leland