quote from IronFist first post: ".....The price hit $19.88 for a sec, but I didn't get out cuz I didn't have a stop...." __________________________________________________ Sorry if I barked at the wrong tree. But hit me since the first post by IronFist. I apologize for changing the subject of this thread. Let's continue with the trading. Best! mF
It will probably be difficult for you to get any help here as you are in need of a lot more information than you currently have and it would take forever to try and explain even the bare essentials of what you need to know. That being said here's a couple of suggestions; first off you will need to be able to tolerate much more risk than a few pennies, stocks don't usually go straight up or down from where you bought them. You need a plan before you enter the trade; what's your exit strategy? how much of a loss will you accept if the trade goes against you? I'd recommend that you stop trading real money and start using a simulator and do a lot of reading, investopedia would be a good start. Oh, and shorting is probably not the best idea for a new trader. Good luck.
lol, welcome to my world. My profit for this MONTH is, like only 18 bucks. but last month it was over 500. I'm with scottrade also, and I've choosen to hold onto my positions longer because of the 7 dollar commission. If you want to do more intra-day trading, get a direct access broker with per share commissions rather than per trade. cm
IronFist, if you classify yourself as a noob then you don't really know what you're doing or haven't yet got a complete system. Until you have made money consistently over a six month or more period you should trade at 100/200 share size to preserve your capital.
Go back to trading 100 shares at a time, its the smart thing to do while learning. Forget going for a few pennies, compared to your commish costs, its just not enough. Shoot for at least 1% on each trade.
Iron, Don't let the ones who feel the need to poke fun at you about your post sway you from continuing your sharing of information. You made a profit regardless of how much it was and hopefully learned something new about your methodology, which is the real "profit" from your exchange at this junction. Don't let anyone discourage you if you are serious about this endeavor. I too am a noob however I don't let that discourage me from pursuing trading as a career. I have a brain that functions, a desire to learn and the information is out there. The only part of your post that struck me was where you were sweating over a 1c deviation, emotional stability is key. If you can't stay level on a penny dev, then what will you do on a buck? Other than that there is nothing wrong with playing small to learn imo. With a good plan, commitment to that plan and wise trading in no time flat you too could be snubbing your nose at "noobs" bragging how you made a grand picking your nose! The crayola story was very funny Jack
This thread is hilarious.. but on a serious note. Don't worry about a few cents. Focus on learning what is going on around you. Heres your workflow..Get Started.. 1. Methodology 2. Money Management 3. Psychology (Control Stress) 4. discipline Case and point.. an example of what you can look like only trading 100-200 shares once things click. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1379977> * 5. Ignore and tune out all naysayers. Only you know the truth. So march to the beat of your own drum.. Bang on.