Hi, I am wondering what experienced traders think about what I am doing for my plan. I have three technical indicators that I am using in my charts. When I get the buy signal I make my purchase usually around 300 shares. I dump them when I am up around 12 to 15 cents. I have done this for the past three months with over a 120 trades and a success rate of around 85%. I am only doing long trades since I am doing this in my Roth IRA. Does anybody do this type of trading and make money at. I guess I am technically doing scalping. I do miss out a lot on run ups but I just want to master my strategy and make consistant profits. Just wondering what other traders think of it. Thanks
Sounds like your barely covering commisions if you make 12 cents a share on 300 shares and have traded 120 times so far... whats commission on 300 shares?
your are right. its costing me 8 bucks per trade (Fidelity). I know can get cheaper commissions elsewhere. But I am comfortable with Fidelity and I want to make sure I have a good feel for my system before I switch brokers.
retail people should find the best IRA funds to buy and trade the with longer horizons, and add the occasional ETF or individual stock to juice the returns. in the US I think Van Eck and CGM Focus are funds you can buy dirt cheap right now- they have good runs when the Market turns around. Its easier to learn from the best when you start then trying your own stuff. Unless you work from home and even if you do daytrading a retirment account is a quick way to the poor house. Trying your own stuff can be expensive both in terms of time, money, and your own psychology.