Money management - its up to you to choose how much of your account is put at risk per trade(any more than 2% is being a gunslinger in my opinion). Lets say you risk 250.00 per trade..you MUST make at least 2-1 on your money to guarantee longevity. For instance..I go long at 40..place my stop at 39.70. using a simple formula I conclude that my share size for this trade will be 833 shares ($ amount risked / stop size = shares traded). 833 * .30 = 249.9 . your broker will hate you for using odd lots...but who cares about him! Entry - Buy/sell intraday retracements(confirmation of course!) in the direction of the daily charts Short/Intermediate term trend. i.e the SPX is above the 21 period on the daily AND trading intraday > than the open. then you scroll through your watchlist and find candidates that are trading > than the open. At that point you would go long stocks that pullback and then trade higher than the pullback or cross a MA....or some sort of trend following indicator just to make sure your going the same way as the prevailing trend. you want all variables on your side as possible Exit - trail a stop from your initial stop level or set a minimum 2-1 risk/reward for a profit taking tgt..NEVER take less....you either get lifted/hit or stopped out. If I have 2 losing trades in a row I quit for the day..."it aint my day today..rule number 1 run away and live to fight another day" there you have it...a simple recipe that works for me and a few of my buds. good luck and happy holidays
Indahook Thanks .... Where do I send my check. I think one of my problems has been that I have tried to daytrade the futures markets and therefor have a limited choice, forcing me to accept the hand given on that day. I think the switch to equities may be a little easier because the selection may give me more oppertunities! Where do you build your watch list from?
You can make is out to = C.onsolidated A.ssociate S.ecurites H.oldings My watchlist consists of the major ETF`s and "hot stocks" you know the names...right now they are TASR, BOOM, TZOO,GOOG etc. they move in a out of favor..the key being volatility and volume.
Samson, did you ever get more information about Scott Kaminski? Is this the guy that works for Marketwise.com? I have a friend who paid $5000 for the Marketwise Mentorship program and was suppose to be "mentored" by Scott Kaminski. He said the marketwise program was a waste of time. Scott Kaminski did NO mentoring and just read notes over the phone that seemed to be plagiarized from John Murphy's technical analysis book. Also, marketwise.com claims it was a one-on-one mentorship and my friend was actually paired with another client. It was definitely NOT one-on-one. Do yourself a favor and buy John Murphy's book and save $5000.
Same thing happened to me a few years ago. Paired with another person and spent the whole time reading/discussing notes. Bummer.
Why is there such a strong correlation between #posts and shilling? Are you that daft? If he worked for PTJ and is so phenomenal, why does he need to shill for himself here? And where are his verifiable longterm broker statements again? You forgot?
^^^ This I have a friend that took Kaminski's course and although he is a nice guy, John Murphy's book Technical Analysis of the Financial Markets will teach you pretty much the same things and save you a bunch of dough.
Scott Kaminski's "mentorship" phone course was a rip off. All he does is read from notes in a monotone voice. He claims to have coached/mentored Paul Tudor Jones. Paul Tudor Jones denies this. He uses this lie to sell his course which constitutes fraud. Here's one of the many times that he made the claim about Paul Tudor Jones: http://web.archive.org/web/20060701043747/http://www.innerworth.com/