======== Coolweb; Its a nice uptrend XLE,OIH related ; but not nice enough for me stay in, took a very small swing profit, which actually turned into a small net loss. Part of the fun for me as long as i dont trade too frequently ; usually dont do that!!!!!, prefer only the best of up/down trends. Hope this helps, goodbye[adios amigos], till we meet again
taking a breather here lol SHG closed yesterday for a 3% lost, That was a big hit. not a big size but a bit % hit, blew my motivation of swing trading out of my head. 2 things on that issue, foreign stock ,gap down. TXU , gap down Thats about as max drawdown as I can get for this month. I can not count on swing trading for consistent profits. I am going to stop it for awhile or until there are very good opportunities Only positions left HCC / AGO / IMCL The only type of trading that will be done will be: Daytrading thick stocks in play stocks.. stocks with over 5 mil Vol where risk control can actually be controlled. And only in the direction of the market. So this kind of opportunity only comes once every 3-4 days. every 1.5 in earnings seasons. 50% win ratio $100 risk , $500-1500 gains This will net me around 6-8k a month because 100-200k is the max capital that can be used in daytrading. I won't be testing any more new strategies anymore. The volatility and inconsistency outweights any profits that can be achieved, Its not worth my time if it can't be measured to the T. Other traders can/do make consistent money in swing trading, I don't think I Can do it, so I won't sit here and waste further time on it. Summary: 1. Only daytrading in plays thicks 6-8k a month. 2. Hope my current stocks go up LOL 3. Start a new business because my style of trading (directional) can not supplement the required CONSISTENT income that I am looking for 100-250k net. Before I did not know, now I do know after being immersed in it. 4. Allocate the remaining capital into funds of hedge funds for 7-8% returns and into a new business. If you want to see me post up daytrades, post it and I'll post it sometimes. Otherwise, I''d probably not post daytrades since theres no need to prove to myself that it can be done. I don't have much time to waste so, as you can see, I need to move on to new consistent money making opportunities this year 2006. Theres still 10 months left. Money in , day in day out, month in month out. Thats the only way wealth is made/increased.
Let the games begin. I understand the OTCBB decision, but stocks under $5 and under 1M shares traded is harsh. There are a lot of great trending stocks out there that start under $5 and 1M make great moves. Looking over my hotlist, almost all are under 1M avg. I gotta go with NVAX which is at $4.88 and traded 3.8M shares traded yesterday. Pay no more than $4.93 and stop at $4.68. Consider selling at $5.60.
Daytrading in play thick stocks may be your biggest challenge yet. You may think that you can control your risk because of the fact that the stocks do more volume but I promise you, you'll see just how "thin" some of these stocks can get right around critical levels shaking out people left and right. You have to remember that when something is in play, its automatically going to be more volitile. I dont think you'll find that just up and starting to trade these stocks is going to net you 6k-8k right off the bat. Maybe after months and months of testing the waters but certainly you shouldnt count on these sort of profits right away as you'll be trading against many pros who have faster fingers and better execution platforms and speed than you probably have at your home comp. If you prove me wrong, then thats fine. I just want you to be prepared for the fact that you will trading in a tougher enviroment that you may think. Good luck to you.
Thin stocks are much easier and less competetive. There are people that have amassed lots of money over 10+ years focusing on small and microcaps. Prove me wrong, but aren't the best paid MM's OTCBB and Nasdaq small cap traders (I don't advocate individual OTCBB trading)? Then again, in a strong bull or bear market the large caps are the only way to fly.
============= coolweb; Didnt make consistant $ on my last swing trade either ; glad to get out of that energy stock.Some stocks, like that energy stock you mentioned on 2-17 still looks strong. I put that energy stock on my list; the one Carl Icahn invested in. QQQQ/MSFT still havent been able to close above 50 dma, DIA down for week, plenty of sell volume today. SPY strongest/longest of 3,still like coolweb plan ,if its not strong @ end of day , kick longs out .
Hi Murray, Basically oil /energy doesn't look strong anymore, I think the day I sold TXU , it was already wrong immediately because of the gap down and it precipated more down turn days to come [which happened], It was suppose to go up that day, but it gapped down, thats a serious issue becaxuse I marked that point as a turning point, but a turning point that fails is a direct further downtrend in trading methology. Just like in intraday a turning point that fails is a trainwreck about to happen , you don't want to stand around to watch to see who gets killed