not trying to be demeaning in any way. I am just trying to understand how it's possible to daytrade stocks with a .01 stop.. sorry you took it the wrong way. I am open to any info that will help my trading. If someone can prove that .01 stops are possible then more power to them. I just think there is no way it can be done. You cant have a 1 tick stop on anything imo
EqtTrdr, I would not do it if I didn't know what I was doing. ADVICE: The money I get stopped out is in no comparison to the reward I recieve through successfully executed swing 2-3-5% trades. Theres two types of traders. 1) coolweb who gets stopped out for 0.02 cents and can re-enter anytime later. 34.24 exit 2) everybody else who has a big stop and is now sitting on a 30 cent deficit and HOPING the stock will go back up. 34.03 hold Which trader would you like to be. People with thinking capabilities will always figure out the answer.
coolweb: Do you believe that you can only apply you trading methods to slow moving stocks/markets? or faster moving larger % moves as well? Ex: SVU vs GOOG
CW Can you give us a reason for entering the SVU trade when you did? What was your set up. Are your stops mechanical(sell stop orders ) or are you sitting with your finger on the trigger? What broker are you using?
I use 3 brokers, IB Tradestation And another. Tradestation for automated signals IB for futures and stocks Software - tradestation on 4 monitors. 1 monitor just for indexes, other for charts, scans , radarscreen. STOPS - very important. Stops are never set server side, All stops are executed MANUALLY , Audio Alerts set in: Drum roll... QUOTETRACKER Software (thumbs up to JMEDVED for creating such a spectacular software) The key is to not set your stops @ last price, Its to set your stops at BID or ASK price. Specialists will never flash unless intended. This is FIFO. When trading larger then 2000+ shares, you must be FIFO, or be prepared to be repoed.
SVU - EXited 34.16 +0.05 cents Thats it for trading this stock today, I can't work with psycho specialists. Will search for easier prey now.
This is just my futures trading method I used in YM, Can be applicable in any markets as long as the reward is there and I Am not whipped as much. Trading long stocks today isn't exactly the best idea considering all indexes are down. But I'm starting to like trading long regardless for a reason. Right now I'm still testing the waters on the intricacies of the transfer to stocks, so I will be trading long every single day regardless of what the indexes do.