As the title states... any day traders in here?? is so post up would like to ask a few questions.. etc..
Any Day Traders in here???
- Thread starter SRT10VENOMOUS
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What do you want to know. I did it for a year when I lived in NYC, whats up?
PS...nothing on the interent (ie...scotttrade, ameritrade, Etrade arre not fast enough and are not real time)
PS...nothing on the interent (ie...scotttrade, ameritrade, Etrade arre not fast enough and are not real time)
kool.. ill be pm'ing you soon.... thanx... juts figuring some of this stuff out ...
I made about $1500 a month conservatively day trading back in the 90s.....got my hands burnt when stocks fell in 2000 and never got back into it..
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I did it from 03-04 and was making about $400 a day. I was on the Anvil platform which was very easy to use. At the time I was trading NEM, LEN, LB, FCX mostly...my ticket cost is what I could nnever get away from. I was taking home after commuting to Manhattan and my ticket charge about $100-$200 a day which wont cut it on Long Island, but I loved it none the less.TNVIPER said:
Oh...and by day trading I mean I was in and out with in about 3-4 minutes per trade round trip, I would hop in front of large bids or offers usually when the stock hit significant numbers like $30, 40, 50 per share. You see alot of Mutual funds in at those numbers to keep accounting easier. a $0.20 move with 1500 shares a few times a day was good enough for me.
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when u were doing 300 /400 a day what type of capital were you working with... and your ticket charge?? what is this.... .. .. also do you think these programs you put on the pc that claim real time are good enough?? vs the web broser programs wich are lagging seriously...
about how many trades a day were you doing?? and what type of % were you getting out of stocks at .. high side and low side... .. this is the start of a ton of questions lol
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SRT10VENOMOUS said:
This is where I traded
http://www.chimeracapital.com/index.html
They are good guys and use the Anvil platform which I liked. and no you can not do this from home you need to know what you are doing. These guys have the S&P futures calls coming in over loud speaker, which is like listening to a car auction. Back then I put up $5k of my own money but with in three months I had about $100K of buying power and at most 3 positions open. I can't remember the ticket chage off hand but I think like $0.08 per share. but it could have been $0.008 per share I really don't remember.
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SRT10VENOMOUS said:
Here is how a trade worked for me:
take NEM for example, I knew the stock and the (effing) bookie (I actually forget what they are called but they stand by the post on the floor) knew me. I was always flashing in, so I would get dicked around a little.
Say Gold is hot for the day and is trading up in London...(S&P 500) wont have much of an effect (AIG would follow it more). Say the stock opens at $39.45, thats kind of an old number, as you watch it you may see some resistance up to the $40 per share mark, an institution may have a block trade there or the specialist (said bookie, now I remember the name) wants to manipulate the stock so he can make money. Gold is up $13 per ounce but NEM is not moving and all the other gold stocks are going up. most likely the stock is being held up and accumulated against that instituion. In this area you may be able to throw some shorts up (short sales) at $39.90 and if the keep dragging it down make some money. But if the stock hits $40 a share its going to fly. You would put a bid threw the market for $40.05 for 500 & $40.10(.10 from here or likewise a decimal) and hope to get filled or buy the stock. if you get fill say [email protected], [email protected] and 200 @ .14 this stock is going to fly and most likely the offers (sellers) will back out b/c they know its going up. at this point you throw an offer of 500 @ .40 and see what happens if it gets filled right away at say .25 then sellers are there(most likely the specialist who got ahead of the stock in the high $39's) and are not showing themselves. quickly throw out another 500 @ .30 and see what happens if you fill at .35 then you should have waited b/c the sellers are backing off. but you just made $230 in under 2 minutes. most likely you will get a reactions back to $40 even and you want to wait and see what happens and maybe try and buy some at .05.
hmmm im still learning about puts and throws.... just studding a couple books ... on all these techniques..
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SRT10VENOMOUS said:
if you are going to start throwing in calls/covered calls/puts and so on then you are not day trading you are going to be swing trading. totally different beast. you better get educated
ya man i just started readign up on this stuff yesterday... so im fairly green...... bought several books.. .. wich are ummmm trading for dummys, some day trading book., a couple penny stock books.. and one normal stock book.... so im gonna rip threw them... i signed up to a site that gives you play money to invest and practice your skills..... ... and after i do this.. im thinking of finding a cource somwhere to help some more.. and at that point hopefully im ready to start small.. looking at throwing in 1k .. and workig with that for as long as possible... and see if i lose it or gain with it.... then make a decision on what i want to do .... sound liek a plan?? or do u recomend anyother ways to learn this game..
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SRT10VENOMOUS said:
When I traded it was full time and someone sat next to me all day to help me. The problem with the "play money" or fake trades is in real life you don't know when you are going to get filled. you may have to bid thru the market and by the time you get filled the action is over, then you have to put in low offer and in less than a minute you just lost $2-300. Ket me know what exactly you want to do and I can point you in the right direction.
Well i was thinking of getting into a lil of 2 worlds i guess you can say..
1st - i want to do some penny stocks , say 3 to 5 stocks and trading maybe every couple days or weeks ,, and try to pull 5 -10+ percent on the trades..
2nd - i would like to on days off do some day trading the 8-4pm and maybe make 20 or how ever trades you need to make in a day to make a few bux...
this is nothign serious for me yet .. im just gonna go in small and play around and learn the ropes.... and if i ever get to a point where i feel that i can do it full time and have the capital to go in and make some money.. then im gonna try that
And i think thats all i really want to get into for now.. unless you have other recomendations ... im not looking to hold anything longterm at all...
1st - i want to do some penny stocks , say 3 to 5 stocks and trading maybe every couple days or weeks ,, and try to pull 5 -10+ percent on the trades..
2nd - i would like to on days off do some day trading the 8-4pm and maybe make 20 or how ever trades you need to make in a day to make a few bux...
this is nothign serious for me yet .. im just gonna go in small and play around and learn the ropes.... and if i ever get to a point where i feel that i can do it full time and have the capital to go in and make some money.. then im gonna try that
And i think thats all i really want to get into for now.. unless you have other recomendations ... im not looking to hold anything longterm at all...
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SRT10VENOMOUS said:
Penny stocks are not for day trading( I will explain) and you are not trading for % in day trading, thats what a fund manger does. Penny stocks are not for day trading because they don't move. Remember, Day trading...this means you are in and out within a few minutes maybe 15 minutes if there is alot of news. You are refering to swing trading. swing tradinng you trade a dollar amount and wait for a larger move in the stock...ie...you think chip makers are going to move, so you watch AMD, MU and most importantly INTC. if INTC has a good quarter that will carry over to the others, you may try to get into AMD for 2000 at $21 and hope it carries thru to $25 over the next month, great you just made $4k. But the market knows people are going to pull this crap so they jig the market (picture shaking an apple tree) so all the fish(small money) gets scared away, so they will bring it down a buck on the news. and over the next week it goes up $3, but you sold out or hit your stop becasue you got scared when you lost a grand. thats ricking alot. Trading shares as a day trader is much more safe, take CTX back at the height of the market, it has a small float (shares outstnading) and the specialist would accumulate alot of inventory and then move the stock. it was very hard to rea dthe tape(priced trades) and figure out where the market was, but the stock would move a $0.25 intervals, so if you got in for 500 you could get a .50 move in 3 minutes which was great.
You cant time the market to react with the news, plus you have to look at volume of a stock. sometimes me and 2 guys I traded with could move NEM, if the bid was light and we had small position we would each flash in bids for 1000 knowing there were no sellers to fill, it would move the stock a little but then you had to be careful getting out. a scottrade acct wouldnt even show that action.
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list of things when trading: I mean trading not investing
Never average down
when in doubt get out
learn from every trade
make sure there is a buyer beneath you when you get in
From here you need to decide how you want to trade. but if its part time I would prepare to lose money, sort of an investment in your trading education.
Not trying to be rude, but it is a difficult thing to do
Never average down
when in doubt get out
learn from every trade
make sure there is a buyer beneath you when you get in
From here you need to decide how you want to trade. but if its part time I would prepare to lose money, sort of an investment in your trading education.
Not trying to be rude, but it is a difficult thing to do
all good info bro.. and great insite to how the stocks work.... and ya i expected the part time to be a learning expence wich im only going in small so hopefully things are ok...... and hey no worries the more straight forwared ya are the better ... now im just studding my books and continuing to figure out what i need to learn...
thanks
thanks
i've been an institutional broker for the better part of 20 years now and the thing that really shocks me, is the perception the public and the day trading community has about the market, the specialist, the institutions (mutual funds, hedge funds, professional money managers) and their effect on it. The specialist has in no way, shape or form the ability to move a stock. He is a reactionary player and cannot initiate a purchase or sale without yielding to the public, who by the way is ANY customer in the crowd, or any order he is acting as agent for, just to clear that up. The one thing he has is a time and place advantage that someone sitting in front of a PC does not unless you are using a real time institutional grade trading tool which is not available to the public. Take my word for it, you guys were never effecting the price of NEM. Your order flow rarely if ever hit the book, it was internalized by your day trading shops clearing broker and you were taken advantage of by the very people who gave you access to the market. the ticket charges, clearing costs, debit and credit spread on your longs and short, plus your short credit rebate, if you traded from the short side is where these guys make their money. The latency you experienced was your day trading shop letting the clearing agent take a peak at your flow before it was exposed to the market and deciding if it should first buy or sell your order. the other thing they like to do is pair off buys and sells between their own traders (internalize the flow) so they can write two commissions and ticket charges regardless of the quality of the execution. I could go on forever but would rather not, if anyone wants a lesson on this stuff drop me a PM and I'll point you in the right direction. These guys who run these platforms are "helping" you learn so you will trade more actively which will line their pockets with fees. They are like the people writing books on real estate investing instead of investing themselves. They make the money on the book not the trade. You want to trade in and out quick, for a couple of bucks in your spare time? Look at foreign currency trading, little money up, enhanced leverage, great tools, and super efficient markets. check out www.fxsol.com and see what you think. if you are going to try and learn equity trading why not try to learn currencies instead. they teach you as well, and have a quality platform.
pm sent .. im hungry for info talk to ya soon
talk to ya soon
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While I think Doneo has more insight than I do. We I was trading the firm I was with had just a few traders. We used the Anvil platform which had direct link to the floor and the OTC market. And you are sure the specialist never manipulates a stock? I had several friends that worked for Susquehanna(spelling) and UBS as instiutional traders. What you are pointing out to SRT10Ven will take a while for him to grasp, and if you go with FOREX from your home you think there is a way to see directly into the market. I also Have a friend at the CME who does mostly metals. No doubt commodites, currencies and the like are fun but they money comes and goes to fast
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