Let's Play the US Markets

Amit,
The problem here is Mr Elliot started right off the bat with a lie, then was deceiving, and it ballooned up from there. In fact if you dig deeper into his tradenet site you will find countless pieces of information that at best do not corroborate what he says here or what he posts on his linkin in profile, or what other members here have found out. Is he really a senior sales exec? is Sotorios really head of marketing? Believe me you will find many more questions than answers. Hint: check out the team members listed on the site.

Peter

Many thanks Tim, I'm sure this answer is going to be useful for members.

Now that Nick has a vendor badge I don't care if he keeps posting (and blogging) but for me his credibility was blown by his misleading, as it turned out, first post.

I understand Peter. I was actually quite interested in this journal initially as I also trade U.S. stocks and most discussions on T2W are either forex or futures, however, I am simply asking that we all give him a chance to show his true colors. If his website changes or he promotes his business, he WILL be banned.

In any way or form, most people who read this journal's contents will now take it with a grain of salt due to the OP's suspicious nature. Thus, any intentions the OP had of recruiting suckers will have been mitigated.

That aside, I am quite impressed with the efforts of the few T2W members in quickly spotting something fishy.

Unfortunately, the trading arena is so full that vendors will always catch quite a lot.

All guys like you, DT, TheBramble and lots of others who are willing to investigate can do is to keep pointing them out. You are saving lots of new traders, you can't save them all.

I don't know where you go for your info--I'm an "oldie" who does not go much further than my dealers, T2W, the BBC and a very few other favourites.

I'm, practically, paranoid about entering sites, pressing buttons and giving email addresses, etc. , so I am very safe from vendors attentions, even cold calling telephones get hung up on.

Here's to the Investigators!

That is very true, very few suckers will be recruited from here but hopefully this thread, which is now number 4 in google for 'tradenet uk' searches, will also help inform others who are not on T2W. I suppose that's what happens when you try to pull a fast one and get caught out, must be a complete disaster from a marketing point of view. I wonder how much they spent on SEO only to have this thread near the top of google.

Hi Everyone,

I see this is still getting some attention and I'm trying to see it from everyone's point of view... I am sorry for posting a link to the blog and I've promised not to do it again... I think we've established everything that needs to be said in terms of what my intentions are here and I agree that given time I'm going to be exposed pretty quickly if something seems out of the ordinary! How about I give the outline of what's going on here again

1. Objectives

I want to achieve or start achieving 5% per month from my trading activity.

2. Markets & Instruments

The US Markets (NYSE or NASDAQ) trading stocks only (not ready for futures or options). Will start by tracking 10-15 stocks but if I get confident this could rise. Looking for high volume trades priced between $10 - $100 which have a nice technical pattern.

3. Style

I will be swing trading because I am in full time work at the moment. Mostly I'll be be doing some homework between 1pm - 2pm each day and will look to place one or two trades a week.

4. Timeframes

I will be using daily charts and will be looking at moving averages and technical patterns in the price. Cup & handles, reversal patterns etc are all going to be of interest.

5. Which Strategies?

As for now, I'm not sure. I'm looking at reversals on a daily basis (i.e. either hammers or dojis) but not sure if i'd act on them just yet. Breakouts will have to be pretty strong and I'll be looking at using moving averages as lines of resistance/support. Retracements I don't know anything about yet so not going to go anywhere near them!

6. Trade Set Up

High volume (750,000+) Good technical pattern (higher highs, higher lows), volatility in the stock, price between $10-$100.

I'm paper trading at the moment and I'm looking to start with a live account in January 2011. I've read a number of times that I should keep a journal as it's a great way to learn from your mistakes. The two trades that I'm going to keep an eye on this week are BAC dropping below it's line of resistance at 10.99ish and MCD for a breakout below it's line of resistance at around $77.

Two other (swing) trades I'll be looking at this week.

Stock number 1: COH
Name of Company
Coach Inc
Entry trigger $57.60
Stop
$55.35 First target $59.33 (3%)
Final target
$64.63 (12.2%)
Average daily volume 3.43 million
Sector
Technology | Networking & Communication Devices
52 week high $57.45
52 week low $32.56
Performance since the beginning of the year 59.15%

Stock number 2: CCJ
Name of Company: Cameco Corp.
Entry trigger $38.70
Stop $37.53(-3%)
First target $39.86 (3%)
Final target $44 (13.7%)
Average daily volume 2.11 million
Sector Basic Materials | Industrial Metals & Minerals
52 week high $38.70
52 week low $20.65
Performance since the beginning of the year 19.99%

Just paper trading for now so am effectively just going to track what they do so I guess I'll post back at the end of the week with their performances.

So what we have so far:

COH @ $57.9 so it's triggered ok and hasn't hit first target yet but moving towards it.

CCJ @ $38.78 so it's triggered but not making a lot of movement - one to watch over the next few days...