Best Thread US day traders thread.

[Salty Gibbon]

After the close on Tues is Research in motion -RIMM

My take on this as a guy still wearing "L" plates would be to play safe and avoid RIMM until about Thursday when all the excitement has died down, and definitely not to be holding a position in RIMM ( either long or short ) overnight on Tuesday / Wednesday.

Experienced guys like Naz may well make a killing from the action but I prefer to stay away because I know that this stock gives great trades almost every day of the trading week and usually several every day.

So I will probably trade RIMM on Monday and then leave it until Thursday.

Just a safety first approach, that's all.

RIMM is one of my favourite stocks but I do treat it with the utmost respect and trade it cautiously.

 

[rich64]

Surely the better option for less experienced traders is to trade the faster moving Nasdaq stocks with a much reduced postion size.

There is no substitute for the real thing and trading a stock ike GOOG at it's fastest with a position of say 100 (or even less if using CFD'S perhaps) gives a good insight into what can happen intra-day....you can of-course still make or loose real money with regular moves of $1-$5 all day long but with sensible stops and care you should not be exposed to any disasters.

 

[Salty Gibbon]

Sure, everybody has their own take on it.

But I am simply here to make money without being greedy and I will do it in the way that is most comfortable and safe for me.

Each to his own. Nothing at all wrong with that.

 

[rich64]

Salty, of-course you're right about that.

Apologies if my post sounded a little arrogant, I meant more in the general sense that smaller position size can be a great method of testing new strategies as well as new markets/stocks.

 

[Salty Gibbon]

You did not sound arrogant at all.

It is good to hear different views.

 

[Mr. Charts]

There are Nasdaq stocks which move gently intra-day, are very liquid, have tight spreads and allow plenty of time to enter and exit. These are suitable for those who enjoy a more relaxed style of intraday trading.
You can take positions knowing that sudden large moves against you are extremely unlikely. For many this removes tension and stress from the equation as the fear of substantial loss arising from doubt, freezing etc. is all but eliminated.
These stocks can be safely scalped and swing traded. As always a scalp can lead on to a nice swing.
For example, maybe you buy something with a 15c target in mind, you achieve that, perhaps take 33% or 50% off the table to lock in your profits and let the rest ride if the stock keeps running and ends up a swing trade.
Maybe others might like to add to a list?
I'll kick off with:
SNDK
GILD

Richard

 

[Naz]

Can you name some specific set-ups that fall into this category Naz ?

Yes,hooks and false breakouts.

Naz

 

[Naz]

Some people look to take trades on the break of the last high or low as mentioned in many books.

Fading these moves can be a great play.

Like the Dow today.

Naz

 

[millsy500]

I've been looking at various setups but i can't find the hook mentioned by Naz in the book i'm reading,could anyone help me out and maybe explain it?

Thanks millsy

 

[Salty Gibbon]

Maybe he's referring to Ross Hooks.

Go take a look at the thread on Ross Hooks and 123 formations.

 

[millsy500]

Thanks salty i'll now spend the following week trying to digest it.

My limited view on RIMM is it will probably head south and then recover towards the end of the session.BUT i will be staying well away!

 

[Naz]

Just for info only and not an indication to trade it.RIMM's results were out last night and its now trading down about $4.This will set many day traders scurrying to check it out to day for any reaction to this move.

 

[Salty Gibbon]

I will be watching RIMM avidly today Naz but as always with great respect and caution for this rampant racehorse.

Yesterday I had a profitable day trading both Nasdaq and NYSE stocks but I really had to work hard to find some nice trades. Maybe it was me having an off day but did you find yesterday to be a little tricky ?

 

[Scooby]

Slight up day, did not find any real good patterns that setup.

1 Breakeven
1 +14c

Gave up after 17.00GMT

 

[Salty Gibbon]

did not find any real good patterns that setup.

Exactly my problem yesterday.

+37, +13, +7, +5, +14, +3

Scratchy !!

No good trades after Emmerdale

 

[TheBramble]

Exactly my problem yesterday.

+37, +13, +7, +5, +14, +3

You know you're doing OK when a string of '+' with not a '-' in sight is a 'problem'.....

 

[Salty Gibbon]

Maybe I'm a little greedy.

Need to attend to that.

And yes Tony, I am learning to cover costs and get the hell out fast before things go very far against me.

 

[Scooby]

Maybe I'm a little greedy.

Need to attend to that.

And yes Tony, I am learning to cover costs and get the hell out fast before things go very far against me.

Nothing wrong with trying to push a bit harder just keep it controlled.

Looking at those results Salty would have said it was not a total bummer of a day.

 

[Salty Gibbon]

No it wasn't but it was harder work than ususal

 

[Salty Gibbon]

Now I feel better