Best Thread US day traders thread.
I'm happy with the medium size stocks at the moment.Hi all
Well while evrybody seems to be creaming it I am slowly knocking out small profits on RIMM. Trading 200 shares at a time.
Last 4 nights have been profitable with profits more than covering expenses and increasing my account.
Learnt a good lesson tonight, just missed a $1+ move . Entered at 64.75 around 14.05 (19.05 UK) and sold half after 20c takeoff.
widened stop on rest of position from 64.75 to 64.65. Worst case senario I get stopped out for a breakeven trade.
Stock came back then took off again but I raised my stop too early to 64.93. Stopped out and missed the money making move.
Lesson learnt. Must trust my strategy.
But still made a small profit and live to fight another day.
Cheers
Well while evrybody seems to be creaming it I am slowly knocking out small profits on RIMM. Trading 200 shares at a time.
Last 4 nights have been profitable with profits more than covering expenses and increasing my account.
Learnt a good lesson tonight, just missed a $1+ move . Entered at 64.75 around 14.05 (19.05 UK) and sold half after 20c takeoff.
widened stop on rest of position from 64.75 to 64.65. Worst case senario I get stopped out for a breakeven trade.
Stock came back then took off again but I raised my stop too early to 64.93. Stopped out and missed the money making move.
Lesson learnt. Must trust my strategy.
But still made a small profit and live to fight another day.
Cheers
PitBull
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Timaru
Glad you've been profitable. It's a good way to learn when analysing your trades.
If you don't mind I will attempt to give my two pennies worth.
Entry on RIMM @ 7.05pm was after a slight pullback in uptrend, hammer candle on 5min chart. Enter after high of hammer taken out. Low of hammer was 64.60 so thats where I would of put my stop, 15cents risk.
Carried on up to 65 and then a big bear candle. BUT, a big but, low was only 64.7. Still wouldn't of been stopped out yet. Question is, after a 25 cent run, do you wait a bit longer before moving stop to breakeven. Remember you are still only risking 15cents. therefore, I would of left my stop where it was @ 64.6. the next candle was bullish and its low still only 64.65. Still not stopped out. Consolidates a bit then takes off like Bob's your uncle!
Thoughts:
wait for bigger move before moving stop to breakeven, maybe 40 cents.
Stock was in a strong uptrend with minimal pullbacks.
Hope this helps. I've attached a chart for all to see.
Glad you've been profitable. It's a good way to learn when analysing your trades.
If you don't mind I will attempt to give my two pennies worth.
Entry on RIMM @ 7.05pm was after a slight pullback in uptrend, hammer candle on 5min chart. Enter after high of hammer taken out. Low of hammer was 64.60 so thats where I would of put my stop, 15cents risk.
Carried on up to 65 and then a big bear candle. BUT, a big but, low was only 64.7. Still wouldn't of been stopped out yet. Question is, after a 25 cent run, do you wait a bit longer before moving stop to breakeven. Remember you are still only risking 15cents. therefore, I would of left my stop where it was @ 64.6. the next candle was bullish and its low still only 64.65. Still not stopped out. Consolidates a bit then takes off like Bob's your uncle!
Thoughts:
wait for bigger move before moving stop to breakeven, maybe 40 cents.
Stock was in a strong uptrend with minimal pullbacks.
Hope this helps. I've attached a chart for all to see.
Attachments
PitBull said:
Hi Pitbull
Yep like the theory apart from three things
1.Hindsight always a great thing. Trading the moment is always harder. But you are right , I should have left my stop where it was given I had a risk free trade after I sold half the position.
2. 15c stop a bit big for me. On a 1000 shares that's $150. Ok if you have a larger account I suppose and you are right more often than you are wrong but I don't know if I am that good yet as I am just starting with a live account. As soon as I am confident i get more right than wrong i.e >50+% then I will up the ante. Also i am trying to trade with 200 shares as I would(or at least like to with 1000 shares. Would like to tighten stop to 5 to 7c and time entry better., but guess that comes with experience.
3. My entry wasn't the problem. My problem was the selling of the half position as I did get a 40c run initially, I just got greedy. When I did sell half it was still enough to cover my cost and keep the orginal stop. At that point I had a risk free trade so i should've let the position go as the price had bounced of the support price just above my stop. Odds on $65 was going to be breached again.
We all live and learn
By the way , did you set up your live account?
Cheers
AC
PitBull
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Timaru
Yes hindsight is a wonderful thing and in the heat of battle we tend to overlook these simple things.
Understand your point about 15cent risk therefore having a smaller risk of 10cent is going to be a bit hard at first as we learn to time our entries with perfection. However, I don't know what your view is on this and others per se, but having a wider stop when starting out but with a smaller number of shares gives you more thinking time, which must lead to lesser stop outs and builds confidence. But I suppose at the end of the day, practicing with tight stops gets you ready when you really starting building up the number of shares, i.e. 1000
Would appreciate peoples thoughts on this.
p.s. yes have opened up a live account, with GNI Touch. So far so good.
Yes hindsight is a wonderful thing and in the heat of battle we tend to overlook these simple things.
Understand your point about 15cent risk therefore having a smaller risk of 10cent is going to be a bit hard at first as we learn to time our entries with perfection. However, I don't know what your view is on this and others per se, but having a wider stop when starting out but with a smaller number of shares gives you more thinking time, which must lead to lesser stop outs and builds confidence. But I suppose at the end of the day, practicing with tight stops gets you ready when you really starting building up the number of shares, i.e. 1000
Would appreciate peoples thoughts on this.
p.s. yes have opened up a live account, with GNI Touch. So far so good.
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Mr. Charts
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You could have changed it to David Cameron........;-)
Richard
Richard
Mr. Charts
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Hi Gadgetman,
Were you looking at the set up and level2 as GILD sat just under 53...........?
If so, let me know and I can email you a level 2 screen shot I took showing the high probability of its break out BEFORE it happened. It was a no brainer 40c+ move.
Richard
Were you looking at the set up and level2 as GILD sat just under 53...........?
If so, let me know and I can email you a level 2 screen shot I took showing the high probability of its break out BEFORE it happened. It was a no brainer 40c+ move.
Richard
PitBull
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Gadgetman
Nice nickname! I take it you are?
Anyway, looked at the said stocks and only one took my fancy, GILD, so therefore played a few faves, RIMM and SNDK.
Firstly, GILD
10 am break, entry 52.82 on huge volume, volume then tailed off and picked up again. Showed no signs of slowing out 40 mins later at 53.50 when bearish candle started to form. +68
SNDK
Gapped up and I went long @ 61.65 stupid mistake as 10am reversal loss 25cents, therefore reversed position for the fall, SHORT @ 61.17. Caught it nicely as covered soon after @ 60.57. Net gain +35
Star of the day goes to RIMM.
Tight three bar break. LONG @ 65.57. Trailed stop up to 66.36, sold half @ 66.65. Trailed stop again to 66.94, sold out rest at 67.30. +$1.73
Therefore up $2.76. Very nice!
See attached charts. Even included the SNDK loss
Nice nickname! I take it you are?
Anyway, looked at the said stocks and only one took my fancy, GILD, so therefore played a few faves, RIMM and SNDK.
Firstly, GILD
10 am break, entry 52.82 on huge volume, volume then tailed off and picked up again. Showed no signs of slowing out 40 mins later at 53.50 when bearish candle started to form. +68
SNDK
Gapped up and I went long @ 61.65 stupid mistake as 10am reversal loss 25cents, therefore reversed position for the fall, SHORT @ 61.17. Caught it nicely as covered soon after @ 60.57. Net gain +35
Star of the day goes to RIMM.
Tight three bar break. LONG @ 65.57. Trailed stop up to 66.36, sold half @ 66.65. Trailed stop again to 66.94, sold out rest at 67.30. +$1.73
Therefore up $2.76. Very nice!
See attached charts. Even included the SNDK loss
Attachments
Last edited:
Gadgetman
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>>Mr. Charts:
No I completely missed the GILD play. Would appreciate seeing the L2 screen though, if you wouldn't mind sending it through.
>> Pitbull: Yes, absolutely into gadgets, including home automation!
Thanks for posting your charts, will be useful for me to analyse and learn!
Rgds
DD
No I completely missed the GILD play. Would appreciate seeing the L2 screen though, if you wouldn't mind sending it through.
>> Pitbull: Yes, absolutely into gadgets, including home automation!
Thanks for posting your charts, will be useful for me to analyse and learn!
Rgds
DD
