Warren,
Now your right on the mark. Even the bellweathers have fluctuation.
I just this past week sold 1/3 of my INTC at 124+ and will rebuy soon. I dont wont to miss out on the split announcment run up. I constantly monitor my complete portfolio for opportunities such as INTC is offering right now. I dont consider that day trading. I generally have three to five stocks that I actively trade, five being the MAX you cannot, let me rephrase that I cannot give the attention required to more than five at a time for day trading purposes. Its not just watching them during the day, its trying to stay on top of them that is the big time factor.
To be a successful PERSON never day trade with more money than you are willing to take to Vegas with you. As in any other form of the market there are risks. However to make some money you need to be able to trade in 2500 to 5000 lots looking for a point or two. Day trading can be acomplished with cheaper stocks (Much more risk) under 10 stocks would require twentyfive to fifty thou be put on the table. I prefer to try to stay in what I call a stable stock removing a small portion of the inheirant risk. Thereby generally being more expensive also. But also the size of the "Acceptable Market swing" increases to as much as 5 - 10 dollars on these stocks, bearing in mind I am going in trying to grab a smaller percentage of the whole swing repeatedly, say 2 - 3 out of 5 swing to 4 - 7 out of 10 swing.You have to consider commission costs also. I search for consistently swinging stocks. (get and learn to use a good historical charting software) Make rules and stick to them, based on your research you should know at the moment you buy the stock what price you want to get. Take it when you get there! Even if it goes a couple of points higher if your research has brought you to the right stock you are heading back below your sell price for rentry, based on the last swing you may want to increase your sell price this time. Play it in real time as conditions and supports change in real time! SET STOPS.
In a perfect world yes, I would be flat in all day trade positions each night. It aint a perfect world! I would not get out of a position at a loss just to be out. I am however scared of morning gaps with these positions, I have witnessed enexpected "wrong way gaps" for no apparent reason many times. I hate having to hold one longer than anticipated, Never know when that next Zitel is coming along! As far as playing one for follow thru I dont bet on that in these instances much. My commision cost are reasonable at 19.95 per 5000 shrs. I can be out and back in for 40 bucks, mabey missing 1/2 to 1 point of the morning follow thru. You also have to consider different types of plays. Zitel is not a consistently swinging stock right now is riding the hype train (another potential profit type of stock, but MUCH more risky) Not a true day traders stock.
I am not in a position to advise you on career objectives, that comes from within. You from your post are a intelligent well educated person capable of weighing the pros and cons specific to your life. But remember it is short ENJOY IT!
As for poker, thats on my favorite things list right under SEX, holding securely second position. We play when the wives arent looking.I Gather from your posts you live Northeast to Midwest. I live in the Southeast. But I noticed we have a common stomping ground Nevada, Mabey we will be there at the same time and can meet, share a drink and some Trading stories. I try to Mecca there several times a year.
Sorry about getting so long with this on the thread, but come to think of it the number two position on the list should read poker/trading!
Have a good weekend.
Stan |
