Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: Steven Ivanyi who wrote (1174)	6/22/1998 1:27:00 AM
From: swrdfsh	of 2120

Whew!!! just spent the past few days reading (almost) all the posts on this thread. good stuff!! quick questions/comments: 1. ken what is up with the business week trading strategy that you were working on? any luck? or did i accidently skip over the report on that one. 2. ive been using eschwab and have considered switching to a cheaper online broker. but when i hear about all the problems people are having, the difference seems small (S29.95/thousand shares). here are a couple things i am happy with - lightening execution and instant confirmation. After hundreds of trades i have had problems with only one. i frequently buy at the bid and sell at the ask. with their software i can enter orders directly using a separate phone line (faster than using their web site), leaving the other line for PCQuote on my other puter. since i am an active trader i can access a special team of brokers who respond to any problems, execute trades for me and handle special orders. they answer the phone directly no voice mail or receptionist. i also get access to a special schwab charting/news/screening/research site. i can get in on a good slice of the best ipo's, too. anyway that is my 2 cents on schwab. i pay more but i think i get more and it is cheap insurance on 1000 share trades. 3. i have seen the pump and dump daytrading chat room in action. i have been accumulating shares in thinly traded small cap Nasdaq stock for a long term hold. i follow and post at the stocs sleepy thread at yahoo. one day a couple weeks ago Kingfine (im outraged so ill name names!) made a call on the stock. After that it was a wild few days. Up till then the posts were mostly insightful and very civil. in those few days the hype, insults, and profanity from his henchmen exploded. the stock jumped the first day. By the third day it was back to where it had been. this was a "three day call" BTW. I checked the minute by minute spread and volume on the first day and checked the time the call (which contained false information about the company) was posted. sure enough the stock ran up less than 10 minutes before the call was made at kingfine. I followed the collapse and read posts from the sheep who had followed the call and couldnt understand why the stock dropped right after they bought. I am glad the SEC is investigating these practices. They are very blatant. it also goes to show how dangerous it is to rely on someone else to make your decisions for you and the importance of developing your own system. daytrading aint for the lazy. 4. thanks for starting this thread, ken. i look forward to following and checking out your site later this week. swrdfsh

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