Irby,
Thanks for the reply - basically, the way I've been paper trading is that (and I think I read this somewhere, maybe on this thread)when I determine an entry point and it hits, then I wait 20 seconds - if the ASK hasn't moved, then I assume I got in the trade at the ASK (if I'm going long). As the stock moves up, I've moved my fictitious mental STOP up making sure I at least clear the spread. Once I clear the spread, then I let it run, moving my fictitious mental STOP up along with it - usually about 3/16 behind the BID. Once it stalls, then I fictitiously sell at the BID - I wait 20 seconds and whatever the BID is at the time, that's what I write down in my journal. I assume that would be how a Market Order would perform. My main analysis has been CNBC for the reasons WHY a stock is doing what it is and then I've scanned for the top 10-15 high volume stocks. Then, I look at daily charts - looking for any major support/resistance points. Then, 30 minute, 10 minute and buy when the 1 minute ticks the way I want it to. The whole time, keeping an eye on Times and Sales, looking for momentum.
9 months ago, I couldn't even spell STOCK, so I've learned a great deal from this thread and others. I feel like I've completed my High School equivalency of Daytrading and am ready to move on to a higher level education - hence, the Insight Daytrading course question on an earlier post. It would be worth $2500 to me to make sure I've mastered the little things, plus the software - Level II, etc. - they use Cybertrader and offer remote trading. They are similar to BLOCK or ATTAIN or any of the others. Once I've mastered this, hopefully 3-6 months, then I'll go remote, either with them or an A.B.Watley or MBTrading.
Irby, shoot some wholes in this plan - I'm consumed with learning this great business, and I don't want to go down too many wrong paths to get there. Thanks, in advance - sorry for the long winded post!
TraderBoy |
