Day trading in Canada Message Board

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Gold/Mining/Energy : Day trading in Canada

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To: keith massey who wrote (9)	8/11/1998 9:01:00 AM
From: the Chief	Read Replies (1) of 4467

Hi keith. The thread is an excellent idea. I daytrade Canuck exclusively and would like to contribute when I can. There may be few opportunities, but when chosen correctly they can pay off in a big way. It just takes a lot of research and the patients to wait for the trade to come to you. I find that research confuses the daytrading philosophy. I do no research on my daytrades. I, like you, originally produced a long and short list of stocks I wished to daytrade. The problem was that there were many days none of my short or long list made a "daytradable" stock. I disregarded the entire process and work strictly on momentum and volume. I don't care whether the company produces nasal spray or bulk steel. If it moves and moves on volume I jump in. I find that there is more of a risk associated with daytrading Canuck but, there are ways around it!! For instance if you believe that amateurs open the market and professionals close the market( I believe this philosophy) then daytrading is actually more beneficial by altering the standard daytrade. I buy between 2:30 and 3:30 in the afternoon and sell by 10:00 and 11:00 the next morning. The risk inherent in this process is the overnight hold. The stock could lose momentum overnight. Generally, you end up with the "second wave" buyers the next day and all pans out. I also find that trading stocks that have "failed" to meet projections very interesting and very profitable, they tend to open oversold then quickly recover, but it can be "tense" to say the least. I traded CIBC, Friday and my biggest problem was getting the confirmation of the buy, so I could sell! For those that sell/buy thru a discount brokerage(db), call your db and see if you can get them to bypass the "investment representative" screening of your order. It speeds the process of a buy and sell considerably. Draw up a contract with your DB that you will not exceed a certain $$$ level in any one order and the total of your orders outstanding will never exceed 75% of your total NAV in your account. Some db's will bite others won't. It really has to do with the number of $$$'s you have in your account. I have gone to "internet" based orders and trading exclusively. I had a PC based piece of software but it required me to disconnect from the internet to run it. The software also dialled a 1-800 number that at the most crucial time was either busy, or so slow it caused severe vomitting on my part!! Later!!!! the Chief

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