I usually use $200 as a limit on losses I'm willing to take, so I just figure how many ticks down I should place it.
Ken, I was wondering whether EBSC qualifies as one of those coiled stocks ready to spring after being dumped for no good reason? I'm in Friday and did violate a 'top ten' rule about holding overnight, but felt I could use this as a position trade instead of a day trade as was originally intended, but I couldn't <vbg> get that extra 1/4 I was looking for.
I was giving daytrading a try for a week, because I had surgery and got to stay home where I have RTIII, but no level 2. Still, it was a good experience even though I came out even for the week. I'm using 2 computers, both at 56k,2 telephone lines, and 2 ISP's. When I've tried in the past to run it all on one computer, RTIII gets slowed down by about 10-20 seconds, and that just doesn't cut it. Usually have one window for my online broker, one for Yahoo to scan news and % gainers that might be up and coming on the complete list which shows 20 stocks instead of the 10 on RTIII(even though it's 15 min delay), and the RTIII. So I put the RTIII on it's own, and use the other for the Yahoo and broker (NDB). Can't complain much about their service, because when I enter a market order and hit the 'submit' button, I usually see my trade within 5 seconds. I've been lucky getting filled on limit orders below the current bid a couple times, too. Unheard of you say?? Well, it's true. Doesn't happen often, but sometimes does.
I appreciate the input from all on this thread, and I've lurked for quite some time. I'm being a sponge to all the techniques out here so that someday when my nest egg gets built up to about 50k, I may go into it full time. While working, I sometimes get a couple daytrades in because of internet access at my desk, but you just can't 'see' all of it without RTIII which doesn't come thru because of the firewall. So the best at work that I can do is shoot darts with the best of my ability, and place those stops while I have to work. Check the quote every 15-30 minutes, and if it shows $200 or above for profit, I usually take it. If I get stopped out, I just wait for the next day. I've also been very sorry when I haven't used those stops. Those $150-200 stops cost me $500-750 in the end when I couldn't watch the action and just was too sure of myself. The market humbles very quickly.
Sorry for the long winded post, but it's been awhile since I let it out. Again, would like any thoughts on EBSC. (Started a thread for it, if anyone would like to post their comments there).
Thanks in advance and have a good week.
Heigh Ho,Heigh Ho, it's off to work I go on Monday. |
