Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: funk who wrote (3749)	4/19/1998 9:18:00 AM
From: Alf	Respond to of 12617

Funk Thanks for all the help- and just for the record I am glad that you decided to post this message here on SI so that others will also benefit ! The best part of SI is having the ability to ask questions and getting a reliable answer from someone that is willing to take the time and effort to help others. Of all the people that I know, no one has a real interest in the stock market let alone trying to daytrade (besides some great people I have come in contact with here) Right now I am using StockEdge ( DBC ) for quotes and a third party software package from MarketSoft Research called Tradewind for charts - this is the only software I have tried but I think that it is excellent - And for StockEdge - well it was a very reliable service until they started offering level 11 quotes. they have some work to do and I hope they fix it soon. I use Datek for my trading account, and Quick&Reilly and WaterHouse for long term stocks. My history - about 10 years ago started in funds, did real well, 5 years later got bored and started investing in individual stocks,kinda long term - for the most part probably about 1 to 2 months. And just around 6 months ago started day trading. From your post I assume that you use either AB Watley or MB trading ? You odvisly have level 11 quotes. Right now I have yet to sign up for level 11 with StockEdge. I always use limit orders - most of the time at the ask, sometimes below Commissions are not of the greatest concern ( I remember when deep discount was still on average for me around $ 150 ) Do you feel like you have a definite advantage with level 11 ? Tim PS printed out your post !

To: funk who wrote (3749)	4/19/1998 9:47:00 AM
From: Alf	Read Replies (2) \| Respond to of 12617

Funk - Irby When daytrading is there a predefined profit that you are after ? ex. 1/8 or 1/4 or is it a combination of the chart and gut feeling ? I use the second of the 2 and sometimes my biggest mistake is greed ! ex. last week bought YHOO at 125 1/8 - within 10 min. I think it got to 129 - when watching it go up so fast my plan was to exit at 128 3/8 - got greedy, it droped just as fast as it rose and ended up selling at 127 1/8 On my chart's sometimes I see a quick spike either up or down - do you use this as an indicator ? Any tip's or comments are appreciated Tim

To: funk who wrote (3749)	4/19/1998 12:26:00 PM
From: peter michaelson	Read Replies (3) \| Respond to of 12617

Funk: I read your post with interest and I have a question that I've never gotten an answer to that I can understand. In your example of buying SPYG at either 10 1/4 or 10 1/8, obviously it is better to buy at 10 1/8, almost regardless of the commission. But how is this accomplished? One can certainly enter a limit order to buy at 10 1/8, hoping and seeing sell orders continue to flow. Is this what you did, hypothetically, in your example, or is there some mysterious technique to improve the chances of getting a fill at the bid? And, for my sake, let's also move the example to a New York Stock Exchange issue. thanks in advance peter

To: funk who wrote (3749)	4/19/1998 9:10:00 PM
From: Sword	Read Replies (3) \| Respond to of 12617

funk, in response to your numerous messages over the past few months: Thanks for your candor and good advice. Your one rule: "Control your LOSSES" is the A-1 rule for successful daytrading. There is no room for "hope" in this game. I have two brokerages; one for long term investments (Dreyfus) and one for daytrading (MB Trading). This allows me to separate my desire to invest in good companies whose stocks I love (no apologies) and yet to satisfy my desire to profit from short term swings in stock prices. That mindset says "I don't care about this company's product or what they make and I probably won't hold onto this stock for more than 15 minutes." The company still should consider me a valuable entity because I provide liquidity to the company's stock (so no apologies for this alter ego either!) So on the one hand, my portfolio is growing and its fun to see the results of investing in good long term growth companies in my Dreyfus account. On the other hand, I am a born trader with a compulsive personality (probably codependent) and have this urge to make at least 5 trades a day in my MB Trading account. When I sit in front of the monitor, I get absorbed into the ebb and flow of the Level 2 MM screen and the time and sales prints. I can see the pause in the market after a decline in the charts and price. I can see the pause in the action as I ARCA, SOES or Selectnet my order. Then I get a rush as the market begins to surge with green buyers on the ticker and the Level II slinkying to the left. I sit back and let it run. I can relax because the only price point I've set is my mental sell stop on a long position that's gone bad. Then when the action takes a pause and the Level II MMs who matter come to the inside ASK, I slice in front of them with my hot button and I'm out. It doesn't always work out this way, of course, but when it does, it's great fun! On the bad trades, I'm out in a wink, never wanting more than an eighth loss. On the good ones, I try to feel the market action and let the profits run. -Sword