Registered User
Joined: 10/7/2004
Posts: 165
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I realize that you are probably not going to answer this question, but I sure would like your opinion.
Of all the indicators/tools that TCNet offers, which do you think work the best for daytrading a 1-minute chart?
Thanks.
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Worden Trainer
Joined: 10/1/2004
Posts: 4,308
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Well, you're right, Dwayne. This falls outside the realm of what we can provide in this forum. However, it's a perfect question for our Stock and Market Talk forum, so I'll move this topic to that forum. I'm sure you'll get some feedback from others...hopefully from someone who is actually doing some daytrading.
- Doug
Teaching Online!
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Registered User
Joined: 10/7/2004
Posts: 165
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Thanks.
Do you know if there are TCNet clubs in the Philadelphia area I could join?
How would I go about finding these?
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Worden Trainer
Joined: 10/1/2004
Posts: 4,308
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Email our support department. They would be able to find out, or to forward your email on to someone who would know.
support@worden.com
- Doug
Teaching Online!
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Registered User
Joined: 10/7/2004
Posts: 165
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Thanks Again.
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Registered User
Joined: 11/16/2004
Posts: 105
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Dwayne,
I am always scratchin my head when I look for signals with different indicators using various time frames. I have configured so many with widely different results. I've concluded that so much depends on the individual stocks behavior with volume quantity.I think that time frame whether 1 min, 15 min, day etc is relative.To pun a great thinker with bushy hair. I am mainly a swing trader but often look to 5 min & 15 min charts with high volume stocks.For low volume I extend the time frame to use a more comprehensible indicator signal.
This is a great question to expand on for others to build criteria for entering periods within indicators.
Some of mine are using a 4 period MA,10 period MA, & 40 period in a one minute chart.I consider volume to be the most major variable so I stick with studying the beat of just a handfull of stocks that work well with a given style of investing.
In Phili I found on (Removed by Moderator), The Center City Phila Investor's Business Daily November Meetup
Monday, November 21, 2005, 7:00 PM, but no TC groups.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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dwayne fist of all TC Platinum is NOT a daytrading plataform. I repeat it is not. If you think that you are ready for daytrading seriously, and have the funds to support this activity, I advice you to look into serious trading plataforms. Plataforms that will provide accurate data in real time for Level II, supermontage (known to the newbies as totalview), and a time and sales which is flexible and able to track back to the all day data. You will also need futures data for the markets leading the stocks that you may trade - example: if you trade technology stocks > then you will need Nasdaq 100 futures (You can use e-minis if you like they are cheaper and run 24 hrs). But as I see it if you are asking this kind of questions, or thinking of using TC Platinum for daytrading my guess is that you do not have the knowledge, or experience to do this. Perhaps you should take a little more time to inform yourselve about the tools available and necessary for this fast paced battle field.
good luck
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Registered User
Joined: 10/7/2004
Posts: 165
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thanks to mr. bucket & mr. bigblock for their input.
i do, however, disagree with mr. bigblock on the need for a different trading platform. i have been using tcnet for over a year to daytrade and it has served me very well. i have a simple method and tcnet does the job for me (as long as there are no storms in florida). but, maybe i could do even better if i investigated the types of trading platforms mr.bigblock suggests.
thanks again.
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Registered User
Joined: 3/5/2005
Posts: 30
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dwayne & BigBlock
Which indicators have you found to be most useful for day trading?
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Registered User
Joined: 10/7/2004
Posts: 2,126
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dwayne if tc platinum serve you well, then I would recommend not to change. If you are making money using tc platinum then there is no reason to change. If your trading style is well fit using tc platinum then that is all you need.
I have used tc platinum twice for very brief periods of time and found to be a lacking application for my needs as far as daytrading goes. I found the chat to be rather distracting, and the flexibility of indicators programming rather precarious.
The charts are not flexible, and the quantity limited to just 8 charts. The only nice thing I found on it was the ability to sort my list of candidates which is based on tc2005 scans by price percent change, price movement, and volume without having to type anything into my daytrading plataform. But then again my trading plataform lets me scan and sort in so many more ways, that the inconvenience of having to type symbols and constantly update the list is well justified. I could spend here hours telling you what the application is missing, but like I said if it serve you well then go with it.
good luck
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Registered User
Joined: 3/5/2005
Posts: 30
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what are you using?
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Registered User
Joined: 10/7/2004
Posts: 165
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eec111,
rsi has proven to be very useful to me for daytrading.
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Registered User
Joined: 10/7/2004
Posts: 165
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bigblock,
which platform do you use to daytrade?
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Registered User
Joined: 3/5/2005
Posts: 30
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dwayne, how about TSV or MS?
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Registered User
Joined: 5/17/2005
Posts: 221
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dwayne ...being an active daytrader myself I agree with Bigblock. you do need to have another platform that gives you level II and time/ sales window. daytrading without these tools isl ike driving a car blindfolded. I use esignal. However in saying that I like to use stochastics and cci to find oppertunities in the market. I have a custom scan that looks for stocks that have traded average 3 day volume of 500,000 , and have a price range of at least 50c in each of the last three days. I also play stocks that are in the 1 - 10 range as I do not like to risk a lot of capital when daytrading. My aim is to make $300 per day consistantly. I use the 15 minute chart to find stocks that have an oversold 15 minute and cci / stochastic and then look at the 5 minute to find the same thing to hone in on the exact entry point. once I have found these oppertunitites I track the dominent market makers in the stock as these are the guys making the price of the stock for daytradiing and you have to try and mirror what they doing. Another technique that I have found works really well is to look for breakouts / trading above the ' opening range' of the stock. the opening range is the high and lows between ,say 9:30 and 10:30. A break out above the opening range of the stock on good volume indicates that it may go higher the rest of the trading session. A great example of this was UTSI on Friday . I bought at 5.79 and sold at 6.2 in late afternoon trading. Other day trading stratergies I use include the dead cat bounce at Market open.
I would love to discuss your daytrading stratergies with you further as I am always eager to compare notes
I have day traded NVAX consistantly for the last few weeks as there are always one or two perfect trade set ups per day in this stock, another fav right now is BCON
Good luck in your trading
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Registered User
Joined: 10/7/2004
Posts: 2,126
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I can give you an idea of what I use for daytrading, but will not be specific as far as indicators settings and such.
You must have a broadband connection at least for this to work.
First of all, realize that there is not a single plataform that will give you the best of all. You will have to find the best of each one of them and put together your own plataform. So my plataform is a plataform of plataforms - form...form...form - I am sure you get it.
So - the system includes 2 cpus (computers)pentium IV 1028megRAM, and 512 megRAM each running 3 -19 inch displays and 3 -17 inch displays respectively.
The faster machine connects the 19" displays, and is dedicated to the day trading plataform. Keep this machine absolutely clean - no other software in it (except for browser). The second machine connects the 17" displays and is dedicated to instant research during the day and furthermore after market closes.
The daytrading plataform (running in the 19"displays) is composed of the following.
1 - graphs+matrix from prophetstation - this are the best graphs anywhere, the most flexible, and reliable data. Once you see this you will go nowhere else for intraday charts. No java here this is on the fly, and you can even set translucid charts and program signals for your indicators - paint bar.
2 - Level II, supermontage, and time-sales comes from alphatrade. Best I have seen out there. I also use level II from Ameritrade Apex some times.
3 - streaming news come from ameritrade - best I have seen too.
4 - futures data, this comes from alphatrade.
I use Volume, stochastics, and MA for day trade. Sorry I will not share settings, but my style fits well that of Jea Yu. I am a scalper most of the time on bigblocks of no less than 5000shrs. Ocassionaly swing but on smaller blocks.
I use 1mi, 3mi, 13mi, and 60mi candle charts for entry confirmation.
Graphics indicators includes futures of the market being traded - say MSFT - Nasdaq 100 futures (Noodles).
charts of $indu, and $compx in 2 time frames, as well as Semiconductors, Q's and VIX.
On the matrix overhead advancers and decliners, tick, trin as well as markets volume. And of course my candidates that come from TC2005 and get sorted in realtime by %price. that will tell me what to trade. Of course I also follow closely tier 1 and tier 2 stocks.
A quick look at your matrix should show you in the following order: Symbol, Company name, bid, bid size, ask size, ask, prv close, open, last, tick, high, 52wk high, Low, 52wk low, change, value change %, volume, Avg volume, time, range, gap, and spread.
Your monitor resolution must be set at 1028x1240 at least so you can see everything upfront. No scrolling side ways.
The 17" displays run TC2005 on 2 displays (daily -6month or less, 3 yrs or more, and weekly, and a full screen relevant to data produced by my own candidate system), and on the third a program that gathers news for any stock from all the available sources on the internet. Including markewatch, WSJ, Baron's, the street.com, edgar, etc,etc - one click finds all possible sources.
Order entry goes with Ameritrade rapid entry system, and ocassionally MBtrading. Ameritrade has work beautifully for me on bigblocks, and has save me a great deal of money. They can move blocks of 10,000 shrs rather quickly if the stock liquidity allows for it. And I have the capability to route the order to differen plataforms as supermontage, inet, archipelago, etc. They have come a long way since the good old days.
I only use MBtrading for repetitive scalping of small blocks (1000shrs) on stock with a very delimited trading range that can be easily exploted. Most of my trading is done between 9:30 to 11:00, and 2:30 to market close.
And that is it folks - not in detail, but in general. How to use this is another story, and I do not think I will ever have the time to explain here - I may just well write a book about it.
good luck.
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Registered User
Joined: 10/7/2004
Posts: 165
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eec111,
i do use tsv sometimes, but never ms.
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Registered User
Joined: 10/7/2004
Posts: 165
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bigblock,
thanks for the info., if you write a book, i will buy it.
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Registered User
Joined: 5/17/2005
Posts: 221
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wow Big ... you really do have a lot of stuff to look at ... 6 monitors !!! lol ....and platforms ...forms ...forms ....very amusing ! It seems like your system is very well set up and judging from your strategies and knowledge I am sure you are a successful trader. i enjoy your banter in the discussion groups.
I like the KISS approach ... keep it simple ....2 monitors , one for charts and trading platform and one for research / news. I run e signal and have found it to be really good and dependable. It has some nifty little features that I like. I use a direct access trading platform (tradefreedom) that integrates really well with esignal.
Telechart is used to find my daytrading and swing trading oppertunities.
I use hotscans from Marketguage to scan for stocks that are rallying above their open range on higher than average. It is a really cool service and always provides tradable oppertunities.
Good luck out there ...
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Registered User
Joined: 12/2/2004
Posts: 1,775
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One thing that comes through loud and clear for those of us serious about trading, whether day or swing...you gotta have a fast and reliable and customizeable pro type trading platform that none of the brokers seem to come with. Prohet, E Signal...I've heard of that software but have never tried it. I use Medved Quote Tracker for both my accounts (Ameritrade and MB Trading are traded on the same interface with quick click of tab...nothing changes on-screen, very neat) and I don't know how live intra-day charts could be much better, but BigB seems to really love Prophet, so I'll keep that in mind for possible future consideration. I've been reluctant to try any thing different because QT has been so reliable and I "know" it if you get my drift. Speaking of the KISS principle, I still use ONE monitor, please don't laugh, but the system has mucho ram and speed so I have all my big programs running at same time and simply toggle between them. This seems to work fine for me with my swing trading, though ideally I really should go to two monitors one day. BigB, I like Ameritrade's streaming news too, but damn if it doesn't send out a lot of fluff news that drives me crazy...know of any way to filter it so I don't get those constant fluff updates on the same stock a dozen times a day, lol? thanks for tip on Marketgauge, have never heard of, will investigate.
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 Gold Customer
Joined: 5/4/2005
Posts: 74
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BIGBLOCK
What succes rate are you having in this market (daytrading)?
Any measure you choose would be fine.
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Registered User
Joined: 3/5/2005
Posts: 30
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For Anyone,
What do people think of TradeStation?
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Registered User
Joined: 12/2/2004
Posts: 1,775
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eec, I've heard nothing but good about TradeStation, and of course the same about Medved Quote Tracker. Since I've used QT daily for about 4 years now, I swear by it...extremely reliable and it bypasses the buggy java used by most brokers when you integrate your broker with it. I'm pretty sure TradeStation is a very similar program to QT. If you want to test drive QT, it's free (but with small ads). I pay $60/yr. to get the ad free version along with 10-day intraday charts vs. the standard free 2-day intraday, more streamer symbols, etc. Good luck.
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Registered User
Joined: 10/7/2004
Posts: 165
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malcolmb14,
i would be glad to compare notes with you on how/what i daytrade.
i would prefer to speak on phone, if you don't mind.
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Registered User
Joined: 5/17/2005
Posts: 221
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dwayne ... give me a shout on email ...(Removed by Moderator)...
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Markacz I am not sure what you mean by sucess rate. I hate to talk about money, and I am assuming that this is what you are asking for. A daytrader is successful by just being even at the end of the day. Remember this is a game of probability and that once your enter the order it comes to 50/50 unless you find an edge, even if it is an extra 1% on your side. I do not look at money, or portafolios, or else -for me it is the trade what counts. And the money I trade is not inmediately necessary to cover my living. I take from the market and only give back half of what I take. This year I am up about 35% on about $250,000; is this sucessfull - I don't know I guess it all depends. The 35% is consequentially the result of using margin. The same trading activity would have brought a little be less than 23%. I never have more than $250,000 in the market, and have not put a cent out of my pocket into the market for many years now. That amount coverted into daytrading power give me slightly over a million to daytrade - much more that I need at this point. I also invest in realstate, small business, and some venture stuff with friends and aquientances that I trust and have nothing to do with the market. Residual income is important.
I believe that an important point to take into consideration is to forget about numbers and desires, and to concentrade on the trade. Once you sucessfully set a market for yourself you will be worry free. I have said many times that you are the market, and that you make the market. Struggle with yourself, and concentrate on feeling the rhythm. Remember this is a loner's game - external noise will most likely distract you and waste your time. You have to take it out with yourselve, and nobody else.
I often wonder why folks ask many kind of questions. They are irrelevant. My system set up is irrelevant, and my system is irrelevant. It works for me, but that doesn't me it will work for you. Most likely not, because it goes with your personality. I designed this system over a long time as a result of need, and the heart of it is not in the monitors, or cpus or whatever - it is in the way I pick stocks and the way I trade them. I use tc2005 as a result of a need to find those stocks. My monitors and Level II and all would be point less if my basket of stocks was full of garbage.
I could probably do well trading without the whole set up, and holding for little longer than I do. Why do I daytrade? Because I believe against what most folks believe that daytrade is less risky than swing, or long term hold. Is this true? Depends - but it is true to me as a result of my experiences and my personality.
I enjoy posting here, but as you probably notice I rarely ask. I enjoy posting observations, but care less about input. Please stop asking so much, and concentrate on your observations and experiences, you will only be sucessfull when you need not to ask anymore.
good luck
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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dwayne and malcomb14
Sharing of personal contact information is forbidden on these boards. All discussions are limited to posts here in the forums.
- Craig
Here to Help!
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Registered User
Joined: 5/17/2005
Posts: 221
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Bigblock ..well said....that is it.
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Gold Customer
Joined: 5/4/2005
Posts: 74
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Big Block:
I asked the question of you because based on your postings, you appear to be a very knowledgeable and competent trader. Therefore, your success could be considered representative for an accomplished trader. For beginners as myself, you are a "guage" of my progress in contrast to the boasts of others claiming > 80% or 90% profitable trades with high reward/risk ratios. So take my question as a complement.
markacz
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Registered User
Joined: 5/17/2005
Posts: 221
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markacz... in regards to short term trading and day trading the return is based on your original investment. My strategy is to trade with only about $15,000 worth of capital as every time you buy a stock you are risking money , and being a newish trader (1 year) I seem unable to trade more than three stocks during the day (also have a full time job that does not enable me to stare at the screen all day long so have to use stops alot). My return is about 5 - 10 % overall per week. I trade to make $300 per day on cheaper stocks(less than $10). I got about 200% return this year , but thinking that my second year of trading will be better as I have made a lot of mistakes along the way . I quickly learnt that to choose the right stocks to trade is not hard..it is knowing how to trade them...trade to trade well as Bigblock was trying to saying. In my first few months of trading I lost 75% of my equity by not getting out of a stock when I was in a losing position. I have learnt that an entry and exit strategy are required before all trades are placed. I have found that since I have changed my need to become rich overnight and to have a target goal of $200 - $300 per trade my trading win to loss ratio is better 80 wins to 20 loss. Trading truly is psychological.
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Gold Customer
Joined: 5/4/2005
Posts: 74
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malcolmb14:
I appreciate your response ... it does give me a sense of what is achievable. I am focusing on improving my entry/exit/capital protection strategies as you point out in your post. I find the posts from experienced traders quite useful. Please keep them coming.
markacz
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Registered User
Joined: 12/2/2004
Posts: 1,775
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Malcomb, imo 5% return avg. per week is phenomenal. Start off with only $15k, and after 52 weeks of avg 5% gain per week compounded you will end up at the end of 52 weeks with a balance of $189,000! If you can do the 5% gain avg every week I sure wouldn't trade only $15k week after week! Forget about the 200% gain (which again is phenomenal for a trader), and go for the 1200% gain you will get at 5%/week compounded!
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Registered User
Joined: 5/17/2005
Posts: 221
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fp ... never really thought of reinvesting the money back into the market yet. Bought some income trusts in Canada (that return 10 - 12% per year) and are a relatively low - medium risk investment(and have tax advantages as well). With a larger amount of capital I think that 5% return is not achievable. This would 1% per week as you now have more trades to manage. I seem to be doing well on the scalping plays during intraday trading in the first and last hour of trading. TMTA has been a great one as it has decent volatility and volume and I can scalp 10C on 3000 share volume. The stock trades for only 1.34..so only have to invest $5000 ish . BCON is another stock that I have made decent money in scalping. For some reason I am comfotable trading the lower priced stocks...I am sure that there is great money to be made in the higher priced stocks. I also do not short stocks yet, but may add that to my tools later this year.
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Registered User
Joined: 10/7/2004
Posts: 286
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for those experienced daytrading.....do you find certain times of the day better for daytrading than others? i.e. 9:30-10:00 am, 2-2:30, 3:30-4:00, other times? ....or is this totally irrelevant?
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Registered User
Joined: 5/17/2005
Posts: 221
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jy ... best time to trade between 930 to 11 and 3-4. I like the market to settle down in the morning, unless I can find a stock that has gone down about 10% and catch a nice deadcat bounce. I usually trade after the first 15 minutes. I do not trade much in the last hour of trading , although sometimes there are some great afternoon rallies in stocks but they seem few and far between these days. NVAX had a nice late rally of 7c on friday from 3 to 3.07 ( 3%).
Design within reach was a prime example of a dead cat bounce on Friday ..gapped from 7.75 to 4.5 on bad earnings and bounced from 4.5 to 5 ish (10% in 45 minutes).
Although saying this there are trading oppertunities all day long with stocks that have good volatility , check out the chart for CPN at 2 pm Friday. This stock should not be day traded as it is a NYSE stock and you have no idea who the market maker is , however I followed my cci and stochastics indicators , had a tight stop and managed to buy at 1.63 and sold at 1.79 ...3000 share position.
The only problem with trading stocks outside of the first 1 1/2 hours and last hour is that there is little volume and enables the market makers to play their games.
Good luck out there.
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Registered User
Joined: 3/5/2005
Posts: 30
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malcolmb
I normally don't trade stocks under $3. what do you look for when trying to locate a good one.
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Registered User
Joined: 5/17/2005
Posts: 221
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eec .. that is a good question. TMTA was picked up because of its previous rally and then a pull back. BCON is a stock that I have been trading in and out of for a while. NVAX is a stock that I picked up at 1.44 back in August as it rallied 70 % in one day . I waited for the inevitable pull back. I have traded in and out of it since then.
Generally though I am a bottom fisher. I have a scan that picks up stocks between 0.5 and 10, that are 20 % institutional owned and have a volatility of 20. I then look for stocks with oversold conditions using a stochastic 7,3,3 and CCI .My scan picks up about 140 stocks a day. I then sort these by stochastic using the 'sort' feature. I then find the best trading candidates based on support ,resistance and volume. These are the ones I like to watch. TAGS was on the watch list after a large drop (moved 45% on friday). DWRI , HDTV and NAPS are on the watch list for next week.
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