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Registered User Joined: 12/31/2004 Posts: 57
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I was having a decent day yesterday, intra daytrading SPy put options, put one trade on, took it off for around a $400- 30% profit ,30 minute profit. Feeling good at this point. My intraday live 1, 5, 15 charts looked decent again fo an entry. I'm in again went up around 15%, backed off a bit , then went to even then down .15cents. Had my finger on my mouse at about 1:02 Denver time to sell at the market. Ok, I'm getting out of here NOW,at this point I'm off about $100 bucks, went to click the mouse and... Well first I should mention that I am having a new roof put on yesterday. Ok went to hit the mouse and my power went out, the roofers went into my electrical panel and shut off my house electric without even asking me for the OK.. By the time I figured out what happened and got the power back on and computers booted up the S&P rallied around 40points. My laptop was no help since my router and modem are electric also. I am now off around $1500 buckaroos on a $2000 trade. I will be going to the store today and buying a backup power suppy. It will be $100 well spent. If you folks are active traders I reccomend you do the same. Mikepass
Ps. the president of the roofing company has not returned my call yet.
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Registered User Joined: 3/30/2008 Posts: 77
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QUOTE (mikepass)
I will be going to the store today and buying a backup power suppy. It will be $100 well spent. If you folks are active traders I reccomend you do the same. Mikepass
I'd advise doing a test to see how long your UPS will last. Not all UPS's hold up that long w/a PC and a bunch of monitors chewing on them. Now to run a laptop and a router etc is a lot different.
If I was doing big buck trading I'd have a laptop w/a fully charged battery at the ready w/an aircard to a different ISP ready at all times.
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Registered User Joined: 12/2/2004 Posts: 1,775
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Sorry to hear about your power problem Mike. Absolutely buy a UPS; if you're only going to be using it for router/modem for a laptop, then a lower priced unit should do fine. But like Yinzer says, if you ever use a power desktop make sure you splurge for the best UPS you can afford, as lower rated UPS will quickly become overpowered by the high wattage desktop...I learned that the hard way.
Secondly and even more important imo, I think all traders regardless of whether daytraders or longer term position traders, should ALWAYS enter hard stops immediately after each new postion is executed. Traders that say they don't like to place hard stops because the market makers will take out the stop, blah, blah , blah, are playing with fire. You NEVER know how low a stock will go once it hits your mental stop loss. And if you're busy with multiple postions the runaway price in the bad direction will leave you stunned as you hesitate with emotional angst. If you're wrong you can always buy back, sometimes at a better price, sometimes higher, but we must know where to get out before the trade is placed. Most brokers now allow for automatic stop placement the exact instant the new buy is executed, great for daytraders with extra short holding times. All I use now are hard stops and numerous times I've seen the price tick down to within a penny of my stop without hitting it, so I don't buy the stuff about market gremlins stealing your stop. Good luck, and now you have a solid roof over your head:)
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Registered User Joined: 10/7/2004 Posts: 2,181
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Conditional orders will handle the part about the market makers. If your broker does not offer conditional orders, find a new broker.
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Registered User Joined: 11/1/2005 Posts: 240
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look for one that holds up for 30 mins or more, your trade might be complete.
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Registered User Joined: 9/24/2008 Posts: 31
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Every trader needs to have a backup plan for equipment failures. Place some orders by phone just for practise to flesh out the contingency trading system.
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Registered User Joined: 2/21/2007 Posts: 797
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mike: i got a wireless broadband card for my laptop. we checked into several different ones. don't understand everything about it but somehow Sprint, however they send their signals, they are able to transmit more bytes per second than the others. now this was several months ago, maybe others have caught up or surpassed them. it's just a blink of the eye slower than dsl, hardly distinguishable. the only time there is a slow down is when there are REALLY BAD thunder clouds and storms in the area. i work in multiple story buildings, i get signals anytime anywhere in the buildings, never a problem. no electricity needed. flat rate, unlimited minutes. oh yeah, i dont work for Sprint. actually sprint used to be our phone service provider, we got so pissed off at their billing screw ups we switched providers. no billing problems with the broadband.
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