Day Trading Help: Live Online Stock Trading: Sept 24 Part 2
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Thanks very much for all the great videos.
Do you have a set profit goal that you try to reach everyday?
I currently work a full time job, so I can trade only a hour or two a day.
I`m still learning the world of trading, so I set my net profit goal of $150 a day.
Thats not much money, but it does allow me pay all my bills each month without having to touch my pay check.
Do you recommend setting a profit goal or lost limit and once they are reached call it a day and walking away?
I notice that you don’t trade wide spread stocks.
Any reason and do you know of a way to search for wide spread stocks to trade.
wide spread stocks are a different game. I know people who trade them very well but they are usually low volume thin stocks. Many games going on and you need an ECN book and good understanding of how to trade off level 2.
I’ll take a shot at this. I did try the goal thing too and I personally felt it was a bad coz when you reached it you get out with profits you look bad and say shoulda coulda. when your down you think “got to get my target” and dig a deeper hole
When I reach my downside goal. I am stopped out for the day. When I hit up upside area (which is twice that of the downside limit) I go into “protection mode”. Meaning, I don’t stop, I keep pressing until the bell rings or I give back 20% of my upside range. This way you participate on those few days a month you need to make it all work. That is the key to good money management. Don’t give it back, but put yourself in a position where you can really press it for big gains on the day. A 5:1 day.
I use what Steve/Andys taught me on stocks with larger spreads. I often trade AGU, MOS, POT etc which have large spreads. However almost always i capture the spread by being patient. Just because Steve and andy dont trade them doesnt mean what they teach doesnt work on them.
thank you very much
i bought wamuq at an average of .689 and sold off at an average of .145. Thanks sgomez858 for the tips.
so lonely tonight on cam have msn!!! msg me jane23belle J
MSG me on MSN. ID is in my profile. if u wanna watch me on cam Z