PocketPAT

Best practice for me seems to have become skipping alerts altogether and instead having all tabs of my watchlist open on StocksToTrade. Before, I was uncomfortable watching more than 2-3 tickers at once. Now, for some reason, I feel extremely comfortable scrolling calmly between 10-15. I build the watchlist the night before, with in's, out's, position sizes and profit potentials; keeping all tabs open so that all I have to do the next morning is mark the chart-levels (since STT wont save them when I close it). I've been building a trading process for about nine months and the flow is pretty seamless now. During the market open, I simply click between the tabs, looking to see which tickers are fulfilling my prophecy by entering the ideal entry region; with ETrade open at the ready for order entry. It's like I have 10 tabs open on Amazon, trying to decide on a product. Once a prophecy is fulfilled, bang. Enter the order and focus on the price-action =)

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PocketPAT

This morning, I used my penny-by-penny "stalking method" that I'd begun to practice recently, where I have my chart markers set, but stalk the panic on the way down in ETrade's "Order Entry" box 1-3 pennies above the current price. This way, when the panic finally turns around for the bounce: BANG!!! LMAO Instant execution (like I'm following it down a dark alley). Setting my buy a couple of pennies above the panic in motion and following it penny-by-penny as it panics to the bottom ensures that my order gets executed when the panic turns around for the bounce. BANG!!! Don't greedily attempt to get in at or within the wall of buyers, execute your order price just ABOVE the wall (1-3 pennies). Don't worry about getting that extra penny or two for the exact bottom, take the MEAT OF THE MOVE. If your order is set just above the wall or just below (when it's time to sell), your order will be fulfilled before the 90% of greedy losers who become bagholders. This is key, because many of these bounces tend to move a bit fast and trying to secure an order within the wall of buyers/sellers will lessen your chances of getting executed at all. Just ensure that it's close to the ideal entry level and not far above it on a fake bounce.

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PocketPAT

Sidenote, ThinkorSwim is jumbled as f***. *SIGH* I haven't used it in a week or so and I was like a ninja, closing this and minimizing that during my trade this morning. Heart palpitating "MOVE, WHY ARE YOU SHOWING ME THIS NOW!!!". WAY too many menus and sections to navigate through. ETrade Pro is SOOOO much easier to use. I have it setup so that it's literally ONE SCREEN that shows everything..... meanwhile, TOS has NO CUSTOMIZATION. Terrible. I can't WAIT to get over PDT so that I can dump TDAmeritrade/ThinkorSwim. Smh, but it'll do for now =) #Patience

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PocketPAT

Hmmmm... Conversations on the way home from the gym: I’m starting to reconsider sizing in. It makes perfect sense once over PDT, but with 3-6 day trades, sizing in with two trades per ticker may not be worth it. I currently have two trades left on ETrade til tomorrow and one at TDAmeritrade til Friday. I’d feel more comfortable with more bullets in the chamber. I think I’ll use $2k til I’m consistently profitable, then raise my positions to $3k til I've doubled my account size; then I’ll increase positions again to $4k til I’m over PDT. This way, I’ll have six bullets in the chamber each week and can still practice great risk-management =) ------ I'll save size-in's for when I'm in a ticker that REALLY spikes and I'm up from way down below. At that point, a size-in would be super profitable. Other than that, I'll stick to singles (technically sizing in would take my position from a single to a double).

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PocketPAT

Small (-$30) shakeout on FRAN at ideal entry for the Multi-Dip Recurl. Was looking to cut losses EXTRA quickly if it didn't bounce immediately and I'm so pleased that I did =). I'm trying to reestablish my discipline in Multi-Dip Recurls after a few small losses from stupid trades and bad habits (from experimenting with other setups over the past couple of weeks). Decided to just post trades in bulk like I see a lot of traders doing on here. Makes sense. I need to focus more on trading than posting. NOT GONNA LIE!!! I'm seriously contemplating leaving TDAmeritrade and just combining all funds under ETrade for just three day trades. ETrade PRO is SO MUCH better than ThinkorSwim LOL. I don't know, everything is just all on one screen, I don't have to navigate between "Trade" and "Monitor" to manage positions. Three day trades just feels like not enough though. Even though I typically only trade 3-4 times per week, I just like having the ability to trade six times. Although, only having three trades would make me focus on only the best ENTRIES of the best plays...... Hmm..

dag_duglas
dag_duglas Jul 17, 11:42 AM

You can convert your account to a cash account under which there is no day trade limitation but you can trade till you have settled cash in hand

PocketPAT
PocketPAT Jul 17, 11:52 AM

@Divye interesting, thanks. I've just looked into this, but I've already decided to keep things as they are now with TDAmeritrade. No need to change the program, I should just focus on being a better trader.

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PocketPAT

lol I love calling ETrade. They’re fast-talking customer service guys are straight to the point. They sound like cocky wallstreet bros. “Congratulations, you’re the first person to ever ask me that question.” I was trying to see where I could get a “Day Trades Left” count on ETrade Pro a week or so ago. It was maybe the third time I’ve called them and I love it, feels like I’m talking to a regular person. We found the solution a minute or so later and he even chatted afterwards about my trading strategy and PDT. Maybe it’s just the “Elite Member Support” guys. Interactive Brokers’ people sound stressed and annoyed. Starting to really enjoy ThinkorSwim as well.

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PocketPAT

Damn.... FCEL is off of the table. Had ETrade given me my damn 10k shares, I'd be up about $900 right now.... It's too close to long-term resistance for me now. Anything this far from ideal entry at 0.38 is gambling, and even if it does pullback to ideal entry, usually the first rip is the biggest, because of the huge buildup of market confidence. All others after that are usually smaller and sketchy. Still watching though. --- 10:25AM: Nice pullback on FCEL. Not good enough for me though. I've already wasted one day trade today. Even with Thursday closed, I don't want to waste another.

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PocketPAT

In and out for an exact scratch on BPMX with the MDR. Tried to reenter at 1.01 but it ran without me. Just gonna watch and see how this one pans out. Very clean dips down to key pricepoint 1.00. I really wanted it at consolidated support around 0.95, but at the same time if it breaks below a key pricepoint of 1.00, it may never be able to break back above it; so that's why 1.00 is a better entry. This theory proved correct as it truly bounced from there, but the bounce isn't nearly as explosive (price or volume) as I'd like, so it's not the best position to hold for very long at all. With 5k shares, just 0.15 cents would have profited $750. Great trade, as I got a little experience getting a partial 2600 and then 3100 share total fill with ETrade, having to cancel the remaining of my total 5000 share order. So now I know how to do that =) . Sharpening the knife!!! Better every day!!!

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PocketPAT

I've been averaging trading only three days per week for a month or so (given my schedule and quite simply there not being perfect setups every single day). This seems to confirm that six day trades should be enough, even for *potentially* sizing-in (blegh). Interactive Brokers seems cool and there are certain aspects that I've come to like in my limited time using Trader Workstation; but ThinkorSwim has grown on me and I am IN LOVE with ETrade Pro... I'll stick to just two accounts and after getting over PDT, I will GLADLY combine everything under ETrade =) =) =) --- Round of applause for StocksToTrade, as it hasn't crashed in nearly two months (it definitely crashed multiple times per day before that). Could be the updates, but I largely suspect that it just isn't ready for broker integration. As soon as I removed my brokerage accounts (and you have to click remove AGAIN after they disappear to remove them from the background), it began to move at lightning speed, with not even one error message, started loading much faster and yeah; it's not crashed even once. So I'm pleased =) ... My trading tools are fitting like a glove!!!

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PocketPAT

LOL ... I will NOTTT buy this confirmed bounce........ I will watch..... and take notes for tomorrow =) *closes ETrade Pro* =) =) =) HNNNNNNNNNNNNNNGGGGGGGG!!!!! O_____O

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