theprophettho

Started my account with Charles Schwab, still learning alot and attempting smaller trades to see if what I am learning is applicable.... struggling with some timing and terminology, but excited to learn more.

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LibertyBelle

Accountability post 04/13/2020-04/28/2020 I watched and took notes on all 13 Challenge Orientation Videos in the student portal. I watched and took notes on 3 of the DVD's on profit.ly: "Penny Stocking Part Deux," "Penny Stocking Framework Part Deux," and "Spikability." I signed up for E*Trade, Interactive Brokers, and TDAmeritrade (to get access to Think or Swim paper trading). I already had a brokerage account with Charles Schwab, but I only have used that account for traveling since they don't charge ATM or foreign transaction fees on a high yeild investor checking account. I have never traded before. I will probably use E*Trade, and I have already moved my trading money into that account even though I don't plan on trading for real for at least a month. I signed up for the Stocks to Trade trial a few days ago, and I went through all of Tim Bohen's Getting Started lessons in STT University. I really like this stock scanner, but I am hesitant to subscribe. The fee is daunting to me since my only income at the moment is coming from unemployment. That might be something I can get when I start profiting. Meanwhile I'll have to learn a more affordable platform. I watched all three live webinars last week (Tim Lento, Tim Sykes, and Mark Croock). I watched Tim Lento's live webinar today, and I plan on catching Tim Grittani's webinar later this afternoon. I have reminders set for the webinars scheduled for tomorrow and Thursday as well. This week I have made it a point to open chat at market open, and I have been following the other traders in the room as they discuss their trades. I have been paper trading some of these trades to learn the mechanics. I have been making a lot of mistakes, but I'm learning from them and it's not a disaster since I'm trading with fake money. I've played with E*Trade, Think or Swim, and Stocks to Trade. Stocks to Trade has been the easiest one for me figure out, probably because of the tutorial I watched. I have been living and breathing the material these past two weeks, but I know I am only scratching the surface of things that I need to know to succeed at this endeavor. I understand the basics of trading and the stock market, but there is definitely a lot of room to build on top of that knowledge. I'm looking forward to the journey!

hpac912
hpac912 Jun 22, 1:29 PM

Hello LibertyBelle

hpac912
1
hpac912 Jun 22, 1:30 PM

I'm in the same place you are I haven't really started any accounts yet this is just my second week. I get the concept and my next step is to begin checking out the paper trading.

LibertyBelle
LibertyBelle Jun 22, 2:35 PM

@hpac912 Hi! There's so much to learn. I have the basic concept too, but when I trade it flies out of my head. I think that's why Sykes emphasizes watching the videos over and over. I don't think I will really get it when I'm in the heat of the moment until the patterns become automatic. I have been struggling with the emotional side od trading the most lately. Watching "Trading Tickers" right now. So far it's my favorite DVD. Grittani organized his info very well.

hpac912
hpac912 Jun 22, 2:59 PM

Hi, I do understand what you mean about the emotional side of trading. I'm struggling in that area also. I will check out Trading Tickers. I'm about to check out Candlesticks by Steve Nielson. Grasping the terminology is challenging. It's learning a whole other language.

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trader1701

Again held too long today. Keep making same mistakes. Out for a 36 dollar loss. WWR. Had god news, spiked to 9 dollars a little while back. Downtrending chart though. Was all over Twitter but everyone disappeared after it sank. Held too long, hoping it would rebound. Should have sold for a sub 10 dollar loss but held too long. Broke the fucking rules again. Cut losses quickly. Having trouble because when I cut losses sometimes the stocks rips up. Hard to tell, experimenting with think or swim level 2, will utilize this platform more so. Firsttrade is too limited and I'm not liking it. Hope if it merges with Schwab it won't be a disaster with the platform.

trader1701
trader1701 Nov 21, 19 10:59 AM

Small rebound with WWR. Should I have held after the crack? Usually when there is a big crack, there is a small rebound. But the amount that I could make back might have not been worth it.

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hharryck

Hi Tim , this is Harry Kafetzidis based in London. I took over your challenge in August this year. I have been watching your videos, and reading Alluch's book. I started from zero. It is a lot to catch up with , however slowly slowly I am getting there. Even still early days however I believe I have to start involving with an appropriate software Could you be able to arrange a special deal for me as I guess it will take me a number of months to be able to get on with it and start real trading? also a year ago I opened a very small investor account with schwab I haven't done much with it but I still have the account I notice you do recommend interactive brokers for non USA citizens Do you think at the beginning Schwab can work or not ? kind regards Look forward to your message Harry

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chaitsb

@timothysykes I'm a new student on this profit.ly and listened to one of your videos regarding brokers & y not to Robinhood happened. yesterday $HMNY public offering screwed my positions and I could sell off AH to cut my losses early. eventually ended with $263 loss. paying commission on Schwab is much better than this nightmare. Thanks for the chat room tips. I

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FJohnson
FJohnson Feb 16, 18 12:53 AM

what is the bestthe best penny stock broker I can use if you are in Australia please.

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bahamastrader123

@dux ... I want to pre-order your DVD but I need your quick advise. I am Bahamian live in the Bahamas, I couldn't sign up for interactive brokers or etrade because of this and they have high minimums. However I found Schwab .. min trade is $1000, they accept bahamians, and they do pennystocks. So the info in your DVD will I be able to use it on Schwab??Or is there any problems you see??

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dux
3
dux Dec 23, 17 2:43 PM

try sign up with trade zero

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EvanCallert

@MichaelGoode Do I need a street-smart account in Charles Schwabb to short sell? Or can I just use my traditional Scottrade and td ameritrade accounts?

EvanCallert
EvanCallert Nov 09, 17 3:09 PM

I am going to join the challenge very soon but just want to make sure myt money is right before i do, as welkl as have all my accounts and everything situated. That being said, I already have an Etrade account, however, not pro yet because of the cost i want to make sure im 100% ready before i dive in. Furthermore, i want to open one more account, do you think i should go with Charles Schwabb Streetsmart, Cobra Trading, or TD ameritrade thinkorswim; or if you have a better suggestion it would re

EvanCallert
EvanCallert Nov 09, 17 6:50 PM

When you say Etrade, Do you mean Etrade PRO?

MichaelGoode
MichaelGoode Nov 10, 17 1:40 PM

Cobra is good. Interactive Brokers if you have $10k is good. Venom Trading (which is through Cobra / IB) is good if you don't have $10k. With Etrade obviously their pro platform is good but pricey and their normal trading interface is horrible. Actually Cobra/Venom is probably better.

EvanCallert
EvanCallert Nov 10, 17 5:28 PM

I went with streetsmart edge and will open an ETrade Pro account later

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Noble1222

is anyone considering shorting CVNA? I'm trying but Schwab is punishing me in fees and asking me to call in to set it up. Might be closing my acct with them soon.

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JessicaKelly

My opinion on the best penny stock brokers - Etrade and Interactive Brokers have high account minimums and don’t accept people from certain countries so it's best to for people with smaller accounts to use Questrade, Schwab, SpeedTrader, Scottrade and Fidelity. I would highly recommend avoiding brokerages like Robinhood and Suretrader. Suretrader are based off-shore, allowing you to bypass the Pattern Day Trader rule but have recieved a lot of negative reviews from previous customers. Robinhood are free but you're at a serious disadvantage to your competition, it's like showing up to a gun fight with a knife. https://www.youtube.com/watch?v=tnqadcBE57I

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SergLND
SergLND Sep 15, 17 12:00 PM

which broker do you recommend in UK ?

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