Hi Bob. Can you explain where you get your indices tickers from? For example: LABU
Bob, on $IMGN did you mean a good swing over the next few days instead of weeks?
LABU is a leveraged ETF. It just represents the sector.
It is not as volatile and so over the next 2 weeks.
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@AshTrades you're welcome. I had asked the same question :)
Ash is right. It is just a ratio. Less than 5 not much difference. A number between 5 and 10 and it should add momentum to a trade with a catalyst. Over 10, and watch the fireworks begin
Hi @Turbobob , I just found this link that has a column called "Days to Cover". Would you agree on those numbers? http://www.nasdaq.com/symbol/nvcr/short-interest
I use 100 day average volume in my calculation (or 90 days off of yahoo finance)
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you can still trade after hours. Instead of the order type being "GTC" you would put it in at "EXT" for extended hours. Because volume drops off so significantly, the spread tends to widen. You'll notice hot stocks that are still trading a lot AH will have a tighter spread.
What you're seeing in the top picture is the last closing price which was 9.85 on 3/23
@Learnthings Thanks for your reply - I couldn't figure out what that number was! So no need to either get excited or freak out on a number that is old news. Thanks again.
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how many shares?
@Learnthings 300 in total so im not out of the game. still hurt me cuz i know better
Hey I bought that at the exact same time for the r/g move and possible retest of the highs. Didn't work out so did Rule #1.
You had a good entry. That's where I would have bought too, especially when trading with larger size you need to anticipate the breakout because if you wait till it's confirmed, by the time you get in with a large position you get slippage. It's just if I saw that breakout reject, i wouldve been out of that trade a minute after I entered. No way I would've held. Early morning plays are very very quick.
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Just keep watching. I've been studying HARD for 18 months now and just feel like I'm "getting it." It's not even a matter of learning new things, necessarily, but getting the patterns engrained in the brain. keep at it!
Thank you for positive feedback!!! Definitely been watching and seeing if I can distinguish patterns, and investing in knowledge at the moment hopefully a lot more soon! Thanks again!!!
Some of these Stocks are real difficult to understand - no news and still somehow it spikes big - some of them are just pump and dumps offcourse and then Its good to take Some profits on The run up "meat of The move" - but dtudy The level 2 real good When youre into The stock - When You see The volume fading Its usually good to Get out - be happy With a little profit and not Get greedy... and definitly CUT your losses quickly - especially on this spikes that have no catalyst for The run ups... b
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I see paper trading as beneficial to learn how the software works, and to see charts develop in real time with lvl 2 and T&S tape. But i definitely agree with what I think is your main point. No matter what people say, PT simply does not evoke the emotional response. This, to me, is one of the biggest parts of trading.
I agree paper trading lacks real life drama but don't agree it is without benefit. I see it as a stepping stone. As to the gurus well their voices/lessons in my head have kept me from making really stupid mistakes so many times. I'm thankful for the gurus.
I tried paper trading using other platforms like TOS, but the problem was the data wasn't in real time. However, I used Stocks To Trade's paper trading platform for about a month, and it worked wonders for me. The data is real time and it helped me to master reading charts, order entry, Level 2, T&S, etc. It's very much like real trading (minus your money). I would highly recommend it even for just one month.
@SnowDog as long as you don't cheat and look ahead a 20 min delay shouldn't make any difference...
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@DeeSniper my strategy has been pretty straight forward. Find stocks that are getting the shit kicked out of them, and get a couple lickings in myself.
@DeeSniper In particular I look for beat down stocks to have a morning spike, then I short into the lower high while risking off the high. Check out CLF for the past couple weeks. You'll see what I mean.
HRB was another one I've been watching the last two days. Unfortunately, I didn't get to play because I was out of day trades. You can see how that chart follows this pattern too.
Thanks was curious. I've never shorted. Decided to go long 1 yr before I try shorts. But I'm learning about it.
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69% win rate? sounds sketchy. 69. What about 420% win rate?
Deep how many sausages a day do you consume? I usually consume 7.
Gotta love stock market porn right? Tim says to always study, so Im always studying the good stuff *wink wink* right right???
Stop paper trading, that is BS. Use your own $$ and work on your trading skill.
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@redwolf90 what's LESS?
ohhhhh got it. haha. Thanks!
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Can always count on you for the best watch lists !! Thank you Mr Bob
Hey Bob. How do you know how many days people have to cover? Does everyone have to cover on the same day???
It is just a ratio I use. They don't actually have to cover. YOu take the short interest and divide that by the 100 day average volume. The resulting number is the number of days it would take for all shorts to cover if only shorts were buyers. A number less than 5, not much influence. 5- 10 and with a catalyst it should add momentum. Over 10 and a catalyst, let the fire works begin!
Thanks for the info! Another tool in the arsenal. :)
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delayed spike perhaps?
Its uptrending now.
This happened with WKHS. UPS announced they used this companies drones for a successful delivery. I bought the news, no one else did. haha. oh well.
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College debt for some, others just feel entitled. That sums it up for 90% of millennials.
@Pennytrader420 if ever you do Open up a TD Ameritrade account, be sure to watch @Arussell125 YouTube videos on how to use tools and set up your SCANS, use that until you've made enough money to buy a better SCAN.
I agree with GreTa. For new accounts TD gives you 500 free trades and the ThinkOrSwim platform in which you can see Level 2 info. Hope that helps!
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@Learnthings found it what should i type in alerts?
@alan316 well, you don't get alerts, per se. You get alerts on people you follow. I follow a number of people from here and some research groups.
You can check out my following list if you'd like: learnthings87. I don't tweet at all....Just use it to follow others
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Thanks I will think through this.... Max $ loss / stop loss per share = # shares.
@huperauxano Yep always keep $ loss the same no matter how much money you invest per trade :)
@Chongette32 that's how i work it out too. I used to say a $200 loss was ok relative to my account size, but in reality it was too large for me mentally.
@Learnthings Yep it's whatever your comfortable losing. Mine is only $50.
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@Learnthings I love this book so much (Trading In The Zone), thank you for recommending it! I listened to it all night last night and I'm listening to it again today. :p
Awesome! I'm glad it was useful!
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This is awesome, thank you!
Learnthings - I have not had any problems with the DAS Pro. And I like the format. I would recommend it for sure.
Thanks for sharing this video!! Just wanted to ask is there any issues with making withdraw;s from Suretrader i will be funding my suretrader account soon, just wanted to get this clear before i fund my account. Thank You again !!
Thanks Bob
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I agree. The majority of it isn't helpful because new traders ask questions during trading hours and often don't know what they're talking about. It's hard to distinguish what is and isn't quality information.
I had a hard time in there as well. What it came down to for me was that I just can't get with that strategy. The fast movers are just too stressful, and while $1/share can be made in 1 minute (See $ETRM), it can also be lost as fast.
I use the chatroom to see where the hype is at. I use free scanners (for now) so others with premium scanners are able to pick up things that I'm not able to catch. If I'm in a trade, I dont even bother to be in the chatroom. Most of the descriptions for tickers are extremely overexaggerated and personal emotions get thrown into the mix.
I use chat room just to ensure i dont miss out any stock which is not in my scanner.
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If you're interested in learning more about trading pyschology, I'd highly recommend the book "Trading in the Zone." It was recommmend to me by someone here a while ago. I got the audible version. The reader isn't the best, but it does a really good job of explaining trading pyschology.
Mr. Owens recommended that book as well. It's on my list. I just finished Hedge Fund, Market Wizards for like the 3rd time. lol
Never heard of that one. 3 times must mean it's good, though. I'll check it out. Thanks!
I just bought it thanks.
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should have waited for the pullback off the highs after it held support
high 5s now...
Yeah, i saw that llater on. I'm so new i didn't even know to look for that! haha but I saw it, so I'll be sure to keep a look out for something like that in the future
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Have you tried cutting your size down? This helped me a lot with overthinking. Conversely, you can scale in and out if it makes sense with your commission structure.
@Learnthings That's what I have been doing. I am down to $1000. Sometimes I go lower to $500 as initial entries. It helps. At the open, I can get anxious and go all-in when a stock is reacting the way I expect.
Got it. Wait for the ideal entries and choose your size based on your risk. For example, if i get in at $1 risking off a $.90 support level, with a $100 risk, 1K shares is the amount. However, if i get in at $.95 i can play 2K shares with the same $ amount of risk.
this is long....obviously. anyway...its a strtegy i learned from the Tim G DVDs.
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put a dollar in Think or Swim.
https://app.technicianapp.com try this
Try freestockcharts.com. The charts are fantastic but I don't think you will get OTC with it.
Nice!
Congrats! Just like Tim said in yesterday's lesson (#5034-5036), "studying pays off"!
@wannabestocktrader @Learnthings Thank you!
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