scottniu

@MichaelGoode Hey Michael. Let's say you enter a trade. How much time will you give it if the stock can't make up its mind?

MichaelGoode
MichaelGoode Apr 09, 18 10:24 AM

It all depends on what my original timeframe and plan were. If I made a trade because of news that just came out I will usually give the stock no more than a minute or two to start moving in the predicted direction. If it is a morning trade I will give the stock less time than if it is an afternoon trade

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jordanpothier

@MichaelGoode Hey Michael, maybe you can answer a question for me? I am not sure if it is the platform I am using (thinkorswim) or if its something I did wrong but I tried buying 1k/shares of $KCPC and i received a message saying "REJECTED: Clients are unable to place a Market Order on an Opening Transaction for OTCBBN securities. BUY +1000 KCPC MKT". I have never received a message like this and not sure why or what that means besides the obvious. Can you explain?

MichaelGoode
MichaelGoode Mar 15, 18 11:33 AM

First, I recommend against ever using a market order, but if you do use them only use them for very liquid stocks that are not volatile. Your broker is protecting you from getting a horrid execution by preventing you using a market order on an OTC stock like $KCPC. Next time, just use a limit order and if you want to have a greater chance of it getting filled, place it a bit above the best offer

ProfitMe
ProfitMe Mar 16, 18 12:12 AM

Hey Michael, are you ever using Stop Limits or just Limits?

MichaelGoode
MichaelGoode Mar 18, 18 9:17 PM

When I do use stop losses I usually use trailing stops or I use stop limit orders (and set the limit far enough below the stop trigger price that I'm almost guaranteed a fill). I avoid ever using market orders

ProfitMe
ProfitMe Mar 18, 18 10:41 PM

Awesome, thank you very much.

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pohhoppoh79

@MichaelGoode Hey Michael! I just started learning. I'm not a US citizen and I want to start with $800, is it possible? or I need more money? Thanks!

MichaelGoode
1
MichaelGoode Mar 13, 18 9:51 AM

I have never used them so cannot recommend them but Tradezero.co is an option. But I really think it will be very, very unlikely for you to make money after considering commissions and fees starting with just $800

MichaelGoode
1
MichaelGoode Mar 19, 18 2:09 PM

Assume instead that you will do most things wrong and will consistently lose money when you start trading. Your only good option I think would be to study free material (plenty out there are on blogs like mine and Tim Grittani's) while saving up to fund a trading account with $2,000

pohhoppoh79
pohhoppoh79 Mar 22, 18 11:59 AM

@MichaelGoode Hey Michael! Excuse me ,I didn't see your answer. Yes, I think this assumption will be more correct, you're right. I will do as you said. I found in the Internet (Tim Grittani Trading Tickers DVD) for free. Price of this DVD $1,700. I will study all material from you and Tim. Thanks a lot! I really appreciate your help!

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Pawluscha

@MichaelGoode Hey Michael, being a newbie who studies since months, I am very often calling on the right shares to buy or short but most of the time I am just too scared to actually pull the trigger. Then I often get into the position to really want to trade and most of the time do a stupid mistake with small losses. Any idea how to overcome this issue? Thanks!

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MichaelGoode
1
MichaelGoode Mar 02, 18 12:57 PM

As someone who is by nature very risk-averse I also have sometimes had the problem of not being willing to pull the trigger and make trades. I think that is better than the opposite problem because if you are overeager to trade you will likely end up losing lots of money quickly. What you need to do is increase your confidence. The way to do this is to track the setups you want to trade consistently so that you can see how reliable the pattern is. Then start trading very, very small (even a $100

MichaelGoode
MichaelGoode Mar 02, 18 12:57 PM

position size). After trading consistently profitably (excluding commissions) for a period of time you can gradually increase your position size

MichaelGoode
MichaelGoode Mar 02, 18 12:58 PM

The benefit of doing it this way is you will be correct in being more confident because you will have a record of trading well

Pawluscha
Pawluscha Mar 02, 18 3:08 PM

Thanks for your reply! I will definitely try doing this.

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William_Straya

@Jonk87 Hey guys, I was watching MBRX and I saw no filings mentioning public offerings previous to 2/16/2018. Then like the sketchy bio they are, the next morning they offer 9m shares. While i'm not surprised by this, I thought company's had to disclose previous to filing a 424b5, or can they file instantly and offer within 24hours? @timsykes @Huddie @RolandWolf @MichaelGoode didn't know who else to ask...thanks.

GT500
GT500 Feb 17, 18 2:46 AM

I have similar problem. I still don't know how exactly how offerings are made. More specific, I dont know what SEC file comes first out. Is it always first S-3, then they get EFECT from SEC and then company can do (whenever they want even a year later if they want to) ATM or 424b5? Where do I see is the offering is ATM? @tradescared, you should prbably know this.

Jonk87
2
Jonk87 Feb 20, 18 10:44 PM

best tihng to do is not over night long companies with no money or short term cash

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Tylan1993

@MichaelGoode Hey Michael! I have never made a penny stock trade before! I have studied patterns and charts before. My question, How do I execute the first trade? What would be the best broker to use for penny stocks. I most likely will start an account with $3000 ! Any help will be greatly appreciated!

MichaelGoode
MichaelGoode Feb 05, 18 3:22 PM

With $3k I would suggest either Etrade (better for shorting) or TDA. As to how to place the first trade, I know at least TDA has a good paper-trading system so you can practice there before you commit real money

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CK1

@MichaelGoode Hey Michael! I am a brand new Challenge student - so forgive me if this isn't the place for this. I just watched your video on "Margin, position sizing, and you (how to avoid blowing up)"... Loved it! Great job! Very well put! My question is... HOW do I get a working copy of the spreadsheet you were using? I want to use it "hands on" while watching the video (probably several times). Thanks in advance :-) Lovin the program so far! You guys all do a great job!

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MichaelGoode
MichaelGoode Feb 01, 18 1:24 PM

Spreadsheet is here: https://is.gd/riskreward -- To save a copy of the spreadsheet to your Google Docs so you can edit it, click on "File" then "make a copy". To download a copy to use in Excel or OpenOffice, click on "File" then "Download as..."

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