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 2:22 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
1
MichaelGoode Feb 01, 18 12:24 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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tommyvercetti55

@MichaelGoode Hey again Michael, just a quick question, is it a good idea to use Interactive Brokers to trade stocks under a dollar? They charge a per share fee for Canadians ( CAD 0.01 per share, Minimum order $1) and I was thinking if I was to trade tens of thousand to hundreds of thousand of shares of an OTC/NASDAQ stock would the commission fees take most of my profits? I'm kind of confused here whether I should find a broker that charges a flat fee for low priced stocks or just use IB. Thanks!

MichaelGoode
MichaelGoode Jan 19, 18 9:37 AM

I use IB for low-priced stocks because most of the time I am shorting them and no brokers that have flat fee commissions will let me short stocks under a dollar but it is true that taking decent position sizes on cheap stocks will result in large commissions at IB. At least for US clients the max commission is 1% of trade value. If you do trade a lot of lower-priced stocks I recommend getting another broker for buying the cheap stocks

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Zohib

@MichaelGoode hey Michael do you know of any charting software that let's you look at intra day from the past?

Alex4Cash
1
Alex4Cash Jan 11, 18 2:27 PM

@MichaelGoode Yes it does! :) I love tradingview, amazing for drawings and fibonaci aswell

Zohib
Zohib Jan 11, 18 3:58 PM

Appreciate the responce guys

WoodbTrades
WoodbTrades Jan 11, 18 10:40 PM

I like it too because you can actually do paper trades as well for free, and you can backtest strategies

mufuroo
mufuroo Jan 11, 18 10:47 PM

TOS allows you to go to any time frame in the past.

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tommyvercetti55

@MichaelGoode Hi Michael, happy holidays! Just a question, have you ever used thinkorswim? It is now available for Canadian residents which is quite funny if you think about it, because TD is a Canadian bank and thinkorswim has only been available for US residents until now. As a Canadian resident I cannot use TD Ameritrade (I'm with TD direct investing) but I would like to know your opinion about the software, if its better than IB or not. Thank you! I watched almost all your youtube vids!

MichaelGoode
1
MichaelGoode Dec 27, 17 1:13 PM

I used TOS for a couple years 8 years ago. The TOS software is nice but not necessarily better than IB -- it is a lot easier to learn though

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RickTC52

@MichaelGoode hi Michael.. anyone here from Australia? Etrader dont accept Australian residents while IB dont offer short selling to us. i am having a hard time finding a decent broker to join. any recommendation please? thanks

RickTC52
RickTC52 Dec 21, 17 3:56 PM

@MichaelGoode ok i will look into that, thank you so much! in the meantime, what do you think about TradeStation? they are US broker that accept Australian residents. are they any good? thanks

MichaelGoode
1
MichaelGoode Dec 26, 17 2:23 PM

Tradestation is a decent broker but not at all good for short selling

Qtrader
2
Qtrader Feb 07, 18 6:03 AM

I personally use Tradezero. They clear through vision who is one of the clearing firms centrpoint securities use so they nearly always have the HTB stocks. Charting is not the greatest but can get by with it. I had same problem being Australian when looking for a broker originally.

harmonicb7
harmonicb7 Mar 18, 19 12:03 AM

Hi- I'm from Australia and haven't even started trading as yet. I'm watching all vids as many as possible and looking to tee up with someone in Sydney. I need to know what's the best broker and bank to go through in Oz too. I want to do trade in US time to early start day trade. I'm starting there, very small to see how I go.

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Zohib

@MichaelGoode hey michael. What do you think of suretrader to beat the pdt?

MichaelGoode
MichaelGoode Dec 18, 17 2:16 PM

Suretrader would work for that although with their high fees and poor customer service I certainly can't recommend them

Zohib
Zohib Dec 18, 17 3:56 PM

Awesome ty michael

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Zohib

@MichaelGoode Hey Michael, was wondering how you learned to use excel to make all of your spreadsheets?

Zohib
Zohib Dec 10, 17 8:14 PM

Thanks a lot. I really appreciate it michael

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MiladyMystique

@MichaelGoode ... just a quick note to say THANK YOU for the teaching on SEC filings! WOW, there's a few things that I would have taken note of reading those things, but I would never have picked up how sneaky some companies are, so I really appreciate that info (and all that just from disc 1). Now, onto disc 2! I hope you have an awesome weekend.

MiladyMystique
MiladyMystique Dec 10, 17 11:46 PM

Oh, absolutely! The bit about tax paid vs tax accrued was worth the price of the set on its own, really. That would save tons of people a lot of heartache if they knew that bit of info.

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JoseBerrios

@MichaelGoode Hey Michael! I have a question. If a stock is a low floater and has a catalyst but is trading below vwap (most of the day) even while holding its highs, does that makes it a low odds/low quality set-up?

MichaelGoode
1
MichaelGoode Nov 27, 17 12:12 PM

in that case it could be a good buy if it then crosses above the vwap

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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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ash8887

@MichaelGoode Hey Michael, I saw in the chatroom yesterday your info on NVCN. The news about being denied for rehearing and their huge some of $ they have to pay sounds really bad for the company. Thoughts? I am new at this so trying to learn to analyze these types of things. Thanks.

MichaelGoode
MichaelGoode Nov 06, 17 9:11 AM

Nov 03, 3:03 PM MichaelGoode Actually after reviewing the news on NVCN from September 1st I think this result was expected and don't expect the stock to drop a ton https://finance.yahoo.com/news/decision-appeals-court-upholds-lower-162600316.html Nov 03, 2:59 PM MichaelGoode don't shout Nov 03, 2:53 PM MichaelGoode that being said, the entire judgment was already shown on the balance sheet as a liability in that most recent semi-annual report NVCN so there is the possibility it is price in

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drbryant70

@MichaelGoode Hello, do you know any good pump and dumps right now that you are looking to short or go long. Thanks

MichaelGoode
MichaelGoode Oct 09, 17 10:50 AM

The only one with volume right now is LBUY and that would be a good short but the borrow rate on it (at Interactive Brokers at least) is insanely high. So there are none that are interesting to me to trade

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akazani

Hi @MichaelGoode could you shed some light on SEC form 4. If there a lot of insider activities when the directors are purchasing the stocks, I suppose it is good. but what does section II mean that shows warrants and if it reads warrants are exercisable? Can you help?

MichaelGoode
MichaelGoode Oct 09, 17 10:55 AM

Investment Intelligence from Insider Trading (MIT Press) Paperback – February 28, 2000 by H. Nejat Seyhun (Author)

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shawn_info101

@MichaelGoode Hey there, hope you're day is going great. Quick question: as to pharmaceuticals, when presenting at a conference, is that a positive thing? In other words should one buy before hand or as Tim preaches with earnings, let price action speak for itself! Examples: AKTX , CCYC

MichaelGoode
MichaelGoode Sep 22, 17 2:10 PM

Just presenting at a conference doesn't tell us anything -- so if they put out that kind of PR I hate to trade on it -- what matters is the details of what they present at the conference

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DMoore

@MichaelGoode I watched a few webinars yesterday. One mainly being the spreadsheet setup to calculate risk and gains. How did you calculate commission fees? In the video you are adding or taking a few cents here and there to compensate for commission fees. Thank you in advance for any helpful information!

MichaelGoode
MichaelGoode Sep 22, 17 12:00 PM

Commissions and other fees will vary by broker and by person (I have better commission rates than most because I trade a lot). So it is up to you to enter your commissions that you pay. If it is a per-share amount, just subtract it from the price you get when you sell or add it to the price you pay when you buy. If you pay a flat rate commission then do as with per share commissions but divide the commission by the number of shares

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ash8887

@MichaelGoode Hey Michael, what are your thoughts on $ZN? I remember seeing last week in the chatroom you say it was heading to the 2's

MichaelGoode
MichaelGoode Sep 04, 17 4:52 PM

I doubt it now, at least not any time soon. More likely it slowly fades or goes sideways for weeks. The new shares from the warrants started getting sold Thursday and Friday and it didn't keep dropping Friday. I covered all my short (the borrow rate is high) but have some December 15th 2017 $5 puts that I will continue to hold

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