@MichaelGoode Hi Michael, I have been looking over your trades and was wondering how you determine your trade size. I don't seem to see any particular sizing formula or consistencies in your trades. I guess what I am actually asking is what sort of formula are you using for your position sizing / risk management. Thanks for your input on this.
@WilliamF -- It is impossible to understand my position sizing by looking at my trades on Profit.ly, for a few reasons. 1) I use different position sizes for different types of trades and I will use a larger position size if the odds are highly in my favor or if the trade is a very quick scalp. 2) Profit.ly combines multiple intraday trades on a stock so I may be trading 1000 shares but if I am actively trading the stock I may do it 15 times in a day and Profit.ly then shows a position size of 1
OK.. I can certainly understand what you are saying here. Thank you for the reply.
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@MichaelGoode hey sir, i appreciate you answering all of these questions right on!! i watched tim grittani's you tube vid and he talked about how you showed him how to weave out the bad promoters and focused on the best ones. how can i learn that? thanks in advance...
The problem is that there are no good promoters anymore. I would not even consider buying a pump now except for an intraday scalp.
Hey sir thanks for the heads up. Hopefully when they resurface in the future, you can do webinar on this, Thanks a lot!!
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@MichaelGoode hi Mike, you are a great teacher, i have learned a lot from you about SEC filings, and a few days ago i started looking at this stock who is a small company, selling a light to grow pot and a vaporizer, they kept on jumping up and down from .18 to .14 and back and after looking at thier balance sheet which said they have -107k and it grew for the prior year and other negative information about their company at quick glance and then shorted at .18! expecting it to go a bit down even to.16 im still in the trade now put 2500 down i started o do research after the market close and i couldn't find 1 SEC filing on them, except of a company with almost the exact name who was a huge company i felt like they were hiding behind this company maybe even a scam stock, what does it mean if a company doesn't have an sec filing? is my question, thanks for your time Mike and all the knowledge you share with those who are ready to get down and dirty and put the time and effort to learn what your saying and apply.
Well some OTC stocks aren't SEC filers. They may file some documents with OTCMarkets.com -- so check them out there
That was really helpful, I did find filings on there, thanks Mike.
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@MichaelGoode I have heard suretrader is the best to use in Europe. Is that true? And I have only about $1500 to use in trading. Where to begin?
To be able to short penny stocks and with only $1500 to start with I think they would be the best option
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@MichaelGoode Hi Michael, could you tell me where and how to do the webinar about candlesticks? I new in the TIm Challenge. Thanks
The webinars will be posted here: http://profit.ly/content/TimChallenge/webinar soon. See the webinar email for instructions on how to view them live
Thanks Michael. Still cannot find the instructions on how to view them live.
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@MichaelGoode Hey Michael, im new to penny stocks, i wanted to open a small account with suretrader because tim suggested it on his site, however, i did research and found out there are many hidden fees and people are having trouble getting their money back, i live in canada and i only have 500-1000 to trade, i have been looking for an alternative broker fro a while and cant find any. can you let me know what your oppinion is about suretrader as a broker and if you know of any other brokers whom i can join living in canada who do short selling for penny stocks? thanks for your time Michael.
@davemac I don't get out nearly as much as I used to. You can't get DAS Pro for free except if you do a ton of commissions (I get it free at Speedtrader because I do over $500 in commisions monthly) -- you would have to do much more to get it free at CP or Suretrader
@huntermax I did not think you could do that
@MichaelGoode on the DAS website they have an option to link your IB accnt. Maybe it's new
oh wow I was not familiar with that. That is neat http://dastrader.com/subscribe_IB-new2.php
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@MichaelGoode Hey Michael, I just recently started and am watching a lot of the lessons and videos, following the alerts, do you have any good advice you could share to a new trader? Thanks in advance.
@MichaelGoode 6:49AM]Joshnaaron:long PHOT [6:49AM]MichaelGoode ? Joshnaaron:hopefully not at .20 [7:51AM]MichaelGoode:sold the last of my PHOT @ .25 +$4400 Awsome
@MichaelGoode It seems a give in to use a computer based platform vs a web based. Do you use a broker provided platform or an aftermarket one
@MichaelGoode What are the average days, hours of a pro trader? How many hours a week do you devote to actively trade?
I am at my computer from 8am to 4pm Eastern and then prepare for the next trading day for 1.5 hours or so in the evening
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@MichaelGoode guys u can create new wall posts and ask michael ?s, doesnt all have to be on one thread...we're working on the design to make that clearer
good, because i have LOTS of questions!
you talking to me?
what is going on?? @ChampionBeer
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@MichaelGoode welcomes you to their trader wall!
I will try it.
Thank you very much @MichaelGoode to take your time for answer a spanish begginer. ;)
...So i need to subscribe? How much does it cost?
Hello @MichaelGoode Do you set the stop loss before placing the order, or do you make it manually? Thanks!
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