I've bounced around a lot in my time trading, going from Forex to Blue chips to /ES futures to penny stocks and now I'm trying my hand at ETF's. I believe in the mindset that @Rugby has when trading TNA only and would like to see if I am profitable with that. Currently on my live account I've had some trouble clearing commissions, I am trading a $5000 account with $30,000 in margin.
I'm not trying to touch the margin so much as I am not yet comfortable with leveraging my 5k so much. From going over the charts and how TNA acts, it has a very large range throughout the day. It can move between $.20-$2 in a matter of minutes to hours making it a good ETF to go in and out of multiple times a day.
My goal is to really learn the ins and outs of how it moves. For the time being I am aiming for $.30-$1 at a time with about 100-200 shares. I have made up a chart to show how I plan my entries and when I would most likely exit them as well. Going forward, I am going to try to be more patient when making these plays and being more patient once I take my position out.
For the rest of the day today I will be sitting on my hands and watching how it performs and do another analysis after the market closes.
Link to the $TNA Chart ( I had problems uploading it to Profit.ly)
nono not at all, its not impossible to make 100 a day with TNA either, Doing that alongside my current job would slowly grow into higher volume (i mean really slowly) But until I am more comfortable taking on more risk, I'm trying to stick between 100-200 shares. My current BP is 30k though.
I understand that 100 dollar consistently is doable, but for me personally that's not even worth my time. Is there any specific reason you chose TNA/TZA? SPXL is a SPY 3x fund which moves around a bit more than TNA; today it's up double what TNA is.
I'm not doing it to replace income, just learn and grow to EVENTUALLY go big and make money from doing it. For now its just experimental. TNA/TZA was because I saw Rugby trading it. I did pretty well in NUGT today made 120$ pretty quickly. But just a few moments ago I took out a trade on NUGT at 58.15 thinking it broke out above 58 and it failed, went back down and I paniced and got out -74$ or so. I do like the movement, but if I read it wrong it can punish harshly. I just need to study it bett
ah ok i see. Well good luck with that.
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