StockFetcher Forums · General Discussion · NEVER LOSE AGAIN!!<< 1 ... 55 56 57 58 59 ... 105 >>Post Follow-up
cr0cop
87 posts
msg #74364
Ignore cr0cop
5/13/2009 3:29:13 PM

hey TheRumpledOne,

thanks for the reply, so with a $13k i can buy stock and do it once each day but the thing is that i will still have to wait for it to settle, do you have any ideas to make it work better? what if i buy Options with a delta of around 80 and up to try to get a tick for tick return, that will allow me to do the MTC more often since options settle in one day and not three like stocks, what do you think??? what is your advise??

thanks

TheRumpledOne
6,529 posts
msg #74366
Ignore TheRumpledOne
5/13/2009 5:35:34 PM

The PATTERN DAY TRADER Rule only applies to MARGIN ACCOUNTS.

Use a CASH account.

Divide your funds into thirds.

Use 1/3 on Monday - cash available on Thursday

Use 1/3 on Tuesday, - cash available on Friday

Use 1/3 on Wednesday - cash available on Monday.

Then...

Use 1/3 on Thursday - cash available on Tuesday.

Use 1/3 on Friday - cash available on Wednesday.

Trade a RUN FOREST, RUN stock like ABK, SPF or RDN until you build your account up so you can have a margin account.

ONLY TRADE ONE STOCK!!





cr0cop
87 posts
msg #74369
Ignore cr0cop
5/13/2009 8:56:50 PM

Thanks TheRumpledOne,
I will study your RUN FOREST RUN strategy and trade it......
Around how much money do you think i should have in order to do the MTCs strategy?


{i really like the MTCs strategy =) }



TheRumpledOne
6,529 posts
msg #74376
Ignore TheRumpledOne
5/14/2009 12:53:03 AM

You need $25,000 minimum to day trade. MTC is a DAY TRADING strategy.

I have seen your posts on SF and here's my take:

1) Forget about indicators, filters, etc... you are heading down a dead end street.

2) Read and listen to Mark Douglas until you "get it". You can find his books as PDFs on the net. Read them over and over and over again. That will be the best use of your time. Much more useful than filter writing.

3) Learn and understand risk/reward. Trading is a NUMBERS GAME.

4) Only trade ONE METHOD and ONE INSTRUMENT until you have MASTERED it. Quit looking for the next best system or hot stock.

5) Learn to find the best stocks for the method you want to trade. AAPL is a "cow". AAPL is NOT an RFR stock. RDN is an RDR stock. RDN is NOT a "cow". Do NOT attempt to "milk" RDN. Do NOT expect AAPL to "run".

6) Trading is 99% waiting. You wait for an entry. Then you wait for an exit. Then you wait for an entry. Then you wait for an exit. Then you... LEARN TO WAIT. There will always be another trade unless the company goes bankrupt..LOL!

If you doubt my words, then visit www.kreslik.com and you can see what happened when one trader finally settled down and took my advice... doubled his account in under 3 weeks. Though he still struggles with sticking to the plan.

If you wonder why I code indicators, write filters and develop methods, it's to keep my coding skills sharp. I don't use 99% of what I code. I rarely even run my filters. I already know what I am going to trade. My trading screen is real clean, just a few HORIZONTAL LINES along with real-time gauges.

I'll know if you took this to heart by what I see you post or rather what you DO NOT POST.







cr0cop
87 posts
msg #74391
Ignore cr0cop
5/14/2009 12:46:57 PM

thanks for the advise rumbleone, i will check out those books!

cr0cop
87 posts
msg #74392
Ignore cr0cop
5/14/2009 12:53:13 PM

i found 'TRADING IN THE ZONE' by michael...... any other books you recommend?

stratigf
43 posts
msg #74529
Ignore stratigf
5/18/2009 9:41:47 AM

Image and video hosting by TinyPic


I went away for a week and NOTHING CHANGES.....come on, MAN.LOL!!!

stratigf
43 posts
msg #74530
Ignore stratigf
5/18/2009 9:43:25 AM

Image and video hosting by TinyPic

I did get a nice TAN...


TheRumpledOne
6,529 posts
msg #74541
Ignore TheRumpledOne
5/18/2009 5:39:43 PM

cr0cop


i found 'TRADING IN THE ZONE' by michael...... any other books you recommend?


-------------------------------------

Just reread it over and over until you "get it"!!


JCastellon
26 posts
msg #74559
Ignore JCastellon
5/19/2009 1:37:30 AM

im looking for the scan that shows the stats on how many time a certain stock fills the gap..... i remember seeing it but i didnt save it sadly.. ive been looking for about 2 hrs and still no luck! any help?

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