The Game: Taking $3500 and some Risk to $15000

[joet]

MTNA posible g-break out early next week, also very risky but AWYB is consolidting for a possibls punch up, low floater for a penny
Good luck, My track record on pennys is a bunch of bags!!
cheers joe

[zibeaster]

I have tried to post my day trading on the message boards before, so people can comment and give out advices. But it turned out to be a failed attempt because it draws my energy away from trading.

I think for $3500. You probably better off just hold one or two stocks. Don't bother trading it around. The commission will eat your profit away.

I think you can narrow down your list, pick one or two fundamentally sound company, buy it, hold for a while and then switch to another one if you want. Yes, hold one or two only. Hard to do, but you will be better off.

[Ares]

Hi Dwest718,
I just finished reading your thread.
My opinion may not matter much because I just started getting active here at 3SOF recently. I started getting active when I started the thread called "Daytrading with Consensus" (February 8, 2007).
I agree with most traders here that gave their advice.
When daytrading I would generally use 1000 shares. It is easier  to go in and out positions without getting killed by commisions.
My risk is 10 cents and my reward is at least 25 cents.
My goal for the day is to make at least $250.
I tend to choose the path of least resistance.
I look for stocks that has the 50ma on top of the 200ma on a weekly chart.
I have a list of these stocks in my file and add to them daily from the NASDAQ.com's premarket most active.
I look for stocks that has at least 15,000 by 6:15am my time (which is 9:15am ET).
I narrow down my candidates to ones that have a positive net price (open higher than the previous day's close).
My entries are normally after the market orders have been flushed out which is around 6:35am to 6:45am.
I usually look for stocks that have traded at least 25 cents above the open to see interest in that stock and to have the volatilty to get in and out.
That interest should be backed by volume.
I look for stocks that has a nice level 2 set up followed by block trades of at least 25,000 shares on the green.
I strongly believe that price and volume doesn't lie.
The time and sales prints that.
When following these criterias which is " Daytrading with Consensus", I'm normally successful with my trades.
The problem is there are (a lot of) times I deviate from it.
From what I've read, it seems like you're a bottom fisher.
I used to look for stocks that were at the lower level of the RSI, bought them, just to see it go lower.
Now, I still do bottom fishing, but on stocks that have a longer term uptrend.
I set my support lines to where I perceive there is strong support.
Set my alerts on.
When it reaches or it gets close to that level, I watch the 1 minute chart.
Most of the time,I don't get in until it makes a higher high after it had a momentum low( a big selling volume outside the B- of the bollinger Band).
This momentum low is normally at the end of the move after the stock tanks
(I usually look for a false breakdown from a tight bollinger band followed by a steep decline of the price).
The momentum low is where the rest of the bulls panicked and sold into support or a market maker that was waiting at the bid.
This huge volume of sellers soon realize that their volume didn't push the price down any further. Thus, the selling volume had capitulated (exhausted).
Sometimes, the capitulation occurs way before my support lines.
As soon as I see an opportunity on a stock I've been following, I jump in and set a mental stop right away.
I find myself repeating a lot of things that I wrote in the "Daytrading with Consensus" thread in here.
Just in case I got your attention, please visit the thread that I started in Personal Logs.
A lot of times, the detailed notes of my trades are on the Stock Picking Forum under the symbol's thread.
More and more I'm starting to get to know the Daytrader's of 3SOF.
It's nice to meet you.
Hopefully one day our combined volume would push the stocks of the long term holders of 3SOF to the "tickle" spot where the shorts have to cover, the market maker gives way for higher prices, and the stock is  taken to the next level.
For now, instead of waiting to be a multimillionaire to budge the stock, I'll just go with the multimillionaire's and ride with them.
I'll side with them and take a little bit of profit for the little help I've contributed.
Happy trading.

Ares