Good luck JTH. I got your message:
JTH: Bought SDS @ 86.39
Printable View
Good luck JTH. I got your message:
JTH: Bought SDS @ 86.39
Thanks Tom that was fast, you're da heat!
Bought SDS @ 86.39
Good evening's folks.
Feel free to chime in anytime, I love to hear other's perspectives.
I just wanted to post some quick thoughts on my position in SDS @ 86.39. I didn't enjoy missing out on Tuesday's gains, but at the same time I wasn't up to accepting risk, until we got confirmation of a direction.
I plan on holding SDS long enough to make a profit, nothing more, nothing less. If par chance the markets test November's lows, then I'll likely bail to the sidelines, and wait 3 days for my funds to settle, while researching my next move.
I like the short as I am suspecting next week could be ugly, but that we could see an options related bounce Thurs. or Friday of this week.
Thanks for posting that. I saw someone else post something similar in a blog. This serves to remind me that there may be a head fake coming...
http://ew-indextrader.blogspot.com/
"We're getting to the point that the selling should kick in. It could be that the market makers are just trying to get us past option expiration week (Friday). We'll see."
Good evening everyone.
I'm a bit nervous about SDS. Why you might ask?
Because every single source, blog, and forum member I follow are all in full-on bear mode. When too many people lean too far to one side, can the boat flip over?
Honestly, I don't know, I'm just treating this trade one day at a time.
It looks like you can take some profits this morning if you are getting nervous. Cool! :)
Copy that, guys, I'll put in a stop here shortly, as I've got other matters to attend to. Perhaps It's just weird to see everything you read, plan and watch actually come true?
Nice trade, and good thinking - taking profits. I am thinking Monday could be a big up day, based on pre/post options historical action. Big down day on Thurs/Fri of options week tends to get reversed the following Monday.
Thanks everyone.
Tom, I certainly agree and I'd rather not be invested over the weekend. And as much as I like SDS, I'd rather see this market take a breather. I've also taken a position in stocks in TSP, so this will gove me something else to concentrate on, while I wait the 3 days for the funds to settle.
Lady, thank you for inviting me, I'm glad to have a new place with friendly familiar people to sharpen the o'l ETF skills. :)
Gumby!!! We almost got 95, I should have bailed in the 94s, but hey, either ways, your right. At lease I'm not tied up in CDs right now. :bigsmile:
I generally set a limit order to buy or sell at the price I want. 20/20 hindsight, I should have just sent market orders in for SDS and SSO. I really thought SDS had a good chance of touching 95 yesterday and only missed it by 20 cents. Oh well, there is always next week.:)
I'm not really sure what it is and I can't seem to find any information on it. I came across the reference in Show-Me's account talk ( I think)
It might be some kind of ROTH IRA rule that prevents you from day trading multiple times within a day.
Anyways, after I sell a stock, I have to wait about 3 days before I can use that money again. I can use other money in the account, just not the money That came from that stock.
Once you buy an ETF (or stock, etc.) and sell it, you can buy another right away, but you can't sell that one until the prior sale has settled. Otherwise it is considered a "free ride" trade and the SEC does not allow that.
Assuming you don't have other funds in the account to cover the new trade, you can be given a margin call and they will ask you to deposit money in your account to cover it (you can't sell something to meet the call).
With Scottrade, you have to have day trader status and a $25,000 minimum balance to waive the 3 day settlement rule.
I found this out the hard way when I had my $25K in my Scottrade account, but withdrew some to put into a futures trading account. All of a sudden I was not allowed to day trade anymore and I had a margin call. :eek:
The funds have settled :)
I don't believe for a minute we have any upside left. How do I know this? I don't, I don't know anything, I'm as dumb as a box of rocks. :wacko:
I haven't put in for a position yet, but if I do, I may go short SDS, gold, silver, or oil. I'm not in a hurry, so I may sit this out for a few days and see if the market picks a direction.
Regarding TSP, I'm getting frustrated with my timing. I'm almost convinced a drunken blind monkey could do better than me. :huh: The more I try, the more damage I do. I think it's time for me to take a long-term approach with that account.
Is there a 20 dollar stock that shorts S&P500? SDS is a bit expensive for me, but I haven't found anything better.
Best of trades...:)
I have an order placed for SSO @ 18.02 for the day only.
Will it get filled in the last hour? I doubt it, but I gotta go and I can't watch the markets right now.
Best of trades...JTH
I want to revisit this as I may have mispoke. I just got off the phone with Scottrade and apparently you can sell within the 3-day settlement period in a margin account. I misstated that. You can't in a non-margin account.
But you can not buy and sell the same stock in the same day more than 4 times in a 5 day period (I believe) without having day trader status, which requires a $25K margin account.
I have gotten a few margin calls in the past and I never know why. I see buying power in the account and I use it. They slap my hand when I do something wrong. I guess I better learn the rules of the game.
Bought SLV @ 12.83
Opps
Bought SLV @ 12.84 (not 12.83) :suspicious:
Also, Bought SSO at 18.64
I hope every one is trading well.
Ya know, last night I looked at a lot of different ETFs & stocks and could'nt seem to find a decent entry point on anything. I have found myself to be thinly divided between the bull & bear camp, so perhaps this makes it more difficult for me. :(
So much to learn...
You're not alone. There's a lot of confused investors out there right now.
Roger that, Tom. My paper trading account activity yesterday included 2 buy-sell pairs on 2 ETFs, not even thinking about those kinds of limits. I'm posting results of the paper trades over in my acccount talk thread. It wasn't all bad, but it sure wasn't al good, neither.
Good evening everyone.
Of all the blogs I read, not one of them is a bull and they all seem to think we are about to fall off a cliff. :unsure:
I generally don't use stops, but with all this volatility we've been getting I'm using them now. I have loose 10% stops on IO, SLV, & SSO. I may adjust them later.
Take care... :)
Good luck JTH. I agree, there are a lot of folks looking for a precipitous drop, although there are a lot of bottom callers as well. This is a tough market 4 sure.
Bought SSO @ 19.26 (Total Basis)
Stopped out at 17.30
For those of you that don't know, I'm getting killed on my transaction cost.
If cost 13.95 a trade, so if I buy & sell something, I have to to gain 27.90 before I start to make profit. :mad:
For those of you who think I'm crazy, I chose this account because it cost 50 dollars to open it, and I already do all my banking with USAA.
The good news it says once I "Execute 25+ trades/90 days" the price goes down to 5.95
In the meantime, I'm getting killed here trying to pick positions...
Scottrade just charges $7 each way from the start.
Twenty years ago, before computer trading, when I used AG Edwards, they charged about $100 each way to buy 100 shares through a broker. So I only bought big companies like Walmart and IBM and held onto them. A person just couldn't afford to trade back then.
Now $27.90 is pretty steep for a round trip trade if entered via the web.
Wow, I didn't know it use to cost that much!
You're right, I'm getting shanked right now. With the amount of money I have in my account, I need to be super right on picking positions, or I get hammered, like I did today.
I need 10 more trades, then I'll be charged 5.95 1-way
Good morning everyone :)
Jan recap: Crappy
Feb recap: Crappier :(
My plan for March is to stay nimbal and only focus on a handful of ETFs. Last month I was too impulsive and that doesn't make me a good trader under these volitile markets.
My best to everyone!!!
Good luck JTH! Here's to a positive trading month in March!