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Thread: JTH's Account

  1. #21

    Join Date
    Feb 2009
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    415

    Default Re: JTH's Account

    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.

    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. 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...
    Candlestick crack addict...

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  3. #22

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    Feb 2009
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    Default Re: JTH's Account

    Quote Originally Posted by JTH View Post
    ...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.

    That's how yesterday made me feel! I'm trying to chalk it up to tuition on my ETF lessons.

    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.

    I want to make sure that I'm tracking with you. You're thinking about going short the S&P index by purchasing SDS, right? And also thinking about the possibility of buying gold, silver or oil?

    Regarding TSP, I'm getting frustrated with my timing. I'm almost convinced a drunken blind monkey could do better than me. 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.

    Different forum, I know, but I think the problem with our TSP accounts is that the rules and lag time have put us in a straitjacket. Makes me nuts. Which is why I'm here in this forum! If I ever figure out what I'm doing with ETF's, I'm moving my TSP accounts (first spouse's and then mine) to an IRA so that I can ditch the restrictions!

    Is there a 20 dollar stock that shorts S&P500? SDS is a bit expensive for me, but I haven't found anything better. ...
    Re the question of a cheap stock that shorts S&P, have you considered shorting SSO (the ultra S&P bull) instead of going long SDS? I've never tried that, but am curious as to how it might work to accomplish what you're thinking.

    Lady
    If you think education is expensive, try ignorance. - Derek Bok

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  5. #23

    Join Date
    Feb 2009
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    415

    Default Re: JTH's Account

    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
    Candlestick crack addict...

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  7. #24

    Join Date
    Dec 2007
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    906

    Default Re: JTH's Account

    Quote Originally Posted by etftalk View Post
    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.
    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.
    Last edited by etftalk; 02-27-2009 at 07:39 PM. Reason: corrected misinfo
    -- Tom | My Trades

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  9. #25

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    Default Re: JTH's Account

    Quote Originally Posted by XL-entLady View Post
    Re the question of a cheap stock that shorts S&P, have you considered shorting SSO (the ultra S&P bull) instead of going long SDS? I've never tried that, but am curious as to how it might work to accomplish what you're thinking. Lady
    I havn't considered full-on shorting yet, I may aith for awhile on that one.
    Candlestick crack addict...

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  11. #26

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    Default Re: JTH's Account

    Bought SLV @ 12.83
    Candlestick crack addict...

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  13. #27

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    Feb 2009
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    Default Re: JTH's Account

    Opps

    Bought SLV @ 12.84 (not 12.83)

    Also, Bought SSO at 18.64
    Candlestick crack addict...


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  15. #28

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    Default Re: JTH's Account

    Quote Originally Posted by JTH View Post
    Opps

    Bought SLV @ 12.84 (not 12.83)

    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...
    Candlestick crack addict...

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  17. #29

    Join Date
    Dec 2007
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    906

    Default Re: JTH's Account

    You're not alone. There's a lot of confused investors out there right now.
    -- Tom | My Trades

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  19. #30
    alevin Guest
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    Default Re: JTH's Account

    Quote Originally Posted by etftalk View Post
    you can sell within the 3-day settlement period in a margin account. You can't in a non-margin account.

    But you can not buy and sell the same stock in the same day more than 5 times (per month I believe he said) 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. I guess I better learn the rules of the game.
    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.

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