Good luck wv-girl!
Thanks Tom it is good to be here.
My Scottrade account is now set up and ready to trade. Have been watching FAZ and FAS to try and learn more about the 3x ETF's. I want to take some time to learn a little more before jumping in so I am exercising some patience. Right now FAZ is trading in the 13.90 - 14.12 range. I expect it to stay that way pretty much of the day. Dow can't seem to get much above 8,000, and S&P can't seem to get above 850ish or so. Zig-zag trading? Not so much for me anyway not yet.
Update 1:08 pm
FAZ is now at 13.38. Waiting until end of the day to decide if going in.
Last edited by wv-girl; 04-09-2009 at 05:09 PM.
FWIW, if I don't have a reason to set a stop at a certain number, then I like to use a trailing stop set to a certain percentage, usually from 5% to 7% depending on the ETF. That's kind of my 'go to' way to set a loss limit. Other folks who are more adept at chart reading, like our fearless leader, know how to set a stop "under the previous day's low" or other ways that make sense from a charting perspective. I'm learning ....
Lady
If you think education is expensive, try ignorance. - Derek Bok
Picked up FAZ @10.50
Thanks Lady. Now that I have jumped in, I will be spending some time this week-end learning about all that stuff. I want to learn how to put a sell limit and what might be a fair price (if any). And how to get out quickly if it continues south. Actually, the trade executed for 10.49 but my buy limit was at 10.50. Keeping my fingers crossed for Monday.
Thanks again.
-- Tom | My Trades