Short and Sweet Seminar – Shorting Tops / Some OTCs

by InvestorsLive | Nov 29, 2010

[Nov 28, 2010 7:59:47 PM EST] InvestorsLive gooooood evenin’ all

[Nov 28, 2010 7:59:55 PM EST] InvestorsLive got a solid 2 questions tonight

[Nov 28, 2010 8:00:06 PM EST] InvestorsLive so we’ll go over those 2 .. and then open it up if u have any questions for myself or Muddy

[Nov 28, 2010 8:00:36 PM EST] InvestorsLive QUESTION: can u go over shorting pops vs shorting tops vs shorting cracks

[Nov 28, 2010 8:00:38 PM EST] spazztrader Hi IL

[Nov 28, 2010 8:00:48 PM EST] InvestorsLive it’s a good question – to determine the diff between each one

[Nov 28, 2010 8:00:51 PM EST] InvestorsLive and what I look for

[Nov 28, 2010 8:01:01 PM EST] InvestorsLive the shorting pops was covered last week 100%

[Nov 28, 2010 8:01:07 PM EST] InvestorsLive so I won’t touch into that too much

[Nov 28, 2010 8:01:25 PM EST] InvestorsLive but the biggest thing is .. it’s charts that are over extending and starting to parabolic relative to the prior moves

[Nov 28, 2010 8:01:40 PM EST] InvestorsLive that’s the ‘shorting pops’ version of my trading

[Nov 28, 2010 8:01:54 PM EST] InvestorsLive hsorting tops and shorting cracks .. is a good question

[Nov 28, 2010 8:01:59 PM EST] InvestorsLive shorting*

[Nov 28, 2010 8:02:08 PM EST] InvestorsLive the only time I ‘anticipate’ the top is on the pops

[Nov 28, 2010 8:02:23 PM EST] InvestorsLive other times if you try to guess where the top is going to be.. htere’s a good chance you’ll get stream rolled

[Nov 28, 2010 8:02:39 PM EST] InvestorsLive as you know – I like to play around whole #s .. failed of HODs… re-test and fails etc

[Nov 28, 2010 8:02:46 PM EST] InvestorsLive prior resitance as well

[Nov 28, 2010 8:02:55 PM EST] InvestorsLive so take MGIC for example last week on the trade

[Nov 28, 2010 8:03:25 PM EST] InvestorsLive we all knew it was due for a correction at some point … it had been breaking out each and every day

[Nov 28, 2010 8:03:49 PM EST] InvestorsLive each time its gets higher and higher it goes on my watchlist for the first sign of weakness

[Nov 28, 2010 8:03:55 PM EST] InvestorsLive but as u saw $7 was some trouble

[Nov 28, 2010 8:04:01 PM EST] InvestorsLive i figured it’d be a magnet .. a lot of over/under

[Nov 28, 2010 8:04:29 PM EST] InvestorsLive so I let it pop out of the gate .. it was over $7 (failed at pre highs) on the re-test .. and started into the first drop a starter expecting over/under

[Nov 28, 2010 8:04:41 PM EST] InvestorsLive i think I said 1/3 size I forget

[Nov 28, 2010 8:04:41 PM EST] InvestorsLive but

[Nov 28, 2010 8:04:54 PM EST] InvestorsLive if you go in full size and it takes out HODs ur gonna get smoked

[Nov 28, 2010 8:04:59 PM EST] InvestorsLive if it squeezes

[Nov 28, 2010 8:05:13 PM EST] InvestorsLive that’s why .. if you start in – you’ll have ur avg .. and ur stop is 3x what it would normally be

[Nov 28, 2010 8:05:20 PM EST] InvestorsLive since ur 1/3 size (aka wide stop)

[Nov 28, 2010 8:05:30 PM EST] InvestorsLive that’s ONE way I’ll play tops .. then add in when it finally cracks .. as u saw I did

[Nov 28, 2010 8:05:40 PM EST] InvestorsLive the other way is much like Muddy

[Nov 28, 2010 8:05:44 PM EST] InvestorsLive let it fade off the HODs

[Nov 28, 2010 8:06:02 PM EST] InvestorsLive let it put in the top for you … and use that as a guide to stop

[Nov 28, 2010 8:06:07 PM EST] InvestorsLive the HOD or pior top

[Nov 28, 2010 8:06:11 PM EST] Mushin do you consider RSI levels?

[Nov 28, 2010 8:06:14 PM EST] InvestorsLive no

[Nov 28, 2010 8:06:33 PM EST] InvestorsLive take last weeks seminar for example – with PIP

[Nov 28, 2010 8:06:43 PM EST] InvestorsLive the same chart I like for a long … when it perks off consolidation

[Nov 28, 2010 8:06:58 PM EST] InvestorsLive (if u werent here last week just review the seminar tab and powerpoint)

[Nov 28, 2010 8:07:14 PM EST] InvestorsLive but .. the same pattern I go over everytime .. sideways consolidation and break off it ..

[Nov 28, 2010 8:07:19 PM EST] InvestorsLive I pay attention to where it held support

[Nov 28, 2010 8:07:36 PM EST] InvestorsLive when it breaks that to the downside.. or a late day fade… it’s that area of interest if it snaps.. I load in

[Nov 28, 2010 8:08:18 PM EST] InvestorsLive the fade action is just a big chart that has sideways price action .. it’s been up a lot

[Nov 28, 2010 8:08:47 PM EST] InvestorsLive and doesn’t really have a squeeze… doesn’t really have any break highers… the volume just starts to tapper off … and interest goes elsewhere… it may re-test prior support .. and CRACK

[Nov 28, 2010 8:09:05 PM EST] InvestorsLive Bear – any questions on those diff types?

[Nov 28, 2010 8:09:14 PM EST] InvestorsLive the fade action is like BORN – on last weeks seminar

[Nov 28, 2010 8:09:59 PM EST] InvestorsLive the shorting pops is like IDT HOOK MGIC and other ones that hold a parabolic move

[Nov 28, 2010 8:10:16 PM EST] InvestorsLive and shorting tops – is more of an intraday type that doesn’t fit into either category … but u know its up a lot and due for a correction

[Nov 28, 2010 8:10:56 PM EST] InvestorsLive any questions on that?

[Nov 28, 2010 8:12:40 PM EST] InvestorsLive alright well I’ll open it up (gmail appears down) for the other question but I already respinded to him the answer

[Nov 28, 2010 8:13:01 PM EST] InvestorsLive that was the main question sent in ..

[Nov 28, 2010 8:13:15 PM EST] InvestorsLive no one else prepared for tonight … so not sure what u guys are having issues with

[Nov 28, 2010 8:13:34 PM EST] spazztrader IL that over/under is that the close from prior day?

[Nov 28, 2010 8:13:48 PM EST] InvestorsLive no its related to .50s/whole dollar

[Nov 28, 2010 8:13:54 PM EST] spazztrader oh ok

[Nov 28, 2010 8:14:00 PM EST] InvestorsLive most of the times … our shorts are off consolidation of some sort

[Nov 28, 2010 8:14:10 PM EST] spazztrader ok

[Nov 28, 2010 8:14:14 PM EST] InvestorsLive so i put that over/under area in chat so you can realize what I’m looking for ..

[Nov 28, 2010 8:14:18 PM EST] InvestorsLive if it bases there..and breaks higher of it

[Nov 28, 2010 8:14:20 PM EST] InvestorsLive going to be a good long

[Nov 28, 2010 8:14:26 PM EST] InvestorsLive if it tops there and tops out … going tobe good short

[Nov 28, 2010 8:14:33 PM EST] spazztrader ahh ok ty

[Nov 28, 2010 8:14:38 PM EST] InvestorsLive and vice versa… if short… and breaks back over the .50 mark and perks

[Nov 28, 2010 8:14:40 PM EST] InvestorsLive u should be stopping out

[Nov 28, 2010 8:14:46 PM EST] InvestorsLive if long… and nreaks under the .50 market … and fades

[Nov 28, 2010 8:14:48 PM EST] InvestorsLive u should be stopping out

[Nov 28, 2010 8:14:49 PM EST] InvestorsLive etc

[Nov 28, 2010 8:14:51 PM EST] devils63den you often mention whos in the box is that from years of experence

[Nov 28, 2010 8:15:01 PM EST] spazztrader ok ty IL

[Nov 28, 2010 8:15:10 PM EST] devils63den oour should our can we also know that

[Nov 28, 2010 8:15:10 PM EST] InvestorsLive np

[Nov 28, 2010 8:15:34 PM EST] InvestorsLive yea devils it just takes experience … you’re leanrning much like I learned

[Nov 28, 2010 8:15:38 PM EST] InvestorsLive by observation

[Nov 28, 2010 8:15:43 PM EST] InvestorsLive but only u hvae it a lot easier

[Nov 28, 2010 8:15:47 PM EST] InvestorsLive because someone is pointing it out to you

[Nov 28, 2010 8:15:52 PM EST] devils63den yea kinka quiet here

[Nov 28, 2010 8:16:00 PM EST] spazztrader IL you dont use any MA’s on your chart or BB bands correct?

[Nov 28, 2010 8:16:10 PM EST] InvestorsLive none no

[Nov 28, 2010 8:16:16 PM EST] InvestorsLive I use volume and candle stick 1 min

[Nov 28, 2010 8:16:19 PM EST] spazztrader ok

[Nov 28, 2010 8:16:25 PM EST] devils63den where wre you when i rally need you

[Nov 28, 2010 8:16:34 PM EST] spazztrader just 1 min? no 5min 15min etc?

[Nov 28, 2010 8:16:37 PM EST] devils63den not that i dont now

[Nov 28, 2010 8:16:45 PM EST] InvestorsLive devils u drinking?

[Nov 28, 2010 8:16:50 PM EST] spazztrader lol IL

[Nov 28, 2010 8:16:51 PM EST] InvestorsLive I use 1 min chart only

[Nov 28, 2010 8:16:54 PM EST] spazztrader ok

[Nov 28, 2010 8:16:55 PM EST] WB151 HAHA

[Nov 28, 2010 8:16:58 PM EST] marketmaker1177 lol

[Nov 28, 2010 8:17:18 PM EST] InvestorsLive but I couple the 1 min chart with the daily chart don’t forget

[Nov 28, 2010 8:17:21 PM EST] devils63den not yet just got home a short a go from bringing my son back to school

[Nov 28, 2010 8:17:26 PM EST] InvestorsLive so I always take a view of 3 months or 6 months

[Nov 28, 2010 8:17:30 PM EST] devils63den but not ruleing it out

[Nov 28, 2010 8:17:33 PM EST] spazztrader oh ok

[Nov 28, 2010 8:17:35 PM EST] InvestorsLive prior to just jumping in

[Nov 28, 2010 8:17:41 PM EST] InvestorsLive that way u have an idea where it’s based off

[Nov 28, 2010 8:17:44 PM EST] InvestorsLive where it’s topped out at

[Nov 28, 2010 8:17:49 PM EST] InvestorsLive take MRVC for an example

[Nov 28, 2010 8:17:56 PM EST] InvestorsLive check out that 6 month chart

[Nov 28, 2010 8:18:04 PM EST] InvestorsLive you’ll see why I was screamin’ about it past few trading days

[Nov 28, 2010 8:18:46 PM EST] spazztrader yeah looking at that now IL

[Nov 28, 2010 8:19:18 PM EST] InvestorsLive see the 1.40 consolidation prior months Oct and Nov

[Nov 28, 2010 8:19:19 PM EST] InvestorsLive topped there

[Nov 28, 2010 8:19:30 PM EST] InvestorsLive then the next test was 1.45

[Nov 28, 2010 8:19:49 PM EST] InvestorsLive it busted that no issue then 1.50 obv key area and 1.60 was 52 week highs

[Nov 28, 2010 8:20:00 PM EST] spazztrader yes

[Nov 28, 2010 8:20:15 PM EST] InvestorsLive u go in as big as u want … given ur ‘stop’ is 1.30

[Nov 28, 2010 8:20:19 PM EST] InvestorsLive see why 1.30/

[Nov 28, 2010 8:20:48 PM EST] marketmaker1177 below consilidation?

[Nov 28, 2010 8:20:50 PM EST] spazztrader yes 1.3 support last weeks or so

[Nov 28, 2010 8:21:00 PM EST] InvestorsLive exactly spazz

[Nov 28, 2010 8:21:09 PM EST] InvestorsLive and yes market – no reason to hold if support kicks out

[Nov 28, 2010 8:22:36 PM EST] InvestorsLive u guys see the general trend on these mailer stocks too

[Nov 28, 2010 8:22:38 PM EST] devils63den you talk alot about playing small can you give some examples of size

[Nov 28, 2010 8:22:42 PM EST] InvestorsLive can ride them until their first sign of weakness

[Nov 28, 2010 8:22:43 PM EST] InvestorsLive then ditch ’em

[Nov 28, 2010 8:22:57 PM EST] InvestorsLive devils it’s all relative to your account

[Nov 28, 2010 8:23:18 PM EST] devils63den so size is not really an issue

[Nov 28, 2010 8:23:19 PM EST] InvestorsLive think about it … do the same thing I do when i got into a position

[Nov 28, 2010 8:23:25 PM EST] InvestorsLive oK I think it goes … X amt .. possible

[Nov 28, 2010 8:23:30 PM EST] InvestorsLive but..

[Nov 28, 2010 8:23:35 PM EST] InvestorsLive it could go against me … X

[Nov 28, 2010 8:23:35 PM EST] spazztrader what is your idea of weakness IL decrease volume ?

[Nov 28, 2010 8:23:52 PM EST] InvestorsLive make sure ur ok with X times the amount of shares u have

[Nov 28, 2010 8:23:59 PM EST] InvestorsLive on the adverse move

[Nov 28, 2010 8:24:04 PM EST] InvestorsLive and that’s what size you should play

[Nov 28, 2010 8:24:21 PM EST] devils63den nice

[Nov 28, 2010 8:24:30 PM EST] InvestorsLive weakness – lower highs .. breakdown under support

[Nov 28, 2010 8:24:31 PM EST] InvestorsLive etc

[Nov 28, 2010 8:24:37 PM EST] spazztrader ok

[Nov 28, 2010 8:24:47 PM EST] marketmaker1177 but as far as “how high it will go”, just look at 6 months and prior runs?

[Nov 28, 2010 8:25:12 PM EST] marketmaker1177 vol compared to those runs?

[Nov 28, 2010 8:25:22 PM EST] InvestorsLive well the range .. if it’s a tight range . you can prob trade larger size sicne its going to be a smaller move

[Nov 28, 2010 8:25:37 PM EST] InvestorsLive but lower float wider range.. smaller

[Nov 28, 2010 8:25:41 PM EST] InvestorsLive but if chart supports a bigger move

[Nov 28, 2010 8:25:46 PM EST] InvestorsLive and its based real nicely and moving off it..

[Nov 28, 2010 8:25:55 PM EST] InvestorsLive you may increase ur size based on the chart and downside risk

[Nov 28, 2010 8:26:11 PM EST] InvestorsLive for example if I see a beat chart … based many itmes between 3 and 3.50 for example

[Nov 28, 2010 8:26:19 PM EST] InvestorsLive been flat lined for months and finally bust 3.50

[Nov 28, 2010 8:26:36 PM EST] InvestorsLive I’d be more likely to go in ‘bigger’ regardless of the way it trades (thin or tight range)

[Nov 28, 2010 8:26:42 PM EST] InvestorsLive because the bigger picture

[Nov 28, 2010 8:26:59 PM EST] InvestorsLive the upside potential after breaking its prior resistance

[Nov 28, 2010 8:27:04 PM EST] InvestorsLive vs. downside risk

[Nov 28, 2010 8:27:04 PM EST] devils63den risk reward

[Nov 28, 2010 8:27:16 PM EST] Claupr IL do you stop trading anytime if you lose X amount of money, or win X amount of money?

[Nov 28, 2010 8:27:34 PM EST] Claupr in a day…. i missed that

[Nov 28, 2010 8:27:46 PM EST] InvestorsLive I don’t really have much of an issue with emotional trading

[Nov 28, 2010 8:27:50 PM EST] InvestorsLive so no … but

[Nov 28, 2010 8:27:54 PM EST] InvestorsLive I think it’s controlled anyway

[Nov 28, 2010 8:28:04 PM EST] InvestorsLive if I lose on a stock big .. I try to move on

[Nov 28, 2010 8:28:09 PM EST] InvestorsLive much like if I bank MGIC for example

[Nov 28, 2010 8:28:14 PM EST] InvestorsLive u won’t see me go back to it the same day

[Nov 28, 2010 8:28:26 PM EST] InvestorsLive so I think I’m grounded both ways

[Nov 28, 2010 8:28:30 PM EST] InvestorsLive if I lose large or make large

[Nov 28, 2010 8:28:35 PM EST] InvestorsLive I’m done on that stock for the day…

[Nov 28, 2010 8:28:37 PM EST] InvestorsLive basically

[Nov 28, 2010 8:28:40 PM EST] Claupr ok

[Nov 28, 2010 8:29:14 PM EST] InvestorsLive make sense?

[Nov 28, 2010 8:29:21 PM EST] WB151 yep

[Nov 28, 2010 8:29:25 PM EST] InvestorsLive if I was an emotional trader.. and yes I was in past

[Nov 28, 2010 8:29:25 PM EST] spazztrader yes

[Nov 28, 2010 8:29:30 PM EST] InvestorsLive I would start playing bigger

[Nov 28, 2010 8:29:36 PM EST] InvestorsLive and end up with a loss 3x my size

[Nov 28, 2010 8:29:39 PM EST] InvestorsLive I had to begin with

[Nov 28, 2010 8:29:47 PM EST] InvestorsLive I just know not to do that

[Nov 28, 2010 8:30:05 PM EST] InvestorsLive if u have a problem with that .. going back to the well .. after it just smoked u…

[Nov 28, 2010 8:30:11 PM EST] InvestorsLive I suggest starting a blog or something

[Nov 28, 2010 8:30:19 PM EST] InvestorsLive keep ur fingers busy doing other stuff instead of clicking buy and sell orders

[Nov 28, 2010 8:31:26 PM EST] marketmaker1177 any other advice on entering trades, meaning when to enter vs waiting to pull and see how it trades out

[Nov 28, 2010 8:31:35 PM EST] marketmaker1177 via laerts in here

[Nov 28, 2010 8:31:39 PM EST] marketmaker1177 alerts*

[Nov 28, 2010 8:31:53 PM EST] marketmaker1177 i seem to enter too early, late etc

[Nov 28, 2010 8:31:57 PM EST] InvestorsLive Just focus on the trade at hand …. I like to watch stocks trade for a while

[Nov 28, 2010 8:31:58 PM EST] Professor Precludes revenge trading.

[Nov 28, 2010 8:32:03 PM EST] InvestorsLive thru the day

[Nov 28, 2010 8:32:06 PM EST] InvestorsLive that’s why u see me active in AM

[Nov 28, 2010 8:32:09 PM EST] InvestorsLive then accumulating a list mid day

[Nov 28, 2010 8:32:12 PM EST] InvestorsLive for the end of the day

[Nov 28, 2010 8:32:23 PM EST] InvestorsLive figure out when u are the best at trading

[Nov 28, 2010 8:32:33 PM EST] InvestorsLive I am a morning trader

[Nov 28, 2010 8:32:39 PM EST] marketmaker1177 true wtc has times of day ur doing well and not well

[Nov 28, 2010 8:32:49 PM EST] InvestorsLive yea great thing to focus on

[Nov 28, 2010 8:33:02 PM EST] InvestorsLive b/c then u can just track stocks for the 2-4pm type

[Nov 28, 2010 8:33:33 PM EST] InvestorsLive but if ur up in a trade and u question what to do

[Nov 28, 2010 8:33:39 PM EST] InvestorsLive whenever u question

[Nov 28, 2010 8:33:40 PM EST] InvestorsLive lock it in

[Nov 28, 2010 8:34:11 PM EST] devils63den great explantion

[Nov 28, 2010 8:34:12 PM EST] InvestorsLive as far as advice entering/exiting trades

[Nov 28, 2010 8:34:42 PM EST] knorr when you or Muddy say add XYZ at 930am do yiou mean add it to watch or now is a good time to buy?

[Nov 28, 2010 8:35:02 PM EST] InvestorsLive we are building the pre list knorr

[Nov 28, 2010 8:35:11 PM EST] InvestorsLive the link I give out every AM at 9:20 9:25 and 9:30 again

[Nov 28, 2010 8:35:24 PM EST] knorr k thanks

[Nov 28, 2010 8:35:36 PM EST] InvestorsLive if unfamiliar with the pre list I woul suggest reviewing a few of the seminars that Muddy had gone over it… it doesn’t mean buy … but rather stick it on watch

[Nov 28, 2010 8:35:42 PM EST] InvestorsLive as its up for a reason… watch for a strong pull

[Nov 28, 2010 8:35:48 PM EST] InvestorsLive watch for a late day consolidation and perk … towards pre highs

[Nov 28, 2010 8:35:49 PM EST] InvestorsLive etc

[Nov 28, 2010 8:36:01 PM EST] InvestorsLive looks like that sparked Mud’s interest.. i see him typing 😛

[Nov 28, 2010 8:36:06 PM EST] Muddy its a late hit on the pre gainers list, which is often a good sign

[Nov 28, 2010 8:36:08 PM EST] spazztrader lol

[Nov 28, 2010 8:38:11 PM EST] InvestorsLive funny my internet isn’t even working but chat works

[Nov 28, 2010 8:38:13 PM EST] InvestorsLive gotta love it

[Nov 28, 2010 8:38:47 PM EST] InvestorsLive any other questions guys ? wish u guys would send in a bunch of questions so I could prepare a powerpoint again – that was benefitial for all but need what u guys are having trouble with so I can nail it on head for u guys

[Nov 28, 2010 8:39:09 PM EST] Claupr Do you guys tkae into account where the market is heading, or you just go with the flow of the stock you are watching?

[Nov 28, 2010 8:39:12 PM EST] spazztrader MGIC IL are you bullish on that one for tomorrow I have it on my watch for tomorrow

[Nov 28, 2010 8:39:35 PM EST] InvestorsLive MGIC no bias – red/green probably long but late day fade I’d love to short ita gain

[Nov 28, 2010 8:39:53 PM EST] InvestorsLive Claupr – market doesn’t really matter with the stuff we’ve been trading latley

[Nov 28, 2010 8:40:04 PM EST] spazztrader ok ty affy I am watching that close for short tomorrow

[Nov 28, 2010 8:40:07 PM EST] InvestorsLive Yes at times..when nothing else is moving and LVS and other stuff is whats on my radar .. sure …

[Nov 28, 2010 8:40:13 PM EST] InvestorsLive but .. with markets how they have been

[Nov 28, 2010 8:40:27 PM EST] InvestorsLive yea its on my screen but … sometimes I dont know if were up or down lately

[Nov 28, 2010 8:41:46 PM EST] InvestorsLive quiet bunch tonight

[Nov 28, 2010 8:41:59 PM EST] spazztrader yes very quiet

[Nov 28, 2010 8:42:09 PM EST] JJB still in turkey coma

[Nov 28, 2010 8:42:15 PM EST] InvestorsLive haha guesso

[Nov 28, 2010 8:42:17 PM EST] spazztrader lol yeah jjb

[Nov 28, 2010 8:42:24 PM EST] InvestorsLive GRYO hopefully lil bit more then profits

[Nov 28, 2010 8:42:26 PM EST] InvestorsLive what a killer mover

[Nov 28, 2010 8:42:27 PM EST] knorr i forget my q’s by the time the seminar comes what email should i send them to?

[Nov 28, 2010 8:42:28 PM EST] Claupr dont worry for next time ill have like 20 questions, ill start writing them tomorrow!

[Nov 28, 2010 8:42:28 PM EST] Laura Claupr, we just watch our lists, whether mkts up or down

[Nov 28, 2010 8:42:36 PM EST] Laura always something to play

[Nov 28, 2010 8:42:53 PM EST] InvestorsLive just reply to the one I send out

[Nov 28, 2010 8:42:54 PM EST] InvestorsLive every weekend

[Nov 28, 2010 8:42:56 PM EST] InvestorsLive when we have them

[Nov 28, 2010 8:43:04 PM EST] InvestorsLive but otherwise its webmaster@iu

[Nov 28, 2010 8:43:35 PM EST] Will_The_Kid IL — I could use some insight into your use of EquityFeed. Just getting into it, and wondering what kind of scans you’re running intraday

[Nov 28, 2010 8:43:49 PM EST] InvestorsLive Will – seminar labeled equityfeed

[Nov 28, 2010 8:43:52 PM EST] InvestorsLive has my settings

[Nov 28, 2010 8:43:54 PM EST] spazztrader Yes GRYO amazing move love how you caught that before the mailers came out nice one IL

[Nov 28, 2010 8:43:59 PM EST] Will_The_Kid oh, missed it, thanks

[Nov 28, 2010 8:44:18 PM EST] InvestorsLive yea .. happy for tyguy too – he nailed and sitting on a double

[Nov 28, 2010 8:44:22 PM EST] InvestorsLive with 1/3 left

[Nov 28, 2010 8:44:32 PM EST] spazztrader nice

[Nov 28, 2010 8:45:03 PM EST] vkbox IL: Is there any way to follow only Admins messages during trading hours?

[Nov 28, 2010 8:45:20 PM EST] InvestorsLive sure – ignore the other 150 peeps

[Nov 28, 2010 8:45:27 PM EST] spazztrader lol

[Nov 28, 2010 8:45:29 PM EST] Claupr lol

[Nov 28, 2010 8:45:32 PM EST] InvestorsLive manually right click

[Nov 28, 2010 8:45:34 PM EST] InvestorsLive and ignore

[Nov 28, 2010 8:45:39 PM EST] Claupr you don’t like what we say?

[Nov 28, 2010 8:45:46 PM EST] InvestorsLive u may have to do it every AM so I would suggest leaving ur PC on

[Nov 28, 2010 8:46:06 PM EST] InvestorsLive by the way guys i try to do my best but if its every getting chatty in here and I havent said anything

[Nov 28, 2010 8:46:08 PM EST] spazztrader ok thats it I am putting vkbox on ignore ::wink

[Nov 28, 2010 8:46:14 PM EST] InvestorsLive just PM me … say like NOISEEEEEEEEEE

[Nov 28, 2010 8:46:26 PM EST] InvestorsLive and I’ll ask chat to stop being chatty cathy’s

[Nov 28, 2010 8:46:44 PM EST] vkbox thanks, I am finding it difficult to follow admin messages in a pile of chat-messages and that vanishes after few hundred lines of messages.

[Nov 28, 2010 8:47:07 PM EST] Claupr i think they do like 1 joke a day… during trading hours

[Nov 28, 2010 8:47:12 PM EST] InvestorsLive we have many assets to the chat room now

[Nov 28, 2010 8:47:22 PM EST] Laura a lot of newer peeps find it easier to only follow admins/good posters

[Nov 28, 2010 8:47:23 PM EST] InvestorsLive so I wouldnt count out everyone ‘cept mods

[Nov 28, 2010 8:47:36 PM EST] Laura but that is why they are in color too, to help draw the eye

[Nov 28, 2010 8:47:49 PM EST] Laura but we have a TON of other good traders here

[Nov 28, 2010 8:47:52 PM EST] InvestorsLive any time u have a question about a trade/what I’m doing with it etc feel free to PM .. sometimes if 3-4 people PM me same time about an idea I will just post it to the chat room

[Nov 28, 2010 8:48:07 PM EST] spazztrader ok

[Nov 28, 2010 8:48:31 PM EST] InvestorsLive we’ve attracted some pretty good talent as of late … members that have been here for few months now… some I just upped to color … but more to come

[Nov 28, 2010 8:48:48 PM EST] InvestorsLive if my dang programmers aren’t done by AM .. I’m gonna light another fire under their buttz

[Nov 28, 2010 8:48:58 PM EST] InvestorsLive I sent them about 30 last updates

[Nov 28, 2010 8:49:00 PM EST] spazztrader yes great room so far IL been here a week only really nice

[Nov 28, 2010 8:49:02 PM EST] InvestorsLive so hopefully its close

[Nov 28, 2010 8:49:23 PM EST] InvestorsLive going to restart my modem and I’ll be back – if u guys have furhter questions lemme know ill be right back on I hope

[Nov 28, 2010 8:49:33 PM EST] spazztrader ok

[Nov 28, 2010 8:50:47 PM EST] Ransom IL – how did you know PCFG would fade next day, rather than breakout? This is a couple of days ago

[Nov 28, 2010 8:52:00 PM EST] InvestorsLive few weeks ago or after it popped hte other day

[Nov 28, 2010 8:52:22 PM EST] InvestorsLive the move to 05?

[Nov 28, 2010 8:52:24 PM EST] Ransom The day it popped, which was also news, or because of news probably

[Nov 28, 2010 8:52:31 PM EST] Ransom yup

[Nov 28, 2010 8:52:42 PM EST] InvestorsLive yea .. just a sheepy bounce

[Nov 28, 2010 8:52:48 PM EST] InvestorsLive let the believers keep drinking the Kool Aid

[Nov 28, 2010 8:52:53 PM EST] InvestorsLive we play momentum and take profits

[Nov 28, 2010 8:53:02 PM EST] InvestorsLive was too much of a move … given the chart and where it came from

[Nov 28, 2010 8:53:21 PM EST] Ransom yup, over 100%

[Nov 28, 2010 8:53:40 PM EST] InvestorsLive just normal profit taking

[Nov 28, 2010 8:54:22 PM EST] Ransom ok makes sense thanks

[Nov 28, 2010 8:54:35 PM EST] Claupr IL: you use Equity Feed, is there any other program you use or rcommend?

[Nov 28, 2010 8:55:12 PM EST] InvestorsLive HOD/LOD list

[Nov 28, 2010 8:55:22 PM EST] InvestorsLive free with SpeedTrader … Scott Trade

[Nov 28, 2010 8:55:27 PM EST] InvestorsLive or if u have EF u can customize one

[Nov 28, 2010 8:56:37 PM EST] spazztrader IL do you use Think or swim? I tried that but not so good with pennies

[Nov 28, 2010 8:56:53 PM EST] Professor Does anyone have a HOD/LOD screen set-up for TradeStation?

[Nov 28, 2010 8:57:14 PM EST] InvestorsLive I use TOS but not for anything except execution

[Nov 28, 2010 8:57:21 PM EST] spazztrader oh ok

[Nov 28, 2010 8:57:38 PM EST] spazztrader what is your main platform fro charts and level2?

[Nov 28, 2010 8:58:35 PM EST] InvestorsLive DAS Trader

[Nov 28, 2010 8:58:43 PM EST] spazztrader okn ty

[Nov 28, 2010 8:59:38 PM EST] Claupr that is free?

[Nov 28, 2010 8:59:44 PM EST] Claupr das trader

[Nov 28, 2010 8:59:54 PM EST] InvestorsLive yea with 20 trades a month

[Nov 28, 2010 8:59:55 PM EST] devils63den thanks everyone

[Nov 28, 2010 9:00:14 PM EST] devils63den thanks il guess ill have that drink now

[Nov 28, 2010 9:00:23 PM EST] devils63den and iam here all week

[Nov 28, 2010 9:00:25 PM EST] devils63den yes

[Nov 28, 2010 9:00:35 PM EST] spazztrader lol devil

[Nov 28, 2010 9:01:03 PM EST] SobelSaint whats the site for das?

[Nov 28, 2010 9:01:25 PM EST] InvestorsLive well if u want to just purchase the software i think it’s $125 a month

[Nov 28, 2010 9:01:29 PM EST] InvestorsLive but dastrader.com

[Nov 28, 2010 9:01:39 PM EST] InvestorsLive otherwise u can just get it free with any normal trading with SpeedTrader acct

[Nov 28, 2010 9:02:58 PM EST] Will_The_Kid If you’re switching to Speed Trader, tell them you’re with this group or mention IL (Nate) and they’ll give you a buck a trade discount

[Nov 28, 2010 9:03:11 PM EST] InvestorsLive 3 bucks

[Nov 28, 2010 9:03:16 PM EST] InvestorsLive 9.95 to start they start u at 6.95

[Nov 28, 2010 9:03:25 PM EST] InvestorsLive u can go lower from there too depending on trading

[Nov 28, 2010 9:03:28 PM EST] Will_The_Kid 7.95 is start I thought, either way you get it for 6.95

[Nov 28, 2010 9:03:43 PM EST] InvestorsLive Comcast is down in northeast according to twitter

[Nov 28, 2010 9:03:47 PM EST] InvestorsLive but yet I’m in chat

[Nov 28, 2010 9:03:48 PM EST] InvestorsLive love it

[Nov 28, 2010 9:03:50 PM EST] Will_The_Kid It’s comcastic

[Nov 28, 2010 9:04:00 PM EST] SobelSaint So if your under PDT you would have to pay for it

[Nov 28, 2010 9:04:21 PM EST] InvestorsLive Not sure Sobel – it’s only 10 in and 10 outs and it’s covered

[Nov 28, 2010 9:04:28 PM EST] InvestorsLive many folks under PDT do that in a month

[Nov 28, 2010 9:04:41 PM EST] InvestorsLive all depends if u hold some over night

[Nov 28, 2010 9:04:55 PM EST] InvestorsLive also – if under PDT … Das Trader is used with Broad Street

[Nov 28, 2010 9:05:33 PM EST] SobelSaint ok good to know about BroadStreet

[Nov 28, 2010 9:05:50 PM EST] spazztrader ok nate thanks for everything appreciate all of it have a good night all

[Nov 28, 2010 9:05:58 PM EST] InvestorsLive np

[Nov 28, 2010 9:06:26 PM EST] SobelSaint whats the minimum to open a broadstreet?

[Nov 28, 2010 9:06:43 PM EST] InvestorsLive I think $5k

[Nov 28, 2010 9:06:55 PM EST] InvestorsLive we have a few seminars with them to get familiar with what they are offering

[Nov 28, 2010 9:07:33 PM EST] InvestorsLive yes min is $5k

[Nov 28, 2010 9:07:34 PM EST] InvestorsLive http://www.investorsunderground.com/2010/09/07/broad-street-q-and-a-round-2-seminar/

[Nov 28, 2010 9:09:22 PM EST] SobelSaint I have access to scottrade elite and if I open an account with broadstreet would taht give me all the software I should need

[Nov 28, 2010 9:09:43 PM EST] InvestorsLive what do u mean?

[Nov 28, 2010 9:09:51 PM EST] InvestorsLive are u looking for DASTrader?

[Nov 28, 2010 9:10:11 PM EST] InvestorsLive if ur looking for DASTrader like I had said … that’s what Broad street uses

[Nov 28, 2010 9:10:12 PM EST] InvestorsLive otherwise

[Nov 28, 2010 9:10:16 PM EST] InvestorsLive comes free with 20 trades at SpeedTrader

[Nov 28, 2010 9:10:28 PM EST] Ironman only advantage scottelite has over das is trad eideas for free. which i use through scottelite

[Nov 28, 2010 9:10:50 PM EST] Ironman all my trades done through speed tho

[Nov 28, 2010 9:10:54 PM EST] JJB i use Elite for everything except actual order execution

[Nov 28, 2010 9:10:58 PM EST] JJB love it

[Nov 28, 2010 9:10:59 PM EST] Ironman lol

[Nov 28, 2010 9:11:02 PM EST] Ironman yup

[Nov 28, 2010 9:11:37 PM EST] Ironman just u had to have 20k in the acct when u signe dup and activated scottelite but they dont check if you withdrawl it, i have .50 in ther enow

[Nov 28, 2010 9:11:41 PM EST] Ironman lol

[Nov 28, 2010 9:11:51 PM EST] JJB i have zero

[Nov 28, 2010 9:11:58 PM EST] JJB too funny

[Nov 28, 2010 9:11:59 PM EST] Ironman the lady on the phone even said they never check im like cool

[Nov 28, 2010 9:12:10 PM EST] Ironman trade ideas free, notmally $65 motnh

[Nov 28, 2010 9:12:23 PM EST] JJB yeah TI is invaluable

[Nov 28, 2010 9:12:39 PM EST] Ironman yeah i have .50 becuas eof a pos i owned cost more to sell it for $7

[Nov 28, 2010 9:12:45 PM EST] Ironman so i leave it there hahah

[Nov 28, 2010 9:12:59 PM EST] SobelSaint Hey IL do you have any seminars on money management?

[Nov 28, 2010 9:13:11 PM EST] Ironman no

[Nov 28, 2010 9:13:19 PM EST] Ironman there none on that im pretty sure

[Nov 28, 2010 9:13:22 PM EST] InvestorsLive yes .. save ur money

[Nov 28, 2010 9:13:26 PM EST] Ironman haha

[Nov 28, 2010 9:13:31 PM EST] InvestorsLive dont buy stupid sh*t

[Nov 28, 2010 9:13:33 PM EST] Ironman let ur winners exceed losers

[Nov 28, 2010 9:13:49 PM EST] Ironman the only thing in this market u can control is risk

[Nov 28, 2010 9:14:09 PM EST] Ironman the amount u are willing to lose to find out if soemthing will work

[Nov 28, 2010 9:14:12 PM EST] Ironman abou %%%

[Nov 28, 2010 9:14:18 PM EST] Ironman it

[Nov 28, 2010 9:14:20 PM EST] Ironman lmao

[Nov 28, 2010 9:14:27 PM EST] SobelSaint That simple huh

[Nov 28, 2010 9:14:33 PM EST] Ironman pretty much

[Nov 28, 2010 9:14:40 PM EST] JJB keeping it simple is vital

[Nov 28, 2010 9:14:46 PM EST] Ironman stock hit sur pain tolerance loss limit, hit out

[Nov 28, 2010 9:14:53 PM EST] Ironman if not lose more than u wanted to

[Nov 28, 2010 9:14:54 PM EST] JJB you start overthinking things and you WILL lose money

[Nov 28, 2010 9:15:21 PM EST] Ironman if u want to risk $100 and risk .20 well go 500 shares not 5k

[Nov 28, 2010 9:15:31 PM EST] Ironman stuff like that will help

[Nov 28, 2010 9:16:04 PM EST] Ironman pretty much discipline, u have no boss

[Nov 28, 2010 9:16:06 PM EST] SobelSaint thats the stuff I am talking about ironman

[Nov 28, 2010 9:16:18 PM EST] Ironman well yeah IL dont know everyone srisk

[Nov 28, 2010 9:16:29 PM EST] Ironman if u love the play maybe u riksing $300 idk

[Nov 28, 2010 9:16:32 PM EST] Ironman maybe 500

[Nov 28, 2010 9:16:34 PM EST] InvestorsLive yea same thing I mentioned at the start

[Nov 28, 2010 9:16:41 PM EST] InvestorsLive determine ur risk based off the support its coming off

[Nov 28, 2010 9:16:46 PM EST] InvestorsLive and whatever ur cool with with risk.. then do it

[Nov 28, 2010 9:16:56 PM EST] Ironman like me i mostly risk no mor ethan $100 rigth noe looking to make 300-500

[Nov 28, 2010 9:17:01 PM EST] Ironman 3 or 5 to 1 r/r

[Nov 28, 2010 9:17:19 PM EST] Ironman but if i really really loved it id prob risk say 300

[Nov 28, 2010 9:17:29 PM EST] Ironman everyone is different

[Nov 28, 2010 9:17:38 PM EST] SobelSaint what kind of account balance do you have if you dont mind me asking

[Nov 28, 2010 9:18:04 PM EST] Ironman that dont matter really even if i had 1 mil i still like risking 100 to make 300-500

[Nov 28, 2010 9:18:09 PM EST] InvestorsLive none of that matters

[Nov 28, 2010 9:18:10 PM EST] Ironman i mean why not

[Nov 28, 2010 9:18:16 PM EST] InvestorsLive doesnt matter 5k to 100k or 1mil

[Nov 28, 2010 9:18:17 PM EST] InvestorsLive its all relative

[Nov 28, 2010 9:18:50 PM EST] Ironman basically look for 3 to 1 r/r or greater imo

[Nov 28, 2010 9:18:56 PM EST] Ironman maybe set a stop limit for ypurself

[Nov 28, 2010 9:19:01 PM EST] SobelSaint is that becasue your hitting over 50%

[Nov 28, 2010 9:19:07 PM EST] Ironman if i lose more than 500 in a day i will shut it down

[Nov 28, 2010 9:19:13 PM EST] Ironman tomorrow another day

[Nov 28, 2010 9:19:28 PM EST] Ironman DISCIPLIne, do what u want and works for u

[Nov 28, 2010 9:19:34 PM EST] Ironman NO set way

[Nov 28, 2010 9:20:13 PM EST] InvestorsLive hitting over 50%?

[Nov 28, 2010 9:20:15 PM EST] InvestorsLive whats that mean

[Nov 28, 2010 9:20:35 PM EST] Ironman no simply put i set $500 as my max loss for day

[Nov 28, 2010 9:20:45 PM EST] Ironman no need to chase losses

[Nov 28, 2010 9:20:55 PM EST] Ironman ill let it go and be back in the am

[Nov 28, 2010 9:21:00 PM EST] Ironman fresh and ready

[Nov 28, 2010 9:21:11 PM EST] Ironman bad days happen, part of this gig

[Nov 28, 2010 9:21:35 PM EST] Ironman also can do that on reverse end

[Nov 28, 2010 9:21:52 PM EST] Ironman if i was up 1000-1500 i would cool off

[Nov 28, 2010 9:22:11 PM EST] Ironman all relative set parameters for ypurself

[Nov 28, 2010 9:22:14 PM EST] SobelSaint I guess im comparing it to my poker game

[Nov 28, 2010 9:22:24 PM EST] SobelSaint in poker money management is huge for me

[Nov 28, 2010 9:22:38 PM EST] Ironman well then use that philosophy

[Nov 28, 2010 9:22:43 PM EST] SobelSaint if i go up into to high of stakes for me I get my %%% handed to me

[Nov 28, 2010 9:22:57 PM EST] Ironman idk i dont gamble, im just a liquidity provider

[Nov 28, 2010 9:22:59 PM EST] Ironman lmao

[Nov 28, 2010 9:23:09 PM EST] InvestorsLive yea because u go into high stakes with people that 5k or 10k is a joke to them

[Nov 28, 2010 9:23:15 PM EST] InvestorsLive and if u go in and not a ‘baller’

[Nov 28, 2010 9:23:21 PM EST] JJB i think what’s more important here is to learn how to execute well, not necessarily focus on how much $ you’re making

[Nov 28, 2010 9:23:29 PM EST] InvestorsLive you’d be afriad to call a big pot

[Nov 28, 2010 9:23:33 PM EST] Ironman ok like some peeps 5k is max los for day if they hit that they shut it down

[Nov 28, 2010 9:23:33 PM EST] InvestorsLive cuz u’d get destroyed

[Nov 28, 2010 9:23:38 PM EST] Ironman for me 50

[Nov 28, 2010 9:23:40 PM EST] Ironman 500

[Nov 28, 2010 9:23:46 PM EST] SobelSaint because if I lose i have no more money to play

[Nov 28, 2010 9:23:49 PM EST] Ironman for bmon 1,000,000

[Nov 28, 2010 9:23:50 PM EST] InvestorsLive its all relative again

[Nov 28, 2010 9:23:54 PM EST] Ironman so its all diff

[Nov 28, 2010 9:23:55 PM EST] InvestorsLive if u have 100k in ur poker

[Nov 28, 2010 9:24:01 PM EST] InvestorsLive in in 1-5k table

[Nov 28, 2010 9:24:09 PM EST] InvestorsLive vs. 2500 in ur acct

[Nov 28, 2010 9:24:25 PM EST] SobelSaint exactly

[Nov 28, 2010 9:24:25 PM EST] InvestorsLive as u get better .. and acct grows

[Nov 28, 2010 9:24:29 PM EST] InvestorsLive u get more aggresive

[Nov 28, 2010 9:24:30 PM EST] InvestorsLive same thing

[Nov 28, 2010 9:24:43 PM EST] Ironman theres even people who trade small still when acct grows

[Nov 28, 2010 9:24:57 PM EST] Ironman nothign wrong with risking 50-100 to make 300

[Nov 28, 2010 9:25:02 PM EST] SobelSaint but in poker i only win like 1 out of 20 hands

[Nov 28, 2010 9:25:12 PM EST] SobelSaint but the win pays for itself many times over

[Nov 28, 2010 9:25:13 PM EST] Ironman iwell thatsh why its gambling

[Nov 28, 2010 9:25:18 PM EST] SobelSaint im mostly folding

[Nov 28, 2010 9:25:22 PM EST] Ironman u can be 70-80% right here

[Nov 28, 2010 9:25:27 PM EST] InvestorsLive alright guys will be back on in AM this comcast crap killin’ me cant even surf .. hopefully its back by AM

[Nov 28, 2010 9:25:28 PM EST] InvestorsLive have fun with poker

[Nov 28, 2010 9:25:29 PM EST] Ironman if u know how to exit when wrong

[Nov 28, 2010 9:25:30 PM EST] InvestorsLive 😛

[Nov 28, 2010 9:25:40 PM EST] Ironman g night Il

[Nov 28, 2010 9:25:41 PM EST] Ironman IL

[Nov 28, 2010 9:25:47 PM EST] Claupr thanks NATE!

[Nov 28, 2010 9:26:01 PM EST] Ironman sobel just i mean nobody can anser what ur max pain is etc

[Nov 28, 2010 9:26:06 PM EST] Ironman just control ur risk

[Nov 28, 2010 9:26:18 PM EST] SobelSaint no I appreciate all your info

[Nov 28, 2010 9:26:19 PM EST] Ironman if u dont want to lose more than X amount

[Nov 28, 2010 9:26:23 PM EST] SobelSaint im learning what I need to know

[Nov 28, 2010 9:26:29 PM EST] Ironman trade x shares which equal that

[Nov 28, 2010 9:26:38 PM EST] Ironman just like Nate says also

[Nov 28, 2010 9:26:41 PM EST] Ironman IL

[Nov 28, 2010 9:26:56 PM EST] Ironman if not u will learn the hard way to do that

[Nov 28, 2010 9:26:56 PM EST] SobelSaint out of 10 trades how many are typically profitable

[Nov 28, 2010 9:27:00 PM EST] Ironman been there done that

[Nov 28, 2010 9:27:11 PM EST] Ironman man u may scratch or lose small amount on 9

[Nov 28, 2010 9:27:11 PM EST] Will_The_Kid Depends on the person, Sobel

[Nov 28, 2010 9:27:25 PM EST] Ironman but if u control it 10 11 12 can exceed that dramayically

[Nov 28, 2010 9:27:43 PM EST] Will_The_Kid The more important thing seems to be to keep your losses smaller than your wins

[Nov 28, 2010 9:27:44 PM EST] Ironman theres traders with 505 win rate who make 100k yr

[Nov 28, 2010 9:27:47 PM EST] Ironman 50%

[Nov 28, 2010 9:28:03 PM EST] Ironman becuase they scratch a ton

[Nov 28, 2010 9:28:08 PM EST] Ironman lose small gain small

[Nov 28, 2010 9:28:13 PM EST] Will_The_Kid If you lose 3 straight at 150 a piece, but win the next one at 500 up, you’re winning

[Nov 28, 2010 9:28:17 PM EST] Ironman but when they get a winner they let it work for them

[Nov 28, 2010 9:28:19 PM EST] SobelSaint ok hold on

[Nov 28, 2010 9:28:28 PM EST] SobelSaint that is what I mean by money management again

[Nov 28, 2010 9:28:35 PM EST] Will_The_Kid I have a website for you..

[Nov 28, 2010 9:28:56 PM EST] Will_The_Kid hmm, let me dig up the link

[Nov 28, 2010 9:28:58 PM EST] SobelSaint lets say I have 5k and lose 500 on 10 trades

[Nov 28, 2010 9:29:03 PM EST] SobelSaint that all my money

[Nov 28, 2010 9:29:14 PM EST] Ironman so then risk $50

[Nov 28, 2010 9:29:18 PM EST] Ironman not 500

[Nov 28, 2010 9:29:25 PM EST] Ironman 500 to much on a 5k acct imo

[Nov 28, 2010 9:29:31 PM EST] Ironman thats only 500 then

[Nov 28, 2010 9:29:34 PM EST] SobelSaint so losing 10 in a row is not uncommon

[Nov 28, 2010 9:29:42 PM EST] Ironman no it is uncommon

[Nov 28, 2010 9:29:46 PM EST] Ironman prob wont happen

[Nov 28, 2010 9:29:46 PM EST] Will_The_Kid That’s uncommon

[Nov 28, 2010 9:29:57 PM EST] Ironman if u use same strategy or method

[Nov 28, 2010 9:30:04 PM EST] Ironman consistently

[Nov 28, 2010 9:30:11 PM EST] Will_The_Kid You wouldn’t want to lose that much though. That would be undisciplined

[Nov 28, 2010 9:30:21 PM EST] Will_The_Kid Generally, your stops should kick in long before 10%

[Nov 28, 2010 9:30:29 PM EST] SobelSaint right I understand being disciplined

[Nov 28, 2010 9:30:41 PM EST] Will_The_Kid Most people trail with a 3% stop, so if the stock loses 3% of value they’re out

[Nov 28, 2010 9:30:52 PM EST] Ironman i just use mental stops

[Nov 28, 2010 9:30:57 PM EST] Ironman if in one play

[Nov 28, 2010 9:31:12 PM EST] Ironman sometimes hard stops just depends

[Nov 28, 2010 9:31:14 PM EST] Will_The_Kid Mental stops can lead to some slippage though, especially for newer folks

[Nov 28, 2010 9:31:53 PM EST] SobelSaint Do any of you guys use a prop firm

[Nov 28, 2010 9:32:00 PM EST] Will_The_Kid Quite a few people in the chat do

[Nov 28, 2010 9:32:06 PM EST] Will_The_Kid WTC, see above the chat room

[Nov 28, 2010 9:32:08 PM EST] Ironman true but i have 2 hands on the wheel so im ready to whack the bid or offer if neeeded

[Nov 28, 2010 9:32:23 PM EST] Will_The_Kid You are not a newbie, eh Ironman

[Nov 28, 2010 9:32:45 PM EST] SobelSaint right I know a lot do but i was curious if you guys do

[Nov 28, 2010 9:32:51 PM EST] Will_The_Kid Not me

[Nov 28, 2010 9:32:59 PM EST] Ironman been in this chst 13 motnhs now

[Nov 28, 2010 9:33:18 PM EST] Will_The_Kid I know, I know you’re good Ironman, I was making a general statement in regards to newbies, which does not apply to you

[Nov 28, 2010 9:33:28 PM EST] Ironman lot of this i just know also from mistakes i made when i didnt know better also

[Nov 28, 2010 9:33:42 PM EST] Ironman oh i thought u were asking how long i been here hahah

[Nov 28, 2010 9:33:45 PM EST] Will_The_Kid Naw

[Nov 28, 2010 9:33:48 PM EST] Ironman like u wanted to know

[Nov 28, 2010 9:33:51 PM EST] Ironman lol

[Nov 28, 2010 9:33:59 PM EST] Will_The_Kid Check my math here Ironman but

[Nov 28, 2010 9:34:11 PM EST] Will_The_Kid It seems that the basic risk-reward premise goes something like this

[Nov 28, 2010 9:34:45 PM EST] Will_The_Kid Find a stock, review it, and find support and resistance levels. When you make your trade, note how far you are from the support level, and how far it could move before it hits resistance

[Nov 28, 2010 9:34:57 PM EST] Will_The_Kid (This is for a Long)

[Nov 28, 2010 9:35:10 PM EST] Will_The_Kid Your risk is going to be the distance between your entry and that support level

[Nov 28, 2010 9:35:15 PM EST] SobelSaint dod you say there was a site for me kid?

[Nov 28, 2010 9:35:18 PM EST] Will_The_Kid If it slips back down there and cracks it, time to go

[Nov 28, 2010 9:35:26 PM EST] Ironman yeah something like that, or if a trend if the trend line breaks could be a stop point. so many ways to do it

[Nov 28, 2010 9:35:33 PM EST] Ironman well here

[Nov 28, 2010 9:35:40 PM EST] Will_The_Kid So that’s your risk, whereas the distance to the resistance is your upside

[Nov 28, 2010 9:35:41 PM EST] Ironman say u bought XYZ becuase it held $3

[Nov 28, 2010 9:35:43 PM EST] Ironman right

[Nov 28, 2010 9:35:58 PM EST] Will_The_Kid Yeah..I lost the link, looking for it

[Nov 28, 2010 9:36:02 PM EST] Ironman and it is now 2.99 2.98

[Nov 28, 2010 9:36:07 PM EST] Will_The_Kid There’s a guy that talks all about money management

[Nov 28, 2010 9:36:13 PM EST] Ironman well your reason for buying is now gone

[Nov 28, 2010 9:36:18 PM EST] Ironman i would get out

[Nov 28, 2010 9:36:22 PM EST] Ironman me personally

[Nov 28, 2010 9:36:34 PM EST] Ironman i bought becuase it held $3

[Nov 28, 2010 9:36:44 PM EST] Ironman and that reason for buying no longer stands

[Nov 28, 2010 9:36:50 PM EST] Ironman so im outski

[Nov 28, 2010 9:37:03 PM EST] Ironman were traders

[Nov 28, 2010 9:37:06 PM EST] Ironman we trade

[Nov 28, 2010 9:37:17 PM EST] SobelSaint THe shitty part about having low funds is the fees are a big part of your account

[Nov 28, 2010 9:37:22 PM EST] Will_The_Kid Yep

[Nov 28, 2010 9:37:32 PM EST] Ironman yes fees unavoidable

[Nov 28, 2010 9:37:33 PM EST] Will_The_Kid A few ideas to resolve that, Sobel

[Nov 28, 2010 9:37:48 PM EST] Will_The_Kid TD gives 30 days of free executions when you first join

[Nov 28, 2010 9:37:50 PM EST] Will_The_Kid That’s a nice learning period

[Nov 28, 2010 9:37:53 PM EST] Will_The_Kid E Trade gives 60 days

[Nov 28, 2010 9:38:13 PM EST] Will_The_Kid Neither service is anything better than medium for true daytrading, but it’s a good primer

[Nov 28, 2010 9:38:19 PM EST] SobelSaint but your still under pdt right

[Nov 28, 2010 9:38:25 PM EST] Will_The_Kid Yeah, PDT still applies

[Nov 28, 2010 9:38:30 PM EST] Will_The_Kid but you’re not paying $20 a round trip

[Nov 28, 2010 9:38:46 PM EST] Will_The_Kid Another idea is to go to somewhere and sign up with a per share fee, and just buy higher priced stocks

[Nov 28, 2010 9:38:55 PM EST] Ironman yeah i just pay per share

[Nov 28, 2010 9:38:59 PM EST] Ironman speed

[Nov 28, 2010 9:39:07 PM EST] Will_The_Kid That won’t help you nearly as much around here, cause we trade down around $3-5 bucks

[Nov 28, 2010 9:39:14 PM EST] Ironman $4 per 1k $2 if u add liquidity

[Nov 28, 2010 9:39:18 PM EST] Ironman really cheap

[Nov 28, 2010 9:39:29 PM EST] Ironman i add prob over 50% of time

[Nov 28, 2010 9:39:35 PM EST] Ironman nowadays

[Nov 28, 2010 9:39:41 PM EST] Will_The_Kid Sobel, found it

[Nov 28, 2010 9:39:44 PM EST] Will_The_Kid http://tradermike.net/2005/07/position_sizing/

[Nov 28, 2010 9:39:44 PM EST] Ironman never used to but now i do

[Nov 28, 2010 9:40:10 PM EST] Will_The_Kid That blog is not 100% relevant to what we do down here, but he has some good ideas on risk and money management

[Nov 28, 2010 9:40:23 PM EST] SobelSaint With broadstreet they charge 250 a month I think

[Nov 28, 2010 9:40:28 PM EST] Ironman pretty simplistic tho

[Nov 28, 2010 9:40:32 PM EST] SobelSaint just in fees to avoid pdt

[Nov 28, 2010 9:40:40 PM EST] Ironman i mean its just what u are willing to lose

[Nov 28, 2010 9:40:45 PM EST] SobelSaint ok i will check it out

[Nov 28, 2010 9:40:50 PM EST] Ironman to see if th eplay you like works out

[Nov 28, 2010 9:44:23 PM EST] SobelSaint hey why dosent Muddy or il start a hedgefund

[Nov 28, 2010 9:44:36 PM EST] Will_The_Kid He’s semi retired

[Nov 28, 2010 9:44:41 PM EST] Will_The_Kid He plays for fun, I think

[Nov 28, 2010 9:45:36 PM EST] SobelSaint i see the profly updates and think wow

[Nov 28, 2010 9:45:43 PM EST] SobelSaint is this real

[Nov 28, 2010 9:46:13 PM EST] Will_The_Kid He’s good

[Nov 28, 2010 9:46:16 PM EST] Ironman lol

[Nov 28, 2010 9:46:19 PM EST] Will_The_Kid Watch his calls and see how many win

[Nov 28, 2010 9:46:25 PM EST] Ironman to much bs to running a hedge

[Nov 28, 2010 9:46:38 PM EST] Ironman plu id rathe rroll out f bed and trade my own cash to

[Nov 28, 2010 9:47:07 PM EST] SobelSaint you guys turn profits anything close to that good and you are all rich too

[Nov 28, 2010 9:47:21 PM EST] Will_The_Kid Nope, I’m certainly not

[Nov 28, 2010 9:48:03 PM EST] Will_The_Kid Lots of learning before you can be as good as those boys

[Nov 28, 2010 9:48:52 PM EST] Ironman like anyhtign in lif eguys, takes lotta hard work and tiem to achieve a level of greatness

[Nov 28, 2010 9:49:12 PM EST] Ironman an architecht doe snot start off building stuff

[Nov 28, 2010 9:49:16 PM EST] Ironman he learns

[Nov 28, 2010 9:49:50 PM EST] Will_The_Kid The good part about being here though, is that all of these guys have made blogs

[Nov 28, 2010 9:50:00 PM EST] Will_The_Kid Lots and lots of knowledge in there, plenty of places to look and learn

[Nov 28, 2010 9:50:05 PM EST] Ironman yes bmon, miles, IL, Muddy

[Nov 28, 2010 9:50:33 PM EST] SobelSaint ya i bet one day it clicks

[Nov 28, 2010 9:50:33 PM EST] Ironman best part is their willing to help you though if u willing to ask questions

[Nov 28, 2010 9:50:50 PM EST] Ironman g night guys allergies killing me

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