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As promised, here is the follow up to part 1…read these or risk losing big money in the arkets cuz you didn’t learn the important lessons they teach us.
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I just started reading High Probability Trading. Like it so far.
interview’s running a bit late, my interviewer isn’t here LOL!
High Probability is my next book actually. Let me know what you like about it.
Anyone take a look at this? PINK:EGTS
http://finance.google.com/fina.....&hl=en
Still watching NNVC like a hawk while I ride the Crow that is MESA
Just got bailed out of a stupid mistake, I had a timmy like problem on friday where I had 1300 shares of VSCI reserved at 5.70 and while I was toasting a bagel the order got fired off. I was tempted to cut my losses on Friday but I noticed that this might be a double top at its high of 5.98 which it was, today it hung around there and just recently tanked to 5.30. I covered at 5.44 for about a 300ish gain. Not a good entry but handled the mistake well considering I had no intention of playing anything on Friday.
NNVC is dropping nicely. I just made back most of the money I lost on my stupid play on it Friday.
Nice work yngvai, I missed it.
This time I stuck with da rules, and it’s paying off.
Davey, that’s why I stay away from carbs.
Kidding aside, I gotta give you props for maintaining your cool, and not selling at breakeven.
Scottrade won’t let me short anything under 5 dollars. Does think or swick have a cap off? Dam
Keep listenin to Sykes and you wont be able to afford the bagel
Thats Think or Swim.
LGDI teaches us that if you don’t have patience as size of a walnut… u won’t make the big money in pennystocking… I covd my short last week and deleted it off my watchlist…. I just looked at the ticker and its down $1
If you have so much to say who should we be listening to?
That’s why I’m holding my NNVC short Monkman for a day or two more. High probability that this thing has some more retracement to do before it swings back up. I found by keeping stats on my trades that I was taking profits too quickly.
Fantom Think or swim allows you to short under 5 but also look at tradeking and ameritrade, which allow you short most stocks. I use TOS but there are a lot of days where shares are not available.
Fantom, TOS limits you based on your account size.
Well that ChuckTV interview was cool. The dude does need to get someone else to do the interview though. Even though he lets you talk and we get to hear you, he’s not very receptive and I could see his mind wandering off every time you said something Timmy.
I work for a government agency doing IT crap, and it’s good to see people like yourself, that are in the limelight a bit because all the old fuckers in this business (IT, web, even finance) they don’t GET it.
Just like the record companies - Tower didn’t go out of business because we all copy music, they went out of business because they wouldn’t adapt…I mean fuckin’ A, Google is HUGE…and how did they make money? Advertising, that’s pretty much it (at least in the beginning).
“Respect your elders”, fuck that…I want them all to get out of the business and turn it over to us disrespectful young little brats, because godamnit…we have ideas and we know that it’s really called the Internet, not Interweb…and we understand what net neutrality is, and bandwidth, and we know how to use it.
Incidentally, this government agency…has a proxy and a firewall…do you think that this prevents me from surfing the sites I want and watching videos on the web? hmmmm, if I was the one that set it up…you’re damn right it would.
Hey, Davey, nice job…you’re the 1st one over $100 TIMBUCKS
KYUS making a big volume move today, this may spike short term
http://www.investorslive.com/b.....-opinions/
He deserves it, he helps alot of people.
Hey Yngvai,
You’re right behind me, everyone is doing a pretty good job of posting meaningful comments. Soon there will be a bunch of us over 100.
How many Timbucks do I have??? Davey, take those Timbucks into the mens room with you, they will come in handy
I want to make a confession: I actually love Tim…I’m a total flamer and damnit…I just want him to love me back.
Sometimes I lay in bed touching my tiny penis wishing that Tim would love me…I’m actually a tranny, and I don’t even know how to play the stock market.
I’m sorry everyone, I’m just a pathetic guy/girl trying to get by in this world…
I knew it!
lol!
Does anyone have any book recommendations in the Forex market?
Geeziz !! Bubba don’t believe he typed what took a nanosecond to think. Yeah, just Geeziz !!
I just opened my TOS account and tried to reserve some short shares of 3 different stocks. ALL of them said the order was rejected, and if I want them TOS to try to find short shares to call the trading desk. Is this common, do you have to call in most of the time to short something? TIA.
Bob,
TOS will tell you if a stock is “Easy to Borrow” or “Hard to Borrow”. It will say this next to the ticker symbol when you go to trade in the software.
If it’s “Hard to Borrow”, then you need to hit the “Support/Chat” button and you can chat with someone online from the trade desk. Tell them what stock you’re interested in and ask if there any shares to borrow. Tell them how many you want and what your limit price is.
Hey Timaaaay, it was pretty cool to see something live and in video taking place.
What do you think of calling chuck……..chuckaaaaay?
Is that just weird?
I enjoy the live video feed.
Fantom- Just an FYI when considering a brokerage. Ameritrade will allow you to short stocks under $5 (I think that is a recent change in policy), but they have to be marginable, which leave out OTC and Pink Sheets (which is 90% of what Tim shorts).
Guys, when you ‘reserve’ your shares on a Friday, does it hold over the weekend as well? I just read a post that said he reserved shares on a Friday, but had no real intention to do anything with his reserve until Monday. I just need some clarification.
Also, Tim, how much money do you recommend I start out with before I try my first short?
I know you’re starting with $12,000+, but you also have 7 years of invaluable experience.
thanks,
Banana
Banana,
You can’t “reserve” shares more than a day. If you put in a limit order for shares that doesn’t get executed during that day, then it will be canceled. For example, if I reserve 1000 shares at $1.50 limit, but the stock price never reaches $1.50, then my order will never be executed and I can’t hold these reserved shares to the next day.
However, you can hold a short position more than a day if you’ve already executed the order. In the above example, if the stock price reached $1.50, then my order would get executed and I could then hold that short position more than a day.
Roger that!
I’m used to buying and holding long-term, equities and mutual funds.
So far I’ve made a killing on MA (bought @ $72) and V (bought @ $55). I’ve traded solars too and I always use Limit Orders.
The concept of reserving is interesting. I guess it’s almost like a step up from Limit Orders where you know for sure that you can buy the number of shares you want when it hits a certain price.
I’ve put limit orders in where half the order is filled at my limit and the other half was filled at a better price.
spanks,
-Banana
Yeah, the way you reserve shares in TOS is to place the order but put your limit higher than you think the price will go. Then you hold onto your shares and watch the price action for that day. If you start to see weakness, then you change your order and lower your limit price so that you can enter your short position.
That’s what I did today with NVCC. I reserved my shares at $1.50 limit, but the stock price was hovering around $1.35 - $1.40 and slowly decreasing. Once it broke $1.35, I changed my limit order to $1.33 and it got executed. I’m going to hold the short position into tomorrow or the next day, but no longer. This thing has a bit more retracing to do.
If any one else wants to take a shot at the question I posted regarding minimum funds to start shorting, please don’t hold back.
-Banana
Banana,
I only have a $2500 account and I’ve been able to short no problem. I have to use larger percentages (25% or more) of my net worth though on my positions; otherwise fees eat away too much at my gains. The more you have, though, the better off you’ll be.
Thanks YngvaiMalmsteve for the great info, hopefully I’ll get to try it out tomorrow!
Just remember to set your limit price high enough so that the order doesn’t automatically execute on you if the price happens to jump up.
$2500 only? Really? What kind of profit are you turning? You obviously have a margin account too right?
Tim, do you trade on margin as well?
best regards,
Banana
I have a margin account but I don’t use margin for my trades.
I was up nearly $75 today. That’s a 3% return on a $2500 account. I’ll be up more tomorrow if NNVC plays out the way it should. I just started recently and I had some beginner mistakes that brought me down a bit but now I’m moving back up again. I’m going to make a post at the end of the month describing how I do, making sure I follow da rules. I got off on the wrong foot not following da rules…I chased some trades, I was overtrading, I was using too small position sizes and fees were eating up my gains, and then my bad NNVC play on Friday really hit me (broke multiple rules on that one).
Anyway, at the end of the month, I’ll write a post and compare my performance not following da rules (went from $2750 on Apr 23 to $2489 on Friday breaking too many rules) to when I follow da rules (too early to tell yet).
Oh, and if I perform well enough, then I can be Timmay’s living proof that even guys with really small account sizes can make nice % gains with this
new post is up:
http://www.timothysykes.com/20.....hat-order/
looks like we had some good plays today, hopefully u guys made some nice $ off NNVC and will on PDO long tomorrow…
PS Bob 90% of what i short isnt otcbb/pink, i just play whatever’s in and right now its that…over time, ratio will be 50% nasdaq, 40% otcbb, 10% pink sheets
banana-start with as little as possible to open a thinkorswim account, i think its 43,500 so play it safe and do $4k. (and def tell them i referred u!) i have 9 years of invaluable experience, but if u get my dvd package, u’ll have all that wisdom too :)
TOS says $3500, but I started with $2000 and they let me trade with it. I added $750 a bit later.