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My First TradingMarkets.com Article: Limit vs. Market Orders

Posted by timothysykes on Mon 9th of Jun, 2008 12:32:24 PM
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Lots and lots of people have asked me about limit vs. market orders so I finally got around to writing a detailed post on the subject. Since this topic extends far beyond that of PennyStocking in importance, I decided to publish it on TradingMarkets.com…which is an overwhelmingly solid trading information resource…they liked it enough to put it as their top article with my pic all day Sunday (thanks guys, I’m honored!)…and you can view it HERE!

Hope this helps you newbies out there, market orders are evilllllllllll…more evilllllll than SEC bin Laden…well, actually it’s a toss up.

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  • Watching TAMO for a breakout on a move past 3.10 (all time high).
  • Preferably a close past 3.1 on TAMO to really confirm it.
  • Tony Ellis
    My internet has been down. Did I miss anything?
  • Kris
    Tim, i do not recall your opinion on volume...for example, LBAS is so low. BTW you are so funny...."market orders are evilllllllllll
  • Kris
    Tony, unless u where holding ISPH from friday u have not missed much. Unless i missed something?? lol
  • Tony Ellis
    CPSL looks like it tanked nicely. SOLF is looking weak but it's a scary stock.
  • Kris
    Hey Simonyadig, I just got a spam from TAMO .....Tamm Oil and Gas (OTCBB: TAMO) set to move higher on 2 blockbuster announcements:

    First
    An independent engineering report has just raised the company
  • Kris
    i forgot about CPSL. It almost touched support (4.71)and then bounced to 4.83, now up/down a few cents.
  • Tony Ellis
    CPSL- I would have covered by now.
  • JeffMoates
    Covered my $4.95 CPSL at $4.77 just a second ago.
  • JeffMoates
    I'm bored as F&^$
  • Tony Ellis
    short 1k solf@ 19.80
  • this is the kind of day u take off and enjoy outside, no good plays, just scalps
  • JeffMoates
    That sucks Tim cause the alternative to trading is actually doing work at my job. BOO!!!

    Tony, nice entry on SOLF. Amazing how you caught it on that downturn.
  • be-the-ball
    ok, than why are you pale as a ghost timmay?
  • trader@MIT
    Seriously, today is rather upsetting. I'm about to cover on FAC, but I have been holding that since Thursday. I couldn't find a decent play all day.
  • Alex
    AAPL - Great example of suckers getting their $180 stops triggered and eaten up!
  • trader@MIT
    haha ya, too funny
  • yea scalps galore, figures i dont have to work this morning and the trading day sucks
  • Alex
    Is apple doing their conference already? I'm seeing a lot of newswire stuff on them. IPhone to be release early July.
  • Rambone
    Cover NYNY at 2.35 from 2.75 short. Dropped heavy today so taking profits before target to secure.

    Buying SOLF here at 19.45 with a 19 stop loss. Solars are oversold with OIL at these levels.
  • monkiman
    ROYL beautiful today.... slow fading action from 8.75ish, now @ 8.48ish
  • Ryan
    Rambone, can't understand your strategy, SOLF can take your stop loss of $19 in a heartbeat and move back to 20 or higher, then what?
  • trader@MIT
    Oversold? Be careful with SOLF though, it has a history of irrational volatility.
  • younggunz
    Yeah I scalped 1000 shares of PARD. Got in on a mini peak and let it go for a .30/share profit. Nothing big brought me back into the green when I jumped to gun in the open with PTEK and covered late.
  • Tony Ellis
    Rambone I'll buy your shares at $19...lol
  • Rambone
    Tony,

    LOL. GL to both of us. You're already in the green.

    Ryan,
    The stop losses were triggered at the 20 break. That was support and it melted away. Should get some type of bounce. If it does take my 19 then good riddance. Have no problem eating a small loss.

    Trader,
    SOLF is definitely a mover that's for sure. Daytraders and hedgies love this stock.
  • lmsmith
    TiM I posted earlier about PINN afternoon fade- and when I posted the stock just hit its high of the day--- and it did exactly what I thought it would- faded......
    SMH-- I am mad for my self for not playing...
  • lmsmith
    SOLF ~>>>> Very irrational stock... good luck with that- I wouldn't buy until it goes back down to $12
  • Tony Ellis
    Covered at 19.60....too scary for me!
  • Alex
    Jobs says iPhone approaches WiFi speeds...damn, I want it!
  • Kris, I treat every play like a pump and dump and I go by the charts only.
  • trader@MIT
    Wonder if I can scalp AAPL for a few hundred by the end of the day, the movement looks fairly predictable.
  • Rambone
    Imsmith- good work on PINN. I remember your call to short at 2.80. Everyone has their own style which is the beauty of trading. What I love others hate and vice versa. All comes down to making a profit.

    I'm in TSL at 40. Another oversold solar. Sector rotation back to solars tomorrow IMO.
  • trader@MIT
    That was an easy $230 on AAPL, look at the fluctuation between 184-181.xx
  • trader@MIT
    Pretty soon we'll take it back on the way up for another few hundred
  • Rambone
    PTEK is tomorrows NYNY. Charts don't lie.

    Out of SOLF at 19.36 for a small loss. About to crater the 19.50 support. I'll buy it if it crosses 20 tomorrow.
  • getshorty
    Shorted NYNY at 2.46, wondering whether to cover or to wait until it is closer to $2 resistance......choices... choices....
  • trader@MIT
    Are you sane? That's an easy cover.
  • trader@MIT
    What broker had shares of NYNY to short?
  • getshorty
    I shorted 40 minutes ago with interactive brokers.

    Are you looking to short at this level? (2.17 price?)
  • getshorty
    Also shorted cpsl at average 8.87... about to cover out of boredom....
  • jdubya
    Tim, Thanks for the TWTI long call (last week?). Now if I can only start learning how to short. I think that this kind of strategy may be one of the few ways to consistently make money in a market like this. I've got a friend who manages a hedge fund and likened the market to a "schizophrenic friend" since last month. He's a value oriented guy, but even those stocks aren't reliable in this market. Bought one of his stocks (TDG), and it fell 12% the same day I bought it on Friday. Gotta learn how to short!
  • Rambone
    Buying more TSL at 40.20. It's holding support. Very bullish sign if it can close above 40. Should be good for 2 points upside tomorrow. All solars bouncing from lows.
  • trader@MIT
    No, I would never touch it as this level. I was looking to short thursday and TOS did not have any shares to lend.
  • getshorty
    TOday shorted CPSL at average 4.87 covered close to the bell at 4.84, barely to pay for the commissions.

    NYNY 500 shares shorted at 4.46, 400 covered at 2.23 100 covered at 2.33 Should have covered on th 2.15 area, but was waiting for them to test support in the $2 area, never happened.

    2300 shares of UOMO shorted on fiday average 0.64, covered 500 today at 0.54. THis one should drop gradually as all doubling stocks picks after the discontinue pumping.
  • Heys this is Richard from http://hedgeagainstspeculation.com, I`d like to invite you to participate in our "Cooly Amazing Contest" which ends June 15th. To sum it up you can win prize packages worth over $275...there are a total of 20 prizes to be won and anyone can enter. It`s simply a random draw, and entering takes little to no time. Feel free to go to my website and click on the "Cooly Amazing Contest" banner for details :)
  • cash
    Thanks for the great artivle on market v limit. I know that helped a lot of newbies out.
  • Andy Dearden
    TIM how do u abuse buying power??? and do they suspend ur account if u trade more than 3 day in a rolling 5 day period.... what will happen?
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Who Is Timothy Sykes And Why Should I Care?

See Tim's full bio HERE. Tim turned a few thousand dollars into a few million by taking small gains time after time on hundreds of volatile penny stocks, discovering that his trading strategy, while consistently successful, works best for those with smaller accounts.

Determined to teach others this PennyStocking trading strategy (learn more HERE), he went back to his original $12,415 roots (already $58,000+ even though the stock market has crashed) to show everyone how to turn thousands into millions, even while having a life (somewhat) and making plenty of mistakes. Currently he is the #1 ranked trader out of 25,000+ on Covestor)

How Can I Consistently Make Money In The Stock Market?

Hard work, Determination and Know How.

Hard work to learn how the greatly misunderstood niche of penny stocks provides opportunities every now and then on which you should pounce.

Determination to seek those probable profits out and know how in order to actually profit from them.

Long story short, wait for stocks that are extremely volatile - for whatever reason - and then aim to take small profits (between 10 and 50% within a few hours, days or weeks) here and there, either from betting on higher or lower prices (yes, you can make $ betting on lower prices, it's called Shortstocking (learn more HERE).

Why Penny Stocks?

As Tim explains in several ALL-NEW instructional DVDs (see them HERE) and in over 2000+ blog posts, penny stocks are the most hyped and corrupt niche in the entire investment world. These two qualities make them the easiest to profit from (legally) because the vast majority of people who play penny stocks are suckers and all-around ignorant people. If you have any intelligence whatsoever, you have a clear advantage and it's like playing basketball against mental midgets.

Where Do You Find Stocks To Trade?

This is the #1 FAQ (see more HERE) and it is answered in THIS instructional DVD.

Of course, that's just a brief introduction - to receive a full education, there is Tim's book An American Hedge Fund which is the story of his remarkable rise and lessons learned.

To truly increase your odds at profit, Tim has designed an entire set of detailed instructional DVDs, covering all the variables that amount to over 24 hours of instruction (see them all HERE)!

TIM Trades

View All
Date Stock Buy Sell Net
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $92,304 (644%)