Seasoned traders, Please shed some light

[Survivor]

I am amazed at the way stocks just fly like a flock of birds at the open.

I honestly wonder if its better to wait one hour or two or 3 to pull the trigger.
Wait for the pullback?

I also been having trouble when I place a limit order in the morning the stock just ratchets up 3.00 before I can even get in.

If you watch the streaming quote screens in the morning the stocks that seem to want to take off are up 3.00 before the bell in most cases.

I have been really working hard to learn some strategy,unfortunately I see allot of up side profit escape because of the jumps in the morning and sometimes
the decline is enough to make me wonder if I should get out. Too soon or too late,a gamble.

Friday is a prime example, I tried to buy ATW at 113.50 on a limit order,well scottrade had problems with the main system in Miss.
And by the time I could even get in it cranked to 116 and change.
By the end of the day it was 120 and today, Mon. it just ran great.

I only have been able to work at this the last two weeks watching the screens and stocks.
I'm still running good but not making real money just yet.

Most of you would be amazed at the time and effort I have invested.
The pressure is on, even your confidence could get shaking sometimes.
I need some advice. I would appreciate it very much.
My wife is not real interested and the dog just stares at me,probably laughing.:p

I was wondering how many prefer a day trade account or do you just wait till the next day.
to sell and maybe buy another stock.

[Supreona]

As far as ATW is concerned, I would expect it to fall through tomorrow. If not tomorrow, then definitely Wednesday. Looks like it's running out of steam to me. If I had of bought it friday I would have closed it out today.

Would have better to jump in on the 25th or the 26th before the run up. Timing is everything.

JMHO

[sheacdunn]

If you're daytrading, wait for the reaction period(10 eastern usually)... the specialists floor traders and market makers are juggling their positions.... Let the trade set itself up..

[aiki14]

Here are a couple generalizations:
Look for stocks that gap up and the volume begins to subside then short them. When the down side volume slows or up volume comes in cover and get in long. This is usually around 10-10:30
If you're only playing the long side, wait til the second phase of the above.
Hint, don't fight the trend of the market
If you're ok with overnight holds, wait til the daytraders start bailing, and the mutual funds stop trading, around 3-3:30 and look for bargains.

Study the 3 minute charts of the stocks you follow to see patterns of intraday activity.

I trade longer term than just intraday for the most part, but I think you need the weapons of daytrading in your arsenal to take advantage of what the market gives you. That means margin, options, futures, auto sweep, full charting software, technical and fundamental analysis, adderall and zoloft, maalox, or whatever gets you info, skill and stamina.

Hope that's of some value.

1 more thing, I'll bet most of the successful traders would not be amazed at the amount of effort you're putting in, they would just see you as one of them. This game takes an astonishing amount of effort to learn, and succeed at. I don't think I could put in the hours I do if I didn't love it. I love the rush of trading and the benefits it has afforded me. Looks like you have the fever as well. Go with the rush, tempered with discipline, keep your focus, and you maximize your chances.

[wallstreetsedge]

normally you should wait at least an hour.. if you want to make a quick trade, typically you can do ride the reverse move of a stock at about 9:45 when market makers/specialists reverse the position to create stability

other good entry times are normally 11:30am, 2:30pm, 3:00pm, 3:30pm

[dusouth]

I am amazed at the way stocks just fly like a flock of birds at the open.

I honestly wonder if its better to wait one hour or two or 3 to pull the trigger.
Wait for the pullback?

I also been having trouble when I place a limit order in the morning the stock just ratchets up 3.00 before I can even get in.

If you watch the streaming quote screens in the morning the stocks that seem to want to take off are up 3.00 before the bell in most cases.

I have been really working hard to learn some strategy,unfortunately I see allot of up side profit escape because of the jumps in the morning and sometimes
the decline is enough to make me wonder if I should get out. Too soon or too late,a gamble.

Friday is a prime example, I tried to buy ATW at 113.50 on a limit order,well scottrade had problems with the main system in Miss.
And by the time I could even get in it cranked to 116 and change.
By the end of the day it was 120 and today, Mon. it just ran great.

I only have been able to work at this the last two weeks watching the screens and stocks.
I'm still running good but not making real money just yet.

Most of you would be amazed at the time and effort I have invested.
The pressure is on, even your confidence could get shaking sometimes.
I need some advice. I would appreciate it very much.
My wife is not real interested and the dog just stares at me,probably laughing.:p

I was wondering how many prefer a day trade account or do you just wait till the next day.
to sell and maybe buy another stock.

i know the feeling. I was going to ask this same question myself, knowing little about the markets(compared to some of guru's) i also wonder if i too, are not correctly positioning myself on some of my trades. I've tried to purchase in the morning only to realize that i was probally too late and should've waited on a pullback days later. Maybe watching my pic, the day that i want to buy, instead of pulling the trigger first thing in the morning, might be a better strategy.

I hate the feeling of looking at stock that's been beaten down the last few days, then wanting to buy the next morning, just knowing it's a bull in the pen waiting to escape, only to find out it opened up 5-7% :frown:

[Stin]

It is said that stocks make most of their gains overnight.

[Survivor]

As far as ATW is concerned, I would expect it to fall through tomorrow. If not tomorrow, then definitely Wednesday. Looks like it's running out of steam to me. If I had of bought it friday I would have closed it out today.

Would have better to jump in on the 25th or the 26th before the run up. Timing is everything.

JMHO

Excellent stock,those are the ones that put a smile on your face.

[Survivor]

Here are a couple generalizations:
Look for stocks that gap up and the volume begins to subside then short them. When the down side volume slows or up volume comes in cover and get in long. This is usually around 10-10:30
If you're only playing the long side, wait til the second phase of the above.

Hint, don't fight the trend of the market
If you're ok with overnight holds, wait til the daytraders start bailing, and the mutual funds stop trading, around 3-3:30 and look for bargains.

Study the 3 minute charts of the stocks you follow to see patterns of intraday activity.

I trade longer term than just intraday for the most part, but I think you need the weapons of daytrading in your arsenal to take advantage of what the market gives you. That means margin, options, futures, auto sweep, full charting software, technical and fundamental analysis, adderall and zoloft, maalox, or whatever gets you info, skill and stamina.

I started with 3.000 and went to 10,500. I'm hovering at 10 give or take.
I can get free Prozac,that helps,and drink a gallon of ice milk a day to cool off the ulcers, lol.

If I can get to 25 grand,that would open up another window for Scottrader Elite service.
With all the research reports that are available,Reuters,S&P,IBD,Barrons, do you have a favorite?
The choices are overwhelming.

1 more thing, I'll bet most of the successful traders would not be amazed at the amount of effort you're putting in, they would just see you as one of them. This game takes an astonishing amount of effort to learn, and succeed at. I don't think I could put in the hours I do if I didn't love it. I love the rush of trading and the benefits it has afforded me. Looks like you have the fever as well. Go with the rush, tempered with discipline, keep your focus, and you maximize your chances.

Wisdom.:dito:

I actually am taking a crash course in learn as you burn,working diligently reading and researching.
I am sorry I did not get into stocks and financials sooner,
I waisted time being an auto technician,when compared to stocks and financials,
although I earned a good living,you never bite the hand that feeds you.

I had one of Cramers books for a year before I finally read it. I like him but leary of him too.
That really got me interested to learn,and the door opened wider.
Also,the IBD and Barrons,are great papers,solid tools.

I kid around allot but it lets off steam,the learning curve is exciting.
I never miss a day of school or work, I appreciate people here being helpful or tolerant.
Success comes with hard work and motivation.

[freakscene]

skip cramers books.

they are of little value at teaching you, but are great for reading at what a super duper trader he used to be.

sorry for stealing your line here aiki, but buy one of toni turners books for a few bucks. she'll describe the phases or patterns of the market day and why they occur.

as a few others said, never buy at open. wait for the reversal.

i also like the afternoon set ups, watching stocks channel during lunch and setting up for a rally around 2:20-2:30

[TheChartGuru]

Don't ever kick yourself or second guess yourself if you miss an entry(what ever that means) or if you made a bad trade. This is all part of the learning process that never ends. To simplify your trading, why don't you just trade the same 1-5 stocks, let say. You can create a simple trading method by simply drawing trendlines and trading trendline breakouts or breakdowns. Use an oscillator like RSI(14) or MACD(12,26,9) to gauge the trend and MA(21) to see if the stock is trading above or below the center of the bollinger bands.
For example, open an intraday chart of ATW. Draw a line connecting at least 3 lows. This is your trendline. Open an hourly chart and look at your macd and RSI(14). My interpretation is the RSI(14)'s values are going lower, but the price is going higher. Also, the histogram bars are getting smaller, but the price is going higher. This is NEGATIVE divergence. This tells me the stock is toppy and the price will drop soon. If you see the price drop below the trendline, then your forecast was correct. When the stock drops, draw another trendline, this time connecting at least 3 highs. When the stock crosses above the trendline, it should continue the uptrend. Have a handful of stocks on your watchlist and you'll be trading at least one almost everyday. That is what I'm doing. I'm trading CEGE, S, ABK, VNDA, NYNY, CORS, KKD, CPST and ARNA. I'm actually short all these stocks, except KKD and CPST, and I wait for a bounce than a break below the trendline to short. Too easy.

The Guru

I am amazed at the way stocks just fly like a flock of birds at the open.

I honestly wonder if its better to wait one hour or two or 3 to pull the trigger.
Wait for the pullback?

I also been having trouble when I place a limit order in the morning the stock just ratchets up 3.00 before I can even get in.

If you watch the streaming quote screens in the morning the stocks that seem to want to take off are up 3.00 before the bell in most cases.

I have been really working hard to learn some strategy,unfortunately I see allot of up side profit escape because of the jumps in the morning and sometimes
the decline is enough to make me wonder if I should get out. Too soon or too late,a gamble.

Friday is a prime example, I tried to buy ATW at 113.50 on a limit order,well scottrade had problems with the main system in Miss.
And by the time I could even get in it cranked to 116 and change.
By the end of the day it was 120 and today, Mon. it just ran great.

I only have been able to work at this the last two weeks watching the screens and stocks.
I'm still running good but not making real money just yet.

Most of you would be amazed at the time and effort I have invested.
The pressure is on, even your confidence could get shaking sometimes.
I need some advice. I would appreciate it very much.
My wife is not real interested and the dog just stares at me,probably laughing.:p

I was wondering how many prefer a day trade account or do you just wait till the next day.
to sell and maybe buy another stock.

[Riddicks]

Sprint looks like a hell of a short.

[Jelly]

I've read and recommend Toni Turner's books as well, especially considering your questions.


"A Beginner's Guide to Day Trading" is perfect for learning the market moods and timing as well as answering a well rounded set of questions.

[Survivor]

Thanks Gentleman. a great outline, appreciated.