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Rank: Advanced Member
Joined: 8/14/2008
Posts: 314
Location: Memphis
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Here's one of my Day Trades for today:
I walked by my computer and saw something interesting.
The Dow was rallying hard, and TSO was being stalled by an "axe" MM sitting on the ask with 25K shares. I knew once all of those shares were chewed through, TSO would move fast to catch up with the Dow.
My 2K share entry came just before those 25K shares were bought up. It took just less than three minutes to make $281. gross, minus $14. for commissions for a net of $267. Not too bad for three minutes of work...lol
I'm not going to post a chart on this trade.
This was a momentum move, and against my usual entry strategy. I saw something that I thought would work, and I went for it.
Happy Trading,
zz
 www.stock-market-lessons.com
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Rank: Advanced Member
Joined: 7/14/2008
Posts: 34
Location: California
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Hi Ziggy....nice work..question..what is the your rational for using limit orders versus market orders..A lot of times, i have guessed big moves but got bitten by limit orders not filling, hindsight should have gone market order..comments..
thanks,
Adam
Simple Living High Thinking
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Rank: Advanced Member
Joined: 8/14/2008
Posts: 314
Location: Memphis
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wilfee@yahoo.com wrote:Hi Ziggy....nice work..question..what is the your rational for using limit orders versus market orders..A lot of times, i have guessed big moves but got bitten by limit orders not filling, hindsight should have gone market order..comments..
thanks,
Adam Adam,
I don't know where you got the idea I use Limit Orders?
If you look at my trade screen closely, you'll see it says:
"You've entered a Day Market order to Buy 2000 shares of TSO".
I NEVER USE LIMIT ORDERS when Day Trading.
When I push that button to Buy or Sell, I want that order to go through in just a few seconds at most.
You can enter a limit order that may never get picked up because the bid or ask moves right past your strike price.
I don't even use Limit Orders when I Swing Trade. I also never set stop-loss Limit Orders after I enter a trade because the MM's will drop down just to pick them all up at obvious levels where most traders will put them. Then they buy all those cheap shares and move it on up from there.
Happy Trading,
zz
www.stock-market-lessons.com
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Rank: Newbie
Joined: 11/14/2008
Posts: 1
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Dear ZigZag Man, Thank you for sharing so much information about your trades.I have never found anything that helps me to understand better, just how sucessful trades are accomplished. I am way too green to put on trades myself at this stage, however , I've been bitten by the "trading bug" (and will not sacrifice my funds to prove just how "green " I still am) and look forward to the day I believe myself to be ready.
Also, Finviz is amazing!
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Rank: Advanced Member
Joined: 8/14/2008
Posts: 314
Location: Memphis
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hmarr wrote:Dear ZigZag Man, Thank you for sharing so much information about your trades.I have never found anything that helps me to understand better, just how sucessful trades are accomplished. I am way too green to put on trades myself at this stage, however , I've been bitten by the "trading bug" (and will not sacrifice my funds to prove just how "green " I still am) and look forward to the day I believe myself to be ready.
Also, Finviz is amazing! hmarr,
Welcome! to Finviz.com~~~It is a really great website, isn't it?...
I see this is your first post here, and I'm very happy you're getting a better understanding of how to trade.
If you want a free "practice" trading account and trade with "play money" until you get the hang of it, you can do that here:
http://simulator.investopedia.com/?viewed=1
I am always happy to share my knowledge of the market with others, and if you have any questions, don't hesitate to ask...
Happy Trading,
zz
www.stock-market-lessons.com
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Rank: Newbie
Joined: 11/9/2008
Posts: 1
Location: Los Angeles, CA.
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Zig,
Thank you for sharing...why don't you use Interactive Brokers to trade. The cost of in and out is around $1 each way.
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Rank: Advanced Member
Joined: 8/14/2008
Posts: 314
Location: Memphis
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lenovot60 wrote:Zig,
Thank you for sharing...why don't you use Interactive Brokers to trade. The cost of in and out is around $1 each way. Welcome! to Finviz.com lenovot60,
I'm glad you like my thread here...Sharing is my "thing"...Always has been...
I've been trading with Scottrade and Fidelity only for the last fifteen years. I know about IB, but have never really checked them out. I'm real happy where I'm at as far as online brokers go. I've never had a problem with either one of mine, so have never had a reason to make a change. I'm not too concerned how much I pay in commissions. I make enough each year to not have to worry about that.
Happy Trading,
zz
www.stock-market-lessons.com
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Rank: Advanced Member
Joined: 7/14/2008
Posts: 34
Location: California
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Hi Ziggy, I wasn't saying you used Limit orders, i know you don't, i use limit orders. In all your trades i saw market orders and wanted to understand the reasoning you used for them. It does make sense from your post how the MM bait us. thanks.
Simple Living High Thinking
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Rank: Advanced Member
Joined: 8/14/2008
Posts: 314
Location: Memphis
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wilfee@yahoo.com wrote:Hi Ziggy, I wasn't saying you used Limit orders, i know you don't, i use limit orders. In all your trades i saw market orders and wanted to understand the reasoning you used for them. It does make sense from your post how the MM bait us. thanks. I'm sorry Adam,
I guess I misinterpreted you question...
Using Limit Orders is something I learned a long time ago was a bad idea. If you're going to use a 'stop-loss price', it's best to keep it written down or in your mind where you've decided to stop a loss at. Then, you have to have the discipline to manually execute it without fail. This doesn't work so well for people that can't watch the market all day every day though. For them, it's best to set a stop-loss Limit Order and pray it executes for them...
Happy Trading,
zz
www.stock-market-lessons.com
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Rank: Advanced Member
Joined: 7/14/2008
Posts: 34
Location: California
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Hi Ziggy......No hard feelings, i am one of your disciples, you are the guru. I agree with your assessment, will try to practice some of your preachings this week..looks like it is going to get worse..those 2X ETF's look really exciting. Keep up the good work...sincerely..Adam
Simple Living High Thinking
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