I am starting this new thread because I found nothing being posted on Stocks, day trading etc.
I had been trading for about five years, and had very little success with short or long term trading. I became fascinated with the idea of day trading. I was always looking for the Holy Grail and as we traders know, there is no such thing. We all spend way too much money for the hype
that's out there, and with all the talk on the street about the money being made day-trading I started to look for a system or method to trade the S&P, but when I looked into the amount of margin you needed I quickly became disillusioned. I’m not in that league as it takes over $25,000.00 to trade one contract! I had heard of mini contracts and found you could trade the Emini S&P; it’s one-fifth the size of the big S&P; and is traded electronically on Globex with no need to talk over the phone to a broker. Well, it fit right into my style of trading. I guess I like the action, and I don't like all that research for trading long-term positions.
I started looking at charts and watching the news on CNBC everyday. I read everything on day trading that I could get my hands on. I think, because of all the stuff I had read about, such as
fundamentals, technical analysis, and all those crazy indicators like RSI, Fibonacci numbers, Gann lines, Elliot waves, Stochastics, it would be just too difficult. Then I read an article written
by one of my favorite teachers, Larry Williams and a co-author Miles Dunbar, they wrote an
article for Futures Magazine, “Trading Strategies For the Future… The E-Mini Nasdaq 100” and
in the article, he used an indices as an indicator, and in the same magazine article another writer
used a different indices as an indicator. I said to myself…Self, why don’t you use both, as an
indicator … the rest is history.
My many hobbies over the years include, backpacking, rebuilding antique aircraft, flying, boating, fishing, writing poetry, reading and watching Biography and the History channel, and last but not least, teaching day-trading. Looking for additional income, I happened to receive a familiar mail order pamphlet in 1994. You know the one... how to get rich quick in the commodities and futures business. I jumped right on in. Needless to say, I didn't get it. I kept looking for the Holy Grail! I read
everything I could get my hands on, attending seminars and lectures on how to get rich. I spent a small fortune on books, systems, and methods by the likes of Ken Roberts, Jake Bernstein, Nick Van Nice, and our old favorite Larry Williams. Nothing worked for me, except an education in the commodities and futures business. Still thinking that this is a possible way to make money at home, I read an article on day trading in
Futures magazine. I tried paper trading some of the ideas presented in the article on the S&P; it just gave me brain cloud - way too much stuff to think about. In another article in Futures, Larry Williams and Miles Dunbar wrote about trading the Nasdaq 100 and looking at a divergence in
the Dow. Another article in the same magazine written by Michael A. Mermer talked about using the Nasdaq 100 as a leading indicator for the S&P 500 futures and said it was a great daytrading vehicle. At first it did not really sink in until I started watching CNBC on television.
They have those little arrows in a box showing the change in the Dow, Nasdaq, and S&P 500. A light went on for some reason and I started watching every morning, keeping my eye on the Dow and the Nasdaq. At first I was looking for the divergence, then I noticed that when both the Dow and Nasdaq were in sync, the S&P 500 followed.
Hey the rest is history!
Simple but not easy… fear and greed are your enemies; patience and discipline are your tools, practice is the only way to achieving your potential.Marshall J. Jones
The other day I invested in Samsonite Luggage And Travel Company: SAMC at 1 penny a share and for some odd reason it got that low.
So I got $500 bucks worth and now its at 66 cents! I sold it the other day and made a total profit: $32,500!!!! I quickly put that into some other stocks and bonds for my childrens college fund.
Now again I was just trying to get it to double from 1 penny to 2 pennies but all of a sudden it jumped. Its a great Idea to buy stocks under a dollar; an easy way to double or 66th your money!
wow...that's a real good buy, but i think currently most stocks are going up due to x'mas isn't it?