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7 comments:
I don't think this week will be so wild as last week
Rebel - Prob not, but the video was cute!
I read some of your "Results for the Week" posts, and I am very impressed. Much continued success.
If you don't mind, I would like to ask some questions.
A. You say you use earnings guidance to guide your picks, what do you use when it's not earnings season?
B. It seems that timing is critical to your success, even a few minutes can be the difference between profit and loss. Do you always buy just before market close? Do you place a "market order" for the next day open? In the case of AXCA, (with 20/20 hind sight), that would not be the best trade.
C. Which broker do you use that can fill your orders reliably?
Thanks very much for your help.
thanks for visiting once again...
to answer your questions:
1) generally speaking there is always something going on. SInce I have been following this particular strategy, maybe about 6 months or so, there have been about5 or 6 days that there was nothing going on. On these days I don't trade. I don't like to force a trade - I've learned the hard way doing that. Today happens to be a slow day, and I won't be trading anything for the strategy.
2) Timing is everything isnt it? lol I always make my opening trades before as close the the market close as I can. I generally use mkt orders for this. To close the trade the next day I will put in a limit order for the price that I'm looking for around 9:20 before the open. If there is a gap up (or down for a short) the market maker almost always gives it to me, as what happened with DIVX today. They gave me 30 cents better than what I wanted (my cover was the low of the day per yahoo finance) and then very shortly after the open, it shot up, and stayed there. I don't try to play with the price. I put in what I need early and if i get more, great, if not, at least i'm out before it turns on me.
What was wrong with the AXCA trade? I bot @ 18.56, sld at 18.76 before the open and its been up all day over a dollar - did u mean DIVX?
3) I use Scottrade. They give good executions and on the few occasions that I have had an issue, its been resolved well. There are a few quirky thing about them - but in general they are pretty good.
Good luck! Love the questions!
Thanks for your answers.
If you had waited with AXCA, you could have sold much higher, (19.58 as of 3:30).
I suppose you subscribe to the old saying "Bears make money, bulls make money, pigs get slaughtered." LOL
One more question -
Do you post your picks before you trade them? if so, what time? and do you mind if I "copy" you?
DP - yup - part of my personal strategy is to set a goal and once reached, get the hell out! I think 85% of the time people loose their shirts cuz they get too greedy.
As a matter of fact, I do have another private blog which lists trades before I do them. I'm toying with the idea of a paying site, since I've gotten a few requests, but right now its free - drop me an email and I will set it up for you so you can get in.
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