Stocks to Day Trade

[Jack]

My new years resolution is to work less and enjoy more :D With this in mind, any contributions, tips and ideas on above topic would be appreciated. Have dabbled with the obvious TEL, FBU and CEN historically, but want some fresh ideas. Also any strategies ie time of day etc etc :)

[Snow Leopard]

If you want to work less and enjoy more then do not day trade. Go for a longer term strategy where you can look at your trades once a day/week.

Instead of spending your time sitting in front of the computer, watching the numbers change, you can go out and enjoy life, watch the sunset over the sea:

5254

Best Wishes
Paper Tiger

[craic]

I deal on a day-to-day basis with Tel shares only. I have quite a reasonable block but I work on the basis of sell and then profit on the buy back. Because of the fees involved, there has to be a minimum of 2cps to make me a profit in the hundreds of dollars - four cents and I am over the ton. The profit is divided into three parts - one for the taxman, one for a reserve fund and one for me. The reserve fund is to cover the situation where the market price continues to rise when I am waiting to buy back. It is critical for me to maintain the quantity of shares regardless of the price. Timing on a daily basis is usually straightforward for TEL. Highest prices appear mid to late afternoon. I tend to put mine on the block at a couple of cents above what I expect to get - it's very simple to adjust the price if you want to be satisfied with a lower price.Buying works the same way. You may be able to trade two or three times in the one week in good times but sometimes you have to sit and wait.

[noodles]

I deal on a day-to-day basis with Tel shares only. I have quite a reasonable block but I work on the basis of sell and then profit on the buy back. Because of the fees involved, there has to be a minimum of 2cps to make me a profit in the hundreds of dollars - four cents and I am over the ton. The profit is divided into three parts - one for the taxman, one for a reserve fund and one for me. The reserve fund is to cover the situation where the market price continues to rise when I am waiting to buy back. It is critical for me to maintain the quantity of shares regardless of the price. Timing on a daily basis is usually straightforward for TEL. Highest prices appear mid to late afternoon. I tend to put mine on the block at a couple of cents above what I expect to get - it's very simple to adjust the price if you want to be satisfied with a lower price.Buying works the same way. You may be able to trade two or three times in the one week in good times but sometimes you have to sit and wait.
No disrespect, but would you call yourself a "scalper"?

[Whipmoney]

My new years resolution is to work less and enjoy more :D With this in mind, any contributions, tips and ideas on above topic would be appreciated. Have dabbled with the obvious TEL, FBU and CEN historically, but want some fresh ideas. Also any strategies ie time of day etc etc :)


Less effort more play.. maybe try value investing. For a small investment of time and money you can reap big rewards:)

[janner]

No disrespect, but would you call yourself a "scalper"?

Scalper... Trader... It is all about PROFIT..

Well done craic.. :-))

[craic]

No offence taken. A scalper in the sharemarket is far removed from what I do and probably works on very much tighter margins than I do. Trading is no different to any other retailing or banking - its just a way of making a living, or part of a living.
No disrespect, but would you call yourself a "scalper"?

[Goldstein]

No disrespect, but would you call yourself a "scalper"?

Traders add liquidity to the markets and are therefore valuable.

Scalpers are cockroaches.

[airedale]

Traders add liquidity to the markets and are therefore valuable.

Scalpers are cockroaches.

Semantics, old boy. You are playing with words. Every trade adds liquidity.

[In4a$]

I deal on a day-to-day basis with Tel shares only. I have quite a reasonable block but I work on the basis of sell and then profit on the buy back. Because of the fees involved, there has to be a minimum of 2cps to make me a profit in the hundreds of dollars - four cents and I am over the ton. The profit is divided into three parts - one for the taxman, one for a reserve fund and one for me. The reserve fund is to cover the situation where the market price continues to rise when I am waiting to buy back. It is critical for me to maintain the quantity of shares regardless of the price. Timing on a daily basis is usually straightforward for TEL. Highest prices appear mid to late afternoon. I tend to put mine on the block at a couple of cents above what I expect to get - it's very simple to adjust the price if you want to be satisfied with a lower price.Buying works the same way. You may be able to trade two or three times in the one week in good times but sometimes you have to sit and wait.
Do you always buy & sell the same day craic ? or hold for a day or two sometimes.?

[craic]

No.It might be a day or week or whatever it takes. My current holding was bought at 230cps just before xmas and is on sale at 236 but I can and do change that at the push of a button. I am too busy with the season at present so I aim quite wide and look now and then.You probably wont get any stability till mid-January.
Do you always buy & sell the same day craic ? or hold for a day or two sometimes.?

[QOH]

I can see how a two cent movement can create a profit in the case of Telecom but just going over the figures in my head doesn't it involve a trade of approx. $90,000 to $100,000 to produce the profit you get Craic?
So I guess the same would work on FBU on an 8 cent movement?

[craic]

thats about right -$370 per one cent less about $170 fee.for buy and the same for sell.

[Huskeez]

My new years resolution is to work less and enjoy more :D With this in mind, any contributions, tips and ideas on above topic would be appreciated. Have dabbled with the obvious TEL, FBU and CEN historically, but want some fresh ideas. Also any strategies ie time of day etc etc :)


Habit 1 – Accept What Is Real

There are no experts in the trading game - full stop.

Habit 2 – Think Common Sense

Beware anyone who is selling information, unless they are willing to show you their private account, in which case, if you are so lucky to find such a person, expect to pay out big money for the information, in one form or another.

Habit 3 – Gather Facts & Figures

Read websites/forums (like this one) with an open mind. Do not buy any books on trading as the majority are available for free on the WWW if you are willing to search. They are not worth the cost of the recycled paper they are written on, read all with a pinch of salt.

Habit 4 – Understand Risk Management

Never risk money that you can't afford to lose, aka, "scared money never wins".

Habit 5 – Plan Your Time

Determine what time you have available and pick your style accordingly, aka, don't be a fool and think you can scalp/daytrade if you can't sit in a room on your own, be totally dedicated, and insist that you have no distractions from wife, or whoever!

Habit 6 – Plan Your Trades

Learn to be a small loser and a bigger than loser winner. Never be afraid to lose quickly, ignore this one at your own peril!

Habit 7 – Become Good At What You Do

Become proficient in one market before learning others, jump from Jimmy to Jack and you will stay on the trading merry-go-round, like most traders do!

[craic]

Good advice Huskeez but I found out the hard way that its virtually impossible to advise people. I have one friend who often sought advice but then listened to his son who was in Australia and advised him on mining shares as "inside information" - he lost his shirt. A cock relative has been mismanaging his own affairs for years and has had to sell his family home to pay off the mortgage. He has now completed a couple of papers and works as a financial adviser - I wouldn't employ him to sell icecream from a bicycle. But he is most free with his investing advice when we meet. On your habit 6 . that is why I keep 30% of profits aside to cover mistakes.

[Schrodinger]

I am not a fan of day trading but you should probably look to target the ASX due to superior liquidity.

The forex is very favourable at the moment and I have been targeting there for sometime.