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tyrannyoflogic
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Posted on 01-18-11 11:08
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I have been trading penny and subpenny stocks for about eight months now and have decent returns so far and i was wanting to push it up a notch without the 25k required for daytrading and without being labeled a pattern daytrader
can i open multiple broker accounts and daytrade within the limits of 3 daytrade in 5 consecutive days , heres my scenario
Monday 1 daytrade(zecco)
Tuesday 1daytrade(etrade)
Wednesday 1 daytrade(zecco)
Thursday 1daytrade(etrade)
Friday 1daytrade(zecco)
Monday 1daytrade(etrade)
Tuesday none
Wednesday none
Thursday none
Friday none
Monday same as first week
Tuesday
Wednesday
Thursday
Friday
I appreciate the help and suggestions
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purana kagaz
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Posted on 01-18-11 11:14
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Get out of the penny market before you see your money disappear....Sooner or later your money will disappear in penny stock scams...
It's true.
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dolphin
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Posted on 01-18-11 11:18
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Never put your money in a penny stock. you might gain 30-40% overnight (basically a gamble) which will lure you to put more money in it but eventually you'll get burned. put your money in stocks that have high liquidity. slow and steady wins the race. i have been there done that. good luck
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tyrannyoflogic
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Posted on 01-18-11 11:21
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I dont hold anything overnite i get in at the bell and get out before 10 and its been good to me so far i have been doing it for 8 months now
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tyrannyoflogic
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Posted on 01-18-11 11:21
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thanks for the replies and the suggestions though
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purana kagaz
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Posted on 01-18-11 11:22
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Yeah,...One day you'll get in at bell and you'll see 85% drop by 10.
That's what we are talking about here.
Been there, seen that, done that and saw money disappear like i mentioned.
Its just a suggestion not a warning.
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tyrannyoflogic
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Posted on 01-18-11 11:32
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thats what stop loss orders are there for
the minute i buy i put a stop loss order
and i have my limits to how much i put in one stock , i know its a gamble and i kid u not i have lost money but i am up in the past eight months that i have traded...its about controls and due diligence and some more due diligence
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dolphin
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Posted on 01-18-11 11:37
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if it is making money for you then good luck. i hope you make more money. the question is how much up are you in past 8 months with all the risk you are taking.
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purana kagaz
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Posted on 01-18-11 11:40
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Looks like you're new in the game...i would consider 8 months as newbie...
Just FYI, Stop losses doesn't work all the time when there's a significant drop in the PPS......Trust me, It will not work because there will be pressure on Selling and that's how you lose money..
90% of Penny stock traders lose money in the long run...wait few months and you'll stop talking about penny stock and you'll start warning other people when you have lost significantly.
Mark my words.
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tyrannyoflogic
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Posted on 01-18-11 11:43
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i started with 2500 for a margin account which dwindled to about a 1K in the first month now m at around 5 k and thats with 2 daytrades in a week from only one broker
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dolphin
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Posted on 01-18-11 11:50
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so you are saying, you had two trades and you had 500% ROI. you must be lucky on that part. what are those stocks that went 500% in a day. sounds like you are trolling now.
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tyrannyoflogic
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Posted on 01-18-11 11:54
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@puranakagaz
good looking out ...but m gonna take my risks when m down to my original 2500 i will get out
and stop losses do work when your eyes are glued on to the level 2 quotes on the screen, its true i might lose more sometimes but its been good to me so far ...and again i might be pushing my luck here but hey the adrenaline sure feels good sometimes
thanks when m down to 2500 i ll remember u and what u said
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tyrannyoflogic
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Posted on 01-18-11 11:55
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@dolpin m talking about in the past 8 months i have had my ups and downs m not that lucky to have two trades bank me 500 percent in one week
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cool_volcano
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Posted on 01-23-11 1:01
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I am new to stocks, would like to do some longterm investment, can some one suggest me what should i be looking for when i am researching
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