Stock Market Day-Trading Discussion Thread

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BlackVault,



What is your baby doing on youtube already? I thought you told me that he isn't born yet?
 
<a href="http://blackvaultcm.blogspot.com/">Stock trade opportunity on Wal-Mart</a>



EDIT: Hit 48 just now...I'm out @ 2.62 29.70% profit.
 
[quote author="irvine_home_owner" date=1233822570]I have a friend who daytrades for a living.



Do you guys find that it makes enough to quit your "real" jobs? (I'm not sure if some of you already have)</blockquote>


I used to day trade for a living....oh wait I still do and collect a salary on top of it. If my job didnt have internet connection or a computer...then I would sit at home and day trade.
 
[quote author="BlackVault CM" date=1233669849]<a href="http://blackvaultcm.blogspot.com/">Stock trade opportunity on Wal-Mart</a>



EDIT: Hit 48 just now...I'm out @ 2.62 29.70% profit.</blockquote>
Great trade...thanks, keep'em coming my man!
 
[quote author="usctrojanman29" date=1233833671][quote author="BlackVault CM" date=1233669849]<a href="http://blackvaultcm.blogspot.com/">Stock trade opportunity on Wal-Mart</a>



EDIT: Hit 48 just now...I'm out @ 2.62 29.70% profit.</blockquote>
Great trade...thanks, keep'em coming my man!</blockquote>


Thanks! I think I'm going to replay it though. I'll wait till dust settles after Cisco/Kraft news and let the market ride it down further, then pick up some calls on WMT again.
 
[quote author="BlackVault CM" date=1233835764][quote author="usctrojanman29" date=1233833671][quote author="BlackVault CM" date=1233669849]<a href="http://blackvaultcm.blogspot.com/">Stock trade opportunity on Wal-Mart</a>



EDIT: Hit 48 just now...I'm out @ 2.62 29.70% profit.</blockquote>
Great trade...thanks, keep'em coming my man!</blockquote>


Thanks! I think I'm going to replay it though. I'll wait till dust settles after Cisco/Kraft news and let the market ride it down further, then pick up some calls on WMT again.</blockquote>
Just keep us posted because I made a few bucks following your recommendation. I owe ya another lunch. ;)



I did a straddle on CSCO...picked up 10 Feb 16 Calls @ $.50 and 15 Feb 16 Puts @ $.78 (I was thinking that they would disappoint but wanted to protect myself). I'll probably dump the calls first thing in the morning and ride the puts down into the $14s.
 
Yeah, I think Cisco's news will probably push the DOW to 7500 and perhaps test new lows. Banks are still in a bad situation, Cisco isn't showing immunity and now Wal-Mart, Kraft and other big staples that normally are recession proof...are also showing weakness. If Cisco pushes to low 14s or lower, I'll be getting back into the market and writing up some covered calls. Right now I'm just screwing around with options and doing pretty good.



To be frank, I really don't want to make too many moves or give advice until I can better understand how the market will react over the next couple of days to this.
 
I just did an export on all my transactions for 2008...tax reasons.

I paid TD Ameritrade $12,982 in commission fees. F them.

Average commission per transaction was $57.48...sigh.



I might have to do some research and switch brokers.





EDIT: Did some research. Seems like Zecco or OptionHouse are the way to go. I trade a heavy amount of option contracts. 9.99 isnt much, but .75 cents per contract adds up fast. At times I trade 100-150 option contracts, so it can get quite expensive. With OptionHouse it's 9.99 period. Whether it's 1 contract or 4,000(thats the max per order). Stock trades are 2.95 unlimited shares. This seems too good to be true. I can shave my costs from $57.48 average to less than $9.99.



Anybody know anything about OptionHouse. I've never heard of them, though have heard about Zecco, they are cheaper than TD, but not dirt cheap like OptionHouse.



Thanks...
 
I liked the software a lot over at <a href="https://www.thinkorswim.com/tos/myAccounts/displayRates.tos">Think or Swim</a>, but their rates are on the high side now. You can still DL their software to check it out without officially opening an account, and recommend you do.



You would probably <a href="http://individuals.interactivebrokers.com/en/accounts/fees/commission.php?ic=1&ib_entity=llc">save the most by going with IB</a> with the volume you are doing.



I have heard mixed things about <a href="http://www.tradestation.com/">Trade Station</a>, mostly customer service issues, and judging by how their website is down as I type this... I think it might be true.



<a href="http://www.elitetrader.com/br/">You can go here</a> to read about what a bunch cranky traders think of the brokers. They seem to like <a href="http://www.elitetrader.com/br/?action=view&R_FirmID=146">Think or Swim</a>, especially for options.
 
I like Think or Swim, but at 150 contracts, I have no idea. Personally, I have closed my trading accounts, except for some fun money at Think or Swim.
 
The software package from ToS is badass. I like it! I'm glad it's free. I'm going to use it. Thanks!



I checked out many other brokers and many that charge high fees do so because of all the bells and whistles and analysis and crap. I don't really need all of that.

I just need a box to enter X shares at X price, with speed and precision accuracy. I don't need a broker that screws up my trades and can't execute instantly. I don't think that is an issue anymore with brokers as it was perhaps 10 years ago. I remember Datak Online Broker who advertised that their trades would go through in 60 seconds or its free. Then a couple years later it was 10 seconds or free. Now almost everybroker has instant trading.



So based on that I think I'm going to fire TD Ameritrade and give OptionHouse a chance. My mouth salivates thinking about 9.95 flat fees for options up to 3K (thats a correction from 4K that I posted earlier) and 2.95 for stocks up to 50K shares. Both are more than plenty.



My cost would go down about 70% for stock trades and option trades cost would drop probably around 80-90%. They also have one of the lowest margin interest rates which I need since I'm often 2x or 4x leveraged. Anyway, thanks for the info. I'll post in the future regards to my experience with them. I'm just nervious though seems too good to be true...I feel like I'm missing something.
 
What's it cost to do your Schedule D? Or is it easy to import the data into TurboTax? Years back I remember being quoted 25 cents per trade to get my Sched D done. I still do them manually.
 
I'm not sure. I don't import the data. I do it manually. Yes...one by one...Actually, I find it fun. It allows me to refresh my memory on the stupid trades that I made. It's like giong through an old box of photos.

Aww..I remember this trade...what a genius I am! Or...damn, I'm burning this one...I hope nobody sees it.
 
Same here. I'm going to be shorting at the end of market today. Or as soon as indicators tell me to. Right now..this market is very heated.
 
[quote author="PANDA" date=1233973987]Upperlowerclass,



Do you think it is a good time to buy DXO again?</blockquote>


I wouldn't



Expecting a sharp market drop soon, prolly causing temporary flight to the dollar, which would reflect poorly on short term oil. I'll just be watching the market with popcorn next week.
 
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