[16:04] <bluemonkey_68> This educational chat is being held to introduce a new method of making day trading calls in the room. This will be in addition to the way we make the calls now, and this will not replace anything that we currently offer.
[16:04] <nguye422> i'm ready
[16:04] <bluemonkey_68> However, we have identified the need for a simplified method for offering day trading ideas. The objective is to make the effort effortless if you will..
[16:04] <bluemonkey_68> We have tested a method, which we have nicknamed, the 3 Musketeers, and we are introducing it formally today.
[16:05] <bluemonkey_68> The 3-musketeers are 3 stocks of our choice that we believe will offer excellent returns throughout the day. These stocks may be either long or short, based on our observations.
[16:05] <bluemonkey_68> We will make the calls in the morning, and the objective will be to hold through the end of the day. We are not scalping these calls. If you want to scalp your trades you can use the day trading calls with multiple sup/res l;evels.
[16:05] <bluemonkey_68> The 3-musketeers will have an entry price, and the stops will always be .2 away from that entry price, just like normal day trades. However, the musketeers wil NOT have a target price, and they will not offer any additional entry points if you scalp early.
[16:06] <bluemonkey_68> This method is designed for that Trader who does not have the ability to trade as actively as some others, but who still wants to participate in day trades. This method is meant for those traders who need a more simplified approach to trading.
[16:06] <bluemonkey_68> The average over the last few weeks during our testing period has been a return of 2.2 on 6 trades. This a daily average. Assuming you trade with 1000 shares, this is a return of $2,200 less commissions. We believe that this is a very worthwhile approach because of its simplicity.
[16:06] <bluemonkey_68> We will offer the calls in the morning and target closing the stocks in the late session, but if we have to, we will adjust the entries accordingly throughout the day.
[16:07] <bluemonkey_68> Most day trading rules apply. We set stops at .2 under the entry target. We have a 2 point per day loss limit. And if we are stopped 3 times in a trade we MUST adjust or close it.
[16:07] <bluemonkey_68> Does anyone have any questions?
[16:07] <mm> clear
[16:07] <connie> not question, just comment
[16:07] <joanzin> will the 3 musks be posted somewhere?
[16:08] <twosocks> Do you plan to do this every day. Or only select days.
[16:08] <bluemonkey_68> yes re 3-musketeers..
[16:08] <bluemonkey_68> we will put them on the trades page
[16:08] <joanzin> outstanding
[16:08] <bluemonkey_68> most days...not everyday
[16:08] <connie> between market open and close, there are so much going on, if we hold it til the end, with a tight stop
[16:08] <mm> pre-market or after start?
[16:08] <bluemonkey_68> some days will not be good for this
[16:08] <bluemonkey_68> I'll only call them after the start
[16:08] <connie> we would need a lot of luck to make money
[16:08] <bluemonkey_68> maybe as much as 1 hour or so after the start sometimes too
[16:09] <bluemonkey_68> connie, luck has little to do with anything in the mkt
[16:09] <bluemonkey_68> the stocks are picked based on the way they are trading w/re to the mkt
[16:09] <bluemonkey_68> and that is coupled with our anticipation of market moves
[16:10] <bluemonkey_68> if we are wrong these trades will likely decline
[16:10] <bluemonkey_68> if we are right they are likely to increase
[16:10] <twosocks> How does the selection differ forom any other daytrade? Or does it differ?
[16:10] <bluemonkey_68> the stops are no different than the day trades
[16:10] <bluemonkey_68> but, if you don't like the stops that we recommend...use bigger ones...
[16:11] <bluemonkey_68> re-ask that two...
[16:11] <bluemonkey_68> The stocks we choose for these will be those that we think will be able to sustain direction throughpout the day
[16:11] <twosocks> HOw does the selection of the Muskies differ from the traditional daytrdes?
[16:12] <bluemonkey_68> day trades may not sustain moves, but they trade more back and forth
[16:12] <bluemonkey_68> well..not always
[16:12] <bluemonkey_68> make sense?
[16:13] <bluemonkey_68> Example:
[16:13] <bluemonkey_68> 3-Muketeers Call
[16:13] <bluemonkey_68> Long
[16:13] <bluemonkey_68> EBAY 46
[16:13] <bluemonkey_68> BRCD 24
[16:13] <bluemonkey_68> ERTS 64
[16:13] <twosocks> I'm not sure I understand the difference.
[16:13] <bluemonkey_68> a 3-musketeer call it will be as simple as this.
[16:13] <bluemonkey_68> You know where to enter a stock, and stops are .2 below always. In other words EBAY's entry is 46 with a stop at 45.8. The target for EBAY is not offered. Instead we plan to exit the trade at the end of the day.
[16:14] <bluemonkey_68> The 3-musketeer calls are designed to be traded as a group. They are not designed to be traded individually.
[16:14] <bluemonkey_68> So, if you trade these calls, make sure you leave enough money in your account to trade 3 stocks at one time.
[16:14] <bluemonkey_68> We base most of these decisions on Market direction, and anticipated Market direction.
[16:15] <bluemonkey_68> The idea behind this type of trading is to provide opportunities to to trade for those who don't have toime to watch
[16:15] <bluemonkey_68> they also encourage patience with your trades
[16:15] <bluemonkey_68> many traders don't have that, but should
[16:15] <twosocks> The 3 combined stocks, are they paired as a hedge or just 3 for diversity?
[16:15] <bluemonkey_68> The stocks may be the same as those called in day trades
[16:16] <bluemonkey_68> diversity, but we may use them as a hedge by calling 1 long and 2 short or vice versa
[16:16] <twosocks> Why 3 and not 4 or 6...or more?
[16:16] <bluemonkey_68> 3 in enough
[16:16] <bluemonkey_68> is
[16:17] <bluemonkey_68> and the more you add, the faster your stops add up if you are wrong
[16:18] <ZERGEATER> Long
[16:18] <ZERGEATER> <bluemonkey_68> EBAY 46
[16:18] <ZERGEATER> <bluemonkey_68> BRCD 24
[16:18] <ZERGEATER> <bluemonkey_68> ERTS 64
[16:18] <bluemonkey_68> this strategy should give some of you the simplicity you have been looking for
[16:18] <bluemonkey_68> It is basic and straight forward
[16:18] <bluemonkey_68> next week we will implement the software to include these trades
[16:19] <connie> as long as they work, simplicity is second importance
[16:19] <bluemonkey_68> and then we'll start to make these calls on a regular basis
[16:19] <bluemonkey_68> i disagree
[16:19] <connie> u tested this only 3 weeks
[16:19] <bluemonkey_68> but that's the way the masses think connie
[16:19] <connie> how do we know that it works for sure
[16:20] <bluemonkey_68> Nothin is for sure connie
[16:20] <bluemonkey_68> this strategy could hit its loss limit every day for the next year
[16:20] <nguye422> :-)
[16:21] <connie> i just don't see how holding thru the day will work, so much up and down during the day
[16:22] <bluemonkey_68> if you buy at the right prices or the right time you should be fine
[16:22] <twosocks> I know I have been joking around a lot today, but I think this 3M strategy is very dangerous.
[16:22] <bluemonkey_68> not me...
[16:22] <bluemonkey_68> i like it
[16:22] <bluemonkey_68> it works well and it is easy to follow
[16:23] <nguye422> mainly no matter what, all muskerter trades have to close within the day?
[16:23] <bluemonkey_68> note...the reason for this strategy is mainly because some people can't follow the day trading calls efficiently
[16:23] <bluemonkey_68> but also they emphasize patience
[16:24] <kcash> bm when did you start this club,i just join you 6 monthes i still not learn to make any things
[16:24] <bluemonkey_68> and they allow you to participate with market moves moreso than you would in normal day trades
[16:24] <nguye422> u mean rather than lost big $$, kcash ?
[16:24] <bluemonkey_68> all musketeers close before the close yes
[16:24] <connie> between this muskateers and rotts' day trade, which system is better?
[16:25] <bluemonkey_68> u tell me connie
[16:25] <connie> consider we have no problem following rotts
[16:25] <kcash> i lost big time
[16:25] <bluemonkey_68> I started the clun in '99
[16:25] <bluemonkey_68> club
[16:26] <bluemonkey_68> I like the way I established the calls that rotts uses because it gives you multiple levels of sup/res
[16:26] <kcash> 2001 i lost big1!!!!!
[16:26] <bluemonkey_68> but it requires you to NOT BE AFRAID AND NOT BE SLOW...
[16:26] <connie> i'm beginning to be able to follow rotts
[16:26] <bluemonkey_68> this is the same, but more simple
[16:26] <connie> now i have to decide which way to go
[16:27] <bluemonkey_68> and you don't need to sit on the edge of your seat every day
[16:27] <connie> for ex. today, rotts makes money but muskateers lose lots
[16:27] <bluemonkey_68> 1 or the other connie...
[16:27] <bluemonkey_68> not both
[16:27] <nguye422> i lost $$ for BRCM & CCMP mus
[16:27] <bluemonkey_68> if traded properly the day trades rotts calls should always make money
[16:27] <connie> with muskateers, u still need to watch cause if it stopped, u need to reenter
[16:27] <bluemonkey_68> every day
[16:28] <bluemonkey_68> right, but you need to watch that anyway..
[16:28] <bluemonkey_68> and once the stock moves above your entry (assuming long) you can just sit back untiul it either turns down or the day nears an end
[16:29] <bluemonkey_68> today we saw an example of what happens when the mkt turns against these calls
[16:29] <bluemonkey_68> yesterday we saw what happened in a status quo environment
[16:29] <bluemonkey_68> +1.2 status quo...
[16:30] <bluemonkey_68> -1.4 in wrong environment...but we had 4 stocks in the wrong environment
[16:30] <bluemonkey_68> 3 musketeers were 4 musketeers today
[16:30] <bluemonkey_68> The strategy is meant to make your life more simple
[16:31] <bluemonkey_68> I know you guys have questions about it..
[16:31] <bluemonkey_68> and the question is: does it work so just watch for a while if you like it, use it. If not, then don't. It is just another option for you.
[16:31] <bluegarnet> when do you issue the 3 musketeers?
[16:31] <bluemonkey_68> another style
[16:31] <bluemonkey_68> in the morning sometime
[16:31] <ZERGEATER> 9:30
[16:31] <bluemonkey_68> sometime..
[16:32] <bluegarnet> thanks
[16:32] <bluemonkey_68> no set time
[16:32] <bluemonkey_68> the mkt will tell us what time is right
[16:32] <bluegarnet> are they always long or sometimes short or combination?
[16:32] <bluegarnet> and stop is fixed for -.2 for each of then right?
[16:32] <bluemonkey_68> short or long mostly, but sometimes we'll hedge\
[16:32] <bluemonkey_68> stop -.2 right
[16:33] <bluegarnet> so to summerize. We will have several choices
[16:33] <bluegarnet> 3 musketters, rott's daytrade calls, swing calls, and special calls, right?
[16:33] <bluemonkey_68> day trades will be rotts calls and musketeers
[16:33] <bluemonkey_68> right garnet
[16:33] <bluegarnet> thanks Got it now
[16:34] <bluegarnet> many thanks. have a wonderful vacation
[16:34] <bluemonkey_68> thanks
[16:34] <bluegarnet> go where the market cannot get you :-)))
[16:34] <bluemonkey_68> any other questions?
[16:34] <bluegarnet> not here
[16:34] <bluemonkey_68> Los Cabos
[16:34] <bluegarnet> Thanks. CIAO
[16:34] <bluegarnet> oh. Fishing? or just eating lobster and sunbathing?
[16:34] <bluemonkey_68> bye everyone
[16:35] <bluemonkey_68> fishing i'm sure
[16:35] <mm> have a great one blue