For examples of our trading calls and how to follow them, please visit our Traders Guide.

[16:07] <bluemonkey_66> ok..let's begin
[16:07] <bluemonkey_66> I will ask for questions when appropriate
[16:07] <bluemonkey_66> please hold them until I ask for them.
[16:07] <bluemonkey_66> Managing your fears is the most important thing that you can do as a trader.
[16:07] <bluemonkey_66> Not only will managing your fears allow you to feel better emotionally, but it also will allow you to participate in the Market when your fears may keep you away from the Market otherwise.
[16:08] <bluemonkey_66> The first thing we need to do as traders, even before we become traders, is to determine what our fears are:
[16:08] <bluemonkey_66> 1. Some people fear not being in at the right time.
[16:08] <bluemonkey_66> 2. Some being fear being stopped out of trades.
[16:08] <bluemonkey_66> 3. Some people fear volatile stocks.
[16:08] <bluemonkey_66> 4. Some people fear risk of capital
[16:08] <bluemonkey_66> When all the issues are broken down to the core problem, the key fear is always a fear of losing capital. Basically, a fear of losing money, the money that you have worked so hard for, for so long.
[16:08] <bluemonkey_66> When you are afraid, you let your emotions control your decisions, and when you let your emotions control your decisions, the Market controls you. The goal here is to identify your fear, control it, and never allow it to interfere with your trading day.
[16:09] <bluemonkey_66> I am going to start from scratch, because I think people miss the basics often.
[16:09] <bluemonkey_66> The first thing we need to do is to ask ourselves how familiar with the Market we are. If we are very familiar with the Market, or even somewhat familiar with it, we are probably fine to proceed. But if you are not familiar with the Market at all, you need to do a few things before you get started.
[16:09] <bluemonkey_66> 1. You must learn all of the basic terms that are used in the Market.
[16:09] <bluemonkey_66> 2. You how to learn the basic functionality of the Markets.
[16:09] <bluemonkey_66> 3. You have to know what kind of tools are available to you through your broker.
[16:09] <bluemonkey_66> 4. You have to know how to use those tools.
[16:10] <bluemonkey_66> If you are familiar with the Market, your next step is to separate your trading assets from your other assets. There are 3 basic trading styles that we use: Day trades, swing trades, and special situations. Day trades are fast and aggressive, and not meant for everyone. Swings are equally as aggressive, but they are easier to enter and exit. Specials are designed to be slower moving trades that we hold over time.
[16:10] <bluemonkey_66> Defining your trading assets is the first key to avoiding the fears that cauise you to make bad decisions. Basically if you trade with too much money, you will always be afraid. If you limit the money that you trade with you will not.
[16:11] <bluemonkey_66> I understand that not all people can do what I am suggesting here, but many can, and if you can't, please strive for this.
[16:11] <bluemonkey_66> First, open 3 different brokerage accounts. Call 1 day trading, 1 swing trading, and 1 specials.
[16:11] <bluemonkey_66> Then identify all of your cash. You may use retirement accounts, but realize that you have to have all of you IRA assets in 1 place, in 1 account, unless you have multiple brokers, or unless your broker has allowed you to open multiple IRAs, which they might.
[16:12] <bluemonkey_66> From your cash base separate out 6 months or more worth of living expenses.
[16:12] <bluemonkey_66> at least 6 months
[16:12] <bluemonkey_66> Next sperate the stocks that you currently hold for longer term investments and place them into your special situations account. The money that you have left over will be divided appropriately assuming that you want to day trade, swings trade, and trade with special situations. If you only choose 1, please make adjustments.
[16:12] <bluemonkey_66> Rule: always trade with the same amount of shares all the time regardless of price.
[16:13] <bluemonkey_66> Let's assume you have $200,000 to trade with.
[16:13] <bluemonkey_66> In swings we have 4 positions that we'll be in at any given time. In day trades we have 5 maximum. In specials we have no more than 6. This means 15 positions.
[16:13] <bluemonkey_66> For each position we have we use $13,200 per trade. The average cost per share that we use is roughly $45. This means that your average trade should be 300 shares or so.
[16:14] <bluemonkey_66> In you day trading account there should be 5 x 13.2 or $66K
[16:14] <bluemonkey_66> In your swing account there should be 4 x 13.2 or $52.8K
[16:14] <bluemonkey_66> In your specials account there should be 6 x 13.2 or $79.2K
[16:14] <bluemonkey_66> You will almost always be holding quite a bit of cash. This will be normal. You should not have to use margin, but if you do, make sure you understand all the rules behind it.
[16:14] <bluemonkey_66> having cash is an important cushion to controling fear
[16:15] <bluemonkey_66> By separating you assets, and defining your positions, you have taken the first step to controlling your fear. Does everyone understand this first and important point?
[16:15] <connie> ys
[16:15] <Sharp> clear
[16:15] <LenK> yes
[16:15] <cb> yes
[16:16] <bluemonkey_66> are there any questions at this point? I have a couple more topics to cover...
[16:16] <Sharp> no
[16:16] <connie> with 200k , one can only trade with 300 shares
[16:16] <connie> then if one has less,
[16:16] <connie> not worth it to trade then!
[16:16] <bluemonkey_66> it depends on your breakdown connie...if you trade all calls yes
[16:17] <bluemonkey_66> this is something you need to decide as an individual...
[16:17] <bluemonkey_66> but also...
[16:17] <bluemonkey_66> you may decide that you don't want to day trade
[16:17] <bluemonkey_66> or you may not want to swing trade
[16:17] <connie> got it
[16:17] <bluemonkey_66> and you can add those assets to your other account and increase per share trades
[16:17] <bluemonkey_66> understand that?
[16:17] <connie> ys
[16:18] <bluemonkey_66> The next thing that we need to understand is that we never trade blindly. We don't trade because we 'think a stock is going higher.' We only trade when we see a stock or the Market testing key levels of support and or resistance. This makes trading easy.
[16:18] <bluemonkey_66> By trading near support or res levels we can easily make a plan for every trade, no matter what kind of trade it is, and this limits the questions that occur in the middle of a trade. We know, in other words, where to enter, and where to set our stops. We also can set price targets.
[16:18] <bluemonkey_66> Creating a plan for every trade before you enter the trade is the next key step to managing your fears.
[16:19] <bluemonkey_66> I know we have covered this topic many times in the past, but does everyone understand 'creating a plan?'
[16:19] <bluemonkey_66> having a plan basically takes the questions out of the game..
[16:20] <bluemonkey_66> and it should likewise prevent you from having to think, and prevent you from making rash decisions that could cause problems
[16:20] <bluemonkey_66> and imo it is these problems that are the root of most fear
[16:20] <bluemonkey_66> so if we can avoid the problems that cause the fear we are 1 step closer to being fearless if you will...
[16:21] <bluemonkey_66> does that make sense?
[16:21] <Sharp> y
[16:21] <bluemonkey_66> and do you know how to create a plan still?
[16:21] <connie> y
[16:21] <Sharp> basics please
[16:21] <connie> i know when sup/res of a stock is given
[16:22] <connie> but what if i want to buy a stock of my own decision, i dont know sup/res
[16:22] <cb> my plans turn out bad
[16:22] <Sharp> I assume entry point, profit target, stop loss?
[16:22] <connie> also, is sup/res really that reliable?
[16:22] <bluemonkey_66> plan buy at x target y, stop at z
[16:23] <bluemonkey_66> entry = sup for example
[16:23] <bluemonkey_66> stop = sup-.25
[16:23] <bluemonkey_66> target = next level of res
[16:23] <bluemonkey_66> assuming we are talking swings
[16:23] <connie> this is for day trade?
[16:23] <bluemonkey_66> day stops = sup -.2
[16:23] <bluemonkey_66> there are intraday and longer term levels of support and res connie
[16:24] <bluemonkey_66> and yes they are very reliable
[16:24] <bluemonkey_66> use intraday levels for day trades
[16:24] <bluemonkey_66> and longer term levels for swings
[16:24] <redman> is that good to trade the stocks at the midle of the chanel bM?
[16:24] <MM> how do we get intraday vs longer term support/resistance ?
[16:24] <connie> do i ask rotts for longer term level or ask you
[16:24] <bluemonkey_66> the plans are defined quite well in the traders guide by the way
[16:25] <bluemonkey_66> red, NEVER trade a stock in the middle of a channel
[16:25] <redman> because most call friom day trade I swa they stay at midle of chanel
[16:25] <bluemonkey_66> re intraday, yes ask rotts for sup/res
[16:25] <bluemonkey_66> re longer term you can ask me or him
[16:26] <MM> what is your definition of 'longer term'?
[16:26] <bluemonkey_66> also, not, when I am speaking here I am placing an emphasis on swing trades w/re to channels
[16:26] <redman> or almost at bottom of chanel, I mention the call be stopped very soon with short
[16:26] <connie> i use the fib cal. and the numbers come out ....weird
[16:26] <bluemonkey_66> longer term charts = 3 month min
[16:26] <connie> plese explain mid channel
[16:27] <bluemonkey_66> the fib calc is very useful in early trading, and usually we can use the chart after a few hours of trading ffor day trades
[16:27] <bluemonkey_66> mid channel...XYZ sup = 40 res = 42 mid channel = 41
[16:27] <bluemonkey_66> if we want to swing we don't do it until 40 or 42
[16:27] <bluemonkey_66> never at 41
[16:28] <bluemonkey_66> make sense?
[16:28] <connie> where do u find the channel?
[16:28] <bluemonkey_66> You read it on a chart...
[16:28] <connie> ic
[16:28] <bluemonkey_66> you can always ask...
[16:28] <redman> I think the best is to short at top of chanel and buy long near at botttom chanel. I'll let u know next time, there were so many call at midle of chanel
[16:29] <bluemonkey_66> we will have a chat on this
[16:29] <bluemonkey_66> but even then you will not know how to find it easily
[16:29] <bluemonkey_66> it takes a while to learn
[16:29] <bluemonkey_66> the rules of trading in the channel based on sup/res are explained in the traders guide, but here are the basics
[16:30] <bluemonkey_66> we buy a stock upon tests of support or breaks of resistance
[16:30] <bluemonkey_66> we short a stock upon tests of res or breaks of support
[16:30] <bluemonkey_66> Please read the traders guide for more details on this..
[16:30] <bluemonkey_66> Next point....
[16:30] <bluemonkey_66> I HATE BEING STOPPED!!!!!!!!!!!
[16:31] <bluemonkey_66> anyone feel this way lately?
[16:31] <connie> ME TOO
[16:31] <jas1> Oh yes
[16:31] <connie> AND THREE FOUR
[16:31] <_mickd> yeah. that's me
[16:31] <bluemonkey_66> we will almost always be stopped in swing trades...but notice something about the swings, and the day trades too...
[16:31] <bluemonkey_66> we have more than 1 stock
[16:31] <connie> and it's never .20 or .25c
[16:32] <bluemonkey_66> and some stocks will be stopped, and some won't
[16:32] <bluemonkey_66> some will work, and some won't
[16:32] <bluemonkey_66> But when we are wrong, we will get stopped..
[16:33] <bluemonkey_66> this will happen all the time, because being wrong means the stocks go against us...
[16:33] <bluemonkey_66> being stopped therefore saves us from losing money...
[16:33] <Steph> BM, I want to know if the market maker know our STOP Limit then PUMP or DUMP the price, to grab our shares?
[16:34] <bluemonkey_66> and it should be looked upon as a tool for controling risk, and limiting those problems we mentioned earlier that cause fear
[16:34] <bluemonkey_66> they can steph...
[16:34] <bluemonkey_66> but don't let it control your decisions
[16:35] <cb> with discount brokkers it $10 in and $10 out with a spread of 10 cents on 300 share thats $50 for each stop
[16:35] <bluemonkey_66> being stopped is a good thing in my opinion...but being stopped a number of times is no fun...
[16:35] <nguye422> i hear that when we place the stop limit, behind the curtain, MM see it, and they can manipulate the price up or down, depends on market direction, and grab our shares, this is just a rumor i am not sure about, but i saw it happened !!!
[16:36] <bluemonkey_66> The question then arises...
[16:36] <bluemonkey_66> when are there too many stops?
[16:36] <bluemonkey_66> I did a review of all the swings thus far this year
[16:37] <bluemonkey_66> there have been an average of 17 trades per swing..
[16:37] <bluemonkey_66> average gains have been near 11 after all stops are accounted for...
[16:37] <bluemonkey_66> not counting commissions..
[16:37] <connie> i think your specials got stopped more
[16:38] <MM> 11 in total or 11 per swing?
[16:38] <bluemonkey_66> That made the average swing profitable by .65
[16:38] <connie> but each stop lost more than .25 cents
[16:38] <bluemonkey_66> 11 per focus 4, so 4 stocks = 1 swing or 1 focus 4 call..
[16:38] <connie> for me, average .33 to .40 c
[16:39] <bluemonkey_66> including the stops the results are +11 or so..
[16:39] <bluemonkey_66> connie, I never have the massive problems you have unless there are surprising news in a stock
[16:39] <bluemonkey_66> I get damn close evry time
[16:39] <bluemonkey_66> with exceptions sometimes
[16:40] <bluemonkey_66> but I am not consistantly .3-.4 at all..
[16:40] <jas1> Biggest problem is overnight gaps
[16:40] <MM> since you are not allowed to trade BM, how do you determine how close you are?
[16:40] <bluemonkey_66> for swings that's exactly right
[16:40] <bluemonkey_66> i am allowed to trade, as long as I don't trade our calls
[16:41] <MM> so you have other calls that you don't mention to us?
[16:41] <bluemonkey_66> rotts makes the day calls though, so I just need to do something different from what he's doing if I want to trade
[16:41] <bluemonkey_66> i don't mention any day trades to you, rotts does that...
[16:41] <biard> when you say trades, does that mean buy/sell=1 trade or buy/sell=2 trades?
[16:42] <bluemonkey_66> yes buy/sell = 1 trade
[16:42] <redman> so maybe your stocks to trade are best stocks BM?
[16:42] <bluemonkey_66> so 17 x 2
[16:42] <bluemonkey_66> no red, same basic stocks..
[16:42] <cronos> no redman, I feel BM is one of the honest traders in WS.
[16:42] <bluemonkey_66> i hadn't done any trading until last week..
[16:42] <redman> I mean best move at the time is being
[16:43] <bluemonkey_66> I was getting slammed left and right by a few people having trouble with stops
[16:43] <bluemonkey_66> so it was kinda like a test...
[16:43] <bluemonkey_66> and .2 was/is easy to get for day stops most of the time
[16:43] <bluemonkey_66> I have made it clear to rotts that he picks the best movers of the day on our list always
[16:44] <bluemonkey_66> there should never be a problem with that re conflict
[16:44] <biard> how about swings /specials, can you trade them bm?
[16:44] <jas1> A stock like IDPH often has a wide spread. If you use .2 you can be stopped out almost immediately.
[16:44] <bluemonkey_66> but back to fears...
[16:44] <bluemonkey_66> i won't re swings...maybe specials tho
[16:45] <bluemonkey_66> let's seperate days and swings
[16:45] <bluemonkey_66> specials can be grouped with swings though the objective is longer term holds...
[16:45] <bluemonkey_66> I have said this sooooo many times, and I will always say this...
[16:46] <bluemonkey_66> if day trading is not working for you because you are getting stopped way too much, don't do it
[16:46] <bluemonkey_66> focus on swing trading
[16:46] <bluemonkey_66> and specials...
[16:46] <bluemonkey_66> this is the only time I'll ever suggest walking away...
[16:46] <bluemonkey_66> but it is not because you have a case of fear..
[16:46] <bluemonkey_66> it is simply because day trading requires you to make immediate decisions
[16:47] <bluemonkey_66> and if you blink you may be too late...
[16:47] <bluemonkey_66> by having a plan you don't have to blink
[16:47] <bluemonkey_66> unless you question your plan
[16:47] <bluemonkey_66> and unfortunately many people questions the plans, or disregard them completely
[16:48] <bluemonkey_66> Entries, stops, and targets for swings are straight forward and simple
[16:48] <connie> but rotts scapls a lot, and cannot plan that
[16:48] <bluemonkey_66> and they may be easier for some of you..
[16:48] <bluemonkey_66> plan = at the beginning of a trade
[16:48] <bluemonkey_66> and day trading requires taking what the mkt gives you
[16:48] <bluemonkey_66> lately mkt has required scalping
[16:49] <bluemonkey_66> I'm sure u'd agree
[16:49] <bluemonkey_66> sometimes it will require holding...
[16:49] <connie> the minute u place an order, u set a stop right away? re. day trade
[16:49] <bluemonkey_66> I think it did that early yesterday actually..
[16:49] <bluemonkey_66> you need to know your stop before you trade
[16:50] <bluemonkey_66> placing the physical stop is not something I ever supported unless you had multiple positions you could,'t otherwise manage
[16:50] <bluemonkey_66> I support, if you use a direct access level 2 broker, knowing your stops and triggering them if they trade there
[16:50] <bluemonkey_66> and not placing open stop orders
[16:51] <bluemonkey_66> my preference..
[16:51] <bluemonkey_66> but you need direct access level 2 trading capabilities
[16:51] <bluemonkey_66> so back to the swing averages
[16:51] <connie> is it true that u have to get in line for your order?
[16:51] <redman> if we not open stop order then will be miss trade BM
[16:51] <bluemonkey_66> in NYSE yes otherwise no..
[16:52] <bluemonkey_66> red, If you believe that always place open stop orders
[16:52] <connie> i do that and get bad prices
[16:52] <bluemonkey_66> I have no problem with that, I just don't prefer doing that
[16:53] <redman> how u mean bad price connie?
[16:53] <connie> if u do mental stops, do u enter a few cents above or under?
[16:53] <bluemonkey_66> if you are getting bad prices you, in my opinion, must be a slight bit too slow on the trigger, or your executions are slow
[16:53] <bluemonkey_66> in which case you need to set physical stops
[16:53] <connie> say u want to buy at 40.01, they give u at 40.10
[16:53] <bluemonkey_66> .05 away
[16:54] <bluemonkey_66> no more, with few exceptions...
[16:54] <bluemonkey_66> sometimes you have no choice
[16:54] <bluemonkey_66> entries always .05, stops sometimes more
[16:54] <connie> for ex. the call for the stock is long at 40, u would punch it set at 40.05?
[16:54] <bluemonkey_66> entries are the most important
[16:54] <bluemonkey_66> you always want to get as close as possible
[16:55] <bluemonkey_66> you see it trading at 40 and they start blowing through the bids at 40 on level 2, then you buy at 40.05 limit
[16:55] <bluemonkey_66> sorry blowing through the offers
[16:56] <connie> so everytime a call is made, we should look at level 2?
[16:56] <redman> I think when u order to buy stop limite u will get the same price or beter connie , if u order 40.01 u should have 40.01 or 39.95 so
[16:56] <bluemonkey_66> if you are not using direct access level 2 trading you should be
[16:56] <bluemonkey_66> that is the most efficient, best execution systems that you have
[16:56] <bluemonkey_66> available to you
[16:57] <bluemonkey_66> as a trader
[16:57] <bluemonkey_66> anything else is slow
[16:57] <bluemonkey_66> period...end of discussion...
[16:57] <redman> or if u order to short 39.95 then u will have 39.95 or 40 so connie
[16:57] <bluemonkey_66> dat level 2 is a point and click execution
[16:58] <bluemonkey_66> and I would never day trade without dat level2
[16:58] <bluemonkey_66> swings are fine without it hto\
[16:58] <bluemonkey_66> tho
[16:58] <connie> u use noble blue?
[16:58] <bluemonkey_66> A friend of mine owns a broker that I use...
[16:59] <bluemonkey_66> same tools
[16:59] <bluemonkey_66> same software
[16:59] <bluemonkey_66> basically
[16:59] <bluemonkey_66> let's get back to the swing average now
[16:59] <bluemonkey_66> because the stops issue is important
[17:00] <bluemonkey_66> 17 trades on average for 11 points after stops are calculated
[17:00] <bluemonkey_66> how many stops is that per profitable trade?
[17:00] <bluemonkey_66> on average?
[17:00] <bluemonkey_66> how many stocks are called?
[17:01] <bluemonkey_66> in a focus 4?
[17:01] <bluemonkey_66> UR right!!! 4, lol
[17:02] <bluemonkey_66> so 4 stocks are called, and the profits reflect the gains from 4 successful trades
[17:02] <bluemonkey_66> as a result
[17:02] <bluemonkey_66> in getting to that point we experience stops
[17:02] <bluemonkey_66> on average we have had 17 trades...4 successful, so 13 stops
[17:02] <bluemonkey_66> that means for every successful trade we were stopped 3.2 times
[17:03] <bluemonkey_66> that means we lose a little less than 1 point per successful trade...on average per swing call...
[17:03] <bluemonkey_66> on stops..
[17:04] <bluemonkey_66> but we make up for that and then some with the profitable trades
[17:04] <bluemonkey_66> and this offsets all stops and allows us to make money...
[17:04] <bluemonkey_66> at the same time though, we have had minimal risk
[17:04] <bluemonkey_66> because we used stops
[17:05] <jas1> Overnight gaps?
[17:05] <bluemonkey_66> so as we dealt with our trades, as we stopped out, we kept our risk low, while still allowing us to particpate in profits at the right time
[17:05] <bluemonkey_66> overnight gaps have happen a few times this year, all these are accountewd for in the averages
[17:06] <bluemonkey_66> but overnight gaps are the biggest risks of swings
[17:06] <bluemonkey_66> the point here is don't be afraid of being stopped in the swings
[17:06] <bluemonkey_66> stops are good
[17:06] <bluemonkey_66> they minimize your risk
[17:07] <bluemonkey_66> if you define your assets, create trading plans, and accept stops as a risk control tool, there is no reason for you to be afraid of the Market
[17:07] <bluemonkey_66> at all...
[17:07] <bluemonkey_66> you should be able to trade like a machine
[17:07] <Sharp> BM do you recommend trading outside of regular mkt hours?
[17:07] <bluemonkey_66> emotionless if you will...
[17:07] <bluemonkey_66> and you should never have that roadblock
[17:07] <bluemonkey_66> never sharp
[17:09] <bluemonkey_66> Are there any questions?
[17:09] <connie> n
[17:09] <bluemonkey_66> I know these points that I have made I have made before, but the points will never change
[17:09] <bluemonkey_66> it will always be the same
[17:09] <Sharp> In day trading what is the success fail ratio BM
[17:09] <bluemonkey_66> day trades are showing net gains of about .17 per trade
[17:10] <Sharp> How many stops vs. successful trades?
[17:10] <connie> that's little
[17:10] <bluemonkey_66> there have been nearly 600 trades
[17:10] <bluemonkey_66> I didn't do an average on them...
[17:10] <bluemonkey_66> stops per successful..
[17:11] <jas1> Yes, connie, that's the problem with losing 5 cents here and there. You only have 0.17 to play with.
[17:11] <bluemonkey_66> average is much better than swings tho
[17:11] <bluemonkey_66> cause we take so many scalps
[17:11] <Sharp> ok
[17:11] <bluemonkey_66> true jas...it means when you miss the good ones
[17:11] <connie> and that based on .20 stop ?
[17:11] <bluemonkey_66> it is tough
[17:11] <bluemonkey_66> .20 roughly...
[17:11] <bluemonkey_66> we are creating a new performance page
[17:11] <bluemonkey_66> it will update automatically..
[17:12] <bluemonkey_66> and it will give more accurate numbers for you guys
[17:12] <jas1> Big problem I have with honoring stops is that often the trade comes back to you anyway. A stop is particularly painful if the trade then turns profitable.
[17:12] <bluemonkey_66> last year we had about a .25 average per day trade...
[17:13] <bluemonkey_66> no it isn't jas...
[17:13] <bluemonkey_66> you are not smarter than the mkt
[17:13] <bluemonkey_66> and you have to follow your plan
[17:13] <bluemonkey_66> there are no exceptions
[17:13] <jas1> I know, I know, but it still hurts!
[17:13] <bluemonkey_66> exceptions create emotion..
[17:13] <bluemonkey_66> emotion creates fear
[17:13] <bluemonkey_66> fears causes you to lose money
[17:13] <connie> know what u mean jas
[17:13] <bluemonkey_66> it doesn't hurt at all
[17:13] <bluemonkey_66> it is part of trading
[17:14] <bluemonkey_66> stops are great
[17:14] <bluemonkey_66> stops are fun
[17:14] <bluemonkey_66> we like stops...
[17:14] <bluemonkey_66> but not more than 1
[17:14] <bluemonkey_66> lol..
[17:14] <bluemonkey_66> I'm being serious
[17:14] <bluemonkey_66> stops are fine
[17:14] <jas1> Another problem with stops I mentioned earlier - the spread, which can be wide on good stocks like IDPH.
[17:14] <bluemonkey_66> and you can't look at them like they hurt
[17:14] <bluemonkey_66> ever
[17:14] <connie> yes, i have problem with idph too
[17:15] <bluemonkey_66> as long as you pick good sup/res you should be fine...if the spreads are too wide for you though avoid trading wide spread stocks
[17:15] <bluemonkey_66> I have tried to limit the stocks on our list to higher volume stocks
[17:15] <jas1> It's not that they are too wide for me... it's just that they soon use up that .2
[17:15] <bluemonkey_66> and usually this allows us to avoid that spread issue
[17:16] <bluemonkey_66> some stocks may have wide spreads tho
[17:16] <bluemonkey_66> this usually means lighter volume..
[17:16] <jas1> IDPH is one of rotts favourite stocks, and it is usually fun...
[17:16] <bluemonkey_66> and personally I want lotsa volume and tight spreads in my day trades
[17:16] <cronos> volatility I beleive is what jas means,not spreads
[17:16] <bluemonkey_66> idph is fun
[17:16] <bluemonkey_66> that's why we have it..
[17:16] <jas1> No, I did mean spread
[17:16] <bluemonkey_66> but it is aggressive cause it moves fast
[17:17] <Sharp> Thanks for the chat BM, it all sounds good to me
[17:17] <bluemonkey_66> ok guys...I hope that helps..
[17:18] <bluemonkey_66> it sounds simple
[17:18] <jas1> Another stop problem - what to do if a fast moving stop blows past your stop?
[17:18] <bluemonkey_66> but simple works
[17:18] <bluemonkey_66> it really does
[17:18] <jas1> stock, not stop
[17:18] <bluemonkey_66> this happens now and again jas, and each situation is different
[17:18] <connie> with stock like idph, i have to set stop and limit at least .30 apart
[17:19] <bluemonkey_66> sometimes you take what you can get
[17:19] <bluemonkey_66> always you look to stop asap
[17:19] <bluemonkey_66> connie, that is not good
[17:19] <bluemonkey_66> and I'd never be trading if I did that...
[17:19] <connie> other wise it won't excute
[17:19] <bluemonkey_66> are u using level2 dat?
[17:19] <connie> no, in a process of doing it
[17:20] <bluemonkey_66> if not please do so and then talk to me about this again
[17:20] <jas1> You recommend Noble, right?
[17:20] <connie> k
[17:20] <bluemonkey_66> ok...
[17:20] <bluemonkey_66> you will find it night and day different
[17:20] <bluemonkey_66> noble is great, with all bells and whistles
[17:20] <bluemonkey_66> and in room service
[17:20] <bluemonkey_66> others are fine too tho
[17:20] <redman> I do use level II BM but most time was slow too
[17:20] <bluemonkey_66> the day trading brokers have the same basic tools...
[17:21] <bluemonkey_66> level 2 dat is instant..
[17:21] <bluemonkey_66> I need to run guys..
[17:21] <bluemonkey_66> Have a good night...
[17:21] <connie> k, thanx blue
[17:21] <redman> yes , I trade Level II through cyber
[17:21] <jas1> thx - very useful
[17:22] <connie> next time, can we do chart ed.?
[17:22] <connie> please
[17:22] <bluemonkey_66> sure
[17:23] <connie> thanx