| StockFetcher Forums · Filter Exchange · Biggest 1 day gainer filter | << >>Post Follow-up |
| jordage 10 posts msg #29672 - Ignore jordage |
11/5/2003 10:47:06 PM Hello, I am soon going to begin an experiment. I am going to take $5000 and try to make 1% on it daily, trading it in and out of a stock each day. This $5000 would turn into almost $400,000 in 2 years. You can email me at jordanfetcher@yahoo.com if you want more information on how to do this. But I was wondering if any of you had any filters with a great 1 day success rate. |
| EWZuber 1,373 posts msg #29678 - Ignore EWZuber |
11/6/2003 3:55:40 AM I suspect this might be done with SF on average but you may find that this task would be much easier using real time intraday filters. Maybe looking for stocks that just had a stochastic fast line crossover above the slow line within the last week on weekly charts and a fast line cross above the slow line on daily charts within the past 1 or 2 days and an oversold condition on the hourly charts. With returns from a filter like this one could then look for stocks in this group that are about to break short term trendline resistance on the hourly chart and set audible alarms on your trading platform to let you know when the time is near for a break of trendline resistance. I like to set one alarm just above support and another just as it approaches trendline resistance. That way I can assess an entry at either point. I suspect this would be a killer setup. You are going to need to have at least $25K in your trading account for the NASD to allow you to do this. |
| jordage 10 posts msg #29682 - Ignore jordage |
11/6/2003 9:03:44 AM I don't think there is any reason I would need 25k, but you would need a margin account. And at Ameritrade, i think 2k is the minimum for a margin account. Good ideas about the intraday charting. |
| houghton 29 posts msg #29684 - Ignore houghton |
11/6/2003 9:19:23 AM Jordage, be careful. If you are going to try to repeatedly get in and out of a stock every day, you will be designated a pattern day trader IAW NASD rule 2520. Then you will be required to MAINTAIN a MINIMUM balance of $25K in your account. Karl |
| EWZuber 1,373 posts msg #29692 - Ignore EWZuber |
11/6/2003 11:33:02 AM Thats right. This is not an open market system. It is a market with the advantages clearly given to those that already possess the majority of the wealth. As your financial status rises so does the level of privilege allotted to you. I suspect that this is designed to keep the little guy working for the man. If the playing field were level then too many might find alternative ways to make a living. Then the fat cats would have to pay more just to get workers to do their bidding. If you trade 4 times in a 5 day period you will be branded a 'Pattern day Trader'. Then you will be resirticted to 3 day trades in any 5 day period. If you exceed those limits your broker will likely demand a balance of $25K be deposited in your account or your trading will be frozen for several days. In my account it is impossible to trade more than 3 times in a 5 day peiod because it is automatically frozen after 3 daytrades. This can actually get me stuck in a trade that I need to get out of. So obviously this is not done for my sake. These rules were instituted by the NYSE, NASD & brokerage firms. If you write to NASD and protest these arbitrary rules they won't even bother to answer because they don't have to. |
| BIGSTAN21 1 posts msg #29706 - Ignore BIGSTAN21 |
11/6/2003 5:49:53 PM EWZuber(or anyone else) Could you clarify the "If you trade 4 times in a 5 day period."? Does that mean 4 stocks or does it mean any combination of buy and sell orders(say 2 buys and 2 sells)? I'm a rookie myself and this is my first week of actual trading after a year of paper trading. thanx in advance. |
| jordage 10 posts msg #29710 - Ignore jordage |
11/6/2003 7:33:17 PM Thanks guys I was unaware of that rule. But I can see ways around it, like having $5000 in 2 accounts, one with your name and the other a spouses and both margin accounts. But please if you have any good fetcher screens with good 1 day results share them with me. Here is what Ameritrade's policy is on Pattern Day Trading: What is day trading? Day trading is the practice of purchasing and selling, or short-selling and purchasing to cover the same security in the same day, within a Margin account. « What is a pattern day trading account? The NASD and SEC define a pattern day trading account as an account that makes 4 or more round-trip day trades within any rolling 5 business day period, provided the number of day trades represents at least 6% of the total trading activity during the same 5 business day period. Pursuant to applicable NASD regulations, Ameritrade is required to identify any account fitting the definition of a pattern day trader and flag that account accordingly. « What is the difference between Buying Power and Day Trading Buying Power? Buying Power is the maximum amount of funds available to purchase and hold fully marginable positions. Buying Power is only displayed if the account is approved for margin. Day Trading Buying Power is the amount of funds available for intra-day day trading. Day Trading Buying Power is only displayed if your account has been flagged as a pattern day trader. Day Trading Buying Power is calculated with the intent that it is to be used in conjunction with day trading activities. Be aware that accounts that have been flagged as pattern day traders will have access to the greater of either buying power or day trading buying power. Our systems will accept orders based on the higher of the two amounts. Since we have no way of determining whether or not you will hold the position overnight or just for the day, it is your responsibility to enter orders that remain within the buying power for the type of trade that you're placing. House and federal requirements apply to positions held overnight. « How is Day Trading Buying Power calculated? Day Trading Buying Power is equal to the equity in the account at the close of business on the previous day, less any maintenance requirements, multiplied by up to four. The equity in your account at the close of the previous business day less the SRO requirements is known as maintenance excess. « What are the requirements for pattern day traders? Pattern day trading accounts must maintain $25,000 in equity to allow unrestricted access to day trading buying power. Pattern day trading accounts with less than $25,000 will have day trading buying power limited to two times maintenance excess. In addition, a Day Trading Minimum Equity Call will be issued in the account. The call will remain open until the equity is raised to $25,000. Pattern day trader accounts with less than the $25,000 minimum equity requirement should consider limiting day trading activities to cash only transactions until the minimum equity amount is reached in order to avoid a Day Trading Buying Power Call. « What happens if an account exceeds Day Trading Buying Power on executed day trades? If an account exceeds Day Trading Buying Power on executed day trades, a Day Trading Buying Power Call will be issued. When a call is issued, Day Trading Buying Power will be limited to two times maintenance excess until the call comes due on the fifth business day. If the call is not met within five business days, the account will be permitted to execute transactions on a cash available basis for 90 days, or until the call is met. Multiple day trading buying power violations may also result in a restriction limiting transactions to a cash available basis. « |
| TheRumpledOne 6,411 posts msg #29717 - Ignore TheRumpledOne |
11/6/2003 11:25:45 PM open an account or 2 at www.freetrade.com which is owned by Ameritrade... your first 20 trades each month are free. Then the next 100 trades are $3. A one day filter... check out my posts on RSI(2) and Linear Regression. You may find what you are looking for. Also visit the Muddy Group. Look for the posts. MAY ALL YOUR FILLS BE COMPLETE. |
| Skeksis 36 posts msg #29718 - Ignore Skeksis |
11/7/2003 2:37:48 AM I also suggest paying much attention to the Muddy group and the filters discussed within. I use RSI (2), linear regression, Bollinger Bands, and Williams %R to look for trades - some that are suggested on the board and some of my own. I have made money in the past, even a few short term gains of over 100%, but I was never consistent. The Muddy group will get you consistent profits, and they are great people, all working together. That group and Stockfetcher are the best things that have happened to my trading. I've talked with Muddy a few times - he is astoundingly helpful and cordial; a great guy. Keep at it and you will get your $400,000. Beware the use of margin though. I have the pattern day trader brand, and got the 4X buying power. While it is tempting sometimes, I never use margin. One bad fall will cause much trouble, and those bad falls can and do happen, usually in the form of gaps. Best of trading profits to you!! ~Alan |
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