Monday, March 22, 2010

My Trading Plan

3/22/2010 5:12:03 AM

Well today is day ONE of my NEW trading plan.

After spending a week at online trading academy in Overland Park Kansas I feel I’m ready to start anew.

Wish me well.


1 comment:

  1. Good Afternoon Myron!

    I remember my first venture with "day trading" back in the first week of September, 2008. Of course, for the "News Playing" approach to day trading, there's quite a bit of background history involved - the December 23, 2000 article in the Milwaukee Journal Sentinel (buyout offer to Gehl), the February 25, 2001 article in the NYT Business section (hostile takeover of Gehl), etc. But it's only by keeping your eye on these news pieces that you finally can collect a gem - the Bloomberg Business Wire post on - I believe it was Monday, September 8, 2008 shortly after 7:45 AM - stating that Manitou BF (the largest Gehl stockholder and the world leader in Gehl's line of business) was set to acquire Gehl Inc. for $30 per share (Gehl had closed at $25 in the previous Friday's trading). This meant that as a casual, at home day trader, if your computer program was quick enough, you could invest the legal minimum amount in your day trading account ($25,000) and if you had a 25% margin, then purchase $100,000 worth of Gehl stock (4000 shares). And, by the close of that day's trading, your increase would amount to close to $20,000 (because you are on margin, you have to exit at least half of your shares by the end of the trading day, but if you are likewise following one [or more] of the other approaches to day trading [trend following, contrarian investing, range trading, scalping, rebate trading, price action, artificial intelligence, etc.], then you would be gaining / losing in those approaches throughout the trading day as well).

    And, Google Finance is a real boon with its "News," "Related Companies," "Historical Prices," and "blog discussion" links. And, when you catch a "hot one" just click on their "Watch this stock" link!

    All in all a fun time is had by all - especially when you hit a gem!

    So, wish you well brother!

    Over and out for now . . .