itradepennystocks
pennystocker
smallcapnetwork
thestockhound
collegestock
InterectiveBrokers should be the best broker for trading pennystocks as bloggers, newsletters write. There is a big list of pennystocks to borrow.
From Monday you can follow me on twitter, where i will write real time my trades and ideas - http://twitter.com/DmytrenkoArtem
Yesterday technology tradings
As last week technology was really weak by bad earnings from NASDAQ bigget companies, I looked to technology companies - AAPL, CSCO, HPQ. I saw nice level on AAPL @128 and decide to short it. Here you can see chart.
I had nearly 150 points of profit but didnt fix it. I saw a reverse at 126.20 region but didnt fix. I thought that AAPL will go again to 128 lvl and after that will move down again. But 128 lvl was broke. I must to fix in 126.5 region but didnt look to how market was strenght yesterday. Ofcoz, to trade big companies like AAPL need to compare real time market strength and AAPL price moving. If we looked to the S&P at that moment we should close this position with a nice profit. Its baby mistake. Should to build trading proccess more strictly to shut out this again.
Trading proccess
We have 2 trading styles running every day in one time.
1st - PennyStock trading
2nd - Trading stocks with intersting chart patterns
At 1st will describe PennyStock trading style
With finviz help we are screen stock with most % gain or loss. Better it works for gain, as pennystocks with big gain can be mostly good candidats for shorts but also we can find some good long daytrade opportunities.
If pennystock have big gain we research "why" this gain was made.
If the reason is really true and we didnt see very large move up before we can long this pennystock on breaking new high.
If the reason is false or we saw that this stock growth a lot with speculative money we looking for sidemove and short on the range breakout.
2nd trading style
For this trading style we are using 2 persons. We are looking as more charts as we can before the market to find interesting technical patterns (mostly its nice support and resistance). For this research we are using two timeframe charts. 5min and Daily (using for see what move potentionaly can make this stock - looking for daily level, patterns, etc).
Other resource of trading ideas is blogs. I still didnt find good resources were i can find nice trading ideas. Have only some like SMB trading desk and StockTwits.
One person looking for informative background for S&P during a day and looking to Dr. Bret indicators. So this person know all about current market conditions, levels, etc. 2nd person look through the stock list which was made before the market and waiting for good opportunities to enter. When 2nd trader see good opportunity to enter he asking 2nd trader about market conditions. The same on close position.
This what we do in briefe. Now i want to write it fully for ourself as logical structure.
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