Nilsen, and anyone else involved in day trading

[Neubob]

LVCC

Las Vegas Central Reservations Corp--anyone ever hear of them, or use them? They deal exclusively in Las Vegas Resort reservations, and boast the only toll-free 800 number for that purpose.

Currently trading at 1.01, the stock seems about as stable as nitroglycerine, but that can be a winfall for daytraders. Their stock has lost a ton of value over the course of the year, but, I still can't help but wonder if there's something to be made here on the short term.

etrade

Check it out. A massive gamble at best, but a provacative one as they gained 38% on the day after a loss of around 35% yesterday.

[Nilsen]

Thats not on my turf so my advice would be useless. Throw a dice and 1-3 says go and 4-6 says no.

If you are serious about  _daytrading_ (ie always make sure you are not sitting on anything by the end of the day even if you are up or down) then you have to have access to live stock feeds and just play the cents up or down.

If you are a regular trader and can sit on stocks for days or weeks then you better know the industry and the companies very well and what makes them move up and down.

[Neubob]

I've got all of my money invested in companies that I believe have potential for longer-term growth (1-3 years). Well-reasearched stuff that I have no qualms about, even on the bad days/weeks. I do, however, like a gamble every now and then. This thing, has me wondering. Maybe you think like I do, maybe you don't, but all these wild fluctuations all seem like lost opportunities, and it pains me to continue missing them.

Did you get a chance to look at the number at all?

[Nilsen]

I only get to a login page so I havent seen any numbers. They are really irrelevant tho if you are looking for the quick fix. What you do is (you need to have _live_ feed.) buy in when you see it turn up and sell when it goes up a fraction. Never wait for it to go up like the 20-30%. If you get 3-5% up then sell.

If its a stock that does this kind of jumps several times a week then you wait for the next upwards jump after the down and do the same again. Never get greedy. This requires alot of cash to pay off and a cool head. Dont bang your head against the wall and try to get in again if it continues up on the same day or upwards trend.. wait until the next cycle.

Set a stop-loss on it at minus 2-3% and leave it for the day until the next time it goes up. That way you wont get sucked down more if you missed the up and it dives bad.



Im off to bed now. If you decied to go then remember.. DONT GET GREEDY.

[Neubob]

Well, it's friday, so I'm not gonna get greedy in the next 48 hours. If you're curious at all, I'm pretty sure that LVCC will get you the quotes and info you need. I should have included that code in the first place.

Do check it out, Nilsen, when you get a moment. This week has been wild. Let me know what you think if and when you do.

Goodnight.

[WhiteHawk]

If you dont know or cant see how a company is going to increase the value of its stock, then I wouldnt buy it.  Hot tips from friends of the family or co workers rarely work out.  If a stock has a decent chance of breaking out, the gurus would be driving the price up by 'speculating' that the stock is going to , get the patent, or make an invention, or hit the gold vien, or some large corporation is going to use thier product or service instead of the other guys, or etc.,  You wouldnt be the first to hear of this.  If the stock is stagnate or drifiting down, then look out.  There is HUGE difference between speculating and taking a pot shot.  Save yourself some money and dig deep to understand  how this company is going to make thier stock price go up.  Check thier debt burdon, lawsuits, check for insiders buying or selling, institutional (fund) ownership.  If the big boys dont want this stock then I wouldnt buy it unless I clearly understood what they needed to do to suceed.

[WhiteHawk]

Just did a quick look at the stock.  It looks like it just went public around august 8th or so, it opened at over 5 and closed at 2 and has drifted down to 1.01, however it shot up 35% today.  Now, understand that a stock shooting up after a 80% losing streak could be 'short sellers' taking thier profits.  Short sellers sell stocks they dont own but they have to buy back them later at some point.  If you short a stock you want it to go down so your buy back price is lower than your sell price.  Instead of buy low, sell hi,  its sell high, buy lo.  
  The news was that the stock is now offering on-line las vegas bookings in addition to its traditional service. (yawn).  I cant find any institutional ownership or insiders scooping up thier stock and quite frankly, im sure there is a bunch of companies who are able to book las vegas vacations in any form or fashion the masses have desired.  Oh, well, my learned advice would be to stay away from this one but god knows i have been wrong.  I bought corning (glw) at 4.25 and sold them at 6.60 making a quick 2500 bucks.  They are now around 23.  Am I mad?  heck no, I made 2500 bucks by clikking a cuppl of buttons.  Ive been burnt also, fast and hard, no vaseline offered either,.  those boys on wall street are sharks and they want to eat your money and mine too.  Goodluck.  Post your results

[Neubob]

I'm nowhere near buying Whitehawk, I just wanted feedback. Their initial losses were pretty substantial, and thus, like you I assumed that current growth was mostly attributable to favorable trading. It's not the sort of ride I want to take, not just yet, anyway.

[Nilsen]

Losses, profits or the health of the company is really irrelevant if you want to go in for a quick kill.

You either go in for the quick kill were you stay in for a few minutes, or you go in to make money on it over a few days, weeks or months.
If the latter is the case you need to go deep and analyze the company, the market its in, all markets that may affect that market and stuff like seasonal changes etc etc. This is very complex and not something I have time to do or even the knowledge to do in a market im not familiar with. Some day I may start to trade internationaly, but even then I will focus on energy and related services like I do here. Atm I only trade around in around 10+- different companies that I know well and how they react to sertain news.

[WhiteHawk]

Originally posted by Neubob
I'm nowhere near buying Whitehawk, I just wanted feedback. Their initial losses were pretty substantial, and thus, like you I assumed that current growth was mostly attributable to favorable trading. It's not the sort of ride I want to take, not just yet, anyway.

yea, in the 8 years i have been trading stocks I have been on the ride of my life.   I bought qualcomm around 80 bucks a share and raked in the dough fast.  Imagine comming home one day and seeing your stock has shot up 104 pts.  Thats 52000 dollars for an ordinary blue collar working guy in one day.  I made 22000 dollars the next day, finally sold the stock for around 150000 profit.  It went on to top out at around $440.  I was going to put my winnings in a high dividend yield stock but i  noticed cisco systems had pulled back from about 90 to 75.  Cisco 500 lb gorilla of the nasdaq.  Without it, there is no amazon, ebay, yahoo, lycos, etc.  I put half my new fortune in and watched it go down to 60.  Hmmm, the pros say 'take your losses and move on', my king midas instincts tell me to go all in, which i did.  I rode that wave all the way down to 15.  Now I am down 10,000 from where I started including my initial investment.  I bailed out an emotional wreck.  But wait, my tax bill from the sale and profit of qualcomm was almost 40,000 dollars and I could only write off 3000 dollars loss on the cisco stock for that year.  Luckily I can work as much overtime as I want and barley made that tax bill.  I swore off the stock market, but a few of my minor investments that went to crap in the same bubble burst, I had forgotten about them had came back and I had about 25,000 dollars left in my account, so I have been palying with that for a few years and have been doing ok.  Up about 18 grand.  Over all I am down 6,000 dollars from start to finish and damm glad to be there.  If you get a 'quick kill', you will go for another one and another until one day you get 'killed quick', just make sure you have a bail out point and stick to it.  The emotions when your stock is down 15000 dollars is quite different then when it is up 15,000 dollars.

[Nilsen]

That is true Whitehawk.. Sooner or later everyone gets burned. Its the way you handle getting burned that sets traders apart really.

You are like so many others (including me) that scored big time on the first try. That is very dangerous and its almost better to loose abit the first time than to make a killing.....but oh man the rush you get when you score is like nothing else.

I have 2 golden rules now that i follow every single day.

1. set STOP-LOSS. Every minute you wait for a stock to stop falling and start the climb (that may never come) is minutes you could spend with you money on other stock.

2. Every day is a brand new day.. so no need to make up for the money you lost yesterday because there never was a yesterday. Same goes for the money you made "yesterday".

[WhiteHawk]

Originally posted by Nilsen


....but oh man the rush you get when you score is like nothing else.

 

You got that right!   Its defantly releases some chemical that has the ability to make a grown man sing and dance in his living room.