I'm going to shelve all my limiting beliefs about stocks aside for a second and take a plunge into investing. Are there any good online brokerage account promotions that are worth taking? E-Trade claims there's 500$ free but it sounds a bit gimmicky and is a $10K minimum which I can do but I'm wondering if there is a catch.
Thinking of just using the integrated Wells Fargo Online Brokerage Account so it'll be integrated with my other accounts there. They have 100 free trades then 9$ a trade and I don't plan on trading much if at all besides putting down small amounts of investments here and there then letting time do it's thing. Anyone have experiences using the integrated brokerage accounts with banks? Should I be looking into getting a brokerage account at a specialized site instead of a bank?
My investment experience as of now - I have a retirement account I made general allocations for but is taken care of by financial suits. I've played a good amount of Craps (both the Pass and Don't Pass) and stock market's invests/shorts seem like the same concept. I played Federation the investing text game on AOL a decade and some ago and it's newest incarnation Fed2 a year or two back.
I had never gambled before and knew nothing about it, but I'd gotten too many e-mails like it. I was at my parents house for winter break during my first year at UT, and I was bored.
"Free $50 just for downloading our casino!"
Hmm. That doesn't seem very risky. I might as well download to see what it's all about.
Woke up today at 6 am to catch the markets, had some stocks in mind to buy. But since I am under pattern day trader rule I can only make 3 trades a week, which is pretty fucking annoying. Anyways bought 1000 shares of OCZ on the ramp up, miscalculated my protofilio, missed a great buy at .48~ or so and ended up buying at .525. Set a 7% trailing stop loss and went back to sleep. Would've stayed up, and would've loved to short some other stocks (OXBT, PGLO), but pattern day trader and my broker don't let me short penny stocks easily.
Made around 10% of OCZ, woke up later at artound 11 am, stock surged past .6, I tighented my trailing stop loss to 5%, Unforuntately my trailing stop loss was a bit to wide by this time, I shouldve just put a stop loss at .595~ or something like that instead. Missed a great selling opprotunity in lower .6s or .59 and my trailing stop loss ended up selling at a little under .58 (like .576) I still made money on the trade, but after fees, not much.
Observations: OXGN was a huge buy today, defintely the winner. OXBT, as expected, surged early on in the day to around 11 then was a prime candiate. Most times these runner up explode the same day before diving hard. 2 dollars in 30 minutes after 3-5 trading days of exesive gains made OXBT an obviosu short. Regardless one is here to play the odds, and yesterday one could've said the same thing. That is why I think level 2 watching is very important. You wanna short into fast conslusive crashed where constant stop losses are being triggered. Best to pay attention to level, find where volume is exhausted, wait for tapering on, set a short, a VERY conservative stop loss, and then keep paying attention. I dont have much, if any experience shorting so I'm going to have to try.
I am considering opening an overseas broker to bypass this dumb pattern day trader rule, but have to talk to accountant and see whats up with that.
some stock picks for today which I had in mind but why I didnt buy: