billrider321
70 posts
msg #74336
- Ignore billrider321 |
5/12/2009 8:37:22 PM
i am following this thread and its quite interesting.
other than rimm and aapl, what else are we working on MTC
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FuriousThug
256 posts
msg #74342
- Ignore FuriousThug |
5/13/2009 12:54:05 AM
TheRumpledOne
- Ignore TheRumpledOne 5/12/2009 4:32:24 PM
If you read this thread, then your questions will be answered.
cr0cop
- Ignore cr0cop 5/12/2009 5:05:59 PM
can you trade options using the MTC strategy or do you recommend to only trade stock?
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Yes...and no.
Folks, this (as well as FTG, RFR threads) are long reads. It's been stated before within probably all those threads...there are no shortcuts. You need to read them front to back and figure out how they work. They're not complicated...and most, if not all, of your questions will have been answered already.
And, no...you can't use MTC with options...at least not outside of perhaps expiration week. By the time you will have closed out an equity position with MTC, you might just have covered the b/a spread on ITM options...it's not a good gamble. MTC is like scalping on steroids...and it's really hard to scalp using options.
FT
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wwildeeeee
4 posts
msg #74349
- Ignore wwildeeeee |
5/13/2009 2:50:11 AM
Your post are interesting. I am an option trader writing naked puts/covered calls/iron condors etc.
How can I put some of your methods to work for me since I swing trade with TOS mostly because my account size is too small to day trade.
Many thanks in advance.
Wwildeeeee
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cr0cop
87 posts
msg #74351
- Ignore cr0cop |
5/13/2009 9:53:09 AM
yeah i read the whole thing here and did not find anything on options really.....well if i can't do options is there a way to take advantage of the MTC's strategy if i only have $13 thousand dollars in my account?
thanks
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cr0cop
87 posts
msg #74353
- Ignore cr0cop |
5/13/2009 10:01:13 AM
hey TheRumpledOne......
is there a way to catch at least .10 cents of the QQQQ similar to the way you take from rimm and aapl?? I know the QQQQ is not classified as a MTC but is there something to it to get at least .10 cents or more?
thanks!!
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TheRumpledOne
6,411 posts
msg #74361
- Ignore TheRumpledOne |
5/13/2009 2:25:03 PM
QQQQ is not a "cow" so MTC is NOT the right tool for the job.
Why trade QQQQ when you can milk FAS or FAZ?
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cr0cop
87 posts
msg #74364
- Ignore cr0cop |
5/13/2009 3:29:13 PM
hey TheRumpledOne,
thanks for the reply, so with a $13k i can buy stock and do it once each day but the thing is that i will still have to wait for it to settle, do you have any ideas to make it work better? what if i buy Options with a delta of around 80 and up to try to get a tick for tick return, that will allow me to do the MTC more often since options settle in one day and not three like stocks, what do you think??? what is your advise??
thanks
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TheRumpledOne
6,411 posts
msg #74366
- Ignore TheRumpledOne |
5/13/2009 5:35:34 PM
The PATTERN DAY TRADER Rule only applies to MARGIN ACCOUNTS.
Use a CASH account.
Divide your funds into thirds.
Use 1/3 on Monday - cash available on Thursday
Use 1/3 on Tuesday, - cash available on Friday
Use 1/3 on Wednesday - cash available on Monday.
Then...
Use 1/3 on Thursday - cash available on Tuesday.
Use 1/3 on Friday - cash available on Wednesday.
Trade a RUN FOREST, RUN stock like ABK, SPF or RDN until you build your account up so you can have a margin account.
ONLY TRADE ONE STOCK!!
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cr0cop
87 posts
msg #74369
- Ignore cr0cop |
5/13/2009 8:56:50 PM
Thanks TheRumpledOne,
I will study your RUN FOREST RUN strategy and trade it......
Around how much money do you think i should have in order to do the MTCs strategy?
{i really like the MTCs strategy =) }
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TheRumpledOne
6,411 posts
msg #74376
- Ignore TheRumpledOne |
5/14/2009 12:53:03 AM
You need $25,000 minimum to day trade. MTC is a DAY TRADING strategy.
I have seen your posts on SF and here's my take:
1) Forget about indicators, filters, etc... you are heading down a dead end street.
2) Read and listen to Mark Douglas until you "get it". You can find his books as PDFs on the net. Read them over and over and over again. That will be the best use of your time. Much more useful than filter writing.
3) Learn and understand risk/reward. Trading is a NUMBERS GAME.
4) Only trade ONE METHOD and ONE INSTRUMENT until you have MASTERED it. Quit looking for the next best system or hot stock.
5) Learn to find the best stocks for the method you want to trade. AAPL is a "cow". AAPL is NOT an RFR stock. RDN is an RDR stock. RDN is NOT a "cow". Do NOT attempt to "milk" RDN. Do NOT expect AAPL to "run".
6) Trading is 99% waiting. You wait for an entry. Then you wait for an exit. Then you wait for an entry. Then you wait for an exit. Then you... LEARN TO WAIT. There will always be another trade unless the company goes bankrupt..LOL!
If you doubt my words, then visit www.kreslik.com and you can see what happened when one trader finally settled down and took my advice... doubled his account in under 3 weeks. Though he still struggles with sticking to the plan.
If you wonder why I code indicators, write filters and develop methods, it's to keep my coding skills sharp. I don't use 99% of what I code. I rarely even run my filters. I already know what I am going to trade. My trading screen is real clean, just a few HORIZONTAL LINES along with real-time gauges.
I'll know if you took this to heart by what I see you post or rather what you DO NOT POST.
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