The "so-called" wasn't directed at you. I've always found the term "daytrader" a bit odd. Sometimes I trade in and out within a few minutes. Does that make me a "minute trader"? lol.
Yes, I saw what happened on Friday. Supposedly, the AHM smackdown today was also just a rumour. We'll see.
p.s. You last comment doesn't offend me at all. It goes without saying. Still, nothing wrong with trying to help other people. But of course, self-interest prevails.
Well, no offense intended, but according to your other post you're trading a relatively very small size, so I can see where liquidity isn't a problem for you. It's relative. I trade much larger (on behalf of myself and clients), and thus for short-term trading (and usually longer-term buys as well) I tend to stick to stocks that are MUCH more liquid. For me, this isn't a stock I would ever consider trading day in day out. But for you, I understand.
I'm glad it's been working for you. I really haven't been watching HBZ closely at all, so you have a much better feel for it than I do. Not to worry - I won't hang around for long. I'll probably close it out tomorrow regardless of what happens. I only took a small, personal, relatively unimportant position. Mainly to fight the boredom. Playing. heheh.
Big picture - I've been hearing "this is the bottom" for over a year, and I don't see any evidence of that. Even if it is, it's way too early to make that call. Short-term bounces notwithstanding. It's funny, because I play fins heavily, but not homebuilders. Just not my cup of tea. So maybe this little teaser bet was a good thing, because in the 24 hours I've been focused on it, it shows me I should be paying much more attention to the sector. So busy with techs, energy, emerging markets, and financials - aside from the basics, I really haven't been zoned into HB at all.
BTW, I'm glad you're having success as a so-called "daytrader", but perhaps I can offer you one piece of advice: you might want to branch out into other styles as well. Although you've been doing well, the stats don't lie - DT has the worst odds. Sure, over all these years, I've done well with it. But I've made much more money taking large positions and holding (intermediate term).
Looking forward to your posts tomorrow... :)
jetzz. I'll be happy to post em. I won't be able post why....until after market close...not enough time. but I will try to post a (as the Beatles said) "A Day in the life" tomorrow.
I've done this a few times and it's generally blown peoples minds. It is kind of a pain in the ass but we all have egos on these boards and it is satisfying to post trades. I've even found that it helps to improve my trading skills because I know the scrutiny that goes along with it. To date I've never had a losing day when posting my trades in real time and it shuts the idiots up.
That being said....I've probably jinxed myself with my first losing day (tomorrow) in over 3 months. LOL. I'll post how much I traded....when I added to the position etc. I average about $400 per day profit and I typically play with 30k or so. Not 30k on any one position....typically under 10k with four or more positions at any one time.
I have (including margin) about 200k available but I generally don't like to use it.....yet. I need to improve my skills before I raise the ante.
Matt, I'm very interested in watching your trades tomorrow. Please post 'em and let me know why. If you'd put up your BZH and PHM (I usually don't follow PHM) also, I'd appreciate it. This could end up being an extremely educational day.
"Predictions for tomorrow?"
I'll go with mattholiday's comment, but if I were a betting man, I'd say it'll move up. It's OpEx Friday and min pain for the options writers is at $25. Won't get that high, but a buck pop wouldn't surprise me.
HOV's min pain is at $17.50, which is why I closed some of my BZH position.
Hell, after writing this, I pulled my AH ask on BZH. Perhaps I should try to cover my other 4500 shares of BZH. Problem is, I'm sitting on a nice fat profit and want to hold HBs through next week - there is a lot of HB reporting; I don't expect any of them to have positive earnings.
Illiquid? At over 2 million shares a day? My orders with etrade always execute in less than two seconds. The spread is almost always a penny after 10 a.m. I'm usually looking for swings of .25-.50. Sometimes I'll get a dollar.
This thing is a day traders dream. When it gaps up....short it...when it gaps down....go long....wait for the first bounce back to the 50% fib sell and short it..... Set trailing stops and let the winners run.
I know that is simplistic. There is quite a bit more to it than that but that is pretty much it in a generalized nutshell.
Predictions for tomorrow? I don't make predictions. Predictions are for saints and psychics. I'm neither. I'm a day trader. I just deal with what the market gives me in real time and try to take some money off the table when it's sitting there.
Good thing you dumped goog. My long term sentiment on this is that it's going much lower over time. I would advise exercising extreme caution with your long position, use stops and take profits when(if) they arise.
Good luck to you.
Hey Holiday....I'm surprised you would daytrade a stock like this. When I first read that, I thought it was odd. Not your typical short-term trading stock. After reading your explanation, it makes a bit more sense. Still, doesn't slippage kill ya on this one? Too illiquid/thin.
Anyways. Whatever works for you. Glad you're doing well.
Predictions for tomorrow?
I'm long this POS at about $20.41 acb. Small relative position.
p.s. Glad I dumped my GOOG calls on the open. heheh. :)