I'm just posting some free advice for you guys to consider which is in essence this...
There will be very few real gains coming from BAC for the next few months so it's really not worth holding here. Take whatever profits you can get at around the mid 12's and then trade from the low 12's. Watch the entry points as this is crucial.
I cashed out last week at 13.40 and started trading this everytime it hit support in the low 12's....easy money. I buy between 4-5k on every run for .10 to .20c runs. I'm up $2,650 for 3 days work which is not too bad and I'm done by 3:00PM. I go to the gym, play some tennis and enjoy a nice cocktail in the evening.
BAC will trade in this range for quite some time so if the trade goes against you at anytime just hold it. You don't even have to take the loss. There is strong support at 12.00 so unless we get a real bad day, you're relatively safe. Just don't get too greedy...
That's my advice to some of you smarter peoiple on this board. I know some are already doing this but many other just hold and wait which is a waste of time and money. That's not the play here until later on in the year.
Take it for what it's worth, forget the bashers and pumpers and concentrate on making money.
The pattern has been established. Trust me on this...you won't regret it...
hey I was doing that too until i got a warning about being a day trader so I sold some covered options for .39 a share now I got my 1000 shares back got to have 25,000 they said will have to work up to that
You can perform day trades but the frequency is limited and if you exceed that limit, you are labelled a pattern day trader and get a margin call to bring your account up to the $25,000 level. You don't have to put the $$$ into the account but you cannot buy anything until margin is met. You can sell positions. You just can't buy.
Pattern day trader is a term defined by Securities and Exchange Commission to describe a trader who executes 4 (or more) day trades in 5 business days, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period. As the trader is exposed to the danger of day trading and intraday risks, it is subject to specific requirements and restrictions.
That's correct. I have around 40k in my trading account, not my retirement account, that's separate and I don't touch that.
I trade with 75% of my own money mostly so I don't mind holding onto a good stock if it goes against me. Hopefully by then I made enough profits for the month that I stop trading until it returns.
This has been my strategy for almost 10 years. I used to panic and sell in the beginning and lost money. But that was also because of my lousy entry points and not enough DD on the stock I was buying.
I feel safe here with BAC and I know the stock well. I also like the volatility and volume that helps any day trading...
I pulled off my stop and instead will short more if it hits 12.50.
This is still going to $10.67/$10.92 and as the fast money analyst said, WFC will likely test $20 again.
This market is so friggin' overpriced right now it is actually funny as all get out.
totally agree with you here, I am more working on just accumalating shares of bac for every time I buy and sell. I have nailed it 3 times now and improved by stares holdings by adding almost3k more shares..
Me too. Every time it declines, I buy and then sell at rally. When it declines again, I wait and add more shres by the profit I made.LOL
However, every time you buy again, You only use 50% of the money you earned.
I think we're gonna have a hard time even breaking 13.00 at this point. And even if we get there it won't be successful the first time around. This will be a great trading stock for the next few months...