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Magal Security Systems (MAGS) Message Board

  • Tangeran Tangeran Jun 4, 2004 3:56 PM Flag

    Double Dip

    DD style

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    • Once you become a patteren day trader they margin rate is increased about 3 times the amount it would be with a non patteren daytrader account. So 25k is close to 80k in buying power. With 80k and a 5 cent mover on 7000 shares of say orcl you could make or lose 350 bucks in a matter of minutes. I buy when something hits the day low plus 5% more of the loss on the day. Same thing with a short on a high for the day, unless the stock is in a tight trading range. I use 1 minute charts and have 5 pcs going all day long plus renees laptop for message boards and her e mail. If you account drops below 25k you will get a daytrading call and have to send in a check to bring it back up to 25k.
      The rule was passed after so many mom and pop traders lost their asses in 2000 crash. IMO it is much like a casino who closed their doors after many people lost nearly all their money.
      I also have another account I strictly use to buy stocks and sell covered calls on, I do about 5-11% per month in that account.

    • Yes I opened the IB account with 25K but do I need to keep that cash in reserve or can I trade with it.

    • on a 10k trade I need .0014 to break even.
      If you are thinking of daytrading make sure you read up on the daytrading rules. One now needs to maintain 25k in cash and will be marked a "patteren daytrader" for life, if one makes 3 trades within a 5 day period I believe. Also be careful of the wash sale rule, it can be a real bitch.

    • It will have ZERO impact on MAGS.
      The cost of installing any security measures that MAGS sells far out weighs the cost of 3-5 lives a day. I know this sounds harsh but it is true. I feel sorry for every family who loses a family member to the war, I have a family member shipping out to Iraq soon and I am worried about him for sure.
      If MAGS does set up an office in Cali. they may be in better shape but still even then the current price of the stock can not be supported at these levels.
      The security stock running up are no different than the bubble of 1999-2000. Some stocks did make it through and are doing well today but many did not. The same will happen here to the security sector. they may be a few shinning stars after the big fall that is coming, one may even be MAGS, but I doubt it. the few that survive will be little known names or large player who have always been in place.

    • I recently switch brokers my old broker TD Waterhouse canada charged min $29 per trade my new broker is Interactivebrokers
      USD 0.01/Share USD 1.00 For up to 500 shares
      USD 0.005/Share Incremental shares > 500
      USD 0.003/Share Additional fee for API equity directed orders.
      So now I can trade without worrying about fees in the past I need .06 to break even so now on 10K I'd take .02-.05 too :> .

    • Rumsfeld: Al Qaeda to up attacks as Iraq handover nears
      Friday, June 4, 2004 Posted: 3:37 PM EDT (1937 GMT)

      (CNN) -- U.S. Defense Secretary Donald Rumsfeld said Friday he thinks al Qaeda may step up attacks in Iraq in the next few weeks...

      How will this impact MAGS?

    • The only way I would ever go long MAGS is if options are made available, even then I would not go long until 12-14 and once again it would be for a limited tme period...like 5 minutes to a few hours but never over night unless I was at a huge loss and selling covered calls to make the loss up. That would be very unlikely because I would sell if I were at a small loss before I let the loss get out of hand. I trade large blocks for small move on a 10k block of ORCL I am happy with .02-.05 move in my favor. I try to never get greedy.

    • Thanks....He's a keeper...I put your list in a page I called day trade,your obviously picked these stocks due to their volitilty. You may wanna add BLTI to your list, shorts rule the stock I lost a wack.Shorts are currently letting it go up as they have resently driven it down and covered back up again then re-short it's a vicious cycle.haha.. I've been an investor up till this point and was looking to trying my hand at day trading. A number of the stocks on your list are familar to me. L learnt a ton from a fellow who posted on the BLTI board he was short while I was long. We started chatting on IM and became stock trading friends, I gave him a tip and it went the wrong way. Never heard from him again lol...Anyway shorts are usually smart trader, ok maybe not smart traders put profitable traders. I'll tell you one thing I'll never be a bag holder again. I see once agin I'm talking to a short while I am long the stock haha. Bought today at what I see as a dip on the way to $40. If the Olympics go well MAGS rocks if they screw up even once we are trading at 3 bucks. Thoughts? Were do you see bottom for MAGS, will you at that point go long??

    • cute kid :)

    • between -3% and as much as over 100%. I did very well shorting mags on the first drop and I was also long the same month on OSIP for the big jump to 80+ I got in around 33.
      Today I made 4 trades, long icos 2x and orcl x1 mags x1, that brought in 546.10, that is an average day for me.
      I don't trade everyday because I also have rental property to take care of that takes up time too.

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MAGS
4.75-0.06(-1.25%)Sep 15 4:00 PMEDT

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