daytrades feb 25 afternoon, page-240

This is my first week as full time share trader. We have sold our holiday home and some of the proceeds enabled us to pay of our mortgage and enough was left over to give me a bank to finally have a go at it. I knew this was coming and I prepared for it by purchasing a new computer and software. I just love my new DELL XPS and also bought one of their 24in screens which I use in the extended way. In other words my screen acreage should be sufficient.
Excel 2010 hopefully is the tool to give me an edge. I am very much a novice but love trying to design little routines in Excel; at this stage my program tells me what my portfolio is worth second by second. It also lets me know if one of my stocks is becoming a runaway train or a torpedoed submarine.
Unfortunately Excel 2010 does not like me and will not perform like my Excel on my old machine. I gotta give Etrade heaps of credit for trying to solve my woes. We thought we fixed the problem of Etrade PRO DDE into Excel but when I rebooted and tried it by myself it did not work. Keeping fingers crossed that we resolve this on Monday.
By a stroke of luck one of HCs more trusted contributors put out post re trading which really comforted me that my intentions were right. HLL put in his part and further made me comfortable with my decision to trade as a fulltime business. The one worry is that my initial outlay is one tenth of that of theirs. However I am forever the optimist.
My thoughts are that my bank is split into: 1 part daytrading 2 parts scalping and 2 parts interest ripping
Daytrading will be the bit that outsider would consider gambling, stocks trading at under 10c and hopefully disposed of same day at a profit.
Scalping would be a higher value share but say 5c to $5. If you dont come today you come tomorrow. (no sexual overtones intended) In other words I hope to make a smaller margin profit but hope the risk attached is smaller as well; ie 1 or 2pip trading.
Interest ripping is my idea of benefitting from actually receiving income from companies including using the imputation credit benefit. This of course means being restricted by the ATO in regards of holding stock for a length of time to use the imputation credit.
My two targets are: $250 per week wages and if my losses amount to >$10,000 I concede that I belong to the 90% of traders who lose.
Monday started off like a rocket - a $850 gain but a $500 reduction in value of shares carried. Tuesday the market got my scalp rather than me doing the scalping. Wednesday did nothing to boost my confidence. Thursday finally my stocks headed north with a couple of scalps Friday rounded of the week giving me hope that I may yet make a trader.
Good trades were: AGUOA to kick of my career; GCY EGO EGO SSC
Bad trades: RDS totally sapped my confidence; IOG CAA WDR
Trading for interest: GPM
In the end I made wages and the portfolio is up as well (about 1.5x wages). As I am going along I realise that sometimes the DT becomes a scalp and vice versa. I also found it hard not to hold overnight intentionally or otherwise.
My weekend holds are:
SEHOC I watched SEH right from Monday when there was some slight action and bought a parcel. As the week went along that slight action kept on persisting and I added a slightly larger parcel on Thursday and when the action looked like really starting I added another parcel today but did sell off a portion to prevent a total disaster if SEH drops its bundle.
GPM bought to gain dividends I am in no hurry to sell. However it is an interesting stock as a large shareholder is doing a dutch auction of its shares.
AKIOA AKI looks an interesting company and as I like options I bought these rather than the heads; there is not a lot of premium paid.
ARE a company I followed ever since it got spewed out of MGK (another on my watchlist). It hit a six month low and I am hoping for just a little rebound.
WGP did not intend to hold but entered the wrong amount when placing my sell order. This is an animal which has a D imprinted on its left cheek and a G on its right cheek. When it lifts its tail you know what it is.
Once again a lot of thanks to HLL Aksier barnsty Tweets libart for providing valuable information and a special thanks to KR for the entertainment value.

W2