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IB has much lower costs than TradeKing. They don't have a lot of trailing order types, so it takes more work, but worth it if you're up for it.
There's also Lightspeed, they also have per-sharing pricing, I'm not familiar with their software, commissions are little more than IB but a lot of day traders use it.
What I like about IB is the ease of entering an order.
You can configure your order so that they automatically have a bracket order attached.
Bracket orders can be adjusted by dragging and dropping on the chart once the parent order is executed.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
I'm not eligible for IB due to the amount I'd have available to deposit, plus I don't yet have 100 trades in my logbook.
But I can use TK until such a time as I grow the account to 10K and by that time I should have more than 100 trades logged.
TK will be my stepping stone to IB.
The next time I say "I want 1.25 per share" and somebody says "I think it'll hit 1.40 a share" then I'm going to set my stop loss at 1.25 and my sell order to trigger at 1.38.
I don't really quite understand the whole resistance/support phenomenon, but apparently there is something to it
as I've seen a lot of stocks that took a while to break an even dollar amount and then once they've broken it, they're
well on their way to the next dollar almost immediately. And to a lesser extent, I see resistance at every 50 cent and every 25 cent level.
Alibaba's upcoming IPO price is set to be between 60 and 66 dollars per share.
No telling what I can actually get it for the moment the shares are open for general sale, but you can bet that I'm going for ramming speed. I'll throw every tradable dollar I have into it. Both accounts, all in.
The general feeling is that it's going to be a BIG ONE as IPOs and future performance goes, and if it just makes its way
into the top 10 IPO performers over time, then investing all you can into it might set you up for life if you hold it long enough.
The Google IPO was the 10th largest IPO in history and if you bought 10,000 dollars worth of Google stock at the IPO price in 2004, it would be worth over 100,000 dollars now.
The best IPO of all time was Priceline. 10,000 dollars invested in it at the IPO would now be worth over 450,000 dollars.
The only thing about the Alibaba IPO that concerns me is that possibly it IS overhyped and people may be expecting too
much out of it, in which case it'll probably go through a bubble scenario with a large correction some several months or a couple of years down the road. But I think the long term prognosis will give a reliable upward trend and it will be a very good stock to buy and hold. I plan to keep it in my retirement account for the long term, but will use it in my smaller account to build cash value quickly.
My belief is that its short term gains potential will make it highly competitive with just about any stock you are likely to find. I think it could double within one week. It might even do it in one day.
Time will tell. But I will be buying into Alibaba the moment it comes available for purchase.
I've always considered FB to be worthless. It's a trivial distraction with no real value that I can discern.
I sat down and finally entered all my trade data into a spreadsheet.
Since I began trading (and this journal) I have made slightly over 1000 dollars profit between my two accounts.
I don't have a precise number at the moment that defines my actual percentage yield, comparing initial account values to today's values, but it will be over 10 percent in total and that includes all my mistakes, losses, and fees.
The smaller account has a higher percentage yield but the larger account has of course generated more raw cash profit.
I'm happy to see you're learning. You mentioned that you don't know why price will be going up or down and are trying to figure it out. Keep it up. Try using support and resistance, it's a starting point.