Huge profits can be made in this type of market. With fast quick moves, it gives you a chance to make big earnings quickly. The pages ahead will also help you become a smart and successful investor.
First of all you must do your research. If you are one of our subscribers at wallstreetpennies.com, we already have done most of the research for you. Second you must open our newsletters and alerts we send you through email. You should check your email every day before the market opens so you can get your order in. Make sure you check you spam box just in case, because depending on the setting on your computer, it may place the email in the spam box. You can also set our website on Internet options icon as an approved site. We hate spam as much as you do.
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A good time to get in is when the market first opens, so you can get in at the best price. Always use a limit order when purchasing stocks. Never use a market order to enter a trade because this allows the market maker to fill your order at whatever price they like. This leaves you vulnerable to getting poor fill orders.
Keeping An Eye On The Stock
After you buy in, watch the stock as the market opens and see how much selling is going on. The first 15 minutes will give you some type of sign to how the stock will do. You can judge a stock by looking at the average daily volume, and observing the Level 2 quotes. If the day begins with people buying it on the offers with above normal volume coming into the stock, that is a great sign. If pre markets you notice the Bids stacking up on the level 2 Quotes and people beginning to tighten the Spread that is also a good sign.Put Stop Losses into your orders and GTC sells for at least half of your position at 100% or whatever other predetermined price target you have set your sights on. If you see a lot of buying and the stock price is not going up, Get out, this is another sign not to stay in.