"A man is not finished when he is defeated. He is finished when he quits."

Tuesday, April 2, 2013

Gone awry

UPDATE:  In the last 20 minutes of the day, I felt as though I had enough chart data and the move down was strong enough in TNA that I looked for a trade opportunity.  TNA seemed to bottom and I entered near the bottom of the 3:45 candle; 500 shares long for a quick $50 gain.  I left some on the table with a hasty exit but I did not want to be caught long overnight.

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Well, came to the computer this morning and found that Direxion had repriced TNA & TZA through splitting/reverse splitting.  Of course, this screwed my charts up royally and left me searching in vain for stocks that meet my criteria; high ADR, highly liquid, small spread.
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What I suddenly realized is that I am not following the cardinal rule of diversification.  I have my potential tied to basically one ETF family.  I have long considered switching to a trading platform that offers a Real-Time scrolling HOD/LOD scanner.  However, they are costly in comparison to what I pay now; nothing.
Hours of stock scans per day looking for setups is not necessary with the type of trading I wish to perform.  So, it may be necessary to subscribe to an advanced trading platform sometime in the near future.
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In a few days I'll have enough chart data to work with TNA and TZA again.  In the meantime, I intend to search for other options.  During a phone conversation with the folks at TDA/Think Or Swim a couple weeks ago, they mentioned that the TOS platform allows one to set up a New Highs/New Lows real-time scrolling list by clicking on their tab.  That's where I'm going now to do some research.  If it meets my needs, the cost would be zero considering both Mrs. BCT and I both have retirement accounts there.  That would be a pleasant find indeed.