The Daytrading & Swingtrading Thread

[Paul64]

My BMOIL RRSP account has been sitting in cash for longer then I care to admit.

Where should you park cash to earn a minor % when not invested in the market?

[Shakespeare]

Fund-based HISAs:

High-Interest Savings Accounts - finiki

[Paul64]

Would it not take a day or two to get your cash out of there when you wanted to make a buy?

[Shakespeare]

T+1 settlement, the HISAs are bought directly in your BMOIL account as if they were mutual funds.

[deaddog]

Would it not take a day or two to get your cash out of there when you wanted to make a buy?

IB pays interest daily on cash over 10K. It’s not much but the money is in the account when you need it.

[Lazy Ninja]

Equity and ETF trades settle three days after you actually make the transaction, whereas HISA transactions settle at the close of the next business day. Therefore, you can make the purchase first, and put in a sell order for the HISA funds after you've made the trade, if you choose to do so. This can be particularly useful when placing limit orders, where you won't be certain of whether you'll get a fill or not.

[Paul64]

Thanks everyone.

Equity and ETF trades settle three days after you actually make the transaction, whereas HISA transactions settle at the close of the next business day. Therefore, you can make the purchase first, and put in a sell order for the HISA funds after you've made the trade, if you choose to do so. This can be particularly useful when placing limit orders, where you won't be certain of whether you'll get a fill or not.

Really, I would have thought that if I've got all my surplus cash in an HISA in my BMOIL and then tried to buy an Equity that it would would tell me I don't have the cash. If that's not the case though, perfect.

As for IB, I've started playing with their test app. Have the quotes streaming to my laptop & flowing into a database. I've high hopes for it, but it'll be quite some time before I can write the analysis code for timing purchases, and then I still have to figure out the calls to buy/sell in Java. I'm on it though, when I can.

[Lazy Ninja]

Really, I would have thought that if I've got all my surplus cash in an HISA in my BMOIL and then tried to buy an Equity that it would would tell me I don't have the cash.

At TDW, it generates a warning saying your cash balance is insufficient and that you'll have to sell something else to cover the difference (or something to that effect). You can just click agree and proceed so long as the HISA is in the same account that you're placing the trade. Dunno if that works if the HISA is in a different account.

[pmj]

At TDW, it generates a warning saying your cash balance is insufficient and that you'll have to sell something else to cover the difference (or something to that effect). You can just click agree and proceed so long as the HISA is in the same account that you're placing the trade. Dunno if that works if the HISA is in a different account.

Can't answer that question - but I can also confirm that TDW's process in an RRSP account will also accept HISA or MMF in a different currency to the proposed trade.

[Paul64]

Can't answer that question - but I can also confirm that TDW's process in an RRSP account will also accept HISA or MMF in a different currency to the proposed trade.

Hmm, now that you mention currency, is there an HISA for a US cash balance also? I've learned of Norberts Gambit, but, don't want to keep repeating it.

[Shakespeare]

Did you check the finiki links? High-Interest Savings Accounts - finiki

[Paul64]

I've look in more detail now but the US ones are poor - I guess that's just the way it is?

Looks like the best options from within BMOIL are;

MIP710 MANULIFE TRUS INVEST SAVING ACCT ADV CL (1.3% CAD)
IBN200 ICICI HIGH INT INVEST SAV ACC SR A U$ NL (0.25% USD)

I called BMO and they said there's no commision fee for buying/selling these.

Incidentally, these can also be seen in Trading > Fixed Income > GIC Quickpicks > "Looking for an alternative to cash in your portfolio" on the BMOIL site.

[Pickles]

I've look in more detail now but the US ones are poor - I guess that's just the way it is?

Looks like the best options from within BMOIL are;

MIP710 MANULIFE TRUS INVEST SAVING ACCT ADV CL (1.3% CAD)
IBN200 ICICI HIGH INT INVEST SAV ACC SR A U$ NL (0.25% USD)

I called BMO and they said there's no commision fee for buying/selling these.

Incidentally, these can also be seen in Trading > Fixed Income > GIC Quickpicks > "Looking for an alternative to cash in your portfolio" on the BMOIL site.

Note: you have to have a minimum balance of $25,000 at all times.

[Paul64]

Thanks again, I have made the transfer. Of course, now that I have my CAD cash in a HISA while the markets drop, the currency risk is becoming obvious - glad you can all see my luck

What are the good strategies to avoid a potential drop in the CAD? Just hold USD in a HISA (lower interest rate) or is there something better? Forgive me if I'm on the wrong thread, the continuity here is nice.

[deaddog]

Did a little bottom fishing this morning and started a position in TC @ 3.82.

This is more a fundamental play. TC operates in central BC and has just completed a mine upgrade/expansion at its moly mine and has a copper gold mine scheduled to be in production in the next 2 years. Earnings are down now because of startup costs but should improve as production increases.

I have no stop on this play and will buy more if it dips. Initial target is 4.60 and will only sell a portion at this price. A full position will not exceed 20% of my capital.

[Taggart]

I look at it as one trade out of many. My strategy results in many small losses and I easily accept that I won’t win every trade. It’s the big losses that hurt you, and most big losses start as a small loss.

I'm just starting to read the first trading book (aside from momentum) I've ever read in my life, "The Complete Turtle Trader" (borrowed from the library). No plans to put this book into action, so I treat it as a novel, but what they do in this book, sounds very similar to deaddog's paragraph above in taking losses. I treat the book as an interesting novel.

[deaddog]

Picked up some more TC @ 3.42 today.

[randomwalker]

Hadn't seen this before and just started watching, looks like it might be entertaining if nothing else.

BBC "reality" show Million Dollar Traders

"Eight ordinary people are given a million dollars, a fortnight of intensive training and two months to run their own hedge fund. Can they make a killing? The experiment reveals the inner workings of a City trading floor. The money is supplied by hedge fund manager Lex van Dam: he wants to see if ordinary people can beat the professionals..."

Million Dollar Traders (Full Series 1 of 3)
http://www.youtube.com/watch?v=v6ciY8u04Kk

Million Dollar Traders (Full Series 2 of 3)
http://www.youtube.com/watch?v=ML4ObTeY ... ure=relmfu

Million Dollar Traders (Full Series 3 of 3)
http://www.youtube.com/watch?v=pWkzAvE5 ... ure=relmfu

[deaddog]

Dipping my toes back in the water with the purchase of ONXX @ 47.00

Initial Stop @ 44 Target = 56
Risk is 0.75% of Capital.

This is a momentum play. The above average move(both price and volume) on Friday was the set-up.

[deaddog]

JIVE @ 17.00: Stop @ 15.50 Target = 20.40
Risking less than 0.5% of capital.

Another Momo play just before the close;
JIVE had a above average price and volume move and closed in the top half of the move.

I’m fighting the general market so have kept position size low.

[deaddog]

Playing some breakouts today
Took positions in QCOR, FSLR, and SIMG.

QCOR @ 48.63 Stop @ 44.50 Target = 58 (Break-out to new high)
FSLR: @ 14.85 Stop @ 12.25 Target = 24 (Bottom Fishing)
SIMG @ 4.32 Stop @ 4.10 Target = 5.22 (Bottom Fishing)
As always risking less than 1% of account value.

[newguy]

Tests to see if daytrading is for you.
http://www.marketwatch.com/Story/story/ ... 2128049AD6

I'm a 1 or maybe 2.

newguy

[deaddog]

Dipping my toes back in the water with the purchase of ONXX @ 47.00

Initial Stop @ 44 Target = 56
Risk is 0.75% of Capital.

This is a momentum play. The above average move(both price and volume) on Friday was the set-up.

Stopped out @ 44.00
Loss of 6.4%

[deaddog]

JIVE @ 17.00: Stop @ 15.50 Target = 20.40
Risking less than 0.5% of capital.

Another Momo play just before the close;
JIVE had a above average price and volume move and closed in the top half of the move.

I’m fighting the general market so have kept position size low.

Hit Target @ 20.40. for a 20% gain.

SIMG @ 4.32 Stop @ 4.10 Target = 5.22 (Bottom Fishing)

Hit stop @ 4.10 for a 5.1% Loss

[deaddog]

Picked up 1/3 position in ALGN @ 33.40
Stop@ 31.75 Target @ 38.40