It is normally the near month expiration. Occasionally, I do two months away, especially if it is a swing trade lasting many days. I do not think the Day Trading Buying Power is a limitation. I use less than the maximum most of the time. If I am tempted to do more than the limit, most likely I am over-exposed.
Can you provide more detail on this Ameritrade API? I'm interested in leveraging this in my trading, but haven't been able to find any reference to this.
Neke, I forgot already, how do you manage to daytrade and still have regular job. This is tough, I know from my experience.
Weekly Update for week 2 ended 01/26/2008 Bad result, down 10K (10%). Not a very promising start, trying to fade the bounce on Tuesday with SPY put, thinking we should surely test the lows, not to be (although it was close to that on Wed), losing 6K. Next day, tried to fade the bounce on AAPL, again losing 5K: the market was just too strong, should know better. Missed a PUT on Friday that could have made my week positive. The limit order I placed before 930 and before heading off to a meeting failed to execute by a few cents: bad week. I hope next week brings something better. Code: Balance B/F: 103,616 Net Loss for the week -10,332 ------------------------------------------------ Balance C/F: 93,284 Number of Trades 9 Number of Profitable Trades 6 Since Inception of Thread 01/13/2008 - 01/26/2008 Balance B/F: 102,615 Net Gain (Less Margin Interest) -9,331 ------------------------------------------------ Balance C/F: 93,284 (Down 9%) Number of Trades 22 Number of Profitable Trades 13 Expected Balance at this time to be on track for Year-End Target : 113222 Status: Behind Target (Based on adjusted balance before withdrawals) Top/Bottom Discretionary Trades for the week TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAINS/LOSS TYPE SCSC 2008-01-25-14-06-54 2008-01-25-15-55-34 1500 44983 46124 1111 LONG AAPL 2008-01-22-16-43-04 2008-01-22-16-53-23 1000 138962 140081 1097 SHORT -------------------------------------------------------------- AAPL 2008-01-23-14-20-53 2008-01-23-15-36-05 1000 137935 132690 -5277 SHORT SPYNX 2008-01-22-09-48-46 2008-01-22-12-11-10 5000 20250 14200 -6145 SPY PUT
Just my 2 cents but setting up based on an expected gain is most likely going to lead to bad decisions if you are trading during the day
Neke, it's been a really weird week, things could have gone either way no matter what. I'm positive that in a couple of months this week will be just a blip in your performance. All the best trading, Jorge
Graph is attached. A little divergence appearing to the downside, but good to know it is still quite early.