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Strategies & Market Trends
Help me become a millionaire
An SI Board Since November 2001
Posts SubjectMarks Bans Symbol
583 22 0 QQQ
Emcee:  victor pan Type:  Unmoderated
or throw my money away..

It appears that becoming a millionaire doesn't take much time especially under this market environment. I have borrowed $16K from a credit card company. I have 6 months before they start charging me interest. I am trying to multiply the money by (less than) 70 to get a million dollars gross in this time frame. I don't yet know if there is a way to minimize the tax.

If I successfully double my money in 6 successive trades, I have $1M. OK. That's not practical enough. If I make 50% profit in each trade, it takes 11 trades to get me $1M. If I make only 25% profit out of each trade, it takes me 19 trades.

Obviously, I am not talking about long term investment, and I am looking at mostly technical analyses. I am not so good or confident in my technical skills. Therefore, I hope that the experts here can lend me some help. I believe that many here are millionaire by trading. They must know how! I would like to hear their opinions.

I would like to focus on QQQ options and technology stocks. I choose QQQ because the time premium is not too high, and the bid/ask spread is not so large (compared to OEX, SPX, etc.), and 100% profit is not out of the question in a short time. I choose technology stocks that are relatively small and probably not included in QQQ. My experience is that small stocks are different animals. For example, in the past few days, people have been popping up small stocks one by one. They always take turn. It is not uncommon that a stock goes up by 20% in a day. Most often the run up will last for a few days and the profit can rise beyond 25% easily. Small stocks are good when QQQ is doing nothing but eating up time premium. I am only eligible for purchase of options (call/put). I do not do shorts.

I would like suggestions of small stocks (of e.g., $5 value) that are popular (enough vloume) and have potential for a 20% day run-up. I cannot follow all stocks.

I would like to hear opinions on QQQ movement. Is it time to buy, time to sell? or trading range? support/resistance, breakout point? technical pattern, e.g., rising wedge, etc..

I will post my trades until I lose all my money ;) Hopefully I won't disappear too quickly..

My current position: long ITWO. Reason: it seems that ITWO is sitting on a pretty good support per my observation. Also my observation is that larger stocks seem to be taking a breather while smaller stocks are doing better if the right one is chosen. I really don't know what the general market direction is - i.e., QQQ. I believe it's not time to sell, yet they are all so overbought. I have sitting on 40 QQQ puts for 3 days and don't feel that the market is going down. Even if it does go down, I doubt about the size of the down side. I dumped the puts for some loss, and picked up ITWO today.

All opinions are welcome.
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ReplyMessage PreviewFromRecsPosted
583I'm going fishing to actually bring some home. Investing in gold stocks madyard_man-5/30/2006
582Out Hunting For The Big Juicy One! TF ttrader.comnspolar-5/30/2006
581where is everyone ???blind-geezer-5/22/2006
580Are you a millionaire yet?electrodude-6/5/2003
579That's an idea, but Morrow is a little far- some 80 miles away. I thought thvictor pan-7/27/2002
578Ash, read the beginning of the thread where he took 16k on credit cards to try Bear Down-7/16/2002
577Victor, Are you a professor at Clayton State College in Morrow, GA? My wife was warawls-7/15/2002
576I lost patience and jumped into the market today. This means that it's goingvictor pan-7/12/2002
575what do you mean real profit? collecting the premium is the profit. if you mean lee0-6/14/2002
574so you write option for like $5 a contract? How many do you have to write to givvictor pan-6/13/2002
573>>it sounds you are confident enough to tell us<< i look at writinlee0-6/13/2002
572i wrote a few naked QQQ and S&P calls about a 2 months ago. sometimes i writlee0-6/13/2002
571>i wonder if you bought any of the ones i wrote what did you write? calls orvictor pan-6/12/2002
570Boring?!? if this game is getting boring then i take it your trading is doing velee0-6/12/2002
569Looks like that I sold the QQQ puts 1 week too early. Then I sold PALM 2 days tovictor pan-6/11/2002
568Hi Victor. My stock accounts have been on a very wild roller coaster. The accounSarmad Y. Hermiz-5/16/2002
567that's really peanuts so far.. $30 transaction fee and I have paid interest victor pan-5/16/2002
566just curious, have you figured out how much interest you paid on the cc loan yoBear Down-5/16/2002
565Sarmad, how have you been doing? My closing balance yesterday was about 13.5K, victor pan-5/16/2002
564>>I think some firms exercise options for you, others don't, which maklee0-3/13/2002
563>as long as 28.5 is not broken you are cool. not quite.. I have only till tvictor pan-3/12/2002
562>>My total risk on INTC now is $600<< does this mean you have lost lee0-3/12/2002
561I am holding a bunch and don't know what to do. Maybe I should have sold thevictor pan-3/11/2002
560is that INTC thing working for you?lee0-3/11/2002
559>> $2 short of 14K is my closing balance. Well, you have definitely takenSarmad Y. Hermiz-3/8/2002
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