| An SI Board Since November 2001 |
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QQQ |
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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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