Day traders please help..

[jokepie]

Hi All,

I am new to trading and new to this website. this site looks like a good place for gaining some insight from experienced individuals.
I need some help on deciding my broker, data feeder + charting + scanner set up.
So far i have IB (broker) + Esignal for data and charting + Trade Ideas for scanner

I plan to be making somewhere between 5 to 10 trades a day, scalping 15 to 30 cent moves in US STOCKS ONLY. (dreams) I hope to get a Fast execution at Market price + REAL time charting

How much leverage (approx.) would IB give on a $30K deposite for day trading ?

Is it better to use the IB data feed during very high/busy market times as SOME say it wont lag as much as others will?

Please Guide

Joker

 

[Glenn]

Hi All,

I am new to trading and new to this website. this site looks like a good place for gaining some insight from experienced individuals.
I need some help on deciding my broker, data feeder + charting + scanner set up.
So far i have IB (broker) + Esignal for data and charting + Trade Ideas for scanner

I plan to be making somewhere between 5 to 10 trades a day, scalping 15 to 30 cent moves in US STOCKS ONLY. (dreams) I hope to get a Fast execution at Market price + REAL time charting

How much leverage (approx.) would IB give on a $30K deposite for day trading ?

Is it better to use the IB data feed during very high/busy market times as SOME say it wont lag as much as others will?

Please Guide

Joker

"How much leverage (approx.) would IB give on a $30K deposite for day trading ?"
You get 4 times your capital i.e. $120k.

"Is it better to use the IB data feed during very high/busy market times as SOME say it wont lag as much as others will?"
With IB you will still need charting and theirs has less to offer than Esignal - depends on which tools you need.
I use IB for brokerage and Esignal into Tradestation 2000i for charts and Radar screens.
I do get lags in Esignal data feed to charts and often end up watching the IB quotes instead of the charts in order to pinpoint entry/exit. IB does tend to be faster than Esignal. However the Esignal problem may only happen to me because I'm in the UK.

As you are new to trading let me pass on the #1 rule for stocks. The market (Dow etc) is the key - you must be able to get the market direction right because that where the majority of stocks will move. If you try to trade stocks without this then imho you are groping in the dark. Market first, stocks second. Tide first, Ships second.

Glenn

 

[jokepie]

Thanks Glenn I really appriciate your help and advice!

Is there a reason why you prefer Tradestation 2000i ove Esignals charting software ?

Thanks again!

 

[Glenn]

Thanks Glenn I really appriciate your help and advice!

Is there a reason why you prefer Tradestation 2000i ove Esignals charting software ?

Thanks again!

Yes, the reason is that Tradestation has RadarScreen, which Esignal does not have.
Radarscreen enables you to watch many more stocks and associated analysis and signals compared to using charts.
Glenn

 

[timsk]

Hi jokepie,
Welcome to T2W.
I second glenn's comments although, I think I'm right in saying, (please correct me if I'm wrong, glenn) that glenn is of the Grey 1 school of trading which is very technically based. When it comes to technical wizardry, Tradestation is the premier software of choice for many traders. If you wish to join Grey 1's private forum, you'll need to apply to him via PM. The point being, that I use the eSignal/IB combo without recourse to Tradestation - along with other U.S. day traders, of which Mr. Charts is perhaps the most notable example here on T2W. But then I'm old school: price action, S/R and volume etc. is all I want - for which eSignal is more than adequate.
Tim.

 

[smarks999]

Can I just ask which IB it is your are with or considering?

 

[timsk]

Can I just ask which IB it is your are with or considering?

IB as in Interactive Brokers (as opposed to investment bank)

 

[jokepie]

Yes, the reason is that Tradestation has RadarScreen, which Esignal does not have.
Radarscreen enables you to watch many more stocks and associated analysis and signals compared to using charts.
Glenn

Glenn,

Sounds like RadarScreen a Scanner, have you ever tried Trade Ideas - I was considering TradeIdeas for my scanner. Let me know if you have comments on it. I will definately check out TradeStatation 200oi and radarscreen as well.

I am reading these books and wanted to know if they are good and you recomend others

Technical Analysis of Stock Trends - Edwards and Magee
japanese Candlestick charting Techniques - Nison
Trading in the Zone - Douglas

Thanks

 

[jokepie]

Hi jokepie,
Welcome to T2W.
I second glenn's comments although, I think I'm right in saying, (please correct me if I'm wrong, glenn) that glenn is of the Grey 1 school of trading which is very technically based. When it comes to technical wizardry, Tradestation is the premier software of choice for many traders. If you wish to join Grey 1's private forum, you'll need to apply to him via PM. The point being, that I use the eSignal/IB combo without recourse to Tradestation - along with other U.S. day traders, of which Mr. Charts is perhaps the most notable example here on T2W. But then I'm old school: price action, S/R and volume etc. is all I want - for which eSignal is more than adequate.
Tim.

Thanks Tim,

I am also interested in Technical Analysis. I am studying thebooks i mentioned ABOVE. Please let me know if they are good or not. So far I would say i am starting to paper trade with ThinkorSwim Software. I find Stochastics D(5) & K(15) very helpful for Entry and Exits. What other indicators Help determine Entries and Exits.


Thanks,

Jokepie

 

[butidonot]

I second glenn's comments although,, I think I'm right in saying, you want a quick implementation of the real-time market prices + charts.

edited out advertising links - butidonot please note
barjon