Best Thread How To Make Money Trading The Markets.

[thevinman]

Dear traders,

I think there is a pattern in this thread:

1. Mr. Charts posts some really nice charts and shares his knowledge (on his thread)
2. Readers enjoy the comments and ask questions.
3. Rookie comes in, didn't read the thread completely, and start doubting the FREE knowledge.
4. Rookie starts bashing the thread.
5. Other readers start bashing the rookie.
6. The thread dies for two weeks...
7. and mr. charts starts posting some really nice charts again...

Can we stop bashing each other and just enjoy the knowledge on this thread?

Cheers thevinman

 

[Lightning McQueen]

good sentiments thevinman

everyone
since mr.charts has no desire to engage with the request from the expert all postings on the matter since his post have been cleaned up, now let that be the end of that discussion issue please.

the expert
i would suggest that if you wish to do so you are most welcome to start your own thread.

 

[David T]

Hi Richard. I've tried the technique and like the low risk. May I ask how many stocks you monitor typically?
Thanks, David.

 

[lbranjord]

Guys, which online broker offers good charting and the ability to trade penny stocks? I hold some high div positions with scottrade right now but I know there has to be something more suitable for cheap stocks and active buying and selling...

 

[Mr. Charts]

Hi Richard. I've tried the technique and like the low risk. May I ask how many stocks you monitor typically?
Thanks, David.

I start off the day with about 10-15 stocks from pre-market scanning and from reading news stories. I then add more as I run scans during the day. This doesn't mean I end up with a large number as some of them cease moving so I then disregard them.
Richard

 

[Mr. Charts]

Guys, which online broker offers good charting and the ability to trade penny stocks? I hold some high div positions with scottrade right now but I know there has to be something more suitable for cheap stocks and active buying and selling...

I can't help you there as I don't trade penny stocks.
For my purposes I'm happy with interactivebrokers.
Richard

 

[David T]

I think I tried with too many and missed some good setups.
Thanks, David.

 

[Mr. Charts]

I think I tried with too many and missed some good setups.
Thanks, David.

Hi DavidT
That happens to all of us, I'm afraid. It comes with the territory.
Here are three ideas which might help:
1. Place all the stocks on your watch list in a quote box so you can just click on each one to bring up a chart. I use eSignal but there are plenty of other data providers. With a little practice and limited to just the one method in this thread, you can check on 20 stocks in a couple of minutes.
2. Set audio or visual alerts to kick in when a strongly trending stock is near its high or low.
3. Use another monitor and place the charts of the best looking opportunities on it.
Depending on screen size you can get anything between four and maybe twelve charts on there. You could then tell at a glance if any of them are setting up.

Of course, you might already be using one of those methods, but even if you are, you will get faster and better with practice, as with most things.
Hope that helps,
Good trading,
Richard

 

[David T]

I have 3 monitors and had filled most of 2 with 'thumbnail' charts. This was too busy and the charts too small for my inexperienced eyes. Trying different trading strategies, I have in fact already moved to 9 charts on a screen which I have found much better. I like the idea of the watchlist and prioritising which I monitor.

Regarding your 2nd point, are you expecting a final surge in the current direction or setting up for moves on the reversal?
Thanks, David.

 

[Splitlink]

Before I decided on a more peaceful life, following a couple of favourites, I liked watching the action by looking at the platform instead of all the charts. The number of points up or down kept me in touch with other instruments and I found that I spent less time "gawking" at charts, except the one I was currently interested in. I've often wondered why I have to study charts so much when all I want to know are the latest movements.

 

[Mr. Charts]

I have 3 monitors and had filled most of 2 with 'thumbnail' charts. This was too busy and the charts too small for my inexperienced eyes. Trying different trading strategies, I have in fact already moved to 9 charts on a screen which I have found much better. I like the idea of the watchlist and prioritising which I monitor.

Regarding your 2nd point, are you expecting a final surge in the current direction or setting up for moves on the reversal?
Thanks, David.

I don't have an opinion about overall direction as that would colour the way I looked at things. I let the market dictate to me dynamically, not my opinion.
Richard

 

[amit1986]

Great interview Richard!

Amit

 

[David T]

Thanks Richard. I misunderstood the context of your 2nd point. I get it now.
David.

 

[Omoh101]

Hello Richard,

I have been reading through some of your posts but not all of it ...yet.
But does this strategy work in other stock markets? Apologies if you have answered this previously

 

[Mr. Charts]

Thanks amit,
Take care,
Richard

 

[Mr. Charts]

It certainly works to some extent on some other trading instruments but I can't tell you how well it works on different bourses as I don't trade them.
I used to trade the LSE and it worked fairly well there, but far better on NYSE and Nasdaq.

 

[Mr. Charts]

Quite a few trades today and 5 of them were using this particular method.
Results were:
+20c
+32c
+35c
- 5c
- 6c

Here's the 35c one. The entry was obviously rather later than ideal, but I was busy trading other opportunities earlier.
Richard

 

[Mr. Charts]

Maybe some people might find it interesting to go off at a tangent sometimes, so here goes.
Would anyone like to explain what the hammer at the extreme right means?
No answer, right or wrong will be laughed at by me.
Go on, have a go.
Richard

 

[Mr. Charts]

Oh, and there will be no wooly, obfuscating or denigrating answer given by me to anybody's genuine ideas. The explanation will be precise and clear, unless someone gives a better answer before me.
Richard

 

[timsk]

Would anyone like to explain what the hammer at the extreme right means?

Evenin' Richard,
It doesn't look like a volume blow off because - errr - there's no volume. Well, nothing special at least and then there's the minor detail of the spike pointing down rather than up! It could just be a trader having a bad day - fat finger syndrome? I wondered about a block trade going through as it's just into the US lunchtime session, but I would have thought the volume would be bigger if this was the case? That leaves rogue data which I assume is the wrong answer because you wouldn't tease us with a trick question like that - would you?
:cheesy:
Tim.