Best Thread How To Make Money Trading The Markets.
- Thread starter Mr. Charts
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Do you know, does any conditions different from direct access (25 000) daytrading in case of prop firms? I do not mean fees&commissions, that are obviously higher, what about operational opportunities?
thank you!!!
Mr. Charts
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Thanks for your comment.
Mr. Charts
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Mr. Charts
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When the buying resumed a few minutes later I went long again on rising candles until the chart showed an inverted hammer forming and too much selling was coming in.
Another +44c.
One of the many beauties of trading like this is that if you exit a position and the move resumes, you simply enter again.
My approach is never, ever trade in anticipation of what you think might happen, always trade on the evidence in front of your eyes.
Your opinion is of no value, it's the facts that matter.
Opinions vary otherwise there wouldn't be a market (not quite 100% correct), but facts are facts so that's what I trade.
Richard
Another +44c.
One of the many beauties of trading like this is that if you exit a position and the move resumes, you simply enter again.
My approach is never, ever trade in anticipation of what you think might happen, always trade on the evidence in front of your eyes.
Your opinion is of no value, it's the facts that matter.
Opinions vary otherwise there wouldn't be a market (not quite 100% correct), but facts are facts so that's what I trade.
Richard
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Mr. Charts
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Mr. Charts
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Mr. Charts
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Mr. Charts
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The US market flat lined all day, but the great joy of trading stocks like this is that there are almost always stocks which are moving providing money making opportunities.
My personal feeling is why trade the sort of market where there are only a handful of trading instruments, e.g. FX, indices, oil, gold etc, when stocks provide thousands of trading instruments.
Of course, everyone to their own thing, you trade what you're best at and I traded many things before concentrating on stocks. I do trade FX occasionally, but stocks are so much better in my opinion.
Richard
My personal feeling is why trade the sort of market where there are only a handful of trading instruments, e.g. FX, indices, oil, gold etc, when stocks provide thousands of trading instruments.
Of course, everyone to their own thing, you trade what you're best at and I traded many things before concentrating on stocks. I do trade FX occasionally, but stocks are so much better in my opinion.
Richard
I find that the choice of stocks is also a problem sometimes. I can't keep up. Maybe i need to refine my scanning techniques a bit more. With FX, you can watch almost all the interesting pairs on the screen at once and see the setups as they happen. With stocks i tend to be chasing my tail.
Eg. A scanner alerts me to the stock making new highs or that is approaching a round number, i look at the chart and think either "oh, i missed the setup entry" or "oh, its not doing anything now, move on."
Then after an hour or so, i look back at the chart i had on my screen and there was another setup that i missed while i was flicking through other charts and the damn thing moved +100c without me! That would not have happened if the chart had never left my screen!
I guess it's useful to have the choice. Either focus on core stocks or widen the net if there is nothing going on with them. With FX there is not really that option.
Just my thoughts. Good trading as always Mr C!
Mr. Charts
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Hiya coopster,
If you want, you can drop me an email and I'll help
Richard
If you want, you can drop me an email and I'll help
Richard
timsk
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Hi Coopster,
The issue you outline very eloquently in your last post was my main gripe when I traded stocks and the key reason for me switching to futures (YM and ES). Of course, the downside to that is one that Mr. C has highlighted many times - gazing at the ES bobbing around in a 5 points range all day does one's head in! On those days, I look at this thread and Amit's thread and think to myself maybe I should go back to stocks. Then, I remind myself of the daily experience you've described. In my particular case, the frustration of missing a good move would get to me which, in turn, would lead to a lack of discipline and a tendency to chase the market with inevitable results. Horses for courses - but I sure as hell know where you're coming from!
Tim.
The issue you outline very eloquently in your last post was my main gripe when I traded stocks and the key reason for me switching to futures (YM and ES). Of course, the downside to that is one that Mr. C has highlighted many times - gazing at the ES bobbing around in a 5 points range all day does one's head in! On those days, I look at this thread and Amit's thread and think to myself maybe I should go back to stocks. Then, I remind myself of the daily experience you've described. In my particular case, the frustration of missing a good move would get to me which, in turn, would lead to a lack of discipline and a tendency to chase the market with inevitable results. Horses for courses - but I sure as hell know where you're coming from!
Tim.
Jerseybean
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"Eg. A scanner alerts me to the stock making new highs or that is approaching a round number, i look at the chart and think either "oh, i missed the setup entry" or "oh, its not doing anything now, move on."
Then after an hour or so, i look back at the chart i had on my screen and there was another setup that i missed while i was flicking through other charts and the damn thing moved +100c without me! That would not have happened if the chart had never left my screen!"
I can certainly identify with your issues. It would be good to hear from anyone who is experiencing frustrations day trading. Timing is a real dilemna, juggling between scanning for stocks and looking at charts in anticipation of a move. I have two screens, one of which contains the most likely movers and one which is used for scanning. I watch the screen of the best stocks for about 5 minutes and then go and scan for new stocks, if there is a better candidate I'll replace one of the six best stocks. I try and keep this going all afternoon. It means that nothing moves by a $1 without me noticing, but I still miss setups. I find that concentration can be a problem especially if not much is happening and I take 5 minute breaks periodically. The other issue is the temptation to trade if I have not traded duing the afternoon, it's tough waiting for a valid setup if there has been no activity. I do not personally have a problem cutting losses, decide maximum stop loss and stick to it.
Any other methods people use to avoid missing setups?
Jerseybean
Then after an hour or so, i look back at the chart i had on my screen and there was another setup that i missed while i was flicking through other charts and the damn thing moved +100c without me! That would not have happened if the chart had never left my screen!"
I can certainly identify with your issues. It would be good to hear from anyone who is experiencing frustrations day trading. Timing is a real dilemna, juggling between scanning for stocks and looking at charts in anticipation of a move. I have two screens, one of which contains the most likely movers and one which is used for scanning. I watch the screen of the best stocks for about 5 minutes and then go and scan for new stocks, if there is a better candidate I'll replace one of the six best stocks. I try and keep this going all afternoon. It means that nothing moves by a $1 without me noticing, but I still miss setups. I find that concentration can be a problem especially if not much is happening and I take 5 minute breaks periodically. The other issue is the temptation to trade if I have not traded duing the afternoon, it's tough waiting for a valid setup if there has been no activity. I do not personally have a problem cutting losses, decide maximum stop loss and stick to it.
Any other methods people use to avoid missing setups?
Jerseybean
Yes is the answer to this. You dont need the 25k minimum for a start.
Mr. Charts
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It's entirely up to the individual how many stocks to watch. Have the number you feel comfortable with, whether it's 6 or 60.
Pick the best from your watch list, if they are not moving drop them and replace with some from your scans.
Scroll through your stock list, set audio or visual alerts, whatever.
Missed something? OK, I miss things as well and I've been trading for my living using this method and another dozen for ten years. What do I do? Look for something else, opportunities are like trains at rush hour, there are more coming.
This is not to say it's dead easy, but there are worse things than having plenty of choice and opportunities .
Richard
PS coopster, you have email
Pick the best from your watch list, if they are not moving drop them and replace with some from your scans.
Scroll through your stock list, set audio or visual alerts, whatever.
Missed something? OK, I miss things as well and I've been trading for my living using this method and another dozen for ten years. What do I do? Look for something else, opportunities are like trains at rush hour, there are more coming.
This is not to say it's dead easy, but there are worse things than having plenty of choice and opportunities
.Richard
PS coopster, you have email
Mr. Charts
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Also try having a second screen and putting the most promising several charts on there so you can see the best of the best at a glance.
Richard
Richard
Mr. Charts
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This was a beauty on CSIG (on Tuesday) - I went in at 20.42 (on the cross-hairs) & got out at 19.64.
- As you can see, I should have held until around 19.00 but I thought is was starting to bounce at 19.50. That's probably just inexperience - still 78c is not bad!
I like these patterns - where it looks like the price is going to fall off a 'cliff' - it just requires patience & vigilance to time it right.
- As you can see, I should have held until around 19.00 but I thought is was starting to bounce at 19.50. That's probably just inexperience - still 78c is not bad!
I like these patterns - where it looks like the price is going to fall off a 'cliff' - it just requires patience & vigilance to time it right.
