Reat Time Trading Results ( Us Stocks )

Gray1
Sorry I didn't make myself clear, when I said reverse I didn't mean crossing back over previous days close but rather reversing from the direction the DOW was moving when the trade was opened.
Dave
 
Dave,

Sorry I mis understood you ,

The answer would be NO .. How ever we would watch the reaction of other players to the market weakness.. Lets say we are long YHOO,, and market starts to show weakness, we watch if new large bidders move in on the L2 with bids well below our entry ,, if this is the case then we quickly exit and stoploss.. We donot wait to hit a predetermined stoploss.. We simply get out .. This is the dynamic stop I was referring to reduce risk ..

Pre determined stops are for beginners .. Pros get out as soon as the risk increases to justify the reward once the postion is opened..

..

I will expand on this isuue in a seperate thread and in the chatroom ..

I rather to explain in trading room where it counts...

If some one on the BB ask me about stoploss I probably would recommend ATR , x Percent , X Standard Deviation , %EVT or others but once you become a serious player then we play the marke as it unfolds and we stoploss as the market unfolds..

Regards
 
Grey1 said:
How ever we would watch the reaction of other players to the market weakness.. Lets say we are long YHOO,, and market starts to show weakness, we watch if new large bidders move in on the L2 with bids well below our entry ,, if this is the case then we quickly exit and stoploss..
Click to expand...

If large bidders move in, couldn't that indicate a fake? Wouldn't it be more indicative of a decline if the bidders came in small, kept refreshing their position size while seeing the time & sales showing their bids being hit?
 
Overwhelm/Overload

Also...

I know it was my first time in the live TT room yesterday and I was on overload/overwhelm, but at what point do you guys get comfortable with the pace of this stuff?

I was only using a single 17" laptop screen and managing the TT room, DAE, QT and Excel for ratio/weighting etc kept me on my toes, I can tell you!

I guess it gets easier?

I'm assuming with something like TS most of the issues are handled more easily, but I'd be interested in what you all had running. Not so much how many screens, but which products you were running - especially those of you who were actually trading as well!
 
Tony

I had Quotetracker, Prophetscan, IB, Level 2, Time & Sales, the Island Book and a couple of spreadsheets. My problem was that my system slowed right down so by the time I'd pulled up the charts etc the conversation had moved on, so time for a serious injection of RAM. I hope that once I have a faster system in place it will be easier to keep pace, but like yourself I found it a challenge, albeit a very worthwhile one commentry from experienced traders in real time priceless.
 
During yesterdays session I found that a couple of times when Gray1 called orders on the bid these were not on my Level 2, my provider is IB. So my question is are there differences in providers regarding what orders they show, and a related one what is the best Level 2 available, I'm new to Level 2 and used IB because the price seemed reasonable, but not such good value if it isn't showing me the whole picture.
 
Hi Dave,

You need to view the island book as well as L2 will just show
the highest bidder on Island not the levels below.

ian
 
Dave,

IBs Level II is rubbish and it does not show ECNs which are important. You can get Level II from IQ for $30 per month via Quotetracker all in and it is good.

Tony,

I have 2 screens and run QT for Level II, Tradestation and IB. I think that a few of us have just got used to moving around the screens and applications quickly. In particular I can place orders in IB extremely quickly.


Paul
 
Bramble,

L2 is one of those subject that is best to be explained in real time than after event.. Most coaches love to give you a post event analysis of the events .. The fact is , it is very difficult to know the intention of MM's in real time and dead simple after the event..

Now you asked me

Quote " If large bidders move in, couldn't that indicate a fake? "

if there is a series of bidders all moving in after my entry and well below my entry then the clue comes from the DOW...

Watch DOW car fully .. if DOW rallies then does the bidders lift their bid or do they refuse.. If they lift the bid then the momentum is a true other wise is false and I would get out soon..

To be quite honest It would be far better if I explained L2 in real time situations than after event even worse to give you an IF .. THEN ANALYSIS..
 
Hi Guys,

I am very very sorry to say that MON and TUESDAY I wont be in the CHAT ROOM as some thing has come up and I have to be away .. Instead I be in the room on WEDNESDAY all night..

I do appologise . I was so so looking forward to MON but it was beyond my control ..

Regards
 
I'm out on busines Tue-Fri this week, but will make it my priority to get to the TT room if/when I can from Wednesday onward.

I presume without Grey1 leading the TT room today and tomorrow, there is no room!
 
Last edited:
Grey1,

Will you be in the room just for Wednesday night or will you also be in Wednesday afternoon ? In fact what time are you hoping to be in on Wednesday ?

I cannot make Wednesday evening.


Paul
 
I will be in the room wed from 2.30 onwards till 7..

Sorry guys.
 
Last edited:
FWIW - I set up a room on PalTalk called "NASDAQ Day Traders" just to play around with PalTalk basically, but the room could be used by any who want to discuss stuff while the TT room is closed.

I'm not going to be able to be around much myself this week, but please feel free to use it.

If it's not already open just join it as an admin using my handle "TheBramble" and group code 1303. (I believe it's that simple).

You'll have admin status - so no misbehaving...
 
Tony,

With a name like Nasdaq DayTraders you will get a lot of people wanting to come in uninvited. Not that it matters but it is bound to get a lot of interest.


Paul
 
It's been pretty quiet in there so far, but I guess it is early.

If it became a problem I could lock it, but then you're limited to 10 users. Not that this would really be a problem on current numbers.

It was only a stop-gap if we want to use it while TT is not available.
 
Sorry Tony I have been tied up with other things. I may come in tomorrow.


Paul
 
Tony,

I will be in your room tomorrow at about 2.30pm. If others join in we can maybe discuss possible stocks to trade in real time. I have set things up to alert me to 52 Wk High and Lows as well as VWAP trades. We will take Grey1 advice and not attempt to find any VWAP trades before 3.30pm and we will also discuss the optimum entry for any trade we may wish to take based on the action on the Level II screen. Of course the opportunity to trade VWAPs will depend on the market open.

This will not be at the level of Grey1 but should be of interest to others who wish to participate. It is important that those present contribute as we will make better decisions that way (in my view).

Of course I will not be recommending that anyone trade a particular stock that I may trade myself. This session is purely for educational purposes and anyone attending should know that their attendance is based upon agreeing to this understanding.

I look forward to the session.


Paul
 
Update

I have just realised that Tony may not be available and I wasnt able to access his room when I just tried.

So I have set one up myself the room is called T333 and is under the Business and Finance section.

The password for entering is "trade2win"

I will be in their from 2.30pm and maybe earlier so feel free to join in.


Paul
 
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