Best Thread US day traders thread.
samtron would QuoteTracker with the IQFEED be another option at $52 per month :?:
http://www.iqfeed.net/index.cfm?displayaction=data§ion=fees
For the basic feed its $40 dollars (Includes access to RT US and Canadian Equities) & $12 dollars for NAS level 1 &2.
I think you said you have an IB account so you can use that for everything else such as Futs ect..
The great thing about QuoteTracker is the abilaty to have to data feeds in the platform
http://www.iqfeed.net/index.cfm?displayaction=data§ion=fees
For the basic feed its $40 dollars (Includes access to RT US and Canadian Equities) & $12 dollars for NAS level 1 &2.
I think you said you have an IB account so you can use that for everything else such as Futs ect..
The great thing about QuoteTracker is the abilaty to have to data feeds in the platform
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Mr. Charts
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A respectable day for me.
Got chopped out of a couple of trades for a few cents loss each, but got good moves on COST, SLAB and THOR.
The best, however, was a rather nice reversal trade on GOOG for a very satisfactory $3 per share.
If I get time I'll put it on my blog later.
Lee, have a good break.
Richard
Got chopped out of a couple of trades for a few cents loss each, but got good moves on COST, SLAB and THOR.
The best, however, was a rather nice reversal trade on GOOG for a very satisfactory $3 per share.
If I get time I'll put it on my blog later.
Lee, have a good break.
Richard
Trader333
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samtron said:Hi guys
Looking on the money.net site to-nite, I notice they offer 2 Level 2 packages.
Level 2
Totalview.
Is it worth paying the extra for Totalview and what would be the main advantages?
Are there any other specialised Level 2 feeds out there with more bells and whistles than the bog standard packages, that might help with the learning curve for a level 2 wannabe?
hi bez welcome to the thread
cheers
In my view, there are no benefits whatsoever in going for Total View as opposed to standard Level II and in some ways Total View can cause you to misread what is really happening.
Paul
Bez said:samtron would QuoteTracker with the IQFEED be another option at $52 per month :?:
http://www.iqfeed.net/index.cfm?displayaction=data§ion=fees
For the basic feed its $40 dollars (Includes access to RT US and Canadian Equities) & $12 dollars for NAS level 1 &2.
I think you said you have an IB account so you can use that for everything else such as Futs ect..
The great thing about QuoteTracker is the abilaty to have to data feeds in the platform
HIi Bez,
Thanks for the post.
QuoteT seams great, I have been using it for the past several days using IB as my data feed.
The main problem with this setup has been it has been temperamental especially with backfill not working sometimes with certain symbols, especially today with aapl, the data for that symbol just wouldn't backfill also others like goog would backfill only now and again.
Result waisted most of the trading day trying to resolve the issue .
If I could resolve the issue it would be ideal as a starting point, because the charts themselves when the backfill is working are great.
Has anyone else experienced this with QT?
Thats strange are you using the latest Beta Version which sorts out some the bugs ???
http://www.quotetracker.com/beta/
http://www.quotetracker.com/beta/
Mr. Charts
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samtron,
Whilst I always advise the people I coach and mentor to use Level 2 rather than TotalView, there are some very definite advantages to TotalView in my opinion. Others may differ in their views.
Almost all the screen shots I use when I teach level 2 and micro-analysis to beginners are the Level 2 montage plus other things, not TotalView. However when I teach more advanced people and professionals on live market sessions I do show them how to use TotalView to give them a greater understanding of how to minimise risk. Another caveat, however, sometimes what you see on TotalView can be transitory.
Bottom line - when you start out, Level2.
Hope that helps rather than confuses, samtron ;-)
Richard
PS Again this is merely my opinion and experience, but go for a good reliable data feed provider. A poor quality data feed is worse than useless. Quality matters in this business I am not in the business of denigrating anything, but to be positive esignal and tradestation are very good. I use esignal but several people I've trained use tradestation and that also looks good to me.
Whilst I always advise the people I coach and mentor to use Level 2 rather than TotalView, there are some very definite advantages to TotalView in my opinion. Others may differ in their views.
Almost all the screen shots I use when I teach level 2 and micro-analysis to beginners are the Level 2 montage plus other things, not TotalView. However when I teach more advanced people and professionals on live market sessions I do show them how to use TotalView to give them a greater understanding of how to minimise risk. Another caveat, however, sometimes what you see on TotalView can be transitory.
Bottom line - when you start out, Level2.
Hope that helps rather than confuses, samtron ;-)
Richard
PS Again this is merely my opinion and experience, but go for a good reliable data feed provider. A poor quality data feed is worse than useless. Quality matters in this business I am not in the business of denigrating anything, but to be positive esignal and tradestation are very good. I use esignal but several people I've trained use tradestation and that also looks good to me.
What an amazing day today with AAPL making new all time highs. And RIMM bouncing around on the news.
My trades this afternoon:
rimm -16
rimm -14
rimm -15
rimm +50
rimm +50
rimm -25
rimm -10
rimm -18
aapl +16
aapl +13
aapl +13
aapl +40
aapl -26
rimm -34
rimm -40
sndk -9
sndk -5
sndk +41
sndk +31
rimm +50
rimm +70
sntc +10
sntc -1
aapl +37
aapl +61
aapl +15
aapl +10
Total this afternoon:+294. I had to fight for it big-time.
Total for today: +388+294=682.
Samtron,
I need a new keyboard every week. The buttons always break off. LOL. Just kidding.
I'm thinking about buying an xkeys.com keyboard.Would be a lot easier!!
-Dave.
My trades this afternoon:
rimm -16
rimm -14
rimm -15
rimm +50
rimm +50
rimm -25
rimm -10
rimm -18
aapl +16
aapl +13
aapl +13
aapl +40
aapl -26
rimm -34
rimm -40
sndk -9
sndk -5
sndk +41
sndk +31
rimm +50
rimm +70
sntc +10
sntc -1
aapl +37
aapl +61
aapl +15
aapl +10
Total this afternoon:+294. I had to fight for it big-time.
Total for today: +388+294=682.
Samtron,
I need a new keyboard every week. The buttons always break off. LOL. Just kidding.
I'm thinking about buying an xkeys.com keyboard.Would be a lot easier!!
-Dave.
Mr Charts/Paul
Thanks for your posts on L2 (and data feeds in general) its greatly appreciated.
The feeds for L2, as I know realise can vary enormously from supplier to supplier.
The basic packages just supply the figures, bid,ask, depth at each level etc, which ironically would suffice for experienced L2 watchers (because they would have the capability of doing the various computations on the fly and in their heads) .The more advanced packages offer additional features like, showing the number of times a particular MM has been the AX in a stock plus other similar "titbits" which could possibly help a newbie, like myself, "master" L2 more quickly.
I suppose the equation must be:
advantages/costs<=danger of information overload/time on planet earth*k
where k is a constant yet to be determined
cheers
Thanks for your posts on L2 (and data feeds in general) its greatly appreciated.
The feeds for L2, as I know realise can vary enormously from supplier to supplier.
The basic packages just supply the figures, bid,ask, depth at each level etc, which ironically would suffice for experienced L2 watchers (because they would have the capability of doing the various computations on the fly and in their heads) .The more advanced packages offer additional features like, showing the number of times a particular MM has been the AX in a stock plus other similar "titbits" which could possibly help a newbie, like myself, "master" L2 more quickly.
I suppose the equation must be:
advantages/costs<=danger of information overload/time on planet earth*k
where k is a constant yet to be determined
cheers
Gadgetman
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Worst day analysis
Well, I've looked through all my trades yesterday.
Three main reasons why I failed:
1. Bad stop management - Not taking the range of the stock into account and setting stops far too tight. In majority of trades I had picked the right direction but was getting stopped out too quickly. An acknowledged novice's error, I believe!
2. I think it would be wise for me to wait for a confirmation candle after my setup appears to have been triggered.
On those trades which went against me, if I had waited for a confirmation candle I wouldn't have entered the trade at that point. It's not even a case of being faked out - sometimes the pattern just doesn't develop against the probability of the setup. Might cost me some cents profit but better than a loss!
The ideal would be the ability to read Level 2 and use that to interpret what's happening more quickly but, until I develop those skills, the slower option is probably best.
3. Not enough pre-open chart analysis. I pick the stocks to monitor prior to open but don't spend enough time looking for support/resistance levels, have been focusing on just the last highs and lows, not intermediate resistance points over a period.
I've been trying to limit my stop/loss to $0.15 a share. The problem with that is, of course, when the range of the stock is higher. Not sure what to do in those circumstances, I guess the safest option is not to take the trade.......
Well, I've looked through all my trades yesterday.
Three main reasons why I failed:
1. Bad stop management - Not taking the range of the stock into account and setting stops far too tight. In majority of trades I had picked the right direction but was getting stopped out too quickly. An acknowledged novice's error, I believe!
2. I think it would be wise for me to wait for a confirmation candle after my setup appears to have been triggered.
On those trades which went against me, if I had waited for a confirmation candle I wouldn't have entered the trade at that point. It's not even a case of being faked out - sometimes the pattern just doesn't develop against the probability of the setup. Might cost me some cents profit but better than a loss!
The ideal would be the ability to read Level 2 and use that to interpret what's happening more quickly but, until I develop those skills, the slower option is probably best.
3. Not enough pre-open chart analysis. I pick the stocks to monitor prior to open but don't spend enough time looking for support/resistance levels, have been focusing on just the last highs and lows, not intermediate resistance points over a period.
I've been trying to limit my stop/loss to $0.15 a share. The problem with that is, of course, when the range of the stock is higher. Not sure what to do in those circumstances, I guess the safest option is not to take the trade.......
Gadgetman said:
Dave,
A very honest and good review of another chapter in the learning curve!!....I can empathise with most of what you've said.
On the issue of tight stops, you could tackle the problem on faster moving stocks by either trading smaller position size (thus allowing a wider stop) or scaling in (or both!).....you may well already do this. The other option is to have a second account (CFD'S work ok for me) which you can use for swing trades and 1-2 hour intraday moves with smaller position size and stops in place, you then use your US direct access account for full position size scalping and shorter term moves.
It takes a bit of setting up and management but I'm beginning to find this quite effective.
Some great posts on this thread by a few people recently by the way.
Rich'
Good day, guys. Nice morning session today.
Finally getting a little bit more in the zone. Traded about all the movers, in my hotlist.
The trades:
ovti +50+35
rimm -60+11+4+1-10
goog +80-7+22+7
cogn +10+15
sfcc -10+14+10+13-6
appx +11
josb +22+5
aapl -28+33+24-10-20
klac +3
adbe +20+15+16+12
Total: +302
-Dave.
Finally getting a little bit more in the zone. Traded about all the movers, in my hotlist.
The trades:
ovti +50+35
rimm -60+11+4+1-10
goog +80-7+22+7
cogn +10+15
sfcc -10+14+10+13-6
appx +11
josb +22+5
aapl -28+33+24-10-20
klac +3
adbe +20+15+16+12
Total: +302
-Dave.
