Best Thread US day traders thread.
PitBull
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Gadgetman said:
Dave
I can see that you entered around 7.30pm where the high on the 5 min bars was 55.96 and low 55.76. I take it you entered in this range, but you used the 1min for entry. OK. Did you use the 1 min for a technical stop placement or was the stop just arbitrary? You get a lot of noise on the 1min and you can clearly see from your chart that it was a stop getter.
If you entered at the low of the bar, around .76, then having a suggested stop above the whole number 56, is at the maximum I would allow. If you look at the 5 min chart, you can see where a suggested stop should of been.
However, at the end of the day, getting whipsawed or stop hunted is part of trading I'm afraid. Was your stop with ARCA?
How do you feel about mental stops? I know more pressure, but makes you more alert to these things.
Also, you see how quickly this reverses, which requires lightning reflexes and having a trailing stop in the system, if you weren't stopped out previously, would of stopped you out anyway, near your exit.
A little tip I have found quite useful is always to look for the exit, especially when you are looking for these short moves.
I am using a combination of hard and mental stops. As soon as in profit, I get that hard stop in at breakeven, then if watching closely and not doing anything else, I mean, not even taking your eyes off the screen, then I use a mental stop. If however I'm in profit and looking for a bigger move and want to look at other charts, then I will put a hard stop in at a technical place, but I won't use the systems trailing stop. I move it up myself.
Hope this helps.
Nice entry though mate
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Gadgetman said:
Gadgetman, can't really help with advice on stop size sorry I'll leave that to the experts
but I want you to repeat 20 times EVERY (including w/e) morning:-
Tha market is the master
The market doesn't care about me.
The market doesn't even know I exist!
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Gadgetman
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Cheers Lee. I was trading on the 1 min chart and put initial stop in above the whole number, entered at 55.88, 17 cent stop to 56.05.PitBull said:
Think I'll put this one down as just one of those losing trades - maybe I should have had a fixed stop and held it longer but looks like I would still have been taken out before exiting.
I've just started entering stops again, I found I was missing a couple of good trades because I was only focused on the one in play. More relaxing but does seem to be more risk of being taken out by a whipsaw.
If I recall, you said you go to breakeven asap. If that's the case, do you have a fixed no. of cents you want the share to move before you'll do that?
PitBull
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Hi Dave
Good question.
Normally 5-10 cents movement in profit. I have a number of scratch trades and re-enter if I feel the set up is still right.
Relaxing and focussing on one trade at a time is a must, unless you are good at multi tasking. There are always plenty of opportunities, so don't worry about missing a few.
I would rather trade in a relaxed manner and focus on doing the job properly, than jump around and get myself tied up in knots, which tends to happen if focussing on too many things.
Hope this helps
Lee
Good question.
Normally 5-10 cents movement in profit. I have a number of scratch trades and re-enter if I feel the set up is still right.
Relaxing and focussing on one trade at a time is a must, unless you are good at multi tasking. There are always plenty of opportunities, so don't worry about missing a few.
I would rather trade in a relaxed manner and focus on doing the job properly, than jump around and get myself tied up in knots, which tends to happen if focussing on too many things.
Hope this helps
Lee
Gadgetman
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Cheers Lee, it does.PitBull said:
As I said yesterday, been placing far too many trades by the look of it. I'll take up the suggestion of having a break between trades and logging the details immediately I exit a trade to force that habit.
Let's see what happens
PitBull
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SNDK Flying
I hope some people had some action in SNDK today. Did you see it break through 73. A quick +0.83 in 10 mins.
Had some earlier runs in it as well. What a day!!
Attached is the recent break of 73, with the 1min chart to show those the safe entry if they miss the break.
Tough resistance at 74, so glad I picked my exit near the top.
I hope some people had some action in SNDK today. Did you see it break through 73. A quick +0.83 in 10 mins.
Had some earlier runs in it as well. What a day!!
Attached is the recent break of 73, with the 1min chart to show those the safe entry if they miss the break.
Tough resistance at 74, so glad I picked my exit near the top.
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Gadgetman
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Didn't go anywhere after that. Just like it because it was a nice easy trade, no real management (yes I did put a trailing stop on it!).PitBull said:
I don't care what they say (Samtron
) I still reckon it might be better not to have physical stops, my name is on a list somehwere Seriously, I find if I do use stops I tend to open up more trades. By keeping mental stops, maybe after break-even might force me to focus more on just one or 2 trades concurrently.
PitBull
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US Traders Meet Up/Social
Hi everyone
Just wondering whether a "US Traders" meet up / social gathering would be of interest to anyone. Would be nice to put names to face and chat as trading can get so lonely sometimes.
I normally end up talking strategies to my 2 year old son on a nice walk in the park
Ideas regarding location welcome. London would be good or a major shopping centre, i.e. Bluewater, Kent.
Look forward to hearing from you.
p.s. I could put this on another thread, but if you don't want to clog this one up, then just PM me. or email me: [email protected] . As soon as I get an idea of numbers then i will arrange a date in February on a Saturday or Friday evening.
Hi everyone
Just wondering whether a "US Traders" meet up / social gathering would be of interest to anyone. Would be nice to put names to face and chat as trading can get so lonely sometimes.
I normally end up talking strategies to my 2 year old son on a nice walk in the park
Ideas regarding location welcome. London would be good or a major shopping centre, i.e. Bluewater, Kent.
Look forward to hearing from you.
p.s. I could put this on another thread, but if you don't want to clog this one up, then just PM me. or email me: [email protected] . As soon as I get an idea of numbers then i will arrange a date in February on a Saturday or Friday evening.
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Hi gang.
What order types do you use when you enter, exit and exit on stop?
I use limit to enter, limit to exit (or if I want a quick exit i would use a market) for stops I tend to use market .
I would be interested to know what other people use.
The price spikes I have witnessed on the Nasdaq make me extremely wary of using market orders per se.
Lee great idea about the the get together, although it may be a bit far for me to travel
What order types do you use when you enter, exit and exit on stop?
I use limit to enter, limit to exit (or if I want a quick exit i would use a market) for stops I tend to use market .
I would be interested to know what other people use.
The price spikes
I have witnessed on the Nasdaq make me extremely wary of using market orders per se. Lee great idea about the the get together, although it may be a bit far for me to travel
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samtron said:Hi gang.
What order types do you use when you enter, exit and exit on stop?
I use limit to enter, limit to exit (or if I want a quick exit i would use a market) for stops I tend to use market .
I would be interested to know what other people use.
The price spikes
Lee great idea about the the get together, although it may be a bit far for me to travel
Hi Samtron,
For longs I use market to enter. It´s predefined though. I allow it to pay up 3 cents max. Sometimes I´ll also enter a limit bid.
For shorts I use a limit ask order and I´ll be hitting the bid!
I never use stops in the market. It´s just mental. The spikes usually come from HUGE orders going though market. I´m not talking about 5000 market. But more like 100,000 and more. So you probably won´t have to worry about a market order. Of course watch out in the illiquid stocks!
Lee, would be great fun to meet up sometime!
-Dave.
What a good idea. Might be tricky for me to based up in Manchester, but I do quite a lot of work in London, so might be possible.
Mark
Mark
PitBull said:Hi everyone
Just wondering whether a "US Traders" meet up / social gathering would be of interest to anyone. Would be nice to put names to face and chat as trading can get so lonely sometimes.
I normally end up talking strategies to my 2 year old son on a nice walk in the park
Ideas regarding location welcome. London would be good or a major shopping centre, i.e. Bluewater, Kent.
Look forward to hearing from you.
p.s. I could put this on another thread, but if you don't want to clog this one up, then just PM me. or email me: [email protected] . As soon as I get an idea of numbers then i will arrange a date in February on a Saturday or Friday evening.
