Best Thread US day traders thread.

[mountainman]

pls could some body tell me where i can learn to put up a chart on this board?
thank you

 

[Gadgetman]

pls could some body tell me where i can learn to put up a chart on this board?
thank you

Hi Mountainman and welcome!
I think PitBull is just about to respond so I'll leave it to him to answer the questions.

By the way, no sign on your profile where you're from, tell me to mind my own business if you want otherwise: Where do you live?

Well done on the trading, I'm certainly not at the stage where I haven't had a losing day

 

[Gadgetman]

Chart scales

I was reading on Stockcharts.com that it could be better to use semi-log scaling on charts, as opposed to linear, which is what I've been using until now. They reckon that could be useful particularly for lower trend lines.

Any opinons/suggestions guys? What do you currently use?

 

[mountainman]

thank you
how can you tell some body is about to respond?
i just don't understand that
i don't feel comfortable enough here to say where i live so i preffer to be anonymous for now
sorry i don,t mean to be rude
my name is bob any way

 

[mountainman]

i use arithmetic scales
semi logs remind me of my native Canada, haha!
so there you have it - bob from Canada originally, GB now.

 

[Gadgetman]

thank you
how can you tell some body is about to respond?
i just don't understand that
i don't feel comfortable enough here to say where i live so i preffer to be anonymous for now
sorry i don,t mean to be rude
my name is bob any way

Hi Bob - I was chatting to PitBull earlier, that's how I knew
If he doesn't get time tonight I'm sure someone will respond tomorrow.

To start the ball rolling, I'll PM on how to add an attachment. Check your Private Messages in a few minutes.

 

[mountainman]

thank you
i don't think i want to use Private Messages
would you pls email me instead?
i will explain why
thank you

 

[Gadgetman]

thank you
i don't think i want to use Private Messages
would you pls email me instead?
i will explain why
thank you

Can't email you - you're set up not to receive emails.
Click on "Gadgetman" on the left and send me an email with your details, I'll respond.

 

[jimmy1jag]

Hi MM and welcome,

I joined T2W a year ago at the very start of my journey really as a point of reference. I too have had to work hard to get as far a I've got, including finding what trading style I am suited to, identifying my own personality flaws, working on those flaws (still!), and finding a method and market that suits my personality, learning that method (still), putting a plan together, trialling that plan and making sure I stick to it. And you're right, it is damn hard work.

Most of the guys who currently post on this thread have received training either from Mr Charts or Naz. The methods and overall content are similar, although the approach may be different. Obviously both aim to maximise profits/ minimise losses within the constraints of the market such as it is.

I don't really feel lonely going through all of this, I guess because I get so absorbed to the extent that I end up spending up huge amounts of time and wondering at the end of the day where the time went.
__________

To do graphs...

If you click on post reply (not quick reply) then scroll down a fair way below the message area, from memory, under message options, you'll find a place called manage attachments... something like that anyway!

 

[PitBull]

hello US traders
i have just joined after training and mentoring from mr charts
it has taken me several months but with his help i am now trading for my living
mission accomplished but it was hard work
what a shame he doesn't write here anymore but the site bosses should ask him back
i have read through half of this thread tonight and like someone said its lost the master
i pay for his private site and get watch lists all day and example trades - big big help, but i feel loenly not talking to other traders so i joined here
i never have a loss making day
is that the way i.ve been taught or is that normal?
does every body trade on momentum and microanalysis systems or other ways?
i only do 5-10 trades a day
do others do more?
i get deeply absorbed in my trading but need frequent breaks like a world of my own
how about others?
any advice greatfully received
thank you
i'm sorry if all the questions arent appropiate

Hi Bob and Welcome to T2W.

I'm sure you will find yourself in good hands here. We're all at different levels of experience so you won't be alone.

Glad you got a mentor. Most don't. At the start of their journey, they just plunge in with dreams of quick wealth. It is a hard slog, you will definitely get to know yourself better. Having a method is only half the equation, the other other is self discipline and emotional control. Well done so far on not having a losing day. I don't think it is normal to not have a losing day, as Mr C and Naz teach their methods to many people, but it is down to the individual to implement this method in a very controlled manner. Turtle Traders springs to mind. This was an experiment in the US or a bet between 2 traders to find out whether traders were born or made. All 13 or so traders were given the same method. Only a few made money!

I look for momentum trades, where a particular pattern is setting up, but I try not to get too bogged down in "microanalysis", i.e L2, 1min charts, candle formations, T&S.

Yesterday, I made over 15 trades. Was a bit excessive for me, I'm normally in the 5-10 range, but the sell off last night provided a lot of good opportunities. I had a record day yesterday

I don't trade for a living at the moment as have no need to, but I do get deeply absorbed and just chatting to fellow traders over Skype is great interaction. Your'e welcome to join in.

As I only trade the morning and afternoon session, I don't really take many breaks and last night I just couldn't leave my screen for 3 hours solid. I try to enforce discipline by taking a break after each trade by noting down in my journal my trade entry, exit and reasons. This mundane task gives me a few minutes to wind down and for the adrenaline levels to ease off a bit and stops me rushing into trades which could be setting up.

I hope this is helpful

Best Wishes
Lee

 

[jimmy1jag]

Turtle Traders springs to mind.

Does that make us turtlettes?

 

[Trader333]

I was reading on Stockcharts.com that it could be better to use semi-log scaling on charts, as opposed to linear, which is what I've been using until now. They reckon that could be useful particularly for lower trend lines.

Any opinons/suggestions guys? What do you currently use?

Personally, I always use semi-log and if you are daytrading it would make sense when you are checking many stocks for opportunities that will be displayed better using semi - log (all in my view of course)



Paul

 

[jimmy1jag]

Personally, I always use semi-log and if you are daytrading it would make sense when you are checking many stocks for opportunities that will be displayed better using semi - log (all in my view of course)



Paul

Hi Paul,

Could you explain why please? Is this a half way house, as the name implies, between log and linear scale?

Thank you

James

 

[PitBull]

Turtle Traders rules for those interested.

 

[Trader333]

James,

The definition of semi - log and why it may be of use is as follows:

Semi-Log axis type

Semi-log scaling produces a y-axis weighted according to percent change. For example, a price move from 40 to 50 (25% increase) is given more space on the scale than a move from 100 to 110 (10% increase).

It is really down to personal choice but I have always preferred semi - log and I have included a chart of YHOO from yesterday that is set to semi - log scaling.

I hope this helps


Paul

 

[Gadgetman]

James,

The definition of semi - log and why it may be of use is as follows:

Semi-Log axis type

Semi-log scaling produces a y-axis weighted according to percent change. For example, a price move from 40 to 50 (25% increase) is given more space on the scale than a move from 100 to 110 (10% increase).

It is really down to personal choice but I have always preferred semi - log and I have included a chart of YHOO from yesterday that is set to semi - log scaling.

I hope this helps


Paul

Nice definition Paul, thanks.

For anyone else interested, the longer version I saw is at http://www.stockcharts.com/education/ChartAnalysis under "What Are Charts" then scroll down to Price Scaling.
There's also some good pattern definitions and other interesting stuff there and. what's more, it's FREE!

 

[Gadgetman]

One to watch?

Some nice after hours movement on RMBS last night, breaking through 34, highest it's been since Jan/Feb 04 when it peaked at 36.56. Earnings due 19th Jan.

Been upgraded by a few analysts this week too. Check out the daily chart and look at the movement this week - up from $16.19 since 30th December!

Will be on my watchlist today........

 

[jimmy1jag]

Hi Paul,

Many thanks for your reply (and Dave too).

I didn't know that log and semi-log are the same thing. I can see the benefits of this although I'm not sure about using it myself. Like you say... personal preference. I guess the change from one to the other is a bit like switching from watching 4:3 TV to watching widescreen and the brain quickly gets used to it.

Anyway, thank you once again.

James

 

[dvdh]

hello US traders
i have just joined after training and mentoring from mr charts
it has taken me several months but with his help i am now trading for my living
mission accomplished but it was hard work
what a shame he doesn't write here anymore but the site bosses should ask him back
i have read through half of this thread tonight and like someone said its lost the master
i pay for his private site and get watch lists all day and example trades - big big help, but i feel loenly not talking to other traders so i joined here
i never have a loss making day
is that the way i.ve been taught or is that normal?
does every body trade on momentum and microanalysis systems or other ways?
i only do 5-10 trades a day
do others do more?
i get deeply absorbed in my trading but need frequent breaks like a world of my own
how about others?
any advice greatfully received
thank you
i'm sorry if all the questions arent appropiate

Hi mountainman,

welcome to the thread. Never having a loss making day is quite normal for some of the people that took the Mr. Charts or Naz course. Although for the rest of the world it's quite unbelievable and untrue, don't forget that. But it's definately possible, look at yourself.
I do more than 5-10 trades a day. I sometimes trade up to 50-100 if not more on good days. But it's aggressive scalping though! I also did Mr. Charts Micro Analysis course. That helped me out BIG TIME. It's really usefull for scalping and for longer intraday positions!
You're also not the only one that gets absorbed in the trading frenzy. I think it's more addicting then any other drug. (Not that I tried drugs before though ) So yes, it's good to have contact with other traders too. Are you coming to the meet up in London on Februari, 11?

-Dave.

 

[Gadgetman]

Patterns

Couple of nice technical trades today so far:
AAPL - nice downtrend on the 1 min chart, great for shorts.
Then a nice triangle on the 5 min chart enabling a quick 30 cents on the break.

CELG - Great downtrend and a quick reversal trade.