Best Thread US day traders thread.

[Gadgetman]

GUYS,

BIIB is gonna resume trading 15 minutes after the close. For the high beta traders, this is the one to trade. It's gonna rock.

-Dave.

Well, apart from that initial candle, disappointing amount of movement on BIIB last night, although still some profit to be taken

As dvdh pointed out to me - it might bode well for a good move from the open today..........

 

[hampy]

Thanks for your answers guys.

Lee, As you say it is one of the cons of trading the US, I was thinking of the scenario of transfering 15 k GBP into USD soon at around 1.73/1.74 and finding the dollar falls to 1.95 in 6-9 months costing me around 2k. Ok not huge if you're successfully daytrading 1000 share lots, but quite a loss of you're practicing with 100 share lots a few times a week, hence my interest in hedging the risk.
Paul, I would be grateful if you would expand on you're comments as in addition to the above, i also wish to hedge a considerably bigger quantity of GBP/YEN in the near future and was again thinking of using the spreadbetting route.

Cheers, hampy

 

[PitBull]

Gotcha!

If you really need the money when the dollar weakens to that level, then yes you will take a loss, but if you don't need it then don't withdraw it until you get a more favourable rate.

Also, if you are transferring small sums of money out on a regular basis, i.e. living expenses, then it shouldn't matter too much.

Thanks

 

[BlueChip Trader]

Hi all,

I hope you'll enjoy some of the wise quotations, some of which are quite relevant to trading.

 

[Jerry Olson]

Gotcha!

If you really need the money when the dollar weakens to that level, then yes you will take a loss, but if you don't need it then don't withdraw it until you get a more favourable rate.

Also, if you are transferring small sums of money out on a regular basis, i.e. living expenses, then it shouldn't matter too much.

Thanks

Good Morning Pitbull

i wanted to mention to all here that we have a nice potential bounce coming our way for the next few days

There were Bullish Outside Reversals bars on most of the indexs and spells good news near term.

However i warn all long term buy and holders to protect any gains in your trading accts IRA's and 401k's as there is the potential of major breakdowns on the P&F Bullish Percent charts on the main indicators i watch and that spells doom and gloom if they reverse down.

just aheads up. Cash btw is a real position, it's safe and sound. Protection of ones capital is of the utmost importance.

place stops on gains and sleep better.

best regards to all

jerry

 

[dvdh]

Well, apart from that initial candle, disappointing amount of movement on BIIB last night, although still some profit to be taken

As dvdh pointed out to me - it might bode well for a good move from the open today..........

Yeah, You and Lee did a good job on it. I lost money at the end. Doesn't matter though, you know that when you do a high-risk trade like this.

It might be nice today though if it breaks out one way or another.

-DAve.

 

[dvdh]

Good Morning Pitbull

i wanted to mention to all here that we have a nice potential bounce coming our way for the next few days

There were Bullish Outside Reversals bars on most of the indexs and spells good news near term.

However i warn all long term buy and holders to protect any gains in your trading accts IRA's and 401k's as there is the potential of major breakdowns on the P&F Bullish Percent charts on the main indicators i watch and that spells doom and gloom if they reverse down.

just aheads up. Cash btw is a real position, it's safe and sound. Protection of ones capital is of the utmost importance.

place stops on gains and sleep better.

best regards to all

jerry

Hi Jerry,

yeah same here. Yesterday afternoon had a lot of high energy buying in futures. Although there were some small sellers on the cash close. Nothing significant though. I didn't hear a lot of profittaking by the banks. So we might be positive today. Depending on the bond yields and inflation data of course. Payrolls tomorrow. We might get a good end of the week. When it's as active as yesterday, I won't be complaining.

-Dave.

 

[PitBull]

One to watch

HANS

Comes in with good earnings, beats estimates by $0.13 and also has a conference call at 2.30. EST. Its target has been upped to $150, currently bid 110.80 offer 111.20. Up $10 bucks !!

Could be a good mover.

 

[Jerry Olson]

Hi Jerry,

yeah same here. Yesterday afternoon had a lot of high energy buying in futures. Although there were some small sellers on the cash close. Nothing significant though. I didn't hear a lot of profittaking by the banks. So we might be positive today. Depending on the bond yields and inflation data of course. Payrolls tomorrow. We might get a good end of the week. When it's as active as yesterday, I won't be complaining.

-Dave.

Hey Dave

today was just wonderful except when traders do not use stops.

if you're a scalp trader you better use stops...i teach it in all my online seminars.

i am a bagholder of AAPL right now and i'll live of course..

but i made 6-7 nice trades in the am then ignore that last one and kapowie bye bye profits.

with the laser platform there is no excuse for being dumb and dumber...

let this be a lesson for all daytraders, you snooze you lose..

have a good evening all

jerry

 

[hampy]

Gotcha!

If you really need the money when the dollar weakens to that level, then yes you will take a loss, but if you don't need it then don't withdraw it until you get a more favourable rate.

Also, if you are transferring small sums of money out on a regular basis, i.e. living expenses, then it shouldn't matter too much.

Thanks

Cheers Lee, hadnt thought of it like that but of course it makes perfect sense!

I promise not to mention it again on this thread, but does anyone out their hedge their USD trading a/c against their home currency?

Thanks all. Hampy

 

[PitBull]

HANS produced the goods for me after it filled the gap and NYX straight out of the gate was awesome. Don't do many trades right at the open, but the previous days strength and hype surrounding this stock was sure to put it on fire. Shame we couldn't short HANS at approx 8.30 GMT after Cramer on CNBC says that "at a certain time, even best things come to an end".

CDRN was nice. Thanks Nesyo03!!

"Today, all eyes with be on the Feb. jobs report (8:30 ET), with special emphasis on the hourly earnings figure since another read of 0.4% could spark inflation concerns. At 10:00 ET Jan. Wholesale Inventories will be released while the Feb. Treasury Budget will hit the wires at 14:00 ET, but neither report is expected to have much of an impact on the market. In terms of earnings reports, Ann Taylor (ANN), Crosstex Energy (XTXI), Stone Energy (SGY) and Superior Industries (SUP) are the only notable names scheduled to post quarterly results. "

All the best
Pitbull

 

[samtron]

Hey Dave

today was just wonderful except when traders do not use stops.

if you're a scalp trader you better use stops...i teach it in all my online seminars.

i am a bagholder of AAPL right now and i'll live of course..

but i made 6-7 nice trades in the am then ignore that last one and kapowie bye bye profits.

with the laser platform there is no excuse for being dumb and dumber...

let this be a lesson for all daytraders, you snooze you lose..

have a good evening all

jerry

Hi Jerry,

Can I just say that IMHO you have been a marvellous addition to this thread since you started posting.

Its great to see when experienced traders are willing to share their knowledge so generously.

Kudos to you.

On the question of stops, we have in the past discussed this same topic on this thread, and I think a few of the more experienced guys were in favour of using mental ('soft') stops over fixed predefined stops. I think the argument was that a great many Nasdaq stocks are prone to price spikes which could very easily kick you out a good position, and of course there is also the problem of slippage, especially when a price spike against you does occur.

The laser platform looks ideal for setting fixed stops when an actual trade is placed.

I would be interested to hear your views (and the views of bluechiptrader who is also a very experienced and trades for a living).

good luck today gang.

 

[Jerry Olson]

Hi Samtron

thanks for the kind words.

the use of stops is a must period.

i am advising not to use mental stops ever! when the stock comes down to your "potential" stop your emotions will come into play and that spells disaster...

hard stop loss orders are imperative. they protect ones trading capital and that's most important.

the keys are take small hits with quick profits many times a day..

Using the special platform from Genesis that Ian of the UK set up for our group, you can actually just click on buttons setting up a "bracket" of 20 cents above and below your entry price

this is a scalpers dream set up. i do not want people to have to think, i want them to react.

we have the tools and the tactics the problems are always for traders to use them<GGGGGG>

witness me yesterday........................

have a good one

 

[cgoodwinca]

Daytrading Observations and Your Opinion

Has anyone noticed and come to the conclusion that volume often times is artificial, and the moment an entry into a stock is made there may be unusual activity which did not exist preceding the entry, yet apparantly this activity is solely due to your entry point?
Quite often I have had the market move away from my entry and not in my favor. If this is observed time and again, at my 200 shares, this tells me the trading going on often times is not real trading and therefore artificial / manipulation. If such is the case, then what percentage of the market is actual 'trolling' by mm's and the powers that be.

If there is more to be found on this topic, please refer me to the link. This looks like the best site on the net for daytrading and I"m glad I stumbled upon it. [email protected]

 

[Trader333]

In my view volume cannot lie and much of reading a likely move is to do with how the current volume compares to the price and volume patterns preceding it. If it is then combined with reading of T&S and use of Level II then a minimal risk entry should be possible. Of course things dont always work out but it is always possible to reduce risk to an absolute minimum at point of entry and much of this is to do with practice and an ongoing thirst for knowledge.


Paul

 

[Bigbusiness]

Has anyone noticed and come to the conclusion that volume often times is artificial, and the moment an entry into a stock is made there may be unusual activity which did not exist preceding the entry, yet apparantly this activity is solely due to your entry point?
Quite often I have had the market move away from my entry and not in my favor. If this is observed time and again, at my 200 shares, this tells me the trading going on often times is not real trading and therefore artificial / manipulation. If such is the case, then what percentage of the market is actual 'trolling' by mm's and the powers that be.

If there is more to be found on this topic, please refer me to the link. This looks like the best site on the net for daytrading and I"m glad I stumbled upon it. [email protected]

Why shouldn't the market move the wrong way from your entry point? It is impossible to get the perfect entry every time. Perhaps you should hold fire when you want to enter and wait for a better price. Sometimes it does feel like their is artificial manipulation but if you think about it, 200 shares shouldn't trigger 'trolling' by mm's. I think it is probably more likely that your entry point is not a good as it could be.

 

[ianh]

Quite a few guys have asked me about the Laser Layout that I designed for Jerrys group, and I also use myself, so here it is. It is the Fastest Platform I have ever used, and is designed with mostly "One-Click" Buttons.

 

[kwin]

Hi Guys

Quite a few guys have asked me about the Laser Layout that I designed for Jerrys group, and I also use myself, so here it is. It is the Fastest Platform I have ever used, and is designed with mostly "One-Click" Buttons.

Hi Guys
Im'e a newby to this forum and relatively new to nasdaq/day trading.... 7 a fan of naz....I currently use I.B. which is OK but has some short falls ie....stops trigger late .sometimes ..not at all obviously on fast movers...........I was thinking of changing to: Direct Access elite with level 2..but i am very interested in Jerry OlsensLaser Platform.....I would appreciate anybody's opinion, comments, advise etc. where can I get details Web Address?....also opinions on Direct Access.
Thanks to all you Guys for some great stuff
Regards to all
Kwin

 

[JonnyT]

If you have a stop then of course it will trigger if the market passes throught it with IB....

Have a look at what is native on each exchange and place orders accordingly...

What makes you think another platform will be instantly better?

Sometimes the market just jumps several ticks in one go as someone takes out the market. No platform would get you a deal in between that.

JonnyT

 

[samtron]

Quite a few guys have asked me about the Laser Layout that I designed for Jerrys group, and I also use myself, so here it is. It is the Fastest Platform I have ever used, and is designed with mostly "One-Click" Buttons.

Thanks ianh,
The layout looks super slick, almost makes me want to have a go at scalping the NASDAQ.
Its a real pity it doesn't integrate into IB. They really do make the depositing/withdrawal of funds so easy for UK based traders.