How To Make Money Trading The Markets.

This is a discussion on How To Make Money Trading The Markets. within the Stocks forums, part of the Markets category; Thanks for that, Amit. I'd be surprised if DE has got more in it but, hey, I don't trade my ...

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Old Oct 21, 2009, 5:12pm   #691
 
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Mr. Charts started this thread Thanks for that, Amit.
I'd be surprised if DE has got more in it but, hey, I don't trade my opinion, I trade strict rules and on the evidence !
The market doesn't care about opinions.
Hope you made money out of it.
Richard
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Old Oct 21, 2009, 5:14pm   #692
 
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Mr. Charts started this thread ....and if it does go up further you make more money !
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Old Oct 21, 2009, 8:07pm   #693
 
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Hi Mr Charts,

I didn't really form an opinion on DE. Just by watching Time and Sales I could tell momentum was hot in that stock still. I took the trade on the break of the previous days high ($47.19) and closed it above the whole number at $48.10 because I had to go somewhere. If I didn't, then I would have closed half my trade above the whole number and trailed my stop using the EMA(10). Check out how it did. If I didn't close out the trade, I would still be in it as it hasn't broken the EMA(10) yet and it's at $49.43 right now as I type this.

I agree with you that rules have to be followed. It's tough to really "master" the ability to follow rules. But don't you find that trading via tape reading has a little more subjectivity than other trading methods such as moving average crossovers or oscillator divergence/convergence? In the latter methods, you know for sure when a buy/sell entry has been triggered as you can see it. But when reading level 2/time and sales, although there may be a clear definition of "momentum", there is still a small degree of subjectivity in "reading the tape" to trigger an entry.

For this reason, wouldn't you say that momentum trading through Time and Sales/level 2 is a "forever learning experience" since it never really defines a strict entry criteria? Instead, the more you trade via this method, you tend to figure out what to look for and what to avoid when reading the order flow. I am asking you this because you've been doing this for a long time and are one of the very few "traders" who are consistent.

Hope all is well,

Amit
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Old Oct 21, 2009, 8:18pm   #694
 
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Mr. Charts started this thread Good trading, Amit
I think trading is like driving a car and most other skills. You can achieve a basic competence but you get better with experience.
Richard
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Old Oct 22, 2009, 4:59pm   #695
 
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Mr. Charts started this thread Another decent day's trading. There tend to be even more opportunities during results season.
Some big ones are announcing after the close tonight - details on my blog.
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Old Oct 26, 2009, 11:02am   #696
 
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Mr. Charts started this thread For those in the UK, our clocks have gone back but the US doesn't till next weekend so the US opens at 13:30 UK time.
Richard
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Old Oct 26, 2009, 5:05pm   #697
 
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Mr. Charts started this thread Nice move on CELG using this technique.
+$1.60 per share
Exited as I saw buying pressure coming in on level 2 T&S but you could have waited for the high of the previous candle to be taken out.
Richard
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Old Oct 26, 2009, 5:51pm   #698
 
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Mr. Charts started this thread This CELG trade was helped along by the sudden turnaround in the markets. Apparently as a result of the Euro breaking 1.50 and Nasdaq futures bouncing off resistance...........according to one "explanation" I've seen.
So maybe a little luck played a part in this trade, you might think. Well, maybe. Bear in mind no such set of fortuitous factors came together in any of the other trades on this thread........
I'm not saying you make your own "luck" in the markets, but if the market is weak then have a watch list of very weak stocks, if it's strong then vice versa. If it's mixed then have a mixture of weak and strong stocks.
Don't expect a weak or strong stock to remain so throughout the day - things change, stocks reverse, bounce etc. Often stock price movements run out of steam, but they can just chop around as well as reverse, pause etc.
Anything can happen. I believe in being prepared to take advantage of a move in any direction and to be completely flexible.
If the facts change my trading changes. I'm not wedded to any opinion, view, hope, wish etc. It does what it does, so trade what it does, NOT what you think it should, might, ought to do etc.
Trade the evidence, never your opinion.
Richard
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Old Oct 26, 2009, 6:00pm   #699
 
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Mr. Charts started this thread I've just had an email asking about CFDs etc so maybe it's worth commenting here as it's a frequent question.
Of course you don't need a direct access account to trade a move like that, spreadbetting or CFDs would do the job very, very nicely, but you can squeeze more profit out with direct access and pay negligible commission.
Richard
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Old Oct 27, 2009, 5:14pm   #700
 
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Mr. Charts started this thread MCK, V, APOL, CEPH are announcing after market close. They may produce trading opportunities.
Details on my blog.
Richard
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Old Oct 27, 2009, 11:38pm   #701
 
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Mr Charts,

Did you take a trade on any of those stocks you mentioned (MCK, V, APOL, CEPH)? The only one I see that presented a good move was CEPH.

Also, when do you determine when to stop trading for the day? Do you have a profit target, that once you reach, you stop trading? Or is it based more on how you are feeling at the time? The reason I am asking is because many professional traders trade full-time, while many professionals also recommend not to "over trade". So it seems there must be a balance between the two?

Thank you,

Amit
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Old Oct 28, 2009, 10:00am   #702
 
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Mr. Charts started this thread How long you trade for is a matter of personal preference.
While I was a dentist I traded US afternoons (UK evenings) but then started taking some UK afternoons off so I could trade the full day. When I gave up my practice to trade I obviously could trade full time.

Last night was very satisfactory.
My trades were:
V +80c
-22c
+$1.12

APOL +96c

I'll put a bit more on my blog in a few minutes.

Richard
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Old Oct 28, 2009, 2:16pm   #703
 
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Great trading!

Amit


Quote:
Originally Posted by Mr. Charts View Post
How long you trade for is a matter of personal preference.
While I was a dentist I traded US afternoons (UK evenings) but then started taking some UK afternoons off so I could trade the full day. When I gave up my practice to trade I obviously could trade full time.

Last night was very satisfactory.
My trades were:
V +80c
-22c
+$1.12

APOL +96c

I'll put a bit more on my blog in a few minutes.

Richard
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Old Oct 28, 2009, 2:24pm   #704
 
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Mr. Charts started this thread Thanks, amit, but it's just method method method discipline discipline discipline.
Richard
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Old Oct 28, 2009, 3:41pm   #705
 
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Hello Mr Charts

What advice can you provide for developing a strategy any particular reading lists etc? Why do you choose the NYSE and not FTSE?

Thanks

Danny
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