Trading Platforms

This is a discussion on Trading Platforms within the Techies Corner forums, part of the Trading Career category; You and i are going to get in trouble.I can see loads of t/a traders wanting to start posting replys ...

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Old Nov 24, 2001, 6:35pm   #17
Naz
 
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You and i are going to get in trouble.I can see loads of t/a traders wanting to start posting replys to our chat.

I would say that i've always find it remarkable when i talk to t/a traders,they all seem to want to enter a stock late when the move is over and the market makers are either selling to them or buying from them.

Last edited by Naz; Nov 24, 2001 at 6:37pm.
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Old Nov 24, 2001, 6:38pm   #18
 
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Yes, simple TA (things like where prices have been congested for a while and things like daily levels) are useful... but like you said they are useful not to make money off directly but to see if T/A traders can be exploited for profit at those T/A-related prices.

You and I ARE probably using simple TA in our decisions... i.e. it is nice to look at a chart of the futures or of the stock to put the current market maker action in some context. Example: if we've been monitoring the market makers all day and have deduced that NITE is the Ax, then a near term historical feel for how prices have reacted to NITE's manipulations is definitely useful.... sometimes if I forgot what the recent reaction was to the Ax, looking at the chart will remind me. Now if the Ax is doing the same exact thing again, then I will have a feel for the potential of the move BEFORE the move occurs ... the chart as of now may not look like a buy (indeed the chart as of NOW may look totally CRAP), but if the Ax is behaving in a way that I have previously observed, I will think to myself "screw what the chart looks like right now and just buy the godamn stock!" ... so T/A I suppose has a subtle role to play BUT not in the conventional way T/A players would use it... it can give me a feel for the potential of a move before there is ANY chart indication that a move is about to occur. I am only using a chart to gauge movement potential... I am using level2 to make 90% of my decision off.

But trading off T/A studies is something I could not do. T/A is literally history ... put a historian against me anyday! I will take his money with pleasure.
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Last edited by TraderPattern; Nov 24, 2001 at 7:06pm.
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Old Nov 24, 2001, 6:59pm   #19
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Yes i realy like trading off t/a levels becuase i know i can read their mind.I know if A B or C happens they will enter or exit the market.So because i can see the true market and its possibilities and they cant i like to get in before them.When they enter after their indicators confirm the move i then sell to them.

The trouble with t/a its almost like a system that says if this happens you do this.If everyone knows your system other players can take the opposite view.Thats why many times the ax will sit underneath a support level and when it breaks down he knows that it will hit many t/a players stops and they will panic and sell out.Because i can see him there and see him buying everything i can jump in as well.Then of course up we go.

Nice chatting with you but i've got to go.See ya
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Old Nov 24, 2001, 7:12pm   #20
 
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Likewise, nice chatting with you too Naz. Have a good remaining weekend... dammit, I wish we didn't have weekends... I am itching to get back to the game!
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Old Nov 24, 2001, 7:57pm   #21
 
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Well you two smart guys, hear this.
I use TA before I open a trade and during the time the trade is open and I will continue to do so.
I do not use Level 2 and have no plans to use it in the future.
I have consistently made an average return on capital of 1.5% per day swing trading the FTSE 100 over the last seven years of full time trading.
Just shows boys & girls that there is more than one way to skin a cat.
All the best
Stone
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Old Nov 24, 2001, 9:08pm   #22
 
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Quote:
Originally posted by stone
Just shows boys & girls that there is more than one way to skin a cat.
Nice trading Stone... I agree, there are many ways to skin a cat... for me Level2 allows me to skin that feline beast in the most profitable way. But, hey, if charts work for you, stick with em! Level2 aint for everyone, thats pretty obvious... but if you like action and you like consistently screwing the newbies into bankruptcy (who, fwiw, are usually playing the charts) whilst slickly avoiding being screwed over yourself by Goldman Sachs, then there is nothing that can beat Level2 (apart from showing Melinda Messenger what life is about).

It's a personality thing..

1) if you spend your spare time pouring over charts, then you are a chart man, and your price fills will be bad cos people like me will be all over you. And the only reason I will not be all over you is if you are trading the UK market (which doesn't have Level2 ... so I wouldn't bother trading it ... it is too medieval, expensive and darnright inefficient ... the old la-di-da boys in their investment firms still have the upper hand on UK stocks ... under no circumstances would I ever consider competing in a virtual monopoly environment run by upper class Hooray Henrys where I would have to take whatever price they quoted ... its darnright theft and I hope one day it will be outlawed ... I am sorry to say this, but the London Stock Exchange hasn't woken up and smelt the coffee yet ... but hey, I am not surprised ... the people running the London Stock Exchange probably shared the same dorm - maybe even the same bed - at Eton and then later at Oxford as the people running the investment firms... the UK set-up disgusts me totally ... USA is the ONLY option).

2) If you spend your spare time
a) taking Lara Croft through caves and zapping aliens (whilst making the occasional, disciplined glance at her anatomical protusions - purely for inspirational purposes),
b) bombing Saddam with a virtual F16,
c) boxing against a virtual Mike Tyson,
... any or all of a)-c) then you are probably a Level2 man.

... If you do neither of 1) or 2), then I aint got a clue!
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Last edited by TraderPattern; Nov 24, 2001 at 9:42pm.
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Old Nov 24, 2001, 10:15pm   #23
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Well of course i knew Trader Pattern and myself would upset someone but i truly hope that we didnt offend anyone.
_____________________________________________

So continuing where we left off.

We level 2 Nasdaq traders are in general ex UK t/a traders.We know how you play your game.You dont have a clue how we play ours.So how can you criticise something you dont FULLY understand.

You are being ripped off BIG time in the UK.Your level 2 in the UK is complete mickey mouse.I went out with some real top guys who matter in the establishment and i said to them why dont you embrace the direct access level 2 type of trading that the Nasdaq have and they said"To much power to the man in the street old man!"I couldnt believe they said it.

If the UK have nothing to hide why dont they let the US brokers advertise overhere.They just couldnt compete against the competition.

In the US the market makers fought tooth and nail in the 90's to try and keep their monopoly.In August 1996 the SEC past Order handling rules which established market transparency and the ECN's(these allows you me and joe bloggs to trade along side the market makers and to jump infront of them at will)

In January 1997 Implementation of the ECN's happened on the Nasdaq.

In December 1997 Market makers agree to settle the class-action case for approximately $1billion

The SEC clamped down on years of restrictive,unfair trading practices and threw the doors open for independent traders.

This is what needs to happen in the UK but it is such a Goldmine ripping UK players off, it will take years to put a stop to it.In the mean time the battle was fought and won in the US courts,to give everyone the chance to see true transparency and fair trading.Thats why we play it.

Instead of arguing why dont more UK t/a players put both styles of trading together.I still cant work out why more UK individuals dont check it out.

Last edited by Naz; Nov 24, 2001 at 10:36pm.
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Old Nov 24, 2001, 10:52pm   #24
 
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Quote:
Originally posted by Naz
Well of course i knew Trader Pattern and myself would upset someone but i truly hope that we didnt offend anyone.
I second that! I am not here to offend people either. My passion is for the sort of trading I do and, to be frank, sometimes my passion sounds like anger Maybe it is anger, subconsciously seeping out.

I tell ya something, my anger is directed in 3 directions:
1) The people running the UK markets; the regulators, stock exchange, investment firms... this Hooray Henry Greed Mongering Club of self-interested ba$tid$ are maintaining a monopoly on the profits to be made trading UK stocks. And the tragedy is, most private traders don't even realise that they are being duped. Like Naz, I used to trade UK stocks... it was an expensive, murky world of poor executions, <<<wide>>> spreads and sheer exploitation by the market makers. And to top it off, commissions were way too high and there was also that stupid stamp duty of 0.5%. Man-o-man, 0.5% is often my return on a trade.
2) Brits who fail to open their eyes, who remain tunnel-visioned into thinking "Buy British", "British is Best". I tell ya something, when it comes to trading, Brit is most certainly NOT best. Brit is a pile of dog sh!t. We must look West to the USA. USA is best for trading... period. So drop any misplaced patriotism ... the City of London doesn't deserve one iota of my patriotism and it aint gonna get it. The USA gets my respect, no sweat! The City of London can go and toss itself off for all I care.
3) T/A traders who look down on the purest form of trading. Level2 is as pure as its gonna get... there is no intermediate analysis. You are trading immersed IN the market. Its like being in a trading pit, except for the fact that its a virtual pit.
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Last edited by TraderPattern; Nov 24, 2001 at 11:16pm.
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