Trading Platforms

This is a discussion on Trading Platforms within the Techies Corner forums, part of the Trading Career category; Well you two smart guys, hear this. I use TA before I open a trade and during the time the ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Nov 24, 2001, 7:57pm   #21
 
6 Posts
Joined Feb 2001
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
stone is offline   Reply With Quote
Old Nov 24, 2001, 9:08pm   #22
 
TraderPattern's Avatar
Joined Oct 2001
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!
__________________
Don't personalise the market

Last edited by TraderPattern; Nov 24, 2001 at 9:42pm.
TraderPattern is offline   Reply With Quote
Old Nov 24, 2001, 10:15pm   #23
Naz
 
Naz's Avatar
Joined Sep 2001
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.
Naz is offline Coach/Trainer   Reply With Quote
Old Nov 24, 2001, 10:52pm   #24
 
TraderPattern's Avatar
Joined Oct 2001
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.
__________________
Don't personalise the market

Last edited by TraderPattern; Nov 24, 2001 at 11:16pm.
TraderPattern is offline   Reply With Quote
Old Nov 25, 2001, 2:35am   #25
mgd
 
1 Posts
Joined Nov 2001
so NAZ & TRADER PATERN
you go non about using level2 but I take it that you are using T/A
mgd is offline   Reply With Quote
Old Nov 25, 2001, 8:47am   #26
Naz
 
Naz's Avatar
Joined Sep 2001
Mgd.i,ve posted an overview on all this on market chat but i'll try and answer this question.

On the Nasdaq the immediate action and the possible action appear on the Naz level 2 screen.What you actualy see on your graph is the result after the players have made a decision and traded at that level.So the fact is who wants to look at a graph because that information shown is history its happened, we want to see what will happen.

So all Trader Pattern needs is the S&P futures for the overall direction of the market and his level 2 screens.If you look in "TA & systems" you will see in "Nasdaq level 2 training" that i traded stocks without looking at a graph thus catching an exact bottom.Why because the market makers showed me.I only looked at a graph afterwards to see how their actions looked on a graph.

Utilising the screen for quick trades to take advantage of ill informed players is called scalping.Yes it is rough and tough but extremely interesting in that it gives a true feel for how the stock is realy behaving.

However as i've said before their is no reason why the t/a trader who is looking at things differently shouldn't check out the action on the screen to see if the players that matter agree with his view in the direction of the stock.If the market makers want to take the stock in a different direction than your indicators then you dont enter the trade.If they confirm with your view then you can get in early.Remember its the players on the level 2 screen who dictate the movemnt of your stock. The graph is just a pictorial view of the result.

To answer the question fully.No way would i look at a graph when i want to take my trades.But i would do for spotting potential set ups.However i use no indicators.I just want to see the trend and potential support and resistance.Then after that everything is on the L2 screen.

Please remember that many of us as i said before are ex UK t/a traders who just took our learning a little bit further and were open enough to look at another form of trading.

I have done talks infront of a 100 t/a traders in London with a live Nasdaq level 2 screen beamed on the screen behind me and shown them how to truly read a stock live and trade the stock without a graph and they have been stunned to silence.Many,many of them later took up the oppertunity to learn how it all worked.

Last edited by Naz; Nov 25, 2001 at 9:20am.
Naz is offline Coach/Trainer   Reply With Quote
Old Nov 25, 2001, 10:55am   #27
 
6 Posts
Joined Feb 2001
Which is it Naz?

One moment you ridicule us TA traders for pouring over
charts for hours, and after all our hard work we give all our hard earned money to you "smart guys" using level 2. Then in the next breath you tell us you use TA yourself before you trade!!! Next you will be telling us that "yes" you do have a few charts open whilst trading.
Just goes to show that us "lowlife" TA fans have a little more credibility than you two Level two fans will admit.
Perhaps they should be explaining to us all why so many of these
so called Level 2 "experts" get "wiped out" in droves year after year after supposedly taking all us TA plodders to the cleaners.
"Oh well" back to the chart lists. I must decide on my stops strategy this weekend to see how much money I can afford to give away again to these super beings.

Stay Happy

Stone
stone is offline   Reply With Quote
Old Nov 25, 2001, 12:17pm   #28
Naz
 
Naz's Avatar
Joined Sep 2001
Stone,I knew all this would cause a debate.

If you have listened to me many times i have said why dont people put both styles of trading together.Now if someone mentions a stock to me as i said in the previous post i will look at a graph to see where its come from where its going and its support and resitance levels.Then i will forget it and trade it on level 2.I will not analyse the graph in any shape or form i just want to know the basics quickly in any new stock.


Next point,i always hear criticism from people about level 2 but it is always from people who have never tried it or dont understand it and seem unable to embrace something completely new.

The next point is this that unfortunately level 2 was and is taught by people in the US who had a financial gain in teaching beginners to scalp the market.I have always maintained that there is a learning curve to learning it and it should be learnt in a particular way that dosnt put any capital at risk.

These new players in the US are so gung ho that they make easy pickings for people who have studied and slowly taken their time to learn it correctly.

Finaly i go back to this point instead of criticising something you know nothing about go and open your mind and look at something that can help any style of trading.

Last edited by Naz; Nov 25, 2001 at 12:21pm.
Naz is offline Coach/Trainer   Reply With Quote
Old Nov 25, 2001, 12:47pm   #29
 
TraderPattern's Avatar
Joined Oct 2001
T/A traders,

Like I previously said, charts can be used to gauge potential for moves before they have actually occured (read my previous posts)... also a chart of the futures tells me i aint surfing in the wrong direction (see my trading set-up picture earlier on in this thread ... its got a chart on it!)... I categorically do not use charts to pull the trigger ... I use Level2.

It boils down to this:
A guy who knows Level2 inside out who may occasionally glance at a chart will kick the butt of a T/A trader trading off the same chart.

OK, I will address my comments to 2 different groups of people:-

1) If any of you guys are NOT trading the US markets, it's pretty pointless even debating with me and Naz about Level2, cos you will not know what Level2 is... if you don't know what Level2 is, how can you possibly analyse its merits and demerits? For you guys trading the UK markets, I will agree charts ARE the only was to trade it, simply because there is NO level2... its a crooked market, seems almost as if it was set-up to disadvantage the private trader... so if you are trading the UK markets, you have no option but to trade charts... and you will be screwed over time and time again by the smiling institutions who are winning at your expense without you even realising it. Like I said, I aint interested in hearing UK t/a traders criticise Level2 ... you have NEVER used it, so what value can your criticism possibly have? Carry on trading the UK and carry on getting screwed by a system set up to screw you (wide spreads, stamp duty, low liquidity, poor executions, high commissions, no ability to set prices etc etc)

2) If you are trading the US markets and just using charts, you have at least got the benefits of razor tight spreads, low commissions and great executions... your next step is to start using Level2 alongside charts... the more and more you use Level2, the less and less you will be using charts. Soon enough you will be thinking like me and Naz.
__________________
Don't personalise the market

Last edited by TraderPattern; Nov 25, 2001 at 12:56pm.
TraderPattern is offline   Reply With Quote
Old Nov 25, 2001, 1:36pm   #30
Naz
 
Naz's Avatar
Joined Sep 2001
Trader patteren I just couldnt agree more.

Why oh why do we only hear criticism from traders who know absolutly nothing about it at all. Are they frightened of having a look?

And when it's shown how it works to UK traders they say "wonderful" "excellent,Dramatic" "brilliant, absolutely brilliant" "WOW!" "Awesome" see www.clickevents.co.uk (Nasdaq scalping)

When I have taught people I've had comments like

"Words cannot explain the impact that this day has had to my trading stratergy.We hardly looked at a chart all day"

"It was for me mind blowing"

"A real eye opener"

See trade2win "technical analysis and system trading" Nasdaq level 2 training.

Couldn't there be something in it after all?
Naz is offline Coach/Trainer   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Trading platforms for Mac superstag Trading Software 5 Feb 6, 2009 1:56pm
Trading platforms ketank Trading Software 16 May 29, 2007 9:43pm
Trading platforms GengstaTrejder Forex 4 May 31, 2006 12:16pm
Trading platforms - software v's web-browser based platforms JTrader Trading Software 4 Aug 19, 2005 11:08am
Cheapest trading platforms? Traderuk Trading Software 4 Jul 22, 2005 11:19pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)