Best Thread Potential setups

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Hi TD and Ljr
For the last year my trading has not really been about following any strict rules...I would look at charts and use basic techniques to get an idea of trends and S&R levels based more around closing positions, fudamentals and news stories...i.e changing weather conditions and world shortages when I was trading grains...using candlesticks to gauge ATR's...and looking at price action during the day to gauge movements and reaction, but as I did not use live charts it was just a case of watching the price movements based on SB watchlists....in a way i now think perhaps i got lucky...alot...but having seen the extent to some of my recent losses I now feel that i need a much more structured approach as i have been struggling with the stress levels that emotional trading can bring...hence, I have been reluctant to enter trades for fear of losing more money even if the rhethoric for entering the trade seemed right (based on my previous trading strategy)...I find TD's threads so inspiring...it gives a much more structured approach to entering/exiting a trade...which I definately need as I am doing this full time and it is my only source of income...I will keep going thru your threads TD and if I come up with any questions I hope you don't mind answering them for me...thanks again in advance...
 
Nice message from Selftrade today...
"due to high market volatility we are not currently monitoring stop or limit orders'

So, real nice there. Thanks, the moment when people need a stop/limit the most, during high volatility, they are not applying them! Think I'll be taking my business elsewhere!
 
grimweasel said:
Nice message from Selftrade today...
"due to high market volatility we are not currently monitoring stop or limit orders'

So, real nice there. Thanks, the moment when people need a stop/limit the most, during high volatility, they are not applying them! Think I'll be taking my business elsewhere!
Click to expand...

LOL, wtf! That's terrible...
 
Jev
Always use a stop. If you use a mental stop you will be subject to an ill informed decision and at the whim of your emotions (Fear being the biggest!). You must rely on the info as you saw it when you were not in the trade and emotion free. Set a stop. If it hits it, move on.

You need a structred PLAN to trade. Discresionary trading only comes with vast experience. If you have no plan, again you are subject to your biggest enemy. Yourself.

Read 'Way of the Turtle' by Curtis. His mentors said that any trading plan could be revealed to Jo Public but only 20% of them would be profitable; the other 80% would not trade the plan and blow their accounts! Emotions take over.

Set other rules, like any more than 2 losses, walk away and come back tomorrow. If you can't abide by a simple rule like this then you should never trade as you will destroy your account. Reassess all the time. If you keep losing, go back to your trading diary and records and look for trends. You must make these records otherwise you have nothing to base your performance on.

Another good book well worth reading is 'Come into My Trading Room' By Dr Elder. He shows you a disciplined approach to trading that to be a consistent winner, you must have.

Don't get me wrong, I'm not there yet. I still have a lot to learn and emotions to master too. It's just it takes money and losses to find out.

Judge how good you are at trading, not on your wins, but on your losses. Keep a simple equity curve sheet and record your balance each day. If the trend is down you must re-assess your plan!

Hope this helps?
Grim
 
grimweasel said:
Jev
Always use a stop. If you use a mental stop you will be subject to an ill informed decision and at the whim of your emotions (Fear being the biggest!). You must rely on the info as you saw it when you were not in the trade and emotion free. Set a stop. If it hits it, move on.

You need a structred PLAN to trade. Discresionary trading only comes with vast experience. If you have no plan, again you are subject to your biggest enemy. Yourself.

Read 'Way of the Turtle' by Curtis. His mentors said that any trading plan could be revealed to Jo Public but only 20% of them would be profitable; the other 80% would not trade the plan and blow their accounts! Emotions take over.

Set other rules, like any more than 2 losses, walk away and come back tomorrow. If you can't abide by a simple rule like this then you should never trade as you will destroy your account. Reassess all the time. If you keep losing, go back to your trading diary and records and look for trends. You must make these records otherwise you have nothing to base your performance on.

Another good book well worth reading is 'Come into My Trading Room' By Dr Elder. He shows you a disciplined approach to trading that to be a consistent winner, you must have.

Don't get me wrong, I'm not there yet. I still have a lot to learn and emotions to master too. It's just it takes money and losses to find out.

Judge how good you are at trading, not on your wins, but on your losses. Keep a simple equity curve sheet and record your balance each day. If the trend is down you must re-assess your plan!

Hope this helps?
Grim
Click to expand...

Hey Grim
I apreciate your comments definately helps...I am going to try and follow TD's teachings once I get to the end of his old thread...one thing...I am looking to update my now 8year old Dell computer system...what do you recommend and if I will be looking at live charts through the day do you recommend a multi screen system...and how does the speed work out based on home broadband.
Jev
 
grimweasel said:
Nice message from Selftrade today...
"due to high market volatility we are not currently monitoring stop or limit orders'

So, real nice there. Thanks, the moment when people need a stop/limit the most, during high volatility, they are not applying them! Think I'll be taking my business elsewhere!
Click to expand...

I used to use Selftrade that is so out of order (n)
Don't feel inclined to ever use them again now.
 
jev said:
Hey Grim
I apreciate your comments definately helps...I am going to try and follow TD's teachings once I get to the end of his old thread...one thing...I am looking to update my now 8year old Dell computer system...what do you recommend and if I will be looking at live charts through the day do you recommend a multi screen system...and how does the speed work out based on home broadband.
Jev
Click to expand...

+++++++++++++++++++++++++++++
Mods alert: I'm posting a few links - not trying to sell anything just recommending places to get good stuff for a trading setup...if I'm not allowed to do so let me know...

Tom
+++++++++++++++++++++++++++++


If you want to be serious about trading from home I recommend at the minimum a two screen setup.

One for charts and one for order entry.

Then you can add more for anything else you want e.g Reuters news feed or internet usage etc

You can run two monitors off of one computer - infact you can run four - but you might need two graphics cards.

If you are totally clueless about PCs you can get someone, even a retail store, to build you one. Most of the parts are relatively inexpensive the most expensive parts will probably be the monitors themselves and these are coming down in price day by day. Check this out - a 22" widescreen monitor for only £168: Samsung SYNCMASTER 2232BW 22 WIDE FORMAT TFT SCREEN (2 MS) review cheap prices SYNCMASTER 2232BW 22 WIDE FORMAT TFT SCREEN (2 MS) Samsung best buy discount online uk shop

Home broadband should be fine. If you really want a super fast connection you could try BT Business Broadband for home offices: Business Broadband | Small & medium business | BT.com


As far as news goes, I stay away from trading it, but a rundown of what is coming out and what traders are focusing on is always useful.

At my prop firm we use Ransquawk. You can register for free for it here and get it with a 30 second delay: Ransquawk - Real Time Analysis & News Limited - Register

I believe that real time is about £100 a month or not too far off that.

You could also try a Sky Package for Broadband and then use the TV part of it to watch CNBC Europe, Sky News etc (on yet another monitor if you want to be really flash lol)
 
Bad day here too... that HBOS news took me for a pile this morning just as I was getting smug over the profits! 'Anything can happen!'
 
This is the direct quote from the Pirates!! (Selftrade)

"Due to market volatility, particularly in banking stocks, we are experiencing unusually high trading volumes.

Please note that we are currently not monitoring or executing limit and stop orders.

If you attempt to trade online and see a message that your deal is 'over market size’ please do not send your order to our dealers electronically. Instead, please phone us on 0845 0700720 (option 1) to place your order with a Customer Services representative. If you have previously routed orders to our dealers electronically, please check your account for confirmation of your order being executed.

Further updates will follow during the course of today"

Disgusting. If your IT systems can't handle the volume etc then they should not be allowed to trade. May write to the FSA and see what they have to say?
Grim
 
grimweasel said:
This is the direct quote from the Pirates!! (Selftrade)

"Due to market volatility, particularly in banking stocks, we are experiencing unusually high trading volumes.

Please note that we are currently not monitoring or executing limit and stop orders.
Click to expand...

Switch to a REAL broker ASAP !

They are just a bucket shop.
 
trader_dante said:
+++++++++++++++++++++++++++++
Mods alert: I'm posting a few links - not trying to sell anything just recommending places to get good stuff for a trading setup...if I'm not allowed to do so let me know...

Tom
+++++++++++++++++++++++++++++


If you want to be serious about trading from home I recommend at the minimum a two screen setup.

One for charts and one for order entry.



You could also try a Sky Package for Broadband and then use the TV part of it to watch CNBC Europe, Sky News etc (on yet another monitor if you want to be really flash lol)
Click to expand...

Hey TD
Any views on Virgin broadband...i currently subscribe to a 8meg service but rarely get more than 3meg due to distance from my local telephone exchange...at this speed i run my old Dell and a lap top...laptop for 2 SB watch lists,email, plus Bloomberg TV(free via the net) and PC for another SB watchlist plus other research material, sharescope,and surfing...find with this level of internet useage I do get speed issues...not sure whether the fibre optic broadband would be better...more expensive though...
 
I have virgin broadband - very good service apart from my router used to reset itself. Virgin are ahead of the rest due to the fact they're lines are through cable - already with fibre optics (they aren't through wires...). ADSL is currently limited to 24mb in the uk until they release the new system or something (split the cable into lines, small users get less lines than big users), cable can run up to 100mb/s eventually i think. Back on topic I read about the 2 screen topic before:

Here's a tip, if you want a free CRT usually 19" or bigger or £20 tft's - go to gumtree.com; I got 2 19" ones from there to go along with my 19"tft. As for connecting; most graphics cards have 2 outsockets - VGA and DVI, unfortunately most monitors only take VGA; you can get DVI to VGA adaptors for ~£10.

Sorry this post is a mess! Hope it helps!

PS. quick google edit : thinkbroadband :: Virgin Media radio advertising 'fibre optic' broadband confuses users
 
There she goes!! Gold, hope you were in on the explosion out?
Recovered all my earlier losses on that BO!

A classic pattern trade that I've been watching for a couple of days.
Price met strong resistance but the support kept on creeping up. The MACD was diverging away from the PA then a few IBs formed in the taper of the pattern before exploding out!

Let's see if 789-90 area will now act as support? Not really followed up by a move in the $ pairs or oil, so must have been a pure pattern play?

Grim
 

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