Best Thread How To Make Money Trading The Markets.

[DionysusToast]

Richard

Good stuff.

You must have some seriously fast fingers to have seen this and got a screen print of the action as it happened !

You should change your screen name to 'quick draw'.

DT

 

[Benny Dorm]

Mr Charts' method as performed by others.

Heavy selling in the fifties prompted exit for +68.

 

[Mr. Charts]

Very nice trade, Benny
Best wishes,
Richard

 

[Benny Dorm]

Thanks Richard.

Just one more to show that if I can do it anyone can! :-0

Spotted RGC today. Volume increasing, T&S showing purchases etc. took the plunge and got out when things looked shaky for +35.

Like Mr Charts not all mine win (I wouldn't like to compare percentages!! ), however, losses I treat like a business expense - just keep them as low as poss.

 

[Mr. Charts]

Excellent, Benny, excellent
Even on a very tight range choppy day, the oppys are there
Best wishes,
Richard

 

[fgp]

Not actually trading yet but I am scanning in premarket and 15min after open. using momentum strategy and couple other rule I put it in for entry and exit, today, I had 2 losers and 6 winners.losers were -.09(feed), -0.35(apple. in not to trade list but I put it in for sake of testing) winners: +.20(syx),+.27(uaua),+.32(cmc), +.40.(lvs).

Im having an issue with Ensign+IB feed. while most chart refreshes right away, some of them take a few min. to give me a whole picture. Anybody have thoughts on this?
I know Esignal supposed to be a flawless compare to ensign, but ensign is way cheeper than esignal.

Which order management system do u guys use for multi-positions?

thanks for the contribution mr.chart and many others.

chart in just one of example.

 

[thevinman]

Hi Fgp,

There is a limitation on how many symbols you are aloud to see while using IB datafeed for another TA software. Call IB support if you want to know exactly.


I hope this helps,

thevinman

 

[skanker]

Pedro,

You mentioned that you automated some of these processes. if you are willing to share, I would love to listen. If you described your process from pages 65 to now, then forgive me.

 

[Mr. Charts]

I got into trading US stocks partly because I was able to come home from work in the UK evening and trade the US afternoon session as the UK is 5 hours ahead of Eastern Time.
After a while I gave up the day job and started trading for a living full time and I've been doing that for the last ten years.
Often stocks that come onto my radar during the UK afternoon produce great moves in the evening.
Yesterday for example I used the method on this thread to position manage HLX. I spotted it at 4.30 pm UK (11.30am Eastern) and although it didn't break out shortly afterwards I kept it on my alert list and kept checking it. One of the things I liked was the way it kept creeping up after shallow pull backs.
I went long on the break out (what could be simpler?) with the expectation of picking up 10c-15c. However, I trade on the evidence and my methods, not on my opinion.
Opinions are subjective, markets might be sentiment driven sometimes, but actual price action is objective, so why trade on an opinion?
The price simply kept on rising and I exited shortly before market close for +36c a share.
At no point did a candle take out the low of the previous one, so I stayed in.
What was my risk? On entry the low of the candle was 5c away so the MAXIMUM risk was 6c. The ATR was 3 so that suggested a sudden violent move against me was a low probability.
With such a slow moving stock I could then take a larger position size and accordingly maintain a strict dollar risk.
This was a nice easy relaxing slow gainer which I exited after 47 mins only because market close was imminent and I don't hold overnight positions in stocks as I am risk averse.
Trading can be quick and brief, or slow and relaxed lasting anything up to a few hours, whichever you choose for your own personality. I like both and everything in between and tend to simply stay in a trade until I get an exit signal from my methods.
Someone trading just 2000 shares of HLX in that situation yesterday would have been risking a MAXIMUM (using charts only) of $120 and gained a profit of $720.
I don't believe in waffle, riddles, puzzles, hoping, denying reality and all that time wasting stuff. I prefer rules and methods. Clear unambiguous stuff.
Nice and easy. Concentrate on risk control (not so much profits) and let the stock move till the rules say exit.
Richard

 

[tradespreads]

Dentistry is a nobler profession.

 

[lbranjord]

Dentistry is a nobler profession.

Dentistry seems like a tedious and difficult task. While I'm sure it's a rewarding one, Mr. Charts put in his time as a dentist. No one should have to be one person forever.

I delivered pizza, boxed up foam squares in a factory, toured the world in a heavy metal band 2 yrs professionally, published non-fiction, worked as a loan officer, became an Production Analyst in IT... and not one of those roles was something I wanted to do more than a few years...

Who knows, maybe once I go full time trading I'll feel the same. But I'm all for people reinventing themselves and experiencing life!

 

[Mr. Charts]

Dentistry seems like a tedious and difficult task. While I'm sure it's a rewarding one, Mr. Charts put in his time as a dentist. No one should have to be one person forever.

I delivered pizza, boxed up foam squares in a factory, toured the world in a heavy metal band 2 yrs professionally, published non-fiction, worked as a loan officer, became an Production Analyst in IT... and not one of those roles was something I wanted to do more than a few years...

Who knows, maybe once I go full time trading I'll feel the same. But I'm all for people reinventing themselves and experiencing life!

Spot on.

Also trading pays better than dentistry, is less stressful, no commuting, uses less capital and many other things.
Yes, there are times when it was very satisfying putting people out of their pain, doing high quality work and so on, but you are the person you are, not the job you do. People may view you superficially by the job, but that's not your true identity.
Any person can bring "nobility" to most jobs.
How "valuable" the job is is a different matter. Even then most jobs have more value than people usually attach to them.
Richard

 

[timsk]

Yes, there are times when it was very satisfying putting people out of their pain, doing high quality work and so on, but you are the person you are, not the job you do.

Richard,
As you know well, your comments about trading have always made a lot of sense to me and I've learnt a lot from you over the years. Viz a viz trading - total respect! But the comment quoted simply does not compute. Dentists are infamous for inflicting pain and, consequently, I've always assumed this was one of the prime reasons people are attracted to the profession. I've never read an undergraduate prospectus for dentistry but, if I did, I'm quite confident that on page one in bold type it says something to the effect: 'the only profession in the civilised world where you can not only legally inflict pain on the general public day after day - but get paid handsomely for it as well!'

Tim.

 

[Mr. Charts]

Hello Tim,
I was referring to putting people out of the pain caused by other dentists..........obviously
Richard

 

[lbranjord]

Hello Tim,
I was referring to putting people out of the pain caused by other dentists..........obviously
Richard

I'll refrain from listing my expensive dental work and the pain I have endured...

I have one last thing to add. having an excess of money is not inherently bad. It should be in the hands of those who will put it to positive use. Some people may buy only things for themselves, but others may only spend a little on their comforts and choose to spend some of what they get to make an impact on their community or state or country, possibly one much larger than they could have in a tougher or poorer profession.

 

[amit1986]

If I understand what you are trying to say correctly, then I would have to disagree. Of course, some people just waste their money on things, where that money could have contributed to a greater cause. However, if someone has worked hard their whole life and has made a lot of money, then they have all the right to spend every dime on themselves. Whatever is leftover can be given back to the community in various ways. It is not necessarily the case that only those who spend their money on a positive impact on their community are the ones who are able to put "it to positive use."

However, if you have A LOT of money and have fulfilled all your material desires and are still not willing to contribute to your community, then it's not a positive use of money. But most people who have the luxury to have all their desires fulfilled usually contribute large amounts to charity to avoid public scrutiny.

I'll refrain from listing my expensive dental work and the pain I have endured...

I have one last thing to add. having an excess of money is not inherently bad. It should be in the hands of those who will put it to positive use. Some people may buy only things for themselves, but others may only spend a little on their comforts and choose to spend some of what they get to make an impact on their community or state or country, possibly one much larger than they could have in a tougher or poorer profession.

 

[lbranjord]

If I understand what you are trying to say correctly, then I would have to disagree. Of course, some people just waste their money on things, where that money could have contributed to a greater cause. However, if someone has worked hard their whole life and has made a lot of money, then they have all the right to spend every dime on themselves. Whatever is leftover can be given back to the community in various ways. It is not necessarily the case that only those who spend their money on a positive impact on their community are the ones who are able to put "it to positive use."

However, if you have A LOT of money and have fulfilled all your material desires and are still not willing to contribute to your community, then it's not a positive use of money. But most people who have the luxury to have all their desires fulfilled usually contribute large amounts to charity to avoid public scrutiny.

I see the Yin to my Yang here and I don't discredit your side in this. But when someone like Mr. Charts chooses to make more money on the stock market rather than make less doing dental work for others, many people are going to become critics and call that a selfish decision or a greedy one.

I was trying to show that it, if he chooses, he could have the power to serve others more than ever in the profession he is in now. Not that he's obligated.

I do not like to see those who don't try, get a free pass. I was raised in the country and learned the value of work. I look for that in others. Traders seem to share that mentality, even the bad ones in most cases.

Good debate Amit!

 

[DionysusToast]

Well - this thread has taken some twists & turns in it's time...

Richard - seems there's some people on here want some pro-bono dental work. Perhaps leaving out the anaesthetic will keep the freebie hunters at bay.

Anyway - not sure about the rest of you - but I couldn't get going yesterday - very choppy for me. I don't think today will be much different with FOMC at 2pm. I'll more than likely sit it out. Richard - how did you get on ?

 

[amit1986]

I understand what you are trying to say. It is true that Richard could spend most of his time teaching others to trade and helping them become successful. But, there is a great opportunity cost of his time and at the end of the day, you have to be practical. I appreciate the fact that he even teaches people at all. So given the amount of effort he has put in to developing and refining his methods along with the fact that he also gives back to the community not just by writing a cheque but by teaching others to be successful, tells me that he is not all greedy nor selfish.

I agree with your last paragraph though!

Amit

I see the Yin to my Yang here and I don't discredit your side in this. But when someone like Mr. Charts chooses to make more money on the stock market rather than make less doing dental work for others, many people are going to become critics and call that a selfish decision or a greedy one.

I was trying to show that it, if he chooses, he could have the power to serve others more than ever in the profession he is in now. Not that he's obligated.

I do not like to see those who don't try, get a free pass. I was raised in the country and learned the value of work. I look for that in others. Traders seem to share that mentality, even the bad ones in most cases.

Good debate Amit!

 

[DavidS]

You seem to be forgetting the tax issue.

Assuming people have not acquired their wealth illegally, they have most likely paid 20% - 50% of it to the state in taxes. The state then spends it wisely to the general betterment of society