Best Thread How To Make Money Trading The Markets.
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oildaytrader
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I use Alpari U K where I am having a lot of non fills and spread widening IN FAST MOVING MARKETS.
I also have accounts with ODL and interactive brokers.I had other problems with interactive brokers with fills on euro/usd futures for full contracts , so they are not any better.On buy limit orders , the offer price would go at least 1 pip below my bid price and I would still be awaiting a fill confirmation after 30 seconds.
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TheBramble
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Paul, if he's trading $1 trillion daily it's largely irrelevant which broker he’s using. That’s quite some position. Almost double my size and even I have trouble.
oildaytrader
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Bramble $1 tn is the daily volume traded i.e the liquidity.My positions are only minis.
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TheBramble
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So if his position represents the entire trading volume for each day, who is he trading against?
oildaytrader
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pedro01
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O D T.Have you gone through all of these brokers and written them off on the basis of demo accounts alone ?
TheBramble
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LOL. We could have kept this going for a while ODT...
oildaytrader
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I have left demo accounts for Zupcon.
Here is my live account results updated regularly.No need to insist by PMS .
MT4 Stats - Share your MetaTrader 4 Statements with the world
On demo accounts fills are instant in trending markets ,it gives a feeling of success.Get clobbered on live accounts
o d t
Technically Fundamental
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What if you scale out?
oildaytrader
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It can be done succesfully with direct liquidity providers and avoiding small brokers without liquidity.
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Mr. Charts
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Back from holiday.
Thanks to BTippen and bfirth for your excellent posts.
ODT,
This thread is about US stocks intraday, but you have chosen a UK stock and your chart is a daily chart.
Chalk and cheese.........
Maybe you think as most do that chart movements are fractal. Ain't necessarily so..............
Jinxed,
Thank you and I'm very pleased you can see how to make money even just using this one approach
Richard
Thanks to BTippen and bfirth for your excellent posts.
ODT,
This thread is about US stocks intraday, but you have chosen a UK stock and your chart is a daily chart.
Chalk and cheese.........
Maybe you think as most do that chart movements are fractal. Ain't necessarily so..............
Jinxed,
Thank you and I'm very pleased you can see how to make money even just using this one approach
Richard
Mr. Charts
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Provided this thread remains "clean" I'll take it off on the other tangents I mentioned a while back.
Richard
Richard
amit1986
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Hi Richard,
I've spent the last few hours going through every page of this thread and this forum is filled with excellent trading advice and I am finding it very useful! I do however have some questions which I was hoping you could answer when you get the time.
1) My strategy is quite similar to yours (or at least it seems to be). I trade breakouts on 5-minute charts using Time and Sales to judge momentum. You mentioned that you use Time and Sales along with Level 2 which provides you with an "extra edge". What do you think of using ONLY Time and Sales to judge entries based on momentum?
2) Almost all of the charts you have posted here are very clean, trending charts, where the candlesticks are nicely contained with the EMA(10). Are you able to find charts like these on a daily basis? During earnings season a couple of months ago, there would be stocks presenting excellent trades almost daily. However, during the month of August and this first week of September, it's been an almost difficult task (if not, nearly impossible) for me to find similarly easy trading opportunities. Surprisingly, I also do pre-market research of company news, but August has been a very dull month and so far, September hasn't exactly been any better.
3) I have been on your website and tried to gather a little more information regarding your personal coaching services, however, just to clarify, your "1-2-1" training sessions only last for 1 day (min. 7 hours)? Do you offer personal training while you are traveling? I reside in Toronto and am curious if you plan on coming to Canada or the U.S. in the near future for a training session that I would be willing to meet you for?
4) When you enter a trade, do the trades that end up profitable always go into profit the instant you enter the position? I find that often, upon entering a breakout, stock price reverses a few cents only to continue in its intended direction thereafter. In cases such as these, how do you decide whether to stay in the position or exit quickly for a small loss?
Hope you had a wonderful holiday and thanks for taking the time out in answering these questions.
Amit
I've spent the last few hours going through every page of this thread and this forum is filled with excellent trading advice and I am finding it very useful! I do however have some questions which I was hoping you could answer when you get the time.
1) My strategy is quite similar to yours (or at least it seems to be). I trade breakouts on 5-minute charts using Time and Sales to judge momentum. You mentioned that you use Time and Sales along with Level 2 which provides you with an "extra edge". What do you think of using ONLY Time and Sales to judge entries based on momentum?
2) Almost all of the charts you have posted here are very clean, trending charts, where the candlesticks are nicely contained with the EMA(10). Are you able to find charts like these on a daily basis? During earnings season a couple of months ago, there would be stocks presenting excellent trades almost daily. However, during the month of August and this first week of September, it's been an almost difficult task (if not, nearly impossible) for me to find similarly easy trading opportunities. Surprisingly, I also do pre-market research of company news, but August has been a very dull month and so far, September hasn't exactly been any better.
3) I have been on your website and tried to gather a little more information regarding your personal coaching services, however, just to clarify, your "1-2-1" training sessions only last for 1 day (min. 7 hours)? Do you offer personal training while you are traveling? I reside in Toronto and am curious if you plan on coming to Canada or the U.S. in the near future for a training session that I would be willing to meet you for?
4) When you enter a trade, do the trades that end up profitable always go into profit the instant you enter the position? I find that often, upon entering a breakout, stock price reverses a few cents only to continue in its intended direction thereafter. In cases such as these, how do you decide whether to stay in the position or exit quickly for a small loss?
Hope you had a wonderful holiday and thanks for taking the time out in answering these questions.
Amit
Indeed. Another instance of conventional wisdom that may or may not be true.
If one thinks about the different types of market players with different time horizons etc etc, it is hard to come up with any convincing argument as to why chart movements should be truly fractal. In this game, the devil is in the detail and over generalization is a huge impediment.
Apologies for off topic comment.
Mr. Charts
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amit1986,
1. No, do not merely use micro-analysis alone to trade or you will get whipsawed constantly as it needs to be used in the right way at the right time otherwise it can merely be insignificant noise.
2. You shouldn't expect the market to be the same all the time. There are summer doldrums when opportunities are far fewer on this particular set up, although they are still there. I have other techniques and set ups which are beyond the scope of this thread which is devoted to just one of them. Different approaches for different situations.
3. I have taught people all over the world, some face to face but mainly by images and phone. I won't go into detail or I'll be accused of advertising my courses and the mods will ban me, but if you want to know more EMAIL me, I don't read PMs.
4. Most go straight into profit immediately, but micro-analysis helps reduce my percentage of false break outs. I do believe in keeping losers small and if I go long and the direction reverses I usually exit for a small loss or small gain. If you trade purely on charts without micro-analysis you can still be very profitable, as I've said several times on this thread.
Hope that helps,
Richard
1. No, do not merely use micro-analysis alone to trade or you will get whipsawed constantly as it needs to be used in the right way at the right time otherwise it can merely be insignificant noise.
2. You shouldn't expect the market to be the same all the time. There are summer doldrums when opportunities are far fewer on this particular set up, although they are still there. I have other techniques and set ups which are beyond the scope of this thread which is devoted to just one of them. Different approaches for different situations.
3. I have taught people all over the world, some face to face but mainly by images and phone. I won't go into detail or I'll be accused of advertising my courses and the mods will ban me, but if you want to know more EMAIL me, I don't read PMs.
4. Most go straight into profit immediately, but micro-analysis helps reduce my percentage of false break outs. I do believe in keeping losers small and if I go long and the direction reverses I usually exit for a small loss or small gain. If you trade purely on charts without micro-analysis you can still be very profitable, as I've said several times on this thread.
Hope that helps,
Richard
Mr. Charts
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Spot on and succinctly put, dcraig.
It's amazing how because people read the same old nonsense and half-truths on web sites, in books etc they assume it must somehow be correct. I suppose they assume that most posters know what they are talking about because the seem to "know" more than they do.
Nonsense gets propagated through repetition until it achieves the status of myth. No wonder the vast majority of would-be "self-taught" "traders" fail. False belief systems are very difficult to overcome, especially when they are widely held and propagated.
If you've got any more pithy "off topic comments", please make them
Richard
This may be a daft question but one which I havn't had a really good answer for.
What is the rational behind keeping an eye on the futures when day trading US stocks? I appreciate that the futures do give an indication of direction of the whole market but what advantage do they have over say spot QQQQ?
Thanks
J
What is the rational behind keeping an eye on the futures when day trading US stocks? I appreciate that the futures do give an indication of direction of the whole market but what advantage do they have over say spot QQQQ?
Thanks
J
Mr. Charts
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Not daft at all.
I like to keep a close eye on the relevant index futures as they show the context, the environment in which the stock is moving. There is no reason why you shouldn't use QQQQ rather than NQ #F or SPY rather than ES #F. Once they are both open they move in concert.
Richard
I like to keep a close eye on the relevant index futures as they show the context, the environment in which the stock is moving. There is no reason why you shouldn't use QQQQ rather than NQ #F or SPY rather than ES #F. Once they are both open they move in concert.
Richard
