Naz
Experienced member
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A print is a trade that has been executed and appears in the time and sales window.A Nasdaq L2 trader dosnt have to deal at the inside bid and ask he is able to execute out side these boundries,he can also view all the participants out there and deal with whoever he wants.Therefore many times trading goes off away from the hardcore of market activity.Because a trade goes off at a certain level a chart will move to reflect the last trade even though this realy dosnt reflect exactly what is happening.
I dont mind sb companies at all,because i think they offer a service that benefit many.However i find their antics can cause frustration to many players.Of course they can quote any price they like,but the poor customer can only accept or reject it.In a more open market he/she would be able to reject it, be able to view all market activity and deal with someone offering a better price,which would hopefully allow he/she to make better trading decisions.
I dont mind sb companies at all,because i think they offer a service that benefit many.However i find their antics can cause frustration to many players.Of course they can quote any price they like,but the poor customer can only accept or reject it.In a more open market he/she would be able to reject it, be able to view all market activity and deal with someone offering a better price,which would hopefully allow he/she to make better trading decisions.
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Grade me!
Hi everyone,
Please grade my.... maybe stupidness!
Yesterday (Thursday) I bet £5 on S&P 500 at its highest level and I covered at quite a nice place making £50. I was so happy because it was my first ever trade
I got really excited, and you know... I've been tracking the S&P 500 for quite a while and I've been studying the markets for even longer time. I'm also quite familiar with trading rules theoretically. So as I had made £50 yesterday with a margin of £150, spread-betting you can imagine how excited I was, a profit of about 33% in an hour.
Well... I got over-confident, I really tried to convince myself not to trade on Friday (today) because Fridays have their own special rules, they are a bit more complicated than Tuesday-Thursday, I also think Mondays have their own special rules too and I'm not very familiar with those rules yet. But... I said, come on I made so much just betting £5, I will make even more today, Friday, betting £15. I thought about all those quite nasty economic reports that were out before the open and I said... it must go down immediately after the open. So I sold short £10 half an hour before the open and I covered it immediately after the open with a profit of just £5, probably that wasn't bad either spreadbetting hoping to catch to opening jump.
This made me even more over-confident and I wanted more.... so I bet that the market will go even down immediately after the manufacturing report released after 10am, so I sold short £10 (i.e. per point) immedately when I saw that it's heading down, I got a very low price.... the market never actually reached that price, but what can I say! After bouncing back I sold 5£ more and it went down and I expected it to go down a lot, I forgot all about the rate cut etc. At certain point I even had some £20 profit overall but I didn't cover. Eventually not having put a stop-loss, not being very familiar with the system actually, I lost £150
Please grade either my stupidness or anything else you would and comment!
Thanks!
Hi everyone,
Please grade my.... maybe stupidness!
Yesterday (Thursday) I bet £5 on S&P 500 at its highest level and I covered at quite a nice place making £50. I was so happy because it was my first ever trade
I got really excited, and you know... I've been tracking the S&P 500 for quite a while and I've been studying the markets for even longer time. I'm also quite familiar with trading rules theoretically. So as I had made £50 yesterday with a margin of £150, spread-betting you can imagine how excited I was, a profit of about 33% in an hour.
Well... I got over-confident, I really tried to convince myself not to trade on Friday (today) because Fridays have their own special rules, they are a bit more complicated than Tuesday-Thursday, I also think Mondays have their own special rules too and I'm not very familiar with those rules yet. But... I said, come on I made so much just betting £5, I will make even more today, Friday, betting £15. I thought about all those quite nasty economic reports that were out before the open and I said... it must go down immediately after the open. So I sold short £10 half an hour before the open and I covered it immediately after the open with a profit of just £5, probably that wasn't bad either spreadbetting hoping to catch to opening jump.
This made me even more over-confident and I wanted more.... so I bet that the market will go even down immediately after the manufacturing report released after 10am, so I sold short £10 (i.e. per point) immedately when I saw that it's heading down, I got a very low price.... the market never actually reached that price, but what can I say! After bouncing back I sold 5£ more and it went down and I expected it to go down a lot, I forgot all about the rate cut etc. At certain point I even had some £20 profit overall but I didn't cover. Eventually not having put a stop-loss, not being very familiar with the system actually, I lost £150
Please grade either my stupidness or anything else you would and comment!
Thanks!
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Major mistake! If you want to get taken to the cleaners, enter a trade just before economic figures are released. This is the time that the market can see huge volatility as the market makers suck in and blow out all the unwary...... I have seen the dow dip a hundred points in 2 ticks and get back upto par in 5 ticks.... I've seen it go down 100 points, blip up, and go down another 100. Not a nice situation to be in
Thanks!
Major mistake right, but what would you do the day after you just made a gain of 33%, don't tell me you wouldn't do the same thing. It was my first ever trade with real money, I made 3 trades and I won in every one of them, so I said let's go big.... that was the consequence
Not a bad lesson anyway, I think I needed it. I will not go without stop loss from now on, putting stop loss is kind of tricky at FS, I thought maybe I could call them.
Please read the above (Grade Me) from me and tell me what you think I did wrong, or anything else
Major mistake right, but what would you do the day after you just made a gain of 33%, don't tell me you wouldn't do the same thing. It was my first ever trade with real money, I made 3 trades and I won in every one of them, so I said let's go big.... that was the consequence
Not a bad lesson anyway, I think I needed it. I will not go without stop loss from now on, putting stop loss is kind of tricky at FS, I thought maybe I could call them.
Please read the above (Grade Me) from me and tell me what you think I did wrong, or anything else
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Naz
Experienced member
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Chartman is correct about trading before economic figures at 10'oclock,especialy when you sb.but for level 2 Nasdaq traders this how i've enjoyed playing it this year.Take the short in something liquid like MSFT at 1 min to ten because most economic news has been bad and the odds have been that the market will drop immediately,sometimes it has been dramatic and started a morning trend.If you wait for conformation of the fall on the Nadsaq you wont get your short on.
Find someone on your level 2 screen just above the market and have an order to double and reverse if it goes against you.This will close out your short and get you long with one order.Have the island book incorporated into your level 2 screen so you can see the island boys playing the stock.Once in, place an order infront of the market to let the momentum run into it for your profit.If its running like a steam train cancel you order and let it carry on going.Or as the stock travels in your desired direction follow the island play 12 c behind and sweep the island book if it starts drying up.Have a SOES order ready and hit it if the island boys disappear.
Hot key as much as you can.(That means having your orders connected to your keyboard,so that one swipe and a blink of an eye gets you an execution.)There is no 10 sec wait or a telephone call to a spread betting company here.with the right order,by the time it takes for me to move my eyes from the bottom of the screen to the top i've been filled.In my opinion to day trade you need fast executions ultra low, or no spreads and the tools to not only trade but be able to manouvre yourself into winning plays away from the inside quote.
Like in the example above.Placing your position for a profit on an ECN away from the inside market means that in a fast moving stock many times you will get filled far away from the inside quote as players pay up to get a fill.
Find someone on your level 2 screen just above the market and have an order to double and reverse if it goes against you.This will close out your short and get you long with one order.Have the island book incorporated into your level 2 screen so you can see the island boys playing the stock.Once in, place an order infront of the market to let the momentum run into it for your profit.If its running like a steam train cancel you order and let it carry on going.Or as the stock travels in your desired direction follow the island play 12 c behind and sweep the island book if it starts drying up.Have a SOES order ready and hit it if the island boys disappear.
Hot key as much as you can.(That means having your orders connected to your keyboard,so that one swipe and a blink of an eye gets you an execution.)There is no 10 sec wait or a telephone call to a spread betting company here.with the right order,by the time it takes for me to move my eyes from the bottom of the screen to the top i've been filled.In my opinion to day trade you need fast executions ultra low, or no spreads and the tools to not only trade but be able to manouvre yourself into winning plays away from the inside quote.
Like in the example above.Placing your position for a profit on an ECN away from the inside market means that in a fast moving stock many times you will get filled far away from the inside quote as players pay up to get a fill.
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No BeM - we would not have done the same thing. We would have traded our system. Placing a trade just before critical figs are announced in the US is not a system, it is just tossing a coin, and in this case you called heads and it came down tails. Just as you can get a string of winners you will also get a string of losers. It's as inevitable as night follows day, and if you bet the farm on a 50:50 trade then you must expect to lose! Very few systems are losers. The main losing system is to have no system!
A trading system is there to give you an edge. Risk:Reward must be at least 2:1 and many traders would say 3:1. Also stop losses MUST be put in placed. What if, having placed the trade, a workman down the road puts his shovel through your phone line? No internet link and no phone. Your mobile? maybe, but you find that it has run out of charge. The market starts to move against you and you have no way of getting out, or even of knowing whether it is moving at all. Stop losses are there to get you out of trouble without any input from you. So you can have your heart attack after placing your trade and you won't have been wiped out when you come-to on your hospital bed 3 days later when the market has moved 500 points against you!
Set your stop-loss so that you don't lose more than 1% of your trading capital on any single deal. Decide where it is going to be before you place the trade and then place it at the same time - not later. No matter how good you are, you WILL get a string of consecutive losses, and on current showing, probably sooner rather than later. The key is to ensure that you can recover. Your loss of £150 implies that if this is 1% of your capital you have £15000 in your account and you can therefore afford a decent data-feed and charting package. And if not then you are taking excessive risk and won't be around to benefit from what you will eventually learn.
Sorry to sound so negative, but unless you start to do something different your account won't last 3 months!
A trading system is there to give you an edge. Risk:Reward must be at least 2:1 and many traders would say 3:1. Also stop losses MUST be put in placed. What if, having placed the trade, a workman down the road puts his shovel through your phone line? No internet link and no phone. Your mobile? maybe, but you find that it has run out of charge. The market starts to move against you and you have no way of getting out, or even of knowing whether it is moving at all. Stop losses are there to get you out of trouble without any input from you. So you can have your heart attack after placing your trade and you won't have been wiped out when you come-to on your hospital bed 3 days later when the market has moved 500 points against you!
Set your stop-loss so that you don't lose more than 1% of your trading capital on any single deal. Decide where it is going to be before you place the trade and then place it at the same time - not later. No matter how good you are, you WILL get a string of consecutive losses, and on current showing, probably sooner rather than later. The key is to ensure that you can recover. Your loss of £150 implies that if this is 1% of your capital you have £15000 in your account and you can therefore afford a decent data-feed and charting package. And if not then you are taking excessive risk and won't be around to benefit from what you will eventually learn.
Sorry to sound so negative, but unless you start to do something different your account won't last 3 months!
Thanks neil,
I always thought in the same way, but really, think about this, you follow the market for quite a long time, you trade on paper and it comes right, I could say about 70-80% of the times. Then you (me in this case) open a spread-betting account with £500 (as I did) and then say, what the hell let's bring reality in life, so you bet £5 per point, you make £49 in an hour, then you bet £2 per point and you make £4 more in the same day, then you wake up the following day, you're not that sure about the market because there is a report release just at 10 o'clock but you're certain that it will still go down immediately after the open, so you bet £10 per point and you make £5 again. Wouldn't someone else become overconfident as well? Maybe it's just about me! Then you just think... what the heck, I'm getting it right all the time, let's take more risk, so after I bet immediately after 10 o'clock I got burnt. And I never used stop-loss just because it's so damn difficult to do that in FinSpreads.
From now on I will bet about 50p, at least for quite a while, I've only got £410 more in the account to go! But the loss was so painful!
Cheers!
I always thought in the same way, but really, think about this, you follow the market for quite a long time, you trade on paper and it comes right, I could say about 70-80% of the times. Then you (me in this case) open a spread-betting account with £500 (as I did) and then say, what the hell let's bring reality in life, so you bet £5 per point, you make £49 in an hour, then you bet £2 per point and you make £4 more in the same day, then you wake up the following day, you're not that sure about the market because there is a report release just at 10 o'clock but you're certain that it will still go down immediately after the open, so you bet £10 per point and you make £5 again. Wouldn't someone else become overconfident as well? Maybe it's just about me! Then you just think... what the heck, I'm getting it right all the time, let's take more risk, so after I bet immediately after 10 o'clock I got burnt. And I never used stop-loss just because it's so damn difficult to do that in FinSpreads.
From now on I will bet about 50p, at least for quite a while, I've only got £410 more in the account to go! But the loss was so painful!
Cheers!
One more thing... I think I will go long 50p on S&P 500 some day this week, maybe after the Federal Reserve decision, which I don't think would be anything but encouraging although they may not cut rates. Seems like we've got a sort of "at least for now" bull market!
BeM
Don't mean to be rude but you may as well just give me your money!! You hardly know the first thing about trading yet. If I were you I would read the first 2 Market Wizard books by Schwager and then read Van Tharp's Trade Your Way To FInancial Freedom before trading again. You are purely gambling at the moment and it is only a matter of time before you are separated from your hard earned cash.
I wish you luck
Don't mean to be rude but you may as well just give me your money!! You hardly know the first thing about trading yet. If I were you I would read the first 2 Market Wizard books by Schwager and then read Van Tharp's Trade Your Way To FInancial Freedom before trading again. You are purely gambling at the moment and it is only a matter of time before you are separated from your hard earned cash.
I wish you luck
So I've got this from Amazon, which one could it be?
Most popular results for: schwager
1. Market Wizards: Interviews with Top Traders
2. Getting Started in Technical Analysis (Getting Started)
3. Stock Market Wizards: Interviews with America's Top Stock Traders
4. Stock Market Wizards: Interviews with America's Top Stock Traders
5. Smarter Trading: Improving Performance in Changing
6. Study Guide for Technical Analysis (Schwager on Futures)
7. Market Wizards
8. The New Market Wizards: Conversations with Top Traders
9. The New Market Wizards
10. The Right Moves: a Girl's Guide to Getting Fit and Feeling Good
Most popular results for: schwager
1. Market Wizards: Interviews with Top Traders
2. Getting Started in Technical Analysis (Getting Started)
3. Stock Market Wizards: Interviews with America's Top Stock Traders
4. Stock Market Wizards: Interviews with America's Top Stock Traders
5. Smarter Trading: Improving Performance in Changing
6. Study Guide for Technical Analysis (Schwager on Futures)
7. Market Wizards
8. The New Market Wizards: Conversations with Top Traders
9. The New Market Wizards
10. The Right Moves: a Girl's Guide to Getting Fit and Feeling Good
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