Market chat

[Mr. Charts]

>BeM
Oh dear.
I posted what I thought was a helpful specific answer to a specific question.
It provides a benchmark for people to relate to.
I detect a certain doubt as to the veracity of my statement.
A doubt you have expressed before and choose to repeat.
However, I would not have made it without having in my possession proof in the form of brokers statements from someone I have coached.
He has allowed me to make them available to anyone I CHOOSE.
If anyone here whom I respect wishes to see them they can contact me; moderators, for example, and also folk like Naz, FTSE Beater, HelenQ and other serious traders.
No, I am not touting for coaching business, I just really don't like the insinuation that I am a liar.
Making comments like those and the ones you have made to me in private messages are not acceptable just because you place emoticons after them.

 

[Naz]

Hi dsmodi

Yes let me talk about the downside.The system is so good many will over trade at the beginning because it is so easy and quick.Many will not spend the time in learning it and practicing it.To many in my opinion will try and scalp with it without proper instruction.Many of course will read all about it and think they know it all.

But many will watch it and see the same things happening time and time again and then by instinct they will understand what the next move should be.Then they will practice their direct access skills so that are so quick when they see that move occuring that they can be in before many others.Once they feel comfortable with it they then adapt it to the style that they wish to trade.

Oh yes and like any trading you have periods of time when just nothing goes right for you and you think i'll junk this lot and go back to reading tea leaves.

 

[BeM]

Mr. Charts,
Prosperous and good people don't boast.

 

[BeM]

Mr. Charts,
I sent you a private message a few days ago in which I was friendly and here it is:

"I know that we, two Internet personalities, had a disagreement It was just a disagreement Reasonable people, as I consider myself one, agree to disagree, however I have learnt a lot ever since. I am 23 and I always had great respect towards the more experienced and the elderly from whom I can learn"

And this is your reply:

Re:
"the elderly"
Perhaps you should choose your words with more care as some people would find that phrase offensive.
I assume your choice is the result of inadequate English rather than meant to be insulting.
Please do not be upset when I say that I am unable to enter into a private dialogue with you.
quote:
--------------------------------------------------------------------------------

BeM wrote on 14-12-2002 09:28 PM:
I know that we, two Internet personalities, had a disagreement It was just a disagreement Reasonable people, as I consider myself one, agree to disagree, however I have learnt a lot ever since. I am 23 and I always had great respect towards the more experienced and the elderly from whom I can learn

--------------------------------------------------------------------------------


__________________
Mr. Charts

If I'm not mistaking you put me to "ignore" because I saw "access denied". Then I sent you the following message, if you could receive it:

Re:


I meant no offence, as I mentioned both "more experienced" and "elderly" and I didn't have you in mind for "the elderly". I have a mentor, or a professor, who is over 70, although I wouldn't use this word when talking to him. I respect both the more experienced and the elderly No need for further dialoque!




quote:
--------------------------------------------------------------------------------

Mr. Charts wrote on 15-12-2002 12:15 AM:
"the elderly"
Perhaps you should choose your words with more care as some people would find that phrase offensive.
I assume your choice is the result of inadequate English rather than meant to be insulting.
Please do not be upset when I say that I am unable to enter into a private dialogue with you.


quote:
--------------------------------------------------------------------------------

BeM wrote on 14-12-2002 09:28 PM:
I know that we, two Internet personalities, had a disagreement It was just a disagreement Reasonable people, as I consider myself one, agree to disagree, however I have learnt a lot ever since. I am 23 and I always had great respect towards the more experienced and the elderly from whom I can learn

--------------------------------------------------------------------------------


__________________
Ben

I think everyone could imagine what this is all about. I like having more friends but unfortunately sometimes it's not possible. But please "ignore" me! I really want to benefit from my visits to this website.

 

[BeM]

Hi Helenq,
I'm sure it's possible to make even more than 30% in a few hours. It happened to me I can say for a few times, i.e. considering that you need about 5% margin. But there are losing times as well so there are very very few people who can make something extraordinary like .7% consistently every day. Some days you don't make anything at all but if the average would be like that, just imagine what that would mean in a year, also considering that one could trade also with the gains added to the capital. Some people like to boast, if they don't have other purposes, but if they could make that much I'm sure they wouldn't need boasting because they knew themselves and everyone else close to them that they are really prosperous and probably quite rare.

 

[Naz]

I tell you what.No wonder this thread has had nearly 21,000 views.Sometimes it quietens down and you think ahhhh look no ones interested in it any more.Then crash! bang! wallop! and its compulsive reading again.

Common lets move on and get back to trading topics again.

"Do you know i spend so much time chating on this web site my wife thought i had an internet lover" TRUE!

 

[ChartMan]

But darling, you should have admitted it while you had the opportunity....then we could chart forever... sorry, should that be L2 ? Happy Xmas.

 

[Naz]

Chartman behave yourself you're getting married.

Happy Christamas to you and all the rest of the market chat viewers who must have made this thread one of the most read on the web this year, with loads of potential profitable comments.like the island reversal on the Nasdaq in March.

Good luck and have a profitable New Year

 

[BeM]

Happy Xmas!

 

[FTSE Beater]

Fooling around and getting married Chartman. Are you planning to go into politics?

This might well be the most view thread on the web, and if so congrats to Naz for making it what it is

What I meant to say is, did anyone else notice the volatility on the Stoxx today? I presume it was caused by the Triple Witching, but why didn't the US have extra volatility as well

Stoxx

S&P

 

[BeM]

I thought Triple Witching was supposed to happen tomorrow
I have to give my total praise and admiration to one man "bigblue". He noticed the surge in gold some days ago and he also mentioned MO (Phillip Morris) that was looking to rise. Today gold is at 8-year high and MO has risen quite a lot. I tried to attach the picture but instead I attached some pictures I am sure you wouldn't expect to see in a website like this So I just attach the link
http://cbs.marketwatch.com/tools/quotes/intchart.asp?symb=mo&sid=3753&freq=9&time=1dy&siteid=mktw

 

[options]

http://www.nasdaq.com/services/powerview/powerview.stm

Here ya go. This offers a live demo during market hours for the Nasdaq. (Diferent stock each day. Intel are on at the moment.)

Register for the lycos live nasdaq quotes/charts, and you should be able to see the L2 and chart side by side. (That's the theory at least.)

If I'm wrong on this, put me right please Naz.

May even be able to use this through the sb's as well.


'Boy'

http://www.1stdaytradinginformation.com

This is the web address for your question. It's not for me to be censorial. These people can tell you 'how' to trade, but they can't teach you 'how' to trade.

That sentence will only make sense to traders. If you don't understand it, you still have a long road to travel. (That's not directed at you 'boy' but is a general statement. I have no idea of course, how far down the trading road you are.)

Bem.

Any question you post on here will be answered by anyone who thinks they can help enlighten you, because they have been through it before. It doesn't matter if you agree with the answer or the person. That is how they see it.
You are being answered by pro traders who have taken the time from trading/research to help you for free. The infomation is given to help you through the learning curve, (that never ends,) to try to save you running the gauntlet, but I don't think it will be successful, because you are running around in circles at the moment.

Longer term trades can be more profitable, but you can still earn a decent living on a couple of short term trades a day or every other day come to that. It all comes down to the trading style that suits you. But first you have to find that style. Each to their own.

In Livermore's book he also mentioned it took 3 days for the San Francisco earthquake to price itself into the market. Todays disasters? 3 minutes. After that it near impossible to get a trade on.

Your way forward is to post less on here, more learning, then trade. More learning, then trade. That's when you may find out who you are.

No real short cuts are out there. It's all down hard work.

Options.

 

[Naz]

Well done to options for his Nasdaq link.But i find the whole thing a little embarrassing.

The demo looks completely inadequate to all the info i'm seeing on my screen and it gives a pretty dim view of the whole set up.

These are my opinions.What we are viewing is a jerky internet view of Super montage,Nasdaq's latest offering,prices and movements dont happen like that in real time.Why any trader wants to view depth of market on the top in the way it is presented is beyond me.The market makers are going to have a field day using that for their fakes.Secondly on the demo none of the ecns are marked.Coloured levels are not shown.Time and sales are missing.I know its a demo but it gives a realy bad image of the whole set up,it is just not like that.

I've got print outs of the whole new sysyem and i believe its a way of getting more level 1 users to change over to level 2.whilst giving existing level 2 players more liquidity to trade with.People who dont understand what is realy happening in the main body of the screen will be able to look at the top"Depth of view" and feel comfortable whilst the traders will milk them mercily by playing around with it.

From a traders view the main body of the screen should be a lot better with more liquidity offered.ie Market makers and ecns will be able to show multiple orders on the screen.This will have the effect of having the top multiple orders from the ecns in the level 2 screenThis will realy be a big bonus.At the moment i can only incorporate island.

It means that more novice players are going to find it a lot easier to use their direct access orders.Whilst more experienced players are going to get some fantastic fills.Enabling them to get in and out much better with larger size.It will also make even less liquid stocks worth playing.

Basicly its more or less what we've got now,but with more liquidity and a depth of market on top to entice beginners.It should be all things for all people,i just hope that in real time all the graphics and movement will be as good as they are now.Dont be put off by the demo.

 

[Mr. Charts]

I don't think I could ever trade again without level 2.
It is essential to have as much info as possible in any trading situation and IMHO you are handicapping yourself if you haven't got level 2 - and understand how and why it works.
Yes, there are all sorts of tricks the MMs get up to and you can never be certain of anything and so on, but trading without it is like seeing the trading environment through frosted glass.
Like Naz says, it opens up a whole new world in anticipating movement. Better entries, better exits.
I'd like to say the sort of percentage improvement in the bottom line using level 2 has given me, but since that is inviting further accusations, I shan't bother.

 

[Naz]

Nice post Mr Charts.

I have heard from many a seasoned trader that it has increased their bottom line amazingly well.Have a very nice Christmas and prosperous New Year.

 

[Mr. Charts]

Happy Holidays to you too, Naz, and I really appreciate all the excellent informative contributions you've taken the time and trouble to post in the past year. We all constantly learn and your posts have helped me. Thanks.
Happy Hols to everyone, enjoy the break and come back fresh!

 

[Naz]

Thanks for the kind comments.

I also want to thank all the anonymous people who have checked in and read market chat in the last year.I know some of you are learners and dont post,but a few send me e mails because my e mail address is in the thread somewhere.Keep them coming i will always try and answer all of them.

Happy Christmas to all of you as well.

 

[neil]

TA plus some Level 2

I've posted this link under TA but due to the number of newbies who flock here I thought it might be of use to them if I also post here.

The link below relates to TA, some Level2, even some reading on drawing trend lines and using Vic Sperandeo's method of trend line break trading, his 1,2,3 method.

http://www.cybertrader.com/cybertraderreview/v2i9/?content=supplyanddemand

 

[Naz]

Neil.
Its very good of you to find that link.It has been written in a way to show the benefits of level 2 Nasdaq,so that the ordinary guy says yes thats for me.

It is fine as a starter for a view of the action.But as i said in a previous post about the downside.Its guys that read about it and think they know it all that fail.Then they moan that it dosnt work.

What you see there is a simplistic view.What the Nasdaq with Supermontage are trying to do by adding depth of view to the new screen is to suck in new traders and chart readers who think that they understand it.Depth of market is nothing.Depth of market is to be used in many different ways.Not just how they portray it.

The players will have a field day with new traders if they start using supermontage in a way that is portrayed there.I had the foresight early on after being taught level 2 to say hang on a minute there is more to this that meets the eye.It was that quest to find what,is really going on and how to take advantage of it that works.

Enjoy reading the article but understand there is a lot more to it than what you think.Its searching to find those hidden nuggets of gold that will make it work and that is found mainly from US scalpers who trade it hundreds of times a day.Thats why i went and joined them.

 

[neil]

Jeez Naz

Hey Naz,
Don't slap me down. The link is mainly TA. Level 2, as any intelligent person who has read your posts or has a modicum of sense, knows you can't trade from a book.

Perhaps I should add a wealth warning or something every time I post or stop posting what I think of as educational material , or food for thought.