New! Risk Taker! Keen! Confused!

[Jigs]

Guys, I am quite interested in intra-day trading.. guess US stocks is the way forward to work with the level of activity, and work it well..

At the moment I only have account with TD waterhouse - UK..only using to trade standard FTSE shares at the moment. As you can gather, I lack experience in trading outside this arena. I am very new, but as the titile suggests; I am keen,& a risk taker!!..My questions are these:

-Where do i start? ; as in who shall I open account with, what kinda account?..

=What in your opinion should I trade; i.e. just shares? is that what you trade? or Futures/Options or CFD, I am really confused about what and how you trade!!!..

- What access is good, as in Level II, direct access, and how to obtain this..really confused about this too!!..

I think the rest I will research and find my way around, in terms of techniques, potential buys etc... Much appreciate if you could just direct me to the right tools & direction!..

Thanks alot for your support...

 

[Naz]

Jigs,

I mentioned in my previous post all the charts and brokerages I use. With regards to training and direct access. Anything I post will be deemed as advertising so it will be taken off the thread, may I say just search for my web site by googling Alan Rich.

However I just want to take things further with some advice for others. Day trading means just that, not day analysing, trading. When people first start they think trading is analysing, they learn all the analysing skills and think it will work for them. All they will get is analysis paralysis.

They trade belief from their analysis, not what is truly happening.( I designed some special charts to sort out this one.)

Beginners carry on with their belief until the pain gets to much and they exit with a large loss.
The trader understands the analysis but trades what he sees and not what he thinks.

The beginner starts making money, thinks this is great, gets greedy, wants more and ends up loosing the lot, the trader knows when to take his profits and move on.

The beginner is so enthralled he spends all day at his screens, the trader spends as little time as possible, focusing on building his account not falling in love with his screens.

The beginner has finger twitch and will take trades from an involantry thought from his brain. The trader can wait for just the right moment.

I hope this helps a little.

 

[Naz]

I've been really lucky to analyse a move yesterday with another trader. We used T/A to find reasons to be long and reasons to be short, he did the long and I did the short.

Result analysis paralysis. The move could be analysed both ways.

This why I say in the above post above many trade belief from their analysis and not what is truly happeneing. Beginners carry on with their belief until the pain gets to much and exit with a large loss.

Thats why I designed my charts, they are based on price and dont lie they tell you exactly what's going on. So what happens I think one thing they tell me another, that makes me think about what I'm doing and lets me re appraise my thoughts. If we are both the same opinion I'll go with it.

You'll have to search the web if you want to see them because I'm not allowed to show them.

 

[Naz]

When we add my colour charts to the traders analysis and they both agree we take the trade. This can be done spread betting on momentum stocks if so wished or by direct access.

Here was one spread bettor who did that today with a pound a point and made just under £300 on the move I attach his comments and a normal chart.

 

[Trader333]

Wasp,

Which broker do you trade with ?


Paul

 

[wasp]

Wasp,

Which broker do you trade with ?


Paul

Only FX ECN's hence the query regards stock brokers as I'm curious.

 

[Naz]

Here is another trader trying momentum trading today.

Thanks Alan, you certainly got my old grey matter working.

Thanks also for alerting me to some of the shares that move, via your posts on t2w. Wonder how many other people will cotton on.
All I can say is "F****ng 'ell" You most certainly do need to get direction spot on. The spread via the sb's varies from 10 to around 15/18
but I clocked well over 100 in a couple of minutes!

All the best m8. Really, really appreciate the help today even though you didn't realise it.

Happy trading.

John.
PS. You can cut and paste this on t2w if you like.

Thanks John!

 

[Naz]

When day trading US momentum stocks you have to understand yourself and be honest about your strengths. Some want to trade right where the action is, maybe they should think about the swings and use that as their style of day trading?

I attach a chart of POT yesterday, do you see how it pulled back to the Fib level and bounced, that Fib bounce was worth 450 points. Maybe someone might just want to trade the big breaks, that move on POT was worth 300 points. All I've done here is go out in the time frame and see the bigger picture.

Needless to say a trainer who teaches on live markets will be able to point you in the right direction and be able to focus on where your natural skills are.

Alan Rich