Best Thread US day traders thread.

[samtron]

I use Laser too. But the problem with Laser is, that it's Totalview instead of Level II. You don't see what you need to see on Totalview. But indeed, Laser is the fastest professional trading system around. It is the only order-entry application that is NASDAQ Platinum Certified, the rest is all for market-making. Check the link: http://www.nasdaqtrader.com/cp/

-Dave.

Hi Dave, the image that ianh posted a couple of posts back looks like L2 to me? not Totalview.
I know you can't say too much about L2 :cheesy: but could you explain why laser is Totalview and not L2.

 

[ianh]

Hi Kwin, There is more information about the laser setup that I designed for Jerry's group on his website. Stops are a problem for everyone in todays market, as program trades regularly go through away from the current bid/ask price so invariably trigger your stop if it is very close. The Laser Platform lets you set how the stop is triggered, either by the Last, Bid or Ask price, and can be very easily changed even as you are in the trade. Program trades don't normally show up on the Bid/Ask, so help to combat this problem.
Samtron, the Laser layout is designed primarily for speed of execution, so is kept very simple, however it links with esignal, so that as you select a symbol in esignal, it automatically puts that symbol into Laser, and of course you can have totalview in esignal. I personally find the combination of esignal and Laser linked together more than adequate for trading the Nasdaq intraday. If you are not careful you can have too much information and by the time you have checked everything you are looking at, good scalpers like Jerry have been in and out of the trade!

 

[dvdh]

Hi Dave, the image that ianh posted a couple of posts back looks like L2 to me? not Totalview.
I know you can't say too much about L2 :cheesy: but could you explain why laser is Totalview and not L2.

It's not Level II, it really is totalview!!!. Level II shows you online the best bid and offer from the ECN's and the best bid and offer from the marketmakers.
As you can see on the screenshot, you get the depth of all ECN's. You see all the ARCA bids and offers all the INET bids and offers etc. Not only the best bid and offer. You see? That's the difference.

-Dave.

 

[ianh]

It's not Level II, it really is totalview!!!. Level II shows you online the best bid and offer from the ECN's and the best bid and offer from the marketmakers.
As you can see on the screenshot, you get the depth of all ECN's. You see all the ARCA bids and offers all the INET bids and offers etc. Not only the best bid and offer. You see? That's the difference.

-Dave.

Sorry Guys, didnt quite expalin that very well. Laser gives you Totalview. Esignal gives you a choice of viewing which includes viewing the individual ECN's (Arca & Island) to see Market Depth, and make sure that there are adequate shares available when you want to exit.
I will post a couple of screenshots tomorrow to illustrate this.

The Screenshot of the Laser Platform was taken post Market. Normally the Market Makers would be displayed there also.

 

[Jerry Olson]

Sorry Guys, didnt quite expalin that very well. Laser gives you Totalview. Esignal gives you a choice of viewing which includes viewing the individual ECN's (Arca & Island) to see Market Depth, and make sure that there are adequate shares available when you want to exit.
I will post a couple of screenshots tomorrow to illustrate this.

The Screenshot of the Laser Platform was taken post Market. Normally the Market Makers would be displayed there also.

Ian and all

i do not see any reason to beat this dead horse really. Traders that use our exclusive Laser Layout can get out anytime they wish as the buttons sweep the island book from the top of the book on down anyway within 2 cents.

the Keys to The Kingdom is not what level II can do it's what those fabulous buttons can do for all traders at any level.

I use them all day everyday except once in a great while..................

however everyone within earshot needs to be able to exit and enter at will. Nothing is better in my judgement than Ian's layout for our users at Genesis..

 

[alientrade]

Firstly, thanks to samtron for alerting me to this thread. I didn't realise there was one dedicated to US day traders.
I am an NYC-based trader who is relocating to London in the coming months. It seems that a lot of Uk-based people use the laser platform here. I was wondering if there are any other platforms/brokerages that people over in the UK use? has anyone had any experience with assent/hammer or schonfeld, etc?

Something that I would like to ask UK-based scalpers is what kind of internet connections that you guys use and what experiences do you guys have with the speed of your connections? a lil bit about myself, I am primarily a scalper who trades illiquid stocks on NASDAQ, stocks that do about 100-400k in volume, or stocks that have 60 cents spread or more, therefore as you might expect, speed and getting the prints i want is really essential to my trading style. I was told by some of the tech people at prop firms, that a private line from London to NYC is my best bet. Apparently, that costs abt 2-3k USD a mth. I guess the other viable alternative might be an sdsl connection? Is that an overkill or are there other viable options? If anyone has any comments/suggestions, it would be deeply appreciated.

last note, i gather that most of you guys with direct access brokerages are trading retail accounts instead of prop accounts then? I was told by my accountant that if you are trading a prop account, you are liable for US taxes no matter where u exercise control or whatever your residency/citizenship is, so the alternative is apparently to open a retail account. I am not sure if that is right?
I apologize for the vast amt of questions, but if anyone has any comments on any topic, i would appreciate the help.
thanks a lot!

 

[BlueChip Trader]

Hi Dave, the image that ianh posted a couple of posts back looks like L2 to me? not Totalview.
I know you can't say too much about L2 :cheesy: but could you explain why laser is Totalview and not L2.

Hi Samtron,

Dave has explained the difference quite well. However, for more visual difference check the following link.

http://www.nasdaqtrader.com/asp/tv_description.asp

 

[BlueChip Trader]

On the question of stops, we have in the past discussed this same topic on this thread, and I think a few of the more experienced guys were in favour of using mental ('soft') stops over fixed predefined stops. I think the argument was that a great many Nasdaq stocks are prone to price spikes which could very easily kick you out a good position, and of course there is also the problem of slippage, especially when a price spike against you does occur.

The laser platform looks ideal for setting fixed stops when an actual trade is placed.

I would be interested to hear your views (and the views of bluechiptrader who is also a very experienced and trades for a living).

good luck today gang.

Hi samtron,

Jerry's advise on stops is very sound.

I use hard stops for my intraday swing trades and soft/mental stops for my scalps. As I do several scalps a day, I prefer the flexibility to exit well before my predefined exit and reduce risk to a minimum. However, I only started to use soft stops after I practised for a month with small size until I became almost mechanical.

To ovoid being hit by spikes, laser platform allows you to set stops on last, bid or offer. Check out free video tutorial on placing stops on laser by Vad Graifer below.

http://www.realitytrader.com/video/laserstops/

 

[Jerry Olson]

Hi Blue chip and all Good Morning from Philly USA

As for hard stops, i would prefer all new traders to intermediate use them exclusively since i do not want someone to think about what they should do when it comes time to make a serious decision.

instead they are being helped with that using the hard stop. emotions are taken out of the equation and thats a must!

even with hard stops no one has to wait for 20 cents, they can exit at any point above that price..

thinking is no good in scalping..............................

 

[BlueChip Trader]

Hi Blue chip and all Good Morning from Philly USA

As for hard stops, i would prefer all new traders to intermediate use them exclusively since i do not want someone to think about what they should do when it comes time to make a serious decision.

instead they are being helped with that using the hard stop. emotions are taken out of the equation and thats a must!

even with hard stops no one has to wait for 20 cents, they can exit at any point above that price..

thinking is no good in scalping..............................

Jerry, Good Morning from London,

I agree, for new traders hard stops are must. Also I agree that thinking in scalping is no good which is why I practised till I became mechanical...........no thinking, no emotions, no hesitation!!

 

[Jerry Olson]

Jerry, Good Morning from London,

I agree, for new traders hard stops are must. Also I agree that thinking in scalping is no good which is why I practised till I became mechanical...........no thinking, no emotions, no hesitation!!

RIGHT most pro traders that are making their living from daytrading can do that successfully.

but even for me i use trailing stops almost at will

when i am in 2-3 positions at once i like that leverage...

and heck i'm old too....................................

 

[samtron]

BlueChipTrader/dvdh/Jerry, thanks for the replies and sound advice guys. Its much appreciated.

Just in case anyone hasn't spotted it Vad has written an article here on (t2w) on "stops" which is well worth a read.
/www.trade2win.com/knowledge/people/trainers/vadym-graifer/

Well here we go again.
Good luck

 

[dvdh]

Jerry, Good Morning from London,

I agree, for new traders hard stops are must. Also I agree that thinking in scalping is no good which is why I practised till I became mechanical...........no thinking, no emotions, no hesitation!!

No stops. Only L2. LOL.

-Dave.

 

[samtron]

No stops. Only L2. LOL.

-Dave.

LOL
We all can't be wizards.
anyway I wish I was like you, 18 again, I also had super quick reflexes and no fear when I was that age.

 

[dvdh]

LOL
We all can't be wizards.
anyway I wish I was like you, 18 again, I also had super quick reflexes and no fear when I was that age.

Thanks. I hope to be able to trade until I DIE!!!. LOL.

-Dave.

 

[samtron]

Well I hope everone enjoyed the ride to-day.
We must due for a correction soon :arrowu: :arrowl: :arrowd:

 

[timsk]

Well I hope everone enjoyed the ride to-day.
We must due for a correction soon :arrowu: :arrowl: :arrowd:

:arrowl: ???
Samtron, arrows 1, 2 and 4 I'm happy with. However, arrow number 3 worries me rather, as it would seem to indicate that something rather more severe than a correction has occurred. And that's regardless of whether you're long, short or flat!

Tim.

 

[dvdh]

Well I hope everone enjoyed the ride to-day.
We must due for a correction soon :arrowu: :arrowl: :arrowd:

This is the way we're going: :arrowu: :arrowu: :arrowu: :arrowu: :arrowu:

BEAR STEARNS bought a couple thousand big S&P contracts. Which is HUUUGE!! A lot of buyers in the market. And open interest is at really high levels, I hear! So we're gonna see a big move one way or the other. But I'm BULLISH.

-Dave.

 

[Jerry Olson]

Well I hope everone enjoyed the ride to-day.
We must due for a correction soon :arrowu: :arrowl: :arrowd:

Hi Samtron

what a difference a day makes...yesterday i was lame...today i was on fire...

during this week of triple witching op ex ...we are going to have a 1 or 2 days down..i never like closing on the highs of the day...

however over the last 15 March op ex triple witches i wrote recently 11 have been positive...

we shall see however.. there is no rush, no predictions, no speculation i'll leave that for soothsayers and tea leaf readers.............. :cheesy:

me? i just scalp away never worrying about direction ever!

neutral is a must for daytraders...if you lean your dead...

best regards

jerry

 

[alientrade]

Firstly, thanks to samtron for alerting me to this thread. I didn't realise there was one dedicated to US day traders.
I am an NYC-based trader who is relocating to London in the coming months. It seems that a lot of Uk-based people use the laser platform here. I was wondering if there are any other platforms/brokerages that people over in the UK use? has anyone had any experience with assent/hammer or schonfeld, etc?

Something that I would like to ask UK-based scalpers is what kind of internet connections that you guys use and what experiences do you guys have with the speed of your connections? a lil bit about myself, I am primarily a scalper who trades illiquid stocks on NASDAQ, stocks that do about 100-400k in volume, or stocks that have 60 cents spread or more, therefore as you might expect, speed and getting the prints i want is really essential to my trading style. I was told by some of the tech people at prop firms, that a private line from London to NYC is my best bet. Apparently, that costs abt 2-3k USD a mth. I guess the other viable alternative might be an sdsl connection? Is that an overkill or are there other viable options? If anyone has any comments/suggestions, it would be deeply appreciated.

last note, i gather that most of you guys with direct access brokerages are trading retail accounts instead of prop accounts then? I was told by my accountant that if you are trading a prop account, you are liable for US taxes no matter where u exercise control or whatever your residency/citizenship is, so the alternative is apparently to open a retail account. I am not sure if that is right?
I apologize for the vast amt of questions, but if anyone has any comments on any topic, i would appreciate the help.
thanks a lot!

err... i dont know if people missed my post? but answers/suggestions/comments, anyone????
thanks