[BillyG.]

Hello; My name is Billy. I just turned 53 and my body doesn't want to do construction anymore. I'm getting ready to enter the trading arena again and have sworn never to hold anything overnite since I got wiped out back in 1999. I've always fancied how scalpers trade and am wondering if there are any scalpers here. Maybe scalper isn't the perfect word but as long as I'm all cash by the close I'm in there. Now I've found some interesting material on the net but I'm leery to throw money their way unless I've heard some good unbiased testimonials that are convincing. Can anyone here guide me to some honest information in this type of daytrading? Are there indicators or software that can alert me to which direction a stock is poised to move in the next few minutes? What would be my best windows setup to be watching for this type of trading? I have an account with Fidelity but I'm thinking Interactive Brokers might be faster on execution. Any thoughts anyone? Thanks; Billy

[brownsfan019]

Welcome Billy.

I suggest you spend some time here on TL and research as much as possible and then use google.

Here's the snapshot of what you are asking - the holy grail does not exist. In other words, sometimes some indicators work and sometimes they don't. Most people will not give them a chance to work. If you come here to find that magical software that prints money like an ATM, I think you may have come to the wrong place. Most here are here to trade on their own w/o relying on some program or software package. Most of those type of programs will die a quick and painful death sooner or later. If it was as easy to just turn it on and walk away, would you sell it?

Trading is another full-time job and then some. I'm sure some days after construction you feel physically tired and beat up. Trading will do the same - but on your brain and emotions.

[Soultrader]

Hi BillyG,

As a starting intraday trader, scalping is the last skill you want to master as this is an advanced level of trading and will surely wipe out your account. Like brownsfan mentioned there is no holy grail in trading. Relying on a system or indicator is a good way to follow a program and never learn how to trade. In order to trade successfully you must treat your trading like a self-owned business. You will need to determine which market you are going to trade, which market will fit your personality, your style of trading, your amount of risk capital, risk per trade, etc...

Think in terms of strategy, strategy, and strategy. Study price and volume. Remember you never need to stay in the markets constantly. Grabbing one intraday swing a day is enough to live off day trading. So practice capturing these intraday swings as if they are your bread and butter. In other words, start by being a intraday positition trader.

Learning to trade takes time.... I think it takes as long as going to a 4 year university. Tuition? Depending on how reckless one is... it could be cheaper or alot more expensive. Good luck Billy and post any questions you may have. There are plenty of good people here.

[BillyG.]

[QUOTE=brownsfan019;20278]Welcome Billy.

I suggest you spend some time here on TL and research as much as possible and then use google.

Here's the snapshot of what you are asking - the holy grail does not exist. In other words, sometimes some indicators work and sometimes they don't. Most people will not give them a chance to work. If you come here to find that magical software that prints money like an ATM, I think you may have come to the wrong place. Most here are here to trade on their own w/o relying on some program or software package. Most of those type of programs will die a quick and painful death sooner or later. If it was as easy to just turn it on and walk away, would you sell it?

Trading is another full-time job and then some. I'm sure some days after construction you feel physically tired and beat up. Trading will do the same - but on your brain and emotions.[/QUOTE/]

Brownsfan; Thanks for the reply. Yes I know the Holy Grail and the magical ATM does not exist and I'm not looking for that. I'm looking for the latest useful stuff to set up my computer with and what to watch. What to put up on my screen; what to focus on, what to suscribe to, etc. The basic package if you will. Like: Do I need java to get level 2 or is there something better now? When I traded before I was part of a team that followed one persons pics and therefore I suffered when the crap hit the fan. Now I am ready to develop my own style of trading and not follow, but I've been away from all that for 8 years. My search is for intraday trading tools. Billy

[BillyG.]

Hello Soultrader; Lets see if I get this post correct. You mentioned:
>>Grabbing one intraday swing a day is enough to live off day trading. So practice capturing these intraday swings as if they are your bread and butter. In other words, start by being a intraday positition trader.<<
This sounds good to me and I would like to ask you where do I start? How should I set myself as far as computer screens, programs, brokers. I'm at a very basic point right now and I don't want to load any programs unless they are useful. I mostly just look at clearstation for stock charts. For instance: I like the candlestick charts but don't know where top go to get one or which one is the best. Any suggestions? Do I need level 2 ? Where do I go to get it? Whats my best price and volume source? Is IB a good broker? You see I want to start out right so I don't waste time. Am I making any sense or am I asking the wrong questions? Thanks, Billy

[brownsfan019]

Billy,
A few questions if I may:

1) What are you planning to trade? Stocks, options, futures, forex?
2) How are you planning to trade? A few trades per day or many more?
3) What style of trading will you be using? With trend, against trend, pivots, market profile, candles, etc. etc.

You'll need to divulge the specifics of what you plan to do in order for anyone to suggest brokers, platforms, etc.

[BillyG.]

Hello brownsfan019;
>>1) What are you planning to trade? Stocks, options, futures, forex?
Right now I'm leaning toward Stocks with high volume, high volatility. So I will be looking at a program to pick those most active at the open.
>>2) How are you planning to trade? A few trades per day or many more?
That will be based on how fast I learn to be profitable. 1-2/day to start with tight stops.
>>3) What style of trading will you be using? With trend, against trend, pivots, market profile, candles, etc. etc.
I don't know how to answer this question. With trend or against trend sounds too long for me; pivots maybe; market profile not sure; candles yes for charts. Lets say if it looks like its headed up or down I'm in for a quick 1/4 point or more, long or short. I would like to base support for direction with pre-trade chart formations or a platform if its available. All I am aware of right now is Level 2 but don't know if that will be as effective as say something newer.
Thanks for helping; Billy

[brownsfan019]

Originally Posted by BillyG. »

Hello brownsfan019;
>>1) What are you planning to trade? Stocks, options, futures, forex?
Right now I'm leaning toward Stocks with high volume, high volatility. So I will be looking at a program to pick those most active at the open.
>>2) How are you planning to trade? A few trades per day or many more?
That will be based on how fast I learn to be profitable. 1-2/day to start with tight stops.
>>3) What style of trading will you be using? With trend, against trend, pivots, market profile, candles, etc. etc.
I don't know how to answer this question. With trend or against trend sounds too long for me; pivots maybe; market profile not sure; candles yes for charts. Lets say if it looks like its headed up or down I'm in for a quick 1/4 point or more, long or short. I would like to base support for direction with pre-trade chart formations or a platform if its available. All I am aware of right now is Level 2 but don't know if that will be as effective as say something newer.
Thanks for helping; Billy

Billy,
I think you'll find much of the info here on TL geared towards Futures and Forex. Not that you can't use the info here, but some of your specific questions may be better answered elsewhere. For example, I'm not sure what's a good stock trading platform b/c I haven't actively traded stocks for quite a while.

With that being said, you are headed in the 'normal' path - many start with stocks b/c that's easy, you'll then want more bang for your buck and look at options and then one day you'll see futures and/or forex as a way to get some great leverage.

So take a look around and see what interests you and start building from there. There's plenty of FREE information all over the internet, so I would just see what catches your attention and then go from there before shelling out major bucks. What you are looking for is something that grabs your attention and you say - yeah, I could see myself trading like that. You either want to hop on the trend of the day and ride it or you want to find when the trend may be ending and look to catch the reversal. In the end, trades are either with the trend or against it. Of course, how you define trend is subjective.

Good luck and be ready to spend some serious time getting your trading biz in place.