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mike21

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Posts posted by mike21

  4. Posted

    Hi Obsidian,

     

    It looks as though your basic methodology is quite similar to mine - buying pullbacks in trends (although I don't trade intraday).

     

    Through testing, however, I found that using MAs (or any other indicator mathematically derived from price) wasn't the best way to do this. A specific MA length will always prove optimal over historical data, but less optimal in actual live trading. I therefore tend to look for pullback behaviour that can be defined without any optimised variables such as the length of an MA. I was wondering if you have any insights into these types of price patterns within the British Pound?

     

    Many thanks,

     

    Bluehorseshoe

     

    Hi Bluehorseshoe,

     

    In your opinion what is the 'best way' to enter pullbacks within a trend?

  5. Posted

    Mystic, thank you for posting the video and trying to share.

     

    joshdance: You thank Mysticforex for posting the video, and yet you criticize rforexdad for sharing his first hand experience with Rob Booker. I don't get it.

     

    In my early years of trading I spent (wasted) a lot of money on trading courses, workshops, mentors, etc. So I appreciate when someone like rforexdad shares his experience with a vendor.

     

    And Mysticforex: I noticed your avatar is a picture of Rob Booker. Are you Rob Booker?... or just a groupie

  6. Posted

    Rob Booker is A total scamster in my honest opinion.

     

    About 6 years ago I attended a couple free presentations by Rob Booker at different trading groups in the LA area. Back then it was obvious, to any experienced trader, that he was a snake oil salesman preying on newbies.

     

    After all these years I'm a little surprised he hasn't figured out how to trade. But as they say 'those who can, do: those who can't teach.'

  9. Posted

    Can you name a broker who does not put the order at the exchange? Not doubting that it's true, just would like to know any.

     

    Limit orders are held at the exchange, stop orders are not. IB holds stop orders on their server. With IB the stop orders are time stamped so they are filled in order when sent to the exchange.

     

    With some brokers, Lightspeed for example, stop orders are held on your computer. Personally, I would avoid this type of broker.

  11. Posted

    carltonp or anyone else using IB: have you considered using a different data feed for data only, while still using IB for your order routing (I am guessing you can do this in IB?)?

     

    I ask because I can't imagine doing business with a data feed that does not accurately show transactions. I personally couldn't live even with the snapshot way they show transactions; I also knew another trader (a good one) who would say that the high and low prints would sometimes not be correct due to the snapshot being off. Why would you trade with this garbage of a data feed? It's almost as bad as spot forex; no accuracy not only in the timing of the transactions shown, but many transactions not even shown period!?

     

    So you can get filled at a price that does not show on your chart as having printed... I know a trader who uses IB who this has happened to quite often... so what about IB makes you stay with them?

     

    joshdance,

     

    I think the trader you know may be exaggerating a bit.

     

    IB does bundle their data. (I think 20 times a second). But all that means is, if there are transactions with no price movement, they may not show up as tick data. So, for example, If you compare a 100 tick chart with unfiltered data next to a 100 tick chart with IB data, the unfiltered chart will have more candles, BUT time and price will be the same. If you compare 5 minute charts they will be exactly the same.

     

    I use ensign for my charting with a TraderBytes data feed, but I also have an IB chart up when trading. (I like the 'drag and drop' feature on IB charts for adjusting stops and limits). I have never seen a price print that didn't show up on the IB chart. I'm not saying it can't happen but I haven't seen it.

     

    ~Mike

  12. Posted

    Kiwi,

     

    Another saying... 'There's more than one way to skin a cat.'

     

    If you prefer to enter trades with limit orders... great. I don't.

     

    The majority of my trades are buying/selling pullbacks. You don't have use limits to trade pullbacks. And guess what... I never miss a winning trade, but by using a buy stop I avoid some losers.

     

    Yes I try to keep things simple. Warren Buffett once said "trading is simple but not easy"

    I completely agree.

     

    ~Mike

  13. Posted

    No, I don't work for IB, but I've used them for several years. :)

     

    I read steve's post but I'm not sure I completely understand his approach.

     

    Typically, a limit order (for a long trade) is placed below the current price and is filled if price moves down to your limit price. But just because price prints at your limit doesn't mean your order will be filled. Limit orders are time-stamped and filled in the order they're received at the exchange. (the queue) So when price prints at your limit -- first, market orders are filled, then the limit orders are filled in order. If there are not enough sellers, price will move back up without filling all the limit orders.

     

    Personally I don't like limit orders because you are guaranteed to be filled on all your losing trades, but many of your 'potential' winning trades will never be filled.

     

    Back to steve....By the time his limit order reached the exchange, price had moved down giving him a better fill. Couldn't price have, just as easily, moved up leaving him behind without a fill?

     

    Maybe steve could chime in.

     

    ~Mike

  14. Posted

    Gents, thanks for responding.

     

    I'm trading mini dow(YM).

     

    I'm placing buy-stop orders.

     

    I'm entering them directly on TWS.

     

    So, yesterday I placed a buy-stop order at 11824. The trade was executed at 11830. I don't have a problem with that. The problem is, the last price never reached 11830, however the ask price did. I've attached a snapshot of the exact trade as it happened yesterday. You will see that I have placed a buy stop at 11824. You will also see that the trade has executed at 11830 at the ask. However, you notice that the last price is 11826. What you won't we is that the actual last price never reached 11830. Normally, my the trades will be executed at the last price and not at bid / ask.

     

    I hope this visual helps you to help me understand.

     

    Thanks

     

    Carlton,

     

    I trade live everyday with IB, and 95% of my entries are with a buy-stop or sell-stop. So maybe I can clear a few things up.

     

    First of all, I see you're trading sim, so its possible you got a goofy fill that would not have been filled in a live account.

     

    A typical buy stop is a market order placed above the current bid/ask. When the price you set your order at is printed (the last price) your order is sent to the exchange as a market order and your order is filled at the ask. If the market is moving fast, there's potential for slippage.

     

    I don't trade the YM but I see it has decent liquidity, so the 6 tick slippage you received is probably unusual.

     

    ~Mike

  16. Posted

    Along that note .... if you're going to leave some out there, what kind of position size should I be entering in with in the first place? I currently pay $4.99/trade and ECN fees (which vary by position size). Is there a "make sense" sizing for scaling and leaving some out there? I'm commonly trading with 400 shares right now. I know it's not a lot but it's what I'm presently most comfortable with. I used to use anywhere between 500-800, but scaled back after I had hit a trading rut a couple months ago.

     

    A little off topic, but your commissions seem a little high. IB charges 50 cents per 100 shares, which includes ECN fees. Who are you using?

  19. Posted

    Hi Dan,

     

    From your post I'm not really sure what type of trading you plan on doing. Intra-day, swing, position?

     

    I day-trade stocks, so my comments are based on my style of trading. I'm a technical trader and don't care about fundamentals. From my experience most technical stock day-traders only trade stocks that are 'in play.' e.g. - earnings, guidance, upgrades/downgrades, news, etc. My watchlist is typically about 30 stocks or more and changes daily. 30 stocks may sound like a lot but I can scroll through my list in seconds. Right now it's earnings season so, for me, it's hard to keep my list that small.

     

    First you need a stock screener. FINVIZ.com is probably the best free stock screener. Also most brokers have a screener. Screen for the types of stocks you want to trade and go from there. I typically look for stocks over $20 that average over 1m shares a day. You can find an earnings calendar at Briefing.com and other sites.

     

    This should get you started.

     

    ~Mike

  21. Posted

    I'm not really seeing anything new to the discussion so while I won't yet close the thread, let's try to keep the conversation either constructive without the name calling or it's probably best not to continue to post if it's going to degrade the tone. Obviously there are some very different opinions here - which is fine. But I'd prefer not to see the tone degrade much further.

     

    It's always a tough debate because yes, I'd be the first to say that many services/training may not be worth it, but there are plenty of good ones However, most individuals still do not succeed and the blame game goes into overdrive. Sorry, it's not always the vendor if you fail to succeed. Trading is really difficult even with the best training. Hold yourself accountable -- if you purchase training/strategy do your due diligence first. Make sure there's a guarantee. A trial. Or whatever -- it's like any marketing -- it gives the rosiest scenario. But that's not just with trading courses -- look around -- all marketing is like that. Selling the dream. Be accountable for your decisions.

     

    MMS

     

    Hi MadMarketScientist,

     

    I'd love to know who you consider 'the good one's.'

  23. Posted

    When you say you are now an active trader I really hope you haven't quit your job to trade full time.

     

    The score is this - to become 'reasonable' at day trading will take you 3-5 years(at a minimum) full time trading with real money to find your style that you are psychologically suited to of course this takes resources in and of itself not to mention lost earnings if you quit your job.

     

    The best advice I can give you is:

     

    1. To trade technically off price action.
    2. To read books but NEVER follow what they say just incorporate bits into YOUR style.
    3. To trade using EOD signals, stop-limit orders and continue working your day job(once profitable here consider day trading).
    4. Remember that lots of pro traders risk 2 to make 1 the opposite of what newbies do and still make lots of money.

     

    The total cost to me to learn day trading was £200,000 which included lost earnings as I dedicated night and day to trading which was a huge mistake, I really should have swing traded to start as I would have learnt how to trade just as quick and been much richer for it.

     

    Good post...

     

    Although I don't think #4 is good advice, especially for someone new to trading.

     

    .

  24. Posted

     

    the NQ had another perfect session today. 3 wins for 36 ticks of profit. the best part was i got done in the first 15 minutes of the session.

     

    Hi cuttshot,

     

    Nice trading. Any chance of you posting a chart and showing some of your trading techniques?

     

    Thanks

     

    ~Mike

  25. Posted

    MM, have you ever read Gerald Loeb's The Battle for Investment Survival? Or Darvas's How I made 2,000,000 in the Stock Market? How about William O'Neils's How to Make Money in Stocks, or Bernard Baruch's My Own Story. You seem to own a line on what is and is not possible, and your mind has been closed to the possibility that you're line is crooked and leads you in the wrong direction.

     

    The 5K to 100K using common stocks would actually be a much more interesting project to me. Perhaps once The Race concludes...

     

    Best Wishes,

     

    Thales

     

    Have you heard of the 'Pattern Day Trading Rule' ?

     

    .

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