Help needed. Strategy for a swifttrader newbie

Discussion in 'Strategy Development' started by n00bie, Sep 9, 2008.

  1. n00bie


    Maybe one of you guys can help me to find a something that works for me, based on your experience. As you know swift gives you a $50 net loss to start. They also gave me, in this particular branch, a list of stock that are pretty steady and a 500 shares limit to trade.
  2. So if you lose 10 cents your done for the day.. that makes real sense.

  3. You'r giving them your time free... and are going to end up making them money and they won't show you strategies?

  4. n00bie


    that's what i'm thinking too simon... haha, but these are my first steps into this amazing world and they're letting me play with their money... they actually made me read the online daytrader book from farrel which is fine but i don't think it applies really nowadays since the spread is a lot tighter now.
  5. Tums


  6. Buy Low, Sell High.
    Buy High, Sell Higher.
  7. Ok man.

    Read up on candle sticks, pay good attention to the reversal patterns.

    Read up on Chart patterns.. head and shoulders.. inverse head and shoulders.. bear flags.. bull flags.. cup and handle so on...

    Never.. EVER fight the trend specially interaday.

    Open up market depth... during afterhours... and pay good attention to it... use market depth for the ES .. volume is low.. so its a good way of seeing how it works...

    Use 20 , 50, 200 smas on your charts as those are whats widely followed.

    Always draw trendlines on your charts when trading interaday and respect them as the market does.

    Try not to trade the first 30 mins in the begining (alot of whipsaw action going on) ... if your just scalping.
  8. ive worked with swift before, and in my exprience there. you need to have a very tight stop loss for every trade. choose a product that has a medium volatility and good volume traded everyday. you can try pfyzer (PFE). my advise also is avoid trading during news release and at least 1 hour after the opening bell. High speculation occur during those times, and a tight stop loss wont work.