GO, as you know I had/still have some shit to sort out - just the way it is! When I resumed trading my head was all over the place, and it has taken me a while to even remember all the things I had forgotten. I am now back to where I was previously, with nearly all of the stuff I had learned back - some of it is now gone and replaced with some new stuff that I added over the last few months. Believe it or not, the software program is a key part of how I am going to operate, as I know exactly what to do, but must have the right tools for the job - no good trying to tighten a wood screw with a spanner! It would be nice to have a few traders to converse with after trading - not on public forums for obvious reasons - as it is always good to converse with like minded people. The plan has not changed - just the timeline, as getting the software working live, and fully tested in demo mode to master it inside out, is top priority. How are things going for you, btw? J_S
I was contacted recently by someone who joined a small group I set up before with gmail - this person mentioned mentoring if I was ever interested. The last line in my reply was.. " You do not need any mentor, just adequate cash and common sense" All the information you will ever need, includung most standard software, is all available for free on the internet - last week I located MS Visual C+, downloaded and installed, and now can open old VB6 project files - I wanted something so I went off and got it! If you are spending time on the net looking for good relevant information, then here is a very simple tip that can lead you to many a good document on any subject you decide to search for - just use common sense when you type in what you are looking for! "xxxxx xxxxxxxx xxxxx" filetypedf The more you search, the better you get at refining your search terms - when you find something interesting you can then search their whole site - you can be amazed what you can find! There are other good ways of searching, which you can easily find by doing a search yourself J_S
LOL..the sticky tongue was not meant, it just went in the text is "filetype : pdf" without the gaps. J_S
To prove what I say is true, I will do a search tonite for some info on options trading using TA, as there are 2 recent threads where the subjects have arisen - OG's and KP's threads. I will not post the document, as that is in breech of data protection laws, but I will post some screenshots in relation to the document. If you think it is good, then go off and search for it yourself, for, if I can find it, so can you J_S
How are things running: You know JS , July and August I took a holiday to train myself in this business. But it is incredibly hard to make some money. I had some profitable days though. But large fees are eating them. I made a WRB screener and traded it yesterday accordingly. Boy, you know the feeling of coming (too) late at a party and you had to pay the full entrance fee. It emptied my pockets. So after a bad sleep I awoke and decided to search for the little brother of the WRB. To join the party at the beginning. A quick glimpse today tells me it might be an edge. Anyway I am in CFD's now, but you know it is hard as i am undercapitalised. Buying between $4000 and $10000 about 100-200 stocks. SL of $20. And had to pay $20 (IG) for in and out. The in/out at IG of $20 makes it I have to pay $ 0.10 - $ 0.20 pro stock, before i am entering the profit zone. I managed to get aboard at Lynx and can reduce costs to $10 for in and out. Makes it easier to reach the profit zone and to trade 100 stocks. Anyway this WRB brother gives me an opportunity to fill the SL of $20 with more stocks. Furthermore i discovered the early bird. Sings the loudest after awakening. Almost forgot the gardening: busy picking fruit in the garden: raspberries, strawberries, Japanese wine berries, mulberries, blueberries, gooseberries, red and black currants, and the plums. I hope to be a profitable daytrader when the blackberries scream for the jam. GO .
Look up Degiro broker - have not tried them, but for small size trading they might be better than cfd or sb - worth checking out anyway. The party - draw 3 straight lines on your chart, PDH, PDL and O. If above O, then look for longs, below look for shorts - wach the PD's for continuation or reversal - also watch the market internals for timing entries and exits. If you use money stop you can get caught heaps of times - use 30 min for main trend, 5 min for signal, and 1 min for timing - aka.... TST J_S
I look for going long if : High-Open > Open-Low & Price > 1/3 of daily range. I look for going short if : High-Open < Open-Low & Price < 2/3 of daily range. If Bull usually Price Close > 2/3 If Bear usually Price Close < 1/3 There is also waves counting. Trend -> 5 waves & Retracements -> 3 waves. + Waves lenghts as Handle used to teach everyone. What does PDx means ? Price Daily ... ?
If trading stocks, the FIRST thing you SHOULD calculate is the ADR - think about it - average and mean, what is the difference! The SECOND thing you should calculate is the ADV - why, again, think about it! The next thing you SHOULD be aware of, are the KEY levels - think about it, as the nearer term KL's are far more important than the farther away KL's. The next thing you should DO, is prepare your list in advance - no good flogging a dead horse - use 2 day line charts for quick scan of many stocks, or, use Excel to automate the scanning and spit out the best candidates for you - simple logic formulas by using "fx", and I don't mean currency trading The next thing you SHOULD do is prepare a simple Excel sheet, linked to live data feed, that tells you how many shares to buy for each of your monitored stocks, so that you do not exceed your max % risk per trade - this is where margin kicks in, as if you are under capitalized, you will not be able to trade the best candidates effectively - $30k is minimum for effective daytrading. T.B.C J_S