The trader who never was

Discussion in 'Journals' started by Virtual_trader, Nov 13, 2002.

  1. David1

    David1

    VT,
    I've used several datafeeds over the years: RealTick, Cyber, Esignal, Qcharts with Metastock. They're all good programs. Presently using Tradestaton, which has no comparison for the price. Find what works for you. But you really need a live feed to observe the ebb and flow of demand. Consider the cost as a part of the education expense.

    Just a couple pointers that had someone told them to me, it would have saved me about 18 months of dead-end experimentation:

    Using a live software feed, stack the 4 major indices - INDU, SPX, NDX, and SOX - along with the TICK in 3 different time frames - 1 min, 3 min, and 30 min. Place a 15 min. XMA on the TICK, along with a 0 line, + 1000 and - 1000 lines. That's it. No other indicators needed.

    So you have these 3 columns arranged of 5 datastreams each. A 30 minute column, 3 minute column, and a 1 minute column. Then observe how they all interact. For example - If all 5 are making new 3 min. highs (or new lows) together, they will likely go on to make another (if there is enough range left that is). Make a trend entry on the pullback with the objective of at least reaching the previous high(or low).

    If they begin to diverge, as today for example at 10AM - the INDU and SP at new 3 minute lows, NDX even, SOX and TICK higher lows, SP AM range already at 12.25 points, 105 minutes until the PM bar begins - a solid countertrend entry point. Catching the bottom? Yes, but with divergence. Looks risky at that moment, but in reality is quite safe.

    As far as projecting out days or weeks into the future there's no need. A half day at the time is sufficient. The AM and PM range are both presently averaging around 15 points (SP). For example today, SP AM and PM range both about 12 points, total day range at 18.5 points, with about 6 points overlap. It is usually much easier to play each day as half units.

    There you go. Hope this helps you out a little.
     
    #41     Nov 26, 2002
  2. Wednesday, November 27, 2002

    I just downloaded QuoteTracker today. It’s a good program. The installation was easy, but it took me awhile to set it up completely. It took me nearly half a day to find the free streaming quotes.

    Right now I have streaming quotes from Scottrade and level II from Island. Actually, it is just an Island book. Although, there is some delay on the streaming quotes (3mins) and the level II that I have isn’t a complete level II, I am satisfied with it and I am sure it is enough for paper trading.


    David1:

    Thanks for the strategy and the recommendation on the software. I used to have a set up similar as yours, except that it is more basic. I used S&P futures and INDU. Every time INDU passes the tenth, the fiftieth, and the hundredth, S&P futures would follows, and then the stock would likely follows. When INDU breaks the hundredth, for example INDU passes through 8900, S&P futures would likely spike up. Using this would allow a ½ a second advantage over those who just look at S&P futures.

    Your set up is quite sophisticate and it provides a lot more information. I would try to duplicate your setup with the QuoteTracker I just downloaded. J

    Virtual Trader
     
    #42     Nov 27, 2002
  3. Ugghhh yeah.... 2000 and 2001
    Ended up lower from Tgiving to Xmas.

    peace

    axeman



     
    #43     Nov 27, 2002
  4. Btw, VT what prop firm were you at? You sound like you learned a bit (maybe more since you left) and i'm sure you can find another firm that can take you in ...

    Good luck trading!
     
    #44     Nov 28, 2002
  5. February 25, 2003

    Hey everyone! Sorry for the absence. My computer literally exploded in a power surge and I wasn’t able to get back on this board until now.

    I just want to say thank you for those of you who have given me advices on how to trade stocks. The advices are very valuable. Following these advices have already helped me restored my confidence. It is because of the advices; I am able to consistently generate daily profit trading futures on PFG BEST Simulation. So far I have been using PFG for a week but I am going to do more trades on the simulation to make sure the strategy works before I put in real money.

    Thank you all again!

    Virtual Trader

    BTW: if there is any flaw in the PFG BEST simulation, please tell me. Thanks!
     
    #45     Feb 25, 2003
  6. traderman:

    I worked at Swift Trade Securities. Yes, I have to say I've learned a lot more after I left, because I was able to open up my mind more and try out different strategies.

    I would like to apply for different prop firm, but unfortunately, there is only one prop firm at where I am at.


    Virtual Trader
     
    #46     Feb 25, 2003
  7. Momento

    Momento

    I am surprised that someone can actually learn from SWIFT...
    Good for you.
    and
    Good luck with your trading career.
     
    #47     Feb 25, 2003
  8. February 26, 2003

    Interesting day. I have to say I wasn't mentally ready for trading. I even felt a bit scared even though this is just a simulator. It turns out to be a good day. I am still profitable.

    After commission ($2.4/contract), I should be up around $120.

    Virtual Trader
     
    #48     Feb 26, 2003
  9. Hey buddy, good job in your effort. I am at a university in Boston and we use Virtual Stock Exchange for our Investment management and risk analysis class.

    The point I need to make is VSE is not the best place to daytrade. Its fine for assembling a portfolio, but as I am sure you have experienced execution is horrible and no where close to real life. Read the Faq carefully if you put in a limit order you have a 3 min window before there servers check the price again and only if your limit is hit will it execute. If the price hits your limit and comes back down or up with in that 3 mins then your order will not go through.

    The point is if you are going to practice day trading, 1. I agree do smaller sizes the size of an account you will be trading, and 2. use a different simulation. Sign up for a real time simulation.

    peace be with your trading
     
    #49     Feb 27, 2003
  10. Momento

    Momento

    Totally agree . The closest SIM to real ES (for free) can be found here:

    www.futures-trader.net

    Member from ET created this. It is quite a powerful software. You do require to have an IB connection to feed the data.

    Again it's FREE and is the closest thing you can get. Check it out.



    :)
     
    #50     Feb 27, 2003