"To me, everything you said above, makes absolutely no sense. It shows a real lack of understanding and experience in today's markets." We are in a new age of quantitative analyst and programmed automated trading. Your thinking and concepts are like a trader from the 70's. Do you really think somebody is watching your retail placed orders? Seriously? Its not the 70's! There is 10's of millions of trades out there in a day, no one is sitting out there watching small retail open orders! Large brokers like I.B. are all computer driven buying and selling. I had an instructor at a Pristine seminar who said something that I have always lived by: "Before you ever enter a trade you need to know 3 things: The correct entry price (Buy Limit), the correct sell price (Sell Limit), and the correct Stop. If you don't know and use those 3 things before entering a trade, you are guessing and guessing makes you a gambler, not an actual successful trader!" Which one are you, an intraday guesser (gambler) or a successful trader?
I run 55 strategies fully automated. While that runs unattended during the day, I have been working on my startup company. Am I living a dream? Or perhaps it is all a simulation.
That is some really good advice, I think I'm going to spend an hour a day just practicing on it. Thanks
I don't know why people can't grasp the thought, and what part of "I’ve had my order management unattended for years now" they don't understand. Not sure if it's envy or disbelief. I had the vision to automate in 2000 when guys were running around with flip phones, and I was toting around a big heavy Fujitsu tablet.
Of course, but today it's basically a few big players trying to pick everyone off. Ok boss. Why don't you show us how we can possibly know the correct intraday entry levels the evening before (as you mentioned) market opens, without even knowing where the market will open. This is craziness. Who teaches this stuff?
No it's still doable. You just need to have a few hours of spare time every day to make sure the start of each trade goes according to plan. And if it does, then you can either take profits early or risk a little bit of profit by setting a stop loss and going about your day. Swing trading works better for me because there is always a chance of making money while your working or asleep. And when you wake up your trade is either stopped out with a little bit of profit, or it is still trending so you can move your stop loss higher. Of course the platform I use lets you trade 24 hours a day 7 days a week.
Jeff, nice to see you. Did not know you took the Pristine Seminars. I did not take the Pristine Seminars but, bought the DVDs and manuals from a student so, I pretty much understood the method. It atleast, gives structure to your trading. Added my own twists to it and risk management of my trades to improve on it. Still refining my trading plan. Probably, will add position trading to my small regular account due to the huge tax advantage of long term holdings. Still trading options on my IRAs.
With EFT Options: (9 years to develop this program) I do not choose my own option entries. My computer program outputs the entries automatically the evening before, based on mathematical computations and formula's from that day's option price action of calls and puts price action.....i.e.....Open..High..Low..Close..Consecutive Up or Down days....Volatility....etc... Important Note: For Option Bracket Orders I often wait to see the opening price of the proposed trade option, because if the option has a gap down opening below my program entry price, I then have to adjust the Sell Limit and Stop parameters in the Bracket before transmitting the Bracket. -------------------------------------------------------------------------------------------------- With Long Stocks (Pristine training from the 1990's): [Up Trending Stocks] (as determined by Higher Highs and Higher Lows above a common Rising Moving Average): Step 1: 3 to 5 Candle Pullback to a reliable rising moving average, followed the next day by a Step 2: COG (Changing of the Guard) Hammer candle or small green candle following a 3 to 5 candle pullback at or near a reliable moving average; followed the next day by a Step 3: Trade Trigger: Price moves above the prior day COG's high price. Enter +.10 above the the Prior Day's COG high price. Bracket Example: Step 2 COG high price of the day = 50.00 The next day after Step 2 COG, Set the Bracket Order for the following Parameters: Buy Limit: 50.10 Sell Limit: The Previous High Price "before the 3 to 5 candle pullback." Stop: -.10 below the Step 2 COG Low Price of the day. Important Note: With long stocks, you can transmit the order before the open. Why? Simple, you want the stock to move at least +.10 above the prior day's COG high price, or the order will not fill. If it opens way above the COG high +.10, it will usually (but not always) come back to your entry and fill. If it opens way below the entry, it will have to move back up to my entry point to fill. That way the stock shows strength. Pristine 101
i am still working on being a persistant profitable trader. I really try to move with the market whether its going up or down. small gains and small losses no home runs. todays result from est 10:30 - 2:30. still need to cut down on number of trades. ( if anyone could educate me on the results based below, anything that needs to be improved do let me know)
i was in your shoes, but with the business there was always the hustle and interacting with the customer service on daily basis, it consumed too much of time. So i sold my business and trying to transition into full time day trading. Mistakes i made was i never took trading seriously when i had the business, like never really commited to it. But my advice would be to concentrate more on trading without letting go of your business. Get a good employee who can run it and then try trading for say a few months before you commit 100% to only trading.