I have been extremely good at my position trading, but I always lose money on intra-day, scalping type trades. I want to improve myself in intra-day, scalping type trades, so that I could automate the process in the future. I have never been through a prop firm, so I want to know what they teach. I heard swifttrade is 100% intra-day, fast moving scalping model. What did they touch you. What did they teach you to find entry signals and what stoploss and stopwin setups do they teach you?
it varies from branch to branch.... but in general they give you capital, real time access to level 2 screens [mostly trading based on lvl2 not charts, which allows you to trade on stocks where charts are pretty useless at the intraday level], they provide you with sound risk management allowing you to risk around 0.1% of your buying power on a given day... Most of the learning is done directly from watching the market, managers might give you guidelines but they won't give you a recipe for making money on scalps.
im curious. if you consistently lose money. why dont you just do the opposite of what you feel you should do? or are you losing less than the cost of trading?
i want to know how could somebody constantly profit in an enviroment like Swittrade, where overnight is NOT allowed! i have found it is very difficult to predict intraday moves. i found some pattern working for a while then stopped, so basically, what i have found is random info. intra-day also requiring high pressure on brain/eyes/back/hands/aging/
At my branch I teach people to imitate my style of trading. I teach a very mechanical system where discretion can be slowly added with experience, but with no discretion trainees can still be net positive. My philosophy basically is to focus on the smallest divisible event, each trade, and follow the rules i have laid out. If trainees do this, then all of the other things they focus way too much on in the start (like making x amount of dollars each month) can come in the future without even thinking about it.
questions: 1 is your "a very mechanical system" for intraday only? 2 which branch are you with? 3 do you provide your "a very mechanical system" for free or for a price, or for your trainees only? 4 is your "a very mechanical system" written, or can only be taught face2face with words? 5 is your system based on only price and volume, or also based on level2? currently all indicators and setups are based on price/volume, not seen one based on level2 order book.
1 is your "a very mechanical system" for intraday only? Yes, i am a terrible swing trader. 2 which branch are you with? victoria title trading 3 do you provide your "a very mechanical system" for free or for a price, or for your trainees only? Trainees for free, they are paying a large price by taking a chance already, and im paying a large price by paying for their losses if they end up not doing well. 4 is your "a very mechanical system" written, or can only be taught face2face with words? I suppose i could write it out, but its easier to just teach it to them in a class type setting, followed obviously by hours of screen practice. It cant be learned in a day, so thats why they have to come to the office everyday. 5 is your system based on only price and volume, or also based on level2? currently all indicators and setups are based on price/volume, not seen one based on level2 order book. Its based on an edge i use to make money. I dont use technical analysis or indicators (probably why i suck at swing trading) By itself its marginally profitable, and needs discretion for ultimate success, but in the begginning building discipline and keeping guys in the game by not losing a lot of money are 2 of the most important things, not really making $$.
You wont find much written about level 2 anywhere... the only way to learn about level 2 is by watching it and interacting with it... The problem with level 2 is that most of that information never makes it to the chart you can't see a chart for the trades that never took place, you can't see where people wanted to buy or sell... you cant see in a chart how the guys who got to print worked their orders [was it by displaying the whole position or did they hide it?] you can't see it it's one guy or many guys that are holding the price level...
i agree with you. idicators are useless. there are only 2 things working in chart: near term Support and near term Resistance. i have been big holders in several tiny stocks. i know when i trade, i always wait for the big passive orders to show up in level2. it is very logic -- because i want to take or dump as many as possible shares without moving the price much. i used the same strategy on high volume stocks, but this level2 method does not work, because in that situation, the players are much bigger, wealthier, and more professional.
I looked at your P/L for 2007, you seem to have an average 500-2000 a day, with average of 1000 a day. This is not very big, considering the buying power you have. If you teach trainees like this, they will never make the office a super star office. Have you ever seen those big 5M,10M a year guys have done? I never been to prop offices, so I don't know how they have done. One last question, without giving up your details, can you point what your edges are BASED ON? Level2? News Event? Earnings? How fast orders are taken off Level2? 1minute intraday chart for 20 days?