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That's why I like to shoot for a 2-3 trades/day/instrument kind of system. (Easier said than done, of course!) It'd be interesting to look over your shoulder for a day... Looks "jittery" as I call it (i.e. a bit fast paced for my nerves) but disciplined nonetheless.

Try it out. :) My own experiments showed me that we're good at seeing things whenever we can, and a single line already does that because price never moves in a straight line and thus can seem to "interact" at most levels if we're not selective enough about what constitutes meaningful "interaction".

That's what bugged me a bit too. The system I fined-tuned for working at TST is for the $150K combine and scales anywhere between 2 and 12 lots depending on stop size and becomes quite skewed in the initial live level of I think 3, the same kind of level I'd use on my personal account. But I...

Luckily, Grimes' point is not to discredit S/R lines entirely: it's to make traders aware of how our vision works and, if we're not careful, that we can recognize patterns where there aren't, like faces in the clouds. In other words, be sure that the line you've drawn had meaningful...

How are they dangerous, exactly? You seem to see a disadvantage to exchange-level stops (i.e. CME) vs broker-level?

FYI he's partnered with Jason Stapleton which I mentioned earlier, on the site called Trade Empowered. From what I understand Stokes is all about patterns while Stapleton is all about Fibs.

I really like Grimes' blend of discretion and thorough mathematical common sense. That video's somewhat famous. My take-away from that is that few (not zero) lines hold actionable information and that in the end they're just hints to help the trader execute an idea he already has. Most...

Was he president in 1981? In 2001? What a gratuitous and useless comment.

Here's one you don't see recommended often, who shows some real chart "artistry" in my book (but also constantly reinforces strict risk management and patience for newbies): Timothy Morge: https://www.youtube.com/user/MarketGeometryVideos/videos - A vast majority of his webinars (2008-2014)...

McMillan?

(I figure this is better than starting a fresh thread.) With OptionsXpress Canada having been absorbed by Virtual Brokers, I guess for commissions low enough for small nibbles that only leaves Interactive Brokers Canada now. They have very stiff requirements for granting options permissions...

If you're placing orders with the intention of holding over multiple days, Level 2 isn't useful. Even on shorter time horizons, keep in mind that not all standing orders are disclosed there, and conversely that many of those you do see are actually fake. Not for the faint of heart.

Interesting. Last time I looked into doing that, I could never figure out how to enter such that the premium didn't make options less attractive than owning the stock position outright (cash permitting), even in a strong trend. How do you minimize that disadvantage?

Depends if you are a professional or non-professional, and whether you want Level 2 or just Level 1. My guess is if you're not sure, then you probably don't need Level 2 so that's a whole $1.25/month. :)

I'm sorry, but isn't there a contradiction here? Aren't HFTs trading even much faster than retail day traders, for much smaller profits per transaction (as a percentage), such that a short-term tax would hurt them more?

Quick note: about 1.5 years ago John Hoagland (TST director of trader development), pretty sure it was him and not M. Patak, mentioned in an interview that good funded traders made well into the 5 digits. I don't remember the specific wording but very low 6 digits would've been the most he saw...

Interesting take. I must be odd, because the continuous is all about 10 days in a month just like the one-off, so I never saw much of a difference beyond shining the possibility of a refund in front of us. Maybe one-offs didn't have $100 resets, which for some would favor the continuous. Oh...

Not me as long as the overnight doesn't gap through my idea because I'm a limit entry kinda guy. I understand that a lot of discretionary traders might need to see the bar form, but to me that really means they're looking for a shorter time-frame. (i.e. hourly perhaps) I love that aspect of...

That's just marketing: Michael Patak founded Topstep Trader in 2010, he's still the CEO right now, and he's funding live traders under the name "Patak Trading Partners". The old web site for PTP even redirects to TST nowadays. That's why I see the move towards optimizing recurring sales as a...

I'll venture a guess: you naturally favor trending over mean reversion? ;) Or do you simply mean that, like futures, it's affordable for small traders and offers ample liquidity? I like your idea of "hook" btw, reminds me of Tim Morge's expression "wash and rince" to describe break failures.