i've tried everything and nothing works

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Originally posted by DeeMan
because it involves thinking), and in turn treat the order like
a market go-along (or a market participate). That means that
anytime a seller comes in and hits the bid I will sell the same
amount as the other party and split the print.

DeeMan, just so I understand how this kind of order
works, does that mean if someone hits the bid with
1200 shares, you will also sell 1200 shares, and two prints
will appear on the tape (perhaps at different prices)?

Thanks,

-v
 
Thanks for all the positive feedback. If I can help in any way I'd be more than happy to contribute to this group.

dkamp:

I first worked for a Large Cap money manager for about five years, and then I moved on to a Small Cap firm for another four years before deciding to go on my own. So now I am trading from home as probably many of you are. As far as any advantages go in properietary trading, I don't think I have as many as people may think. My experience is with institutional trading, where the goal is to save money through decision making and executions. Proprietary trading's goal is to make money, which is a very different thing. I have known many traders in the last few years who left the business to trade on their own, only to get wiped out within two months. Their egos and confidence in their experience led to poor decision making and money management. Hopefully I can use my experience as a foundation to become a good daytrader, but only time will tell.

My goal here is to learn as much as I can from you guys, who have much more experience in this type of trading than I do. Lurking around for the past few months I have picked up many useful ideas and tips, and have been able to confirm some of my thoughts about the importance of discipline and proper mental attitude over systems and styles of trading.

Thanks to everyone who contributes...

DeeMan
 
vitajex:

In that example, if the specialist is protecting me and there's a bid for 1200 shares and someone comes in and tries to sell 1200 shares at the bid price, he will only be able to sell 600, and I will sell 600 along with him. Kind of sucks for the guy who thinks he's going to be able to hit the bid for the full amount, but that's the way it works.

DeeMan
 
When I first took up trading I was worried because all these experienced traders were out there teaching everybody and their brother how to do it. I figured it wouldnt be long before there would be so many traders out here, nobody would be able to make a buck. All of this before I ever made a dime. I laugh when I think about it now because I know how difficult an undertaking it is. There will never be too many traders. Your post about those guys with all the experience in one phase not making it in another brought it all back to me.:) Wishing you the best.
 
Hi DeeMan,

Thanks for the background. With all those years of experience, did you zero in on a trading platform/broker/software when you first started trading from home, or are things changing so fast that you're trying a lot of new stuff like many of the rest of us?

BTW, if you're interested in an all-encompassing solution, the latest deal that TradeStation has looks pretty good (I haven't seen this described on ET, so will take opportunity to do so here):

- to open account: $30,000 for stocks, or $20,000 for futures
- requires minimum of 10 trades per month (5 round trips)
- $5-7 per futures trade
- direct access trading from within TS
- free TradeStation software (a lot of stuff!)
- free stock quotes (real-time and historical), free Level II
- E-Mini quotes are free for first 6 months, $10/month after that
- must have 2 years of trading experience
- must have annual household income of at least $50,000

Someone correct me if any of this is mistaken.
 
dkamp:

I started with cybertrader, but soon realized that the commissions were just too much for a person trying to develop a trading system. Also, while all the bells and whistles are attractive, I really wasn't utilizing any of it. Too much information can be a bad thing at times, and too many indicators will have you second guessing yourself constantly. As soon as something doesn't work it becomes too easy to go off in another direction and try a new method and I wanted to avoid such behavior.

I then switched to IB (which I learned of through this board) and I am very pleased. It has exactly what I want; low commissions and fast and direct order entry (especially on options). For charts and level 2 I use Window on Wallstreet. It's basic but it does the job for me for $89 a month.

DeeMan
 
First of all, you're trading illiquid stocks. Even though you may be using sound mgmt. rules and stop discipline, the illiquidity makes it easy to gun for those stops, including yours.

Today, the stock did 145K and that was a heavy day! Go for the liquid stocks, reduce your size to 100, or even 50 shares, to the point where you're not trying to make money, but trying to get into a groove. Focus on the liquid issues, like top 50 Nas, SPX and top 10 Dow stocks. Or even focus on the DIA's, SPY's, and Q's.
 
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