just starting, need advice.
- Thread starter vladiator
- Start date
Originally posted by myoffices
When I see people say that they traded a strategy on paper and then think they can trade similar in real life I have to urge caution. The killer of all traders is emotion and confidence. One bad trade and woops there goes the confidence. another good trade missed because of confidence lack and there goes the emotion and so forth and so on. Before long the strategy is out the window.
Trading is an art and a discipline. I feel like an episode of Kung Fu.
What the heck stick to your plan and if you can try to use trailing stops to pull the triggers and use the proper alerts when to buy and remember to go the the bathroom before the market opens so if your trade makes you nervous you can hold it.
Post your track record when you start somewhere.
I'm aware of the emotional factor. That's why I'm gonna stick to the criteria the model spits out. And I will post the results when I get some
Thanks for the restroom advice. Looks like it comes from your own experience
If it stick to the model, I will only be trading about 20-40 minutes per day though. Plenty of time for pee breaks...
I would love to know what you said to convince your friends to invest $100,000 on your stock trading idea. It seems to me that your real talent might be sales. I would strongly suggest you look into selling commodities or becoming a stockbroker. Better yet have you thought about charging people thousands on seminars. You have a Ph.D.(probably from R.I.P.O.F.F. university). and you seem to have the holy grail trading system (that actually works!!!) what a powerful marketing combination. Certainly you can make a lot more raisng capital with a nice handsome cut for yourself than trading stocks. Drop me an e-mail I might even be interested in investing in your scheme.
I am curious to see how you can benefit with only such a short trading schedule daily. If you play the opening momentum then that may work but what about days when things go the other way. This market is so volatile that a bad trade could make you a slave to the screen all day as it sits in a tight trading range. The syatems will adapt to traders eventually which is why traders have to continue to alter their strategy. The market is about winners and losers. The exchange of wealth is what the the market is all about.
Have you used a simulator to test this thing in real time yet? I think you have the focus to be successful but until you lose big you will be green. So far how much are you up this week?
If your strategy works be prepared for a major following.
Have you used a simulator to test this thing in real time yet? I think you have the focus to be successful but until you lose big you will be green. So far how much are you up this week?
If your strategy works be prepared for a major following.
maybe I missed something, but if the stock is fairly liquid and you are looking to buy 4000+ shares in a five to ten minute period, why not just split up your orders into bite-sized pieces ...
40 trades of 100 shares @ market spread out @ 5-10 second intervals should all come off almost exactly at the prices your system is predicting ...
ps. if you try to trade it yourself, you're going to add all kinds of (unnecessary) problems to your system ... i would strongly recommend an automated trading system like the one i use, it takes the emotional factor(s) out (almost) completely ... if you need help email me.
40 trades of 100 shares @ market spread out @ 5-10 second intervals should all come off almost exactly at the prices your system is predicting ...
ps. if you try to trade it yourself, you're going to add all kinds of (unnecessary) problems to your system ... i would strongly recommend an automated trading system like the one i use, it takes the emotional factor(s) out (almost) completely ... if you need help email me.
When I first read your opening post I had to laugh........
then I read it again I REALLY laughed.
Seriously though, until YOU trade in real time you have no idea what your'e talking about. I don't mean to sound flippant or rude. There are litterally thousands of people in the markets with very good educations and more money than you will ever see, that you will be competing against. Assuming your strategy is valid, the only unknown variable is you, isn't it? Good luck.
then I read it again I REALLY laughed.
Seriously though, until YOU trade in real time you have no idea what your'e talking about. I don't mean to sound flippant or rude. There are litterally thousands of people in the markets with very good educations and more money than you will ever see, that you will be competing against. Assuming your strategy is valid, the only unknown variable is you, isn't it? Good luck.
I want to give you one more thought...
Read Market Wizards (j. Schwager)- may be you already have. What's the conclusion out of this book: There are hundreds or thousands of trading methods and systems. Some are pure technical some others are based on news some on the "good feel". Being able to trade a system successfully has only little to do if the system is profitable.. well the system has to be profitable. But the biggest part on the game is your own self. In other words your discipline and your emotional control. If you have never traded real you DON'T know how good you are at that. So trading only 100Shares per trade over a certain time will give you the edge in your discipline. You will see how hard that is in the beginning...
that's all from Switzerland
alain
Read Market Wizards (j. Schwager)- may be you already have. What's the conclusion out of this book: There are hundreds or thousands of trading methods and systems. Some are pure technical some others are based on news some on the "good feel". Being able to trade a system successfully has only little to do if the system is profitable.. well the system has to be profitable. But the biggest part on the game is your own self. In other words your discipline and your emotional control. If you have never traded real you DON'T know how good you are at that. So trading only 100Shares per trade over a certain time will give you the edge in your discipline. You will see how hard that is in the beginning...
that's all from Switzerland
alain
Hi Vlad,
For what it's worth, I have to agree with the more skeptical members of this thread. Though I concure that the skepticism itself is perhaps unwarrented and counter-productive.
The nature of your questions reflects an lack of 'sensitivity' to market (individual stock) behaviours. Personally, I seldom use limit orders, but when I do, I do so for a reason. And when I use market orders I generally wait until the spread has narrowed to a "reasonable" difference.
As for Ameritrade, I've never used them, but I have used Datek, which I believe uses similar online execution technology. Now I use direct access (Trade Station - you can choose flat fee or by the share) and the difference is night and day. Research and executions aside, T.S. requires fewer clicks because the layout is better. I know this sounds trivial, but when you are waiting to see if your order has been filled and want to watch immediate price action, you don't want to be moving the mouse around for no reason. Also, you will probably get better fills with direct access which should more than pay for any "extra" commissions. If you get a $0.02 better price on a 5000 share order then the cost of Direct Access is no longer an issue - is it?
Finally - START SMALL. Even if you have to take some losses, just think of it as an education. I've noticed my whole physiology changes when I am trading size that is too big for my wallet. But don't take my word for it, it's your money.
best of luck.
For what it's worth, I have to agree with the more skeptical members of this thread. Though I concure that the skepticism itself is perhaps unwarrented and counter-productive.
The nature of your questions reflects an lack of 'sensitivity' to market (individual stock) behaviours. Personally, I seldom use limit orders, but when I do, I do so for a reason. And when I use market orders I generally wait until the spread has narrowed to a "reasonable" difference.
As for Ameritrade, I've never used them, but I have used Datek, which I believe uses similar online execution technology. Now I use direct access (Trade Station - you can choose flat fee or by the share) and the difference is night and day. Research and executions aside, T.S. requires fewer clicks because the layout is better. I know this sounds trivial, but when you are waiting to see if your order has been filled and want to watch immediate price action, you don't want to be moving the mouse around for no reason. Also, you will probably get better fills with direct access which should more than pay for any "extra" commissions. If you get a $0.02 better price on a 5000 share order then the cost of Direct Access is no longer an issue - is it?
Finally - START SMALL. Even if you have to take some losses, just think of it as an education. I've noticed my whole physiology changes when I am trading size that is too big for my wallet. But don't take my word for it, it's your money.
best of luck.
Hey Vlad -
Now that you have heard the downside. Here is the UPSIDE-Welcome to the best business in the world. Take our advice as love for a fellow trader. You are like a newborn and we care about bringing you into the world right.
This board is magnificent because you will actually learn things here.
Trade to your hearts content and enjoy the ride.
Once again you can email me if you want to chat personally.
Now that you have heard the downside. Here is the UPSIDE-Welcome to the best business in the world. Take our advice as love for a fellow trader. You are like a newborn and we care about bringing you into the world right.
This board is magnificent because you will actually learn things here.
Trade to your hearts content and enjoy the ride.
Once again you can email me if you want to chat personally.