Question on developing feeling towards a couple trading tools

W

WrenTypeCyborg

(feel free to skip to point obv.) First off; I'm very new and want to employ scalping strategy; or so i thought until yesterday. Im realizing;(and i know; not necessarily is going to proceed next part of my statement, but I know me and ill have to work on it for awhile) I don't want my days to be spent in front of the computer screen.
Though I am new Ive have put in a lot of time and effort in understanding concepts, terms etc etc...I know and respect that I know just enough and only enough to see the benefits of successful practice of trading. Basically believe me when I say I know I know. Most important is I know what I don't know and appreciate that and will look into various aspects as they come up or are needed to obtain my goals ETC.

I use CMEG with DASTRADER PRO $125.00 month. So I can PDT. As soon as I have the funds I'll switch to US commission free account (CMEG kindly dropped my commisions from 3.95 to 2.95. Also they have been exceptional with their customer service)

1) AS of yesterday; I am starting to feel as I don't need to shell out $70.00 a month for a Benzinga pro subscription.

2) As of yesterday(not because of yesterday) I am questioning the Validity of even paying $35.00 for level 2 data with CMEG.

3) The screener and scanner on DAS and their screener is absolute trash (a waste of time) So I am thinking wise money would be put on a paid finviz account at $25.00.

My Reasoning

1#I ve found when using the pro Benzinga news feed that and thing that I saw when I immediately looked up corresponding stocks to "breaking news"; I was already late and missed entries. I saw this every time i implemented this news release strategy. I have a chrome book designated for the news feed and i have my desktop computer on for trading. (In my analysis of the late to the entry i saw I was about 8 minutes late. Price reacted predictably to the "news" but it was evident 8 mins prior. I spoke with a nice representative over there with these findings and she said i might have to turn on more sources etc.I then realized i had the default single BZ wire feed on only. I figd that was case closed; my bad after all all the youtube guru teacher types seem to swear by it for momentum/catalyst trades...(yesterday) So i had the news feed wide open yesterday and again it was useless for me... I feel the cost isnt warranted and I am not going to Keep. ??? Am I wrong in this thought, is there a configuration that works that you can share etc etc.

2# I was so frustrated yesterday dicking around with the various screeners with miniscule screener and scanner parameters. Its a joke. Its known that its isnt a strong suit of the platform but still i was just so annoyed and couldnt get outta my own way yesterday. The most important part of Das is great the executions etc. I want to streamline and simplify things, not literally have to screen/scan on another broker.

3) LEVEL 2 I realized this immediately when i started tray trading, but actually put it in motion in mind yesterday. I feel if anything the level 2 has been the cause of some of my losses. trying to implement it as a confirmation of support and especially resistance has backfired far more than its helped. I honestly feel is a tool for the institutions to keep prices low. Ive seen what i believe to be fake orders that loom daunting as resistance only to disappear and reappear, which obviously will shy off buyers waiting for resistance to break....(as i wrote this I wonder if i can use this in my favor for shorting stocks...i will look into further it seems itd be very beneficial).

THANKS FOR READING THIS
* I'd like to get your opinion on theorder of importance of these 3 tools for scalping or intraday trading; 1)A pay for news feed, 2)real time high end level 2 data, or 3) real time scanner/screener *

All insight on this is greatly appreciated I have no one I can talk to about any of this and searching online is a dead end and on youtube I m realizing that is a dead end as these people are probably making decent money of endorsements so they will not highlight the bad.
 
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Forget about manually trying to take advantage of new releases. The bigger firms have algorithms that read and interpret news feeds and take immediate action. They also have direct access to the news sources that Benzinga gets it news from, so they will always react before retails traders can.

I am not sure what you get from paying CMEG with DASTRADER PRO $125.00 month for. Not familiar with either one.
 
SunTrader said:
You've obviously done a lot of initial work. But .... it takes time, like anything worth learning. Whether or not that means sitting and staring at a screen all day or just checking at the beginning and end of day. Time that can be speeded up. Period EOS.
More...
Whoops meant time that can't be speeded up ...
 
I'm a newbie too, having been trading stocks for less than a couple of years.
My advice? Get rid of all these expenses, you don't need what they offer and don't need the expense until you start making real money trading.
My situation is a little different in that I started trading at market low in March 2020 and had a good year sticking to 3-4 stocks. But what worked in 2020 didn't in 2021 and that's when I too had to start figuring out what I wanted my trading life to look like. Time on the computer, stress tolerance, type of trading, etc. all came into question and continues to this day.
In terms of character, I think it's important to believe in yourself and be decisive while also being flexible and open to input from data and the experience of established traders.
Most important is to always remember that no one knows. We all speculate and use various methods to reduce chance to a manageable variable. Some are successful some times, but no one is successful all the time.
Some traders are systemic and you will find sharp algo traders here. Others are analytical, making decisions based on financials while others are trend focused, looking at chart patterns and signals. One group you will definitely run into are the bitter negative types who turn every question into criticism.
 
VicBee said:
I'm a newbie too, having been trading stocks for less than a couple of years.
My advice? Get rid of all these expenses, you don't need what they offer and don't need the expense until you start making real money trading.
My situation is a little different in that I started trading at market low in March 2020 and had a good year sticking to 3-4 stocks. But what worked in 2020 didn't in 2021 and that's when I too had to start figuring out what I wanted my trading life to look like. Time on the computer, stress tolerance, type of trading, etc. all came into question and continues to this day.
In terms of character, I think it's important to believe in yourself and be decisive while also being flexible and open to input from data and the experience of established traders.
Most important is to always remember that no one knows. We all speculate and use various methods to reduce chance to a manageable variable. Some are successful some times, but no one is successful all the time.
Some traders are systemic and you will find sharp algo traders here. Others are analytical, making decisions based on financials while others are trend focused, looking at chart patterns and signals. One group you will definitely run into are the bitter negative types who turn every question into criticism.
More...
 
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