Started the Trades

+13

Sold Short 116.20 10:06
Buy Cover 116.12 10:06

That's it for today. Got in on limit order for a wedge reversal. It's one of those should I scalp out or should I wait for a big gain trades. Of course it went down huge afterwards. That always happens to me. After losing previous sessions, I thought better to just scalp out. The most difficult decision is often to scalp out or not. In hindsight, a stop order would've been ok. This is one of the factors to why I am not profitable. Taking small scalps while one big loss offsets everything. Sometimes scalps are ok too. That's the hard part about this game.

I spotted a huge short opportunity on CAB @ 14:30. I would've gone in but had to take my mother to the radiation oncologist. Of course when I got back it went down pretty severely quickly and reversed itself later. I don't see how that one can sustain itself. Every down expected downturn is met with a strong pullback. I can't imagine this one continuing to go up the way it has based on the chart.
 
I think you should spend more time studying the lightspeed platform until you can use it as your trading requires.

- watch all their tutorials
- they have live help chat
- find somebody on ET who uses ligthspeed (you can find them in the broker review, or start a thread asking for help regarding lightspeed)


It is good to save your charts with trades noted on them for your reference in your trading journal (not this one) so you will know in a year what works and what does not work. I still have my journals and charts from way back...
It is just an extra that you post some charts here so someone might help in pinpointing problems.

( in paint program you can draw arrows on your chart where you entered or exited and save the new image. But even if you just post a chart without note and arrows and explain where you entered and exited would be enough. But lightspeed can plot trade executions into your charts)
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Btw, I think it may not be a bad thing that you cannot use stop orders for entry because of possible slippage. But as I said testing should tell you which way is it better to enter: stop or limit on a pullback.
 

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Thanks Clm,

Didn't know that one can plot on Lightspeed. I've actually written a review about Lightspeed on Elite Trader before. Basically great execution and rates. Their website had a bunch of issues (along with ones with clearing firm) and the customer service is ok depending on who you get. Still better than Scottrade for sure.

Next time, when I get a losing trade. I'll plot it or I'll try to post it up for critique. Don't mind constructive criticism.

As far as limit orders or entering on stops. You're right on slippage but if it's something like SPY with tons of shares, there probably wouldn't be much slippage I would think. The only thing good on entering on stops is the speed. I can't be fast enough to wait for the price print to come out and then click the button for a market order. By that time, the computers are tenths of a second a head of me. Limit orders are good in that one gets ECN rebates but it's hit or miss if one can get in on time on a Brooks type setup. I did write to Al about it and he was very responsive and actually said to enter on a marketable limit order (ie set a limit order beyond the actual price I want to get in at which acts as a market order). It's a good idea. I haven't had the guts to try it yet.

I still have a lot to work on first. Especially on learning when to get out and when to stay in. Gotta be better at reading the price action too.
 
Quote from sfbayarea:

O'Leary,

I spoke to a couple guys in the customer service side and they said that it's not possible to enter a trade using a stop order. I did try it but everytime it automatically acts as a market order immediately and before the stop price is met. Those guys just tell me to do limit orders only and don't mess with entering on stops. I think one of the guys was Erik from what I remember but at least two guys in the RMS side said that.

However, it is strange when I spoke to Michael at the trade desk and he says it's definitely possible and he does it all the time. He gave me a memo on stop orders. I did try it but again, it just acts as a immediate market order. Yes, I know the difference between SDOT & STOP on the order entry menu but it didn't make a difference when I tried it.

There must be some type of incoordination going on between the rms (customer service side) and the trade desk. I'm still trying to really figure it out. So far, I'm really just stuck with limit orders and try to place them when the price prints. However, I'm no match for the computers. I've seen it before when as my limit order was hit before it even printed on the time & sales window.

That's also part of the reason I tend to do counter trend trades more often because it is easy to get in because the price is running into your limit order head on instead of trying to get in when it is passing you up. Off course, counter trend trades are more dangerous.
More...

hi,

Are you on the demo system? I found out in one of the lightspeed archived webinars, they said you cannot really enter stop order on the demo platform since the demo platform will just execute it as a limit order.
 
@Cookding

No, I'm doing the real deal. Stops in general don't work for the demo at all. Stops do work on Lightspeed trader if you are already in a position. They just don't seem to work when you are trying to initiate an entry into a position using one.
 
Quote from sfbayarea:

@Cookding

No, I'm doing the real deal. Stops in general don't work for the demo at all. Stops do work on Lightspeed trader if you are already in a position. They just don't seem to work when you are trying to initiate an entry into a position using one.
More...

wow... although I don't use stop to enter, it would be nice to have them in the toolbox.

I also wonder what happened to the LSPT route which saves the market center fees. That one I need badly but no news so far (no news is bad news in this case).
 
+37

Not feeling particularly well. I gotta do some running later today. My stomach has been bothering me a lot of late. Calling it a day.

Sold Short 117.30 09:33
Bought Cover 117.17 09:33

The thought of a stop didn't even occur to me on this. Just got out too quick. Product of having losing trades and also scalping habits. I suppose when trading counter trend, one just gets out quickly with scalps and I'm so used to doing that.

Other Scalps
Sold Short 116.61 10:12
Bought Cover 116.57 10:13
Sold Short 117.33 10:34
Bought Cover 117.28 10:36
 
+26

Bought 115.60 09:51
Sold 115.71 09:52
Sold Short 115.90 10:49
Bought Cover 115.86 10:49

Just gonna leave it. Gotta bring my mother to the Radiology Oncologist later. I can only do some trading early in the morning for the next six weeks but that's it.
 
Just confirming that stops are typically not available via the demo mode.

On the production side, the documentation below comes straight from documentation on the Lightspeed web site, under the Trader Software/Documentation section:

Benefits to STOP orders to EDGA:

• Can be sent in Listed AND Nasdaq Symbols
• Eligible to remain live after log-off
• You can close positions and initiate new positions with this order type

As always, any questions, kindly contact us at 1-888-577-3123.

Thanks.
 
Thanks O'Leary

The memo came out very recently. I just read the memo today too.. It was there when I logged in. Perhaps the guys on the RMS side/customer service side could have an understanding of it as well. So, far the responses from them was that one can't initiate a position using a stop order before. But then again, that was around two weeks ago before the memo came out when I last talked to them. I hadn't tried it yet but so it appears that one now can initiate a position using a stop now. Thanks
 
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