TradingTheOpen.com Free Video from 9/15: Winning Alerts, Real trading
- Thread starter KCalhoun
- Start date
Hi Ken,
I watched the video, and went for a walk (after taking a nap). I noticed that you use eSignal, and I use it as well. I could not help but notice that it seems that you have not upgraded the software, as mine looks a little different from yours, as in more streamlined. Maybe it's just my eyes, but make sure you are running the latest version.
My views (and take them with a grain of salt):
1) Your chart is too fast at 1M (try 2M or 3M). The idea of using candlesticks is to be able to see them in all their glory (and you are friends with Nison). I want to see them move up and down like colorful "pistons". There is a lot of empty space on the right, that could be used effectively. Time & Sales should be directly to the right of the chart, so that you can see the last candle forming, and the last transaction next to it.
2) The smaller charts are not so necessary. I think what is missing are Level 2 quotes. We are in luck, and Lightspeed is an ET Sponsor, and in my view, they are the BEST trading platform for Stocks, and they are fully compatible with eSignal. @Robert Morse can help you set up an account with them, and set up their platform. Their tools will help you immensely.
Who cares about free commissions; we are here for the best tools, and the best execution, to get better...
https://download.lightspeed.com/LS_Manual.pdf
3) I believe Lightspeed still has Ticker Alert, which was developed by David Kuang; a great screener. I traded with David. They probably have other new stuff, especially relating to order entry.
4) In eSignal, you can set alerts with a simple horizontal trendline, and add a voice to it. This helps me out in the PM session, when things get slower, and I am fishing for a worthy R/R entry. And when I hear that voice, I hear money...
5) As you type the stock ticker on the Level 2 box, its chart should appear on eSignal (this needs to be confirmed with @Robert Morse), and you can press tab into the next Level 2 box, and type as many symbols as you please, across all five available boxes (or however you set it up). Keyboard is FASTER than the mouse!
6) Your personal goal should be to trade 100 Shares, of anything, at minimum. This is how you grow, by pushing your boundaries.
I drew you a diagram. There will be a small learning curve, but it's worth it.
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Very smart ideas -- great post; thanks! Will think over things and reply in detail tomorrow. Good thinking
I would suggest taking the weekend to think it over, and also look over the material readily available...
Your "adjusment" period should take 3 months tops, if you are diligent. You have people like @Robert Morse who can let you know what is the latest in technology, as just the last decade has been mind-bending...
If you play the sax, you can fly on the keyboard.
The last 20 years feel like 60 years!
Your "adjusment" period should take 3 months tops, if you are diligent. You have people like @Robert Morse who can let you know what is the latest in technology, as just the last decade has been mind-bending...
If you play the sax, you can fly on the keyboard.
The last 20 years feel like 60 years!
One more thing. In the Time & Sales box, you really only need Price & Actual Trade Size. You truly want to maximize "screen real estate".
See, I practice what I preach:
See, I practice what I preach:
Good point re ts, agree. Thx for nudge re 100share vs odd lots, did 2 winning 100sh trades in KODK SQQQ today, appreciate it
In addition to what Chip Shot mentioned I think a watch list with open positions only would help viewers keep track of what you are doing.
I noticed that the page is very busy and I couldn't keep track of which positions were open and which you had closed. I was never sure if you were in a position or not.
I agree that longer time frame candles or possibly only showing one day on the main chart would help. The way it is now you might as well have a line chart. Same with the smaller charts go with 5 minute candles.
I prefer time and sales to level two as I've seen orders disappear as price moves. Expanding time & sales to include volume would help.
Thanks for the demonstration of what people are paying for.
I noticed that the page is very busy and I couldn't keep track of which positions were open and which you had closed. I was never sure if you were in a position or not.
I agree that longer time frame candles or possibly only showing one day on the main chart would help. The way it is now you might as well have a line chart. Same with the smaller charts go with 5 minute candles.
I prefer time and sales to level two as I've seen orders disappear as price moves. Expanding time & sales to include volume would help.
Thanks for the demonstration of what people are paying for.
The Level 2 Boxes, on Lightspeed, would show his real-time positions, and P&L.
No need for Line Charts, as this screen may be "streamlined" in the future.
Level 2 is now definitely affected by Algos, so I hear you about the spoofing action, but that is our current reality.
If you want it to truly explore "expanding volume", I would suggest TICK data, but that's a whole new animal, and not really Ken's target audience...
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Level two has been like that for years, Before algos the market makers played games.
I used tick data when I was daytrading futures. Eventually found that swing trading stocks gave me about the same returns and a lot more time to enjoy life.
If I was interested in a trading room like Kens I would like to see the changes we have suggested. I must be getting old but it was too busy for me. I watch a few alerts get missed and wasn't sure if others had had been executed. A list of open positions would have helped.
So I think that's the point: Constructive feedback. "Open Positions List" is then a must.
Agreed. We are getting old
And it sucks!
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