You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
what am I ?
- Thread starter traitor786
- Start date
oh well we didnt hit the 1570. but yah there is space for a "correction" could see it going down to 1450 possibly lower over the long term but im not sure that i would call this a correction, rather a normal movement within the its trend..
now as for my own studying, i must say that things are going alot better. I have a much clearer picture of what a price is doing, very rarely am i in a position that i cant say what is happening. every move is either a failure to conform or not.
Also i can make pretty accurate predictions i just have to learn the value of short term signals vs long term signals. but i guess i can just avoid when the 2 conflict,
I also have been able to pin point specific spots that a stock will hit through out the day, ive only done this once or twice but it was fun to watch price go out of its way to hit my spots, this particular Technic involves hours and hours of work, many times looking at it once conflicts with a second look, but when i did it it was dead on. I'm not pursuing this at the moment as it will be allot of work to figure out and i don't have enough data to confirm that it is a good strategy, but the result was dead on my predication on this particular stock meant that price would have to increase its volatility and swing around violently which it tended not to do.. but it did.
Putting that aside i can quickly decide if my pick was wrong and get out of a position fast. my paper trading was yielding 4%-10% a day. using different time periods, all inter-day, one day i was in and out 70 times in the day. my profits always covers my fees but the 4-10% does not include fees,
going more long seems like easier but i am yet to be patient enough to follow my predictions that long.
The system explained about the channels seems to be flawed. It seems like there is another system being used that is not talked about. a little bit of research can usually point you in the right direction,
what i find interesting is that taking a bit of information led me on a analyzing frenzy and i came up with many new theories and new Technics. often, later, i would find that my new Technics have actually been discovered. This is reassuring that i am on the right path as i am discovering what others have discovered on their own. What is also interesting is that it seems that 90% of the information out there has no relevance to me. One would think this is because i havent looked deeply in to alot of the stuff which is true, but interestingly my judgement tells me that it actually is useless.
Now i wonder how good i am. and would like to compare myself with others, It woudl be fun if some one challenged me by picking a stock and we both decided on an entry and exit and see how we do, i would only like to do this with some one that believes he is in the top 1%. Unfortunately im still paper trading so my data is delayed. This could be over come by maybe going a bit longer or if i had access to real time quotes at least.
Any ways if there is an interest i can post my previous trades on here. just if some one can let me know how i can export them from think or swim to excel or word or word pad i could do that.
As for advice i would suggest one thing, a good trader is not a follower. if one could just follow rules and make money every one would do it. study for your self. take a chart of anything and analyze it from its first trend until the end and look for patterns draw lost things on your chart untill you get it right. you should be able to see interesting things if you look long enough and keep an open mind. Some of it will be relevant to making money while others are just interesting to note and may after become more clear.
When people go out of there way to help you wonder why they are doing so , for me i have not posted on here recently much because im paper trading and it is a 9am to 3 am job. people that trade and have time to voluntarily help and put up 10,000 posts make me wonder,
following advice on here at the beginning led me to not reinvent the wheel, not search for new and interesting ideas, and much of the information given was vague and unclear or inconsistent, when searching an idea that worked for me i was suprised to only find a handful of posts that just mention the idea briefly without really focusing on it, if i were to entertain every post on this site i probably would not have come accross it
Also i can make pretty accurate predictions i just have to learn the value of short term signals vs long term signals. but i guess i can just avoid when the 2 conflict,
I also have been able to pin point specific spots that a stock will hit through out the day, ive only done this once or twice but it was fun to watch price go out of its way to hit my spots, this particular Technic involves hours and hours of work, many times looking at it once conflicts with a second look, but when i did it it was dead on. I'm not pursuing this at the moment as it will be allot of work to figure out and i don't have enough data to confirm that it is a good strategy, but the result was dead on my predication on this particular stock meant that price would have to increase its volatility and swing around violently which it tended not to do.. but it did.
Putting that aside i can quickly decide if my pick was wrong and get out of a position fast. my paper trading was yielding 4%-10% a day. using different time periods, all inter-day, one day i was in and out 70 times in the day. my profits always covers my fees but the 4-10% does not include fees,
going more long seems like easier but i am yet to be patient enough to follow my predictions that long.
The system explained about the channels seems to be flawed. It seems like there is another system being used that is not talked about. a little bit of research can usually point you in the right direction,
what i find interesting is that taking a bit of information led me on a analyzing frenzy and i came up with many new theories and new Technics. often, later, i would find that my new Technics have actually been discovered. This is reassuring that i am on the right path as i am discovering what others have discovered on their own. What is also interesting is that it seems that 90% of the information out there has no relevance to me. One would think this is because i havent looked deeply in to alot of the stuff which is true, but interestingly my judgement tells me that it actually is useless.
Now i wonder how good i am. and would like to compare myself with others, It woudl be fun if some one challenged me by picking a stock and we both decided on an entry and exit and see how we do, i would only like to do this with some one that believes he is in the top 1%. Unfortunately im still paper trading so my data is delayed. This could be over come by maybe going a bit longer or if i had access to real time quotes at least.
Any ways if there is an interest i can post my previous trades on here. just if some one can let me know how i can export them from think or swim to excel or word or word pad i could do that.
As for advice i would suggest one thing, a good trader is not a follower. if one could just follow rules and make money every one would do it. study for your self. take a chart of anything and analyze it from its first trend until the end and look for patterns draw lost things on your chart untill you get it right. you should be able to see interesting things if you look long enough and keep an open mind. Some of it will be relevant to making money while others are just interesting to note and may after become more clear.
When people go out of there way to help you wonder why they are doing so , for me i have not posted on here recently much because im paper trading and it is a 9am to 3 am job. people that trade and have time to voluntarily help and put up 10,000 posts make me wonder,
following advice on here at the beginning led me to not reinvent the wheel, not search for new and interesting ideas, and much of the information given was vague and unclear or inconsistent, when searching an idea that worked for me i was suprised to only find a handful of posts that just mention the idea briefly without really focusing on it, if i were to entertain every post on this site i probably would not have come accross it
5 posts up i left a link of predication,,,
i didn't follow it long but just enough to see what I'm a bout to show you, as mentioned on the other thread i did this type of prediction another time and it was even more amazing predicting highs and lows that were far beyond previous days range and they were all hit, i don't think i posted my prediction up before but check this out !!!
this is the before and after. have a look at it
i stopped using this technique but may go back to it
i didn't follow it long but just enough to see what I'm a bout to show you, as mentioned on the other thread i did this type of prediction another time and it was even more amazing predicting highs and lows that were far beyond previous days range and they were all hit, i don't think i posted my prediction up before but check this out !!!
this is the before and after. have a look at it
i stopped using this technique but may go back to it
Attachments
here is the result see above post to see my prediction. also see 3-5 posts up to see that i had posted the original before the fact
it truly is amazing though im not sure how the stock played out but ill try to look it up if i have time.
though i dont know if my prediction was right it was interesting to see how price formed what looks like a spiderweb on my setup line
it truly is amazing though im not sure how the stock played out but ill try to look it up if i have time.
though i dont know if my prediction was right it was interesting to see how price formed what looks like a spiderweb on my setup line
Attachments
ok so incase anyone is watching which i doubt. here are some results. most the action was on netflix, there was some gold options that i bought just by looking at the chart but that 1700 i wont count as i know nothing about options. But i would not mind day trading gold.
it says 33 orders. Im pretty sure i had more then 33 orders maybe 100 im guessing so maybe its only counting the past x days,
i started with 100000 and now am at 120,000, whats amazing is due to uncontrolable events i really didnt have that many trading days. the past few weeks i have been out of the market my.
Knowing this i kept 1 long term bet on netflix open and then closed it once it hit my long term target
all other trades were intra dya trades and the bulk of the money was made there.
If any one wants to look deeper just ask and i will post up what ever screen you ask for, im not that much in to the accounting side of things so let me knwo what tab you would like to see, but i think this thread, for now atleast, is dead.
it says 33 orders. Im pretty sure i had more then 33 orders maybe 100 im guessing so maybe its only counting the past x days,
i started with 100000 and now am at 120,000, whats amazing is due to uncontrolable events i really didnt have that many trading days. the past few weeks i have been out of the market my.
Knowing this i kept 1 long term bet on netflix open and then closed it once it hit my long term target
all other trades were intra dya trades and the bulk of the money was made there.
If any one wants to look deeper just ask and i will post up what ever screen you ask for, im not that much in to the accounting side of things so let me knwo what tab you would like to see, but i think this thread, for now atleast, is dead.
also i am positive including the fees as i saw on one of the statements. im uessing fees were about 1000$ teh first couple of days i did look at my profit margines and it was something like 5% a day.
Ok soI havent posted in a while. im not sure where i left off but i have developed a new system and now am entertianing the idea of of looking at bids and asks.
Obviously by now you know i have a lack of some of the most basics of knowledge and terms.
but i continue on. hopefully i will learn that stuff througha prop firm, or if i am happy with my system i will learn it on my own.
anyways.
so what i am gathering about tape reading is this.
1 open price is very important and almost considered to be like a pivot point.
2. buying an selling are done based on bid and ask price.
3. there are reference points that i have no idea where they come from
4. instead of shying away from big orders on the bid side, we assume that these orders are fake to scare people away. so we buy in to volume
5. people tend to buy more and more stocks as time elapses
6 we don't really need any indicators or anything not even the chart.
7. the way people trade it seems like they don't worry about losses
8. people buy fast. and then will wait a quite a while to sell maybe 10mins
9. this systems seems to be set up to take advantage of institutional investments n big in play stocks
10. it seems to depend strongly on ones reflexes.
11 this system may be buying stocks and selling it to a certain person that is doing high volume
besides my personal system i have made this is the only one that i am starting to read in to.
the idea of studying bids and asks is something that is important to me as it gives an indication of price sentiment that is being settled.
now it has been said that as time goes on the seller may increase his target price.
This makes me wonder.
this system looks at the actual trades and in the here and now to find a pattern that is clear to the trader.
if the institution seller chages price as time goes on.. may be there's a bigger pattern that can be seen
instead of looking at each trade in the here and now,
maybe we can see the trades even on the chart. not the ones taking place in the hear and now. but rather the trades that have already been posted.
maybe the footprint of past trades is on the chart. and maybe these footprints can be analysed to give an indication of the rate of change in price relative to time the institution is willing to accept..
i dont typically believe in channels as they are presented to us.
but lets just say we have a channel. and there is a big buyer how is buying everything he can on a given slope..
this would create a resistance on that slope...
so is it possible that the typical resistance lines we see on charts are big players buying at the line. ??
just an interesting thought that no one will read i think. i will go further in my studies on this.
p.s. i am joining a prop firm and filling out apps by this weeks end.
i lack the basics so i will start off with the cheapest to learn non technical things and assume my deposit will be diluted. about 2000$
from there i will have a feel of the system and maybe even my current system.
Any suggestions on where a Canadian from Montreal should go just pm me and i will also tell you what i am currently looking in to.
Also software is a big issue. currently the only thing i have found that works with my system is think or swim. it has the best drawings available by far. And drawings is what i currently do( i very open to all ideas) im going to fund my think or swim to get live data and do things like i have been and enter the trades on sterling trader.. e signal is too complex to set up and don't want to risk a problem anyways it cant do what i need..
any guidance in this matter or in tape reading will be appreciated
ill be posting now every now and then depending on the response .
if the response is not there i will only post things that are new and different. or new directions i will take.
Obviously by now you know i have a lack of some of the most basics of knowledge and terms.
but i continue on. hopefully i will learn that stuff througha prop firm, or if i am happy with my system i will learn it on my own.
anyways.
so what i am gathering about tape reading is this.
1 open price is very important and almost considered to be like a pivot point.
2. buying an selling are done based on bid and ask price.
3. there are reference points that i have no idea where they come from
4. instead of shying away from big orders on the bid side, we assume that these orders are fake to scare people away. so we buy in to volume
5. people tend to buy more and more stocks as time elapses
6 we don't really need any indicators or anything not even the chart.
7. the way people trade it seems like they don't worry about losses
8. people buy fast. and then will wait a quite a while to sell maybe 10mins
9. this systems seems to be set up to take advantage of institutional investments n big in play stocks
10. it seems to depend strongly on ones reflexes.
11 this system may be buying stocks and selling it to a certain person that is doing high volume
besides my personal system i have made this is the only one that i am starting to read in to.
the idea of studying bids and asks is something that is important to me as it gives an indication of price sentiment that is being settled.
now it has been said that as time goes on the seller may increase his target price.
This makes me wonder.
this system looks at the actual trades and in the here and now to find a pattern that is clear to the trader.
if the institution seller chages price as time goes on.. may be there's a bigger pattern that can be seen
instead of looking at each trade in the here and now,
maybe we can see the trades even on the chart. not the ones taking place in the hear and now. but rather the trades that have already been posted.
maybe the footprint of past trades is on the chart. and maybe these footprints can be analysed to give an indication of the rate of change in price relative to time the institution is willing to accept..
i dont typically believe in channels as they are presented to us.
but lets just say we have a channel. and there is a big buyer how is buying everything he can on a given slope..
this would create a resistance on that slope...
so is it possible that the typical resistance lines we see on charts are big players buying at the line. ??
just an interesting thought that no one will read i think. i will go further in my studies on this.
p.s. i am joining a prop firm and filling out apps by this weeks end.
i lack the basics so i will start off with the cheapest to learn non technical things and assume my deposit will be diluted. about 2000$
from there i will have a feel of the system and maybe even my current system.
Any suggestions on where a Canadian from Montreal should go just pm me and i will also tell you what i am currently looking in to.
Also software is a big issue. currently the only thing i have found that works with my system is think or swim. it has the best drawings available by far. And drawings is what i currently do( i very open to all ideas) im going to fund my think or swim to get live data and do things like i have been and enter the trades on sterling trader.. e signal is too complex to set up and don't want to risk a problem anyways it cant do what i need..
any guidance in this matter or in tape reading will be appreciated
ill be posting now every now and then depending on the response .
if the response is not there i will only post things that are new and different. or new directions i will take.
Ok so heres a little update..
Gold is doing great !!! but we are high on a trend i doubt we will break out but you never know.
As for me I am now a prop trader !!!
Testing out my systems and I'm happy with how things are looking.
I would like to learn more about level II but i find information on this site to be very vague.
what woudl be fun is to team up with some one that is good at level II and combine systems. so my system woudl be used as a indictor for another trader. realistically this will never happen but would be nice to hear from montreal prop traders or people that day trade their own money .
Gold is doing great !!! but we are high on a trend i doubt we will break out but you never know.
As for me I am now a prop trader !!!
Testing out my systems and I'm happy with how things are looking.
I would like to learn more about level II but i find information on this site to be very vague.
what woudl be fun is to team up with some one that is good at level II and combine systems. so my system woudl be used as a indictor for another trader. realistically this will never happen but would be nice to hear from montreal prop traders or people that day trade their own money .