StockFetcher Forums · General Discussion · Is this a Dead Cat Bounce?<< 1 ... 4 5 6 7 8 ... 10 >>Post Follow-up
nikoschopen
2,824 posts
msg #51005
Ignore nikoschopen
4/11/2007 12:56:34 AM

LOL! You've been having a field day for the last month and half. I guess one more field day of false positive (aka "Timber!!!!!!") can't hurt...or can it?

petrolpeter
439 posts
msg #51059
Ignore petrolpeter
4/13/2007 2:36:21 PM

The tree looks tall and green,Can't get that ole chain saw started?

nikoschopen
2,824 posts
msg #51061
Ignore nikoschopen
4/13/2007 3:35:10 PM

As I said before, it just might retest the previous all-time high. The market has a bad tendency to artificially pump up the price prior to the breakdown only to push it over the cliff. I'm really beginning to sense that the reversal is not too far off though. But what do I care, I'm just a day trader.

Niagara
49 posts
msg #51062
Ignore Niagara
4/13/2007 4:07:51 PM

nikoschopen,
Just curioius about daytrading. I had heard that daytrading was a sure way of going to poor house. How do you trade, time of day, indicators if any, choice of stock or whatever you trade. Evidently, you are not in the poor house, so any hints?

nikoschopen
2,824 posts
msg #51065
Ignore nikoschopen
4/13/2007 5:53:23 PM

Niagara wrote "Just curioius about daytrading. I had heard that daytrading was a sure way of going to poor house. How do you trade, time of day, indicators if any, choice of stock or whatever you trade. Evidently, you are not in the poor house, so any hints?"
______________________________

First of all, there is a wide misconception about day trading which I feel compelled to correct. By definition, day traders are those who begin each day from scratch and close shop at the end of the day. It's simple as that. How is that any different from a position trader or so-called investor who close out their position at the end of the tax year? Of course not all day traders are created the same. Some may be ultra scalpers who open and close their positions within a matter of few minutes, whereas there are others who, in their great stoic patience, may hold their positions for the whole session. Also certain day traders consistently hold multiple positions at any given moment; others hold no more than one position.

While certain day traders do end up in a skidrow, most of the day traders that I know are very successful creatures. This has to do more with their disciplines than just another dumb luck since they consistently beat the market day in and day out. Plus, they trade for a living. This is not a mere hobby for them. Speaking of discipline, not only do they refuse to take home open positions, they're very strict and methodical about maintaining an objective point of view. They know their strengths and weaknesses, as well as the threshold or limits of their endurance. They don't enforce their thoughts on the market but the other way around. By listening to the market, they're able to plan their actions well in advance and never waver once the situation arises. As such, their flexibility affords them to go long one moment and quickly flip short the next. Unlike novice traders, day traders also tend to pay more attention to exits than entries. They know when to get out should the trade not pan out the way it should. This relates to both time and price. For example, if either the stop-loss is triggered or if the damn thing stagnates and just don't go anywhere within a reasonable period of time, you throw the baby out with the bathwater without giving into second thoughts. Of course, you have the option of visiting the "woulda, shoulda, coulda" thread later if you happen to be wrong.

Now back to your question about "How do you trade, time of day, indicators if any, choice of stock or whatever you trade?"

I really can't answer the question on how I trade, per se, other than to note that I have posted my trades in real time for both S&P eMini and Apple (AAPL), which I encourage you to visit should you wish to see how I trade. The URLs for both threads are:
* (S&P eMini) http://beta.stockfetcher.com/sfforums/?q=view&fid=1001&tid=44956&qrid=
* (AAPL) http://forums.stockfetcher.com/sfforums/?q=view&fid=1001&tid=50741&qrid=

As for the time of day I trade, I trade all hours except during the dead zone aka lunch time.

With regards to the indicators, I mainly use Bollinger bands, Keltner channel, and the Slow Stochastics.

I have no special preferance for any particular stocks as long as they're not overly anemic. However, I tend to stick with those that display momentum and avoid penny stocks like a plague. Beside equities, I trade futures, which is more profitable.

Last but not least (as is the case for day trading in particular), allow me to regurgitate the priceless axiom that TRO is so fond of spitting out: It ain't what you trade, it's how you trade. Needless to say, if you know HOW to trade, it doesn't matter WHAT you trade. I see a lot of new traders paying way too much attention on stock selection (which in my mind is no different from making a stock "prediction") and not enough time and effort in learning how to trade. No wonder these people keep switching one filter after another, always blaming their filters and never themselves for the "unintended" losses.

Muddy
55 posts
msg #51068
Ignore Muddy
4/13/2007 8:32:17 PM

"I'm really beginning to sense that the reversal is not too far off though. But what do I care, I'm just a day trader."

:)

Niagara
49 posts
msg #51070
Ignore Niagara
4/13/2007 10:36:55 PM

nikoschopen,
Thanks for the response. What type of software do you use, Tradestation? How large a transaction might you use. What futures do you trade. Essentially stockfetcher is probably not something you use. Do you like TRO not trade in the first half hour of the day. How did you learn your trade. Where do you go to socialize with other day traders.
As far as a turning point, this market has defied most expectations, but history does tend to repeat.

Niagara
49 posts
msg #51071
Ignore Niagara
4/13/2007 10:40:01 PM

Muddy,
You might be very successful as a trader, but the sarcasm oveshadows it.

Muddy
55 posts
msg #51072
Ignore Muddy
4/13/2007 11:12:32 PM

Niagra,

You took it the wrong way,the smile wasn't meant as sarcasm in any way at all.
It was meant that I enjoy Niko's posts/idea's very much.
He is right on about a bunch of stuff,and his comment about daytraders not caring about market direction is correct.
So it brought a smile to my face that he and others like myself see that.
How is that being sarcastic?
If you've been around here any length of time you'd know that for years I've posted hundreds of times trying to help folks out,never asking once for anything in return.
I have given away all my so called "secrets" for free,ALL of them,hiding none.
I've spent countless hours on my SF/yahoo group,my blog and now in my chatroom patiently trying to help folks become a little better of a trader.
You are way off base with your comment,I think you need to lighten up a bit,life ain't that serious

nikoschopen
2,824 posts
msg #51074
Ignore nikoschopen
modified
4/14/2007 12:05:24 AM

Niagara,

I would have to side with Muddy on that account. If there were anyone here at SF from whom I have derived much help, they would be Cegis and Muddy. I have learned espcially a lot from Muddy's previous posts about the Bollinger bands. So, in that regard, here's my belated thanks. As for the misunderstood smiley, everyone here knows that Muddy's a dog loving pacifist anyway. So no problem from this side of the net. LOL

With regards to your questions, I use both Tradestation and Interactive Brokers and I trade mostly in the increments of 1000 shares for stocks and 10 contracts for futures. When it comes to futures, I trade mostly S&P or the Dow E-Minis. I rarely ever use Stockfetcher while I'm trading but I find their service invaluable when it comes to testing my strategies. When it comes to rubbing elbows with other fellow traders, there's no better site than Elite Trader (elitetrader.com). But, truth be told, I don't socialize while I'm trading. I tend to focus better when trading alone.

How did I learn to trade? Hmm, that's a toughie. I traded for the last fifteen years. As I was starting out, everyone said I could master the craft in roughly six months. It took me nearly six years to stand on my two feet. I read a lot of trading books, perhaps too many too fast in too short of a time. As a result, I made a ton of mistakes, most of which I was stupid enough to repeat over and over for the first few years. It dawned on me that I needed to crawl before I could walk, walk before I could run, and ultimately run without falling before I could jump through various hoops and hurdles. I need not remind you that the market is fraught with difficult hurdles.

Do I agree with TRO's view on trading the open? While I have an immense respect for TRO as a trader, I respectfully differ with him on this subject. Here's why. The first 30-minutes are the most volatile time of the session. The price tiers are changing so fast, it's hard to keep up at times. While you might be lucky at times to catch the ride at the price that you want, most of the time such luck comes only with a steep slippage. In addition, what guarantee do you have that you'll be on the right side of the trade in the first place? If you're caught on the wrong side, you better start praying that your head will not be handed back to you on a silver platter. Of course, there are certain exceptions to the rule, such as fading the gaps. But for the most part, it would be to your fragile sanity to stay away from trading the open.

StockFetcher Forums · General Discussion · Is this a Dead Cat Bounce?<< 1 ... 4 5 6 7 8 ... 10 >>Post Follow-up

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