# Day Trading



## mime (10 November 2005)

Has anyone on this forum had any experience day trading?

If so where you successful?


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## doctorj (10 November 2005)

Here's a good place to start.


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## wayneL (10 November 2005)

Long S&P futs at support.

Wish me luck


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## wayneL (10 November 2005)

Exit some @ 1223.5

Breakeven stop on the rest


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## wayneL (10 November 2005)

The 123 pattern at resistance (the orange line) looked ugly enough to raise my stop to just under those central pivots (the green and yellow dashed lines)

In retrospect it coulda been a nice short entry.


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## wayneL (10 November 2005)

Another excellent setup for a long.

2X/3X bottom (depending on time frame used) at pivot, fibzone and daily 3 day cycle support.

You gotta be prepared to re-enter if necessary.

Anyway just thought I'd show my method once again.

Cheers


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## krisbarry (10 November 2005)

I have day traded quite well over the past 18 months.  I scan the ASX website, looking for company annoucements that are price sensitive.

In the mining stocks look for the word "Uranium"

In the bio/healthcare stocks look for words like "New Discovery", "Bird Flu", "HIV", etc

In the Energy stocks look for words like "Oil Discovery-especially the thick black kind"

Stocks than announce...Profit upgrades are also a good bet!

Watch for directors buying large sums, you can bet a good annoucement is on the way.

It is just a case of scanning the annoucement quickly, then placing a bid at pre-open or buying in at market, and hoping for the best.  Don't be too greedy though, take your profits and run.

Best to get in quick, wait for the initial rush to be over, then either exit or wait for the next rally.  Depends how game you are!

*Highest day trade amount I collected was $10,750 in 4 hours on one stock.
The least amount of time I have spent on a stock is 2 minutes and collected $1200 *


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## tech/a (10 November 2005)

Kris.

Your losses? Had any?
Your statement that without a job you'd have to stop trading was/is concerning?

Day trading  (Buy and sell in the one day) is the trading equivilent (to most novices) of flying a fighter with a car licience. Crashing and burning are the most likely result.

Infact Id go as far as saying that unless your trading options or futures your chances of success (Day trading) are pretty well ZERO.


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## wayneL (10 November 2005)

The important thing to note about daytrading, is that depending on the markets traded, the techniques are entirely different.

What works with speccies, doesn't work with indexes, and visa versa. Indexes are best traded off levels, with speccies you just catch the momentum.

Currencies are a bit different again.

A bit of clairvoyance never goes astray in any market of course.  

Cheers


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## tarnor (10 November 2005)

> Day trading (Buy and sell in the one day) is the trading equivilent (to most novices) of flying a fighter with a car licience. Crashing and burning are the most likely result.
> 
> Infact Id go as far as saying that unless your trading options or futures your chances of success (Day trading) are pretty well ZERO.




totally disagree, when i first started training i got burnt trying to day trade on big announcements because being the newbie i was i would chuck money at anything...

You would get burned by the old  buy on rumour sell on fact ...

The key is to only jump on if you know its going to run hard... don't take every oportunity that comes along.. and have  a tight stop..

The first thing on the checklist is has the market been expecting an announcement like this?  if yes be wary, this will be the exit for many....  

If its out of the blue with great content it might be worth a tickle...

only ones i have done recently are SIE & RBY.. finished with RBY now after three trades in the last 2 day...

I have a small parcel dedicated to these every once in a while trades.. it compliments the other stuff...imho.. just don't get greedy...


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## tech/a (10 November 2005)

Kris 

Thanks for the kind words.

Think Mime would appreciate a balanced view.

So again--Your losses had any?
Is your nett position positive over ?? years?
Any other comments other than how "Lucky"/"Brilliant" you have been.

Like you I've had some spectacular results both positive and negative.
Consistent profit has always come from longer term---for me and over the years most 95% that trade stocks that I've come in contact with report the same.

Its natural for people to want instant gratification like $10K in a day.
Reality with stock is that without a sizable capital base and the right gear and the time to be glued to a screen--with a sound method of trading--day trading spectacular returns are rare occurences spectacular losses more prevelant.


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## tech/a (10 November 2005)

tarnor said:
			
		

> totally disagree, when i first started training i got burnt trying to day trade on big announcements because being the newbie i was i would chuck money at anything...
> 
> You would get burned by the old  buy on rumour sell on fact ...
> 
> ...




Tanor

Hmm how then do you KNOW that any share *will * Run Hard?
How do these gems standout and more importantly how do you get on at the lower portion of any run and get out at the top of any major down turn?
CONSISTANTLY?

Yes--COMPLIMENTS

I'll quantify success as a consistant profit worth the time and effort which to me would be a good return on $s invested say 20% + a year.
For the time and effort which would equate to total attention to a tick screen while in a trade that could equate to an 8 hr day.
I really dont think people consider the actual cost of gaining a return--Books,Software,Hardware,Seminars,Brokerage,Losses.
Rate it back to hrs spent for most traders trading < $50K and I'm sure you'll find some head scratching.


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## brisvegas (10 November 2005)

The road to become a profitable trader . not too many around here are too far down this road judging by the quality and content . took this from MDS forum , thought they wouldnt mind as it really is relevant . at a guess would say most here are between 1 and 14 . the ones that are further down the list probably dont post much id say . one attribute to become a good trader is critical thinking . work on it guys

............. pete 


1. We accumulate information - buying books, going to seminars and 
researching. 
2. We begin to trade with our 'new' knowledge. 
3. We consistently 'donate' and then realise we may need more 
knowledge or information. 
4. We accumulate more information. 
5. We switch the commodities we are currently following. 
6. We go back into the market and trade with our 'updated' knowledge. 
7. We get 'beat up' again and begin to lose some of our confidence. 
Fear starts setting in. 
8. We start to listen to 'outside news' and to other traders. 
9. We go back into the market and continue to 'donate'. 
10. We switch commodities again. 
11. We search for more information. 
12. We go back into the market and start to see a little progress. 
13. We get 'over-confident' and the market humbles us. 
14. We start to understand that trading successfully is going to 
take more time and more knowledge than we anticipated. 

MOST PEOPLE WILL GIVE UP AT THIS POINT, 
AS THEY REALISE WORK IS INVOLVED. 

15. We get serious and start concentrating on learning a 'real' 
methodology. 
16. We trade our methodology with some success, but realise that 
something is missing. 
17. We begin to understand the need for having rules to apply our 
methodology. 
18. We take a sabbatical from trading to develop and research our 
trading rules. 
19. We start trading again, this time with rules and find some 
success, but over all we still hesitate when it comes time to 
execute. 
20. We add, subtract and modify rules as we see a need to be more 
proficient with our rules. 
21. We feel we are very close to crossing that threshold of 
successful trading. 
22. We start to take responsibility for our trading results as we 
understand that our success is in us, not the methodology. 
23. We continue to trade and become more proficient with our 
methodology and our rules. 
24. As we trade we still have a tendency to violate our rules and our 
results are still erratic. 
25. We know we are close. 
26. We go back and research our rules. 
27. We build the confidence in our rules and go back into the market 
and trade. 
28. Our trading results are getting better, but we are still 
hesitating in executing our rules. 
29. We now see the importance of following our rules as we see the 
results of our trades when we don't follow the rules. 
30. We begin to see that our lack of success is within us (a lack of 
discipline in following the rules because of some kind of fear) 
and we begin to work on knowing ourselves better. 
31. We continue to trade and the market teaches us more and more 
about ourselves. 
32. We master our methodology and our trading rules. 
33. We begin to consistently make money. 
34. We get a little over-confident and the market humbles us. 
35. We continue to learn our lessons. 
36. We stop thinking and allow our rules to trade for us (trading 
becomes boring, but successful) and our trading account 
continues to grow as we increase our contract size. 
37. We are making more money than we ever dreamed possible. 
38. We go on with our lives and accomplish many of the goals we had 
always dreamed of.


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## happytrader (10 November 2005)

Hi all

It really does'nt take a great brain or tons of books, software and seminars to daytrade.

It does however, take focus, attention to detail, patience, belief and courage.  Your powers of perception are trained by use. So yes you do start to know when a stock is likely to run. The hardest part about daytrading is you need to know and act quickly when you are wrong.

Cheers
Happytrader


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## Happy (10 November 2005)

Paper trading looks good start, but having to pay for live feed data with no chance to recoup some of the expenses is very tempting to dip the toe.

Probably better start will be free End of Day Data, free charting program, free books from the library, free Fin Rev, Shares mag and few more available at the local library, some of them are few months years old, but for absolute beginner it doesn’t matter that much.

With just the computer and Internet connection to pay for, it is much easier to spend countless hours paper trading.

I know not the real thing and when money gets into picture sometimes we become different person, but this is one of the cheaper ways to start.
And much easier to walk away if it is not our cup of tea.

My post is under assumption that Day Trading is closer to extreme end of Trading, if wrong, apologies.


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## Yippyio (10 November 2005)

NAB getting hammered at the moment, does anyone think it's oversold, currently down -0.76. Could be a good time to buy ???


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## happytrader (10 November 2005)

How much is the dividend payout going to be? Take that off and some.

Cheers
Happytrader


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## Yippyio (10 November 2005)

Dah, I doesn't go ex div until 21/11/2005


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## happytrader (10 November 2005)

Yippo 

It does'nt have to. It's called double dipping. Check out some of my other posts in regard to this. 

Cheers
Happytrader


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## malachii (10 November 2005)

I'm starting to thing nab oversold (damn - sold my puts yesterday!) but I really cant see much of a support until about $31.90.  There is a support at about $32.47-9 but it is relatively weak (in my opinion) and has already started to trade throught that.

malachii

PLEASE NOTE - MY CHARTING SKILLS LEAVE A LOT TO BE DESIRED.  I ALMOST GUARANTEE THAT ANYONE WITH ANY KNOWLEDGE WILL NOT AGREE WITH MY SUPPORT LINES.  PLEASE PLEASE PLEASE DO NOT THINK THIS IS ADVICE OR THAT I KNOW ANYTHING AT ALL!!!!!!!!!!!!!!!!!!!!!!!!


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## mit (10 November 2005)

Looks like trying to catch knives at the moment IMO. I wouldn't buy in until it rallyed above 32.50.

(This is of course just idle rantings and not advice)

MIT


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## Yippyio (10 November 2005)

Agreed, I just got in and out and dropped a couple of K  :swear:


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## mit (10 November 2005)

Lunch time now for all of the corporate traders. Wont get an idea of direction until after 2:30.

MIT


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## It's Snake Pliskin (10 November 2005)

Yippyio said:
			
		

> Agreed, I just got in and out and dropped a couple of K  :swear:




If a big stock is diving  it's probably best not to buy. The institutions are selling and will remain to sell. Internet traders cannot influence a stock like the institutions can. It seems you got burned today yippyio; take it as a learning curve.

Catch a falling knife and what will happen?


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## Joe Blow (10 November 2005)

Back on topic please gentlemen.   

If you wish to keep discussing NAB, please continue in the NAB thread.

Many thanks.


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## Yippyio (10 November 2005)

Sorry we are a bit conflicted, we were discussing Daytrading NAB ??? 

I am done for now, that is picking bottoms, smelly fingers and all that.


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## mit (10 November 2005)

Brisvegas,

Left out a couple of stages later in the piece

. Believe that the way you trade is the best way to trade because you have tried every other style and they don't work and you make sure everyone else knows it.

. Find out people are making a better returns using methods you rejected. Scratch head swallow pride and examine other methods again. (... this is me ATM  : )

and finally

. Learn when to break rules


MIT


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## It's Snake Pliskin (10 November 2005)

Luck plays a large part in short term trading!


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## Bronte (10 November 2005)

Snake Pliskin said:
			
		

> Luck plays a large part in short term trading!



"Luck to us is simply when Preparation meets Opportunity"


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## happytrader (10 November 2005)

Yes Pliskin I think luck plays a part. Just keep doing things the way you know work and every now and then you get very lucky and catch a big ride. It makes up for all those other times when stocks don't trade as expected. 

Even if you were a candlestick analyst and chose the right stock, then bought on green and sold on red each and everytime, you would make money.

But you would have to be mentally and emotionally very tough. Interestingly enough some of the most profitable traders I know have spent time in the armed services or are into martial arts.



Cheers
Happytrader


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## wayneL (10 November 2005)

Snake Pliskin said:
			
		

> Luck plays a large part in short term trading!




Only in the short term.

Long term, technique, expectancy and money management (or lack thereof) play the largest part in short term trading.

Cheers


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## It's Snake Pliskin (10 November 2005)

Wayne,

How much experience did you have before you started trading fulltime and day trading?


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## wayneL (10 November 2005)

Snake Pliskin said:
			
		

> Wayne,
> 
> How much experience did you have before you started trading fulltime and day trading?




I started fulltime right off the bat, trend trading. Started dabbling in daytrading soon after just for fun. (I punted semi-professionally before that, and learned about money management)

It will never be the only thing I do (I still have my position/swing trades) but it satisfies my traders lust 

I've been doing futures for about 2.5 years.

Cheers


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## It's Snake Pliskin (10 November 2005)

wayneL said:
			
		

> I started fulltime right off the bat, trend trading. Started dabbling in daytrading soon after just for fun. (I punted semi-professionally before that, and learned about money management)
> 
> It will never be the only thing I do (I still have my position/swing trades) but it satisfies my traders lust
> 
> ...




Wayne,

Straight off the bat! Not bad.   It's interesting to discover how or why people do things.
So you learned through experience and reading? How did you know what you were doing?

Snake


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## wayneL (10 November 2005)

Weeeeelll, straight off the bat is not quite true, as I've been in the market since '86, so knew all the basics.

But two things happened. I discovered t/a, and I buggered up my back, so couldn't continue with my then business. This happened basically at the same time.

So I thought, right, I just jump in the deep end here. Read a few books, bought metastock, and away I went.

The key was that I already had my psychology, money management etc. sorted through punting, so it was just a matter of picking trends and climbing aboard, set stops, exits, and learning a few new tricks as a I went along.


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## wayneL (11 November 2005)

This price action action today clearly illustrates the value of dynamic support and resistance levels. You can see where they sold it off down to the pivot/fibzone and intraday support at around 1217-1219.

Sure, you could have picked up the trend and got a nice trade out of it, but the buy off the 2x bottom at those support zones made all the sense in the world.


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## tech/a (11 November 2005)

Wayne.
Fib zones are purely a mathamatical point calculated from a high or a low.

The index is then a conglomeration of trades in equities making up that index--100s of them. Collectively even individuals or groups of heavy buyers and sellers have very little influence---the indexes basically move as a mass.

Given that why do you think that levels do hold?

I'm afraid I cant subscribe to the theory that 1000s of buyers are glued to their screen waiting for 1000s of other sellers to sell of stock to a point where those buyers will see support is reached which has been invisibly drawn at a mathamatical fib--or gann level for that matter.


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## wayneL (11 November 2005)

tech/a said:
			
		

> Wayne.
> Fib zones are purely a mathamatical point calculated from a high or a low.
> 
> The index is then a conglomeration of trades in equities making up that index--100s of them. Collectively even individuals or groups of heavy buyers and sellers have very little influence---the indexes basically move as a mass.
> ...




Well I totally agree with what you say Tech, but I can only observe _*What Happens!*_ I don't know why it happens, it just does, often enough to trade off it with better than even money probability.

I must admit, I have always had the question in my mind...Do stocks move the futures markets or do the futures markets move stocks?

But what is amazing is the instantaneous correlation between movements in the big stocks, and the index...I mean they all move together at presicely the same time!!!

It seems there are bigger powers at work than just individuals buying and selling individual stocks, and I (along with others) suspect it's the futures markets that largely leads intraday moves, while stocks lead the open, and perhaps the close.

FWIW


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## wayneL (11 November 2005)

Just to clarify: the fibzones I refer to are not fibonacci retracements. They are a calculation similar to floor traders pivots.

They are still just a mathematical calculation, but there they are


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## mit (11 November 2005)

tech/a said:
			
		

> Wayne.
> Fib zones are purely a mathamatical point calculated from a high or a low.
> 
> The index is then a conglomeration of trades in equities making up that index--100s of them. Collectively even individuals or groups of heavy buyers and sellers have very little influence---the indexes basically move as a mass.
> ...




Strange isn't it, but pivots and fibs seem to work. Note that one of the Fib points is 50% which would be psychologically important whether or not you believed in Fibs. Of course we buy individual shares but most would look at the index to make a decision on buying shares.

I've watched forex and it is interesting how often prices will hesitate at these lines.


MIT


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## tech/a (11 November 2005)

Wayne/Mit.

Your charts look very similar to those of Frankie 's or Deelite at Reefcap.
Are you aware or familiar with Frankiee's work?

Re forward projection type zones,Fib Gann,Trendlines Support and resistance.

My personal view and one through observation and testing is that these areas are *no better than a 50/50 proposition * re any trade setup and its result,being in the direction you expect it to move.

*Now before you all yell BUT BUT proof is in the pudding I/We find the results is way over 50%---consider this.*

ANY setup entry or exit will have a mean (That is a standard value between extremes).So often you will have results moving toward either extreme.
A run in your direction even over a year or so doesnt mean that the "mean" will not be visited or the extreme in the other direction,tested.

Technical analysis I think is the ability of the tactician to identify and exploit moves and in particular extreme moves away from the mean of ANY form of analysis,be it predictive or regressive in nature.

To be able to RECOGNISE firstly the mean then the move away and then being able to extract the most from that shift----being the ultimate decider in profit.

As a Systems trader I find that quantity of information in and combination of methodology gives a result which I can then 'Place the odds" more in my favour---in exploiting these extremes.

*In your case Wayne * when exploiting these extremes in one or a few entities you can and do become familiar with both the mean AND the extremes in them.Experience will and does allow you to exploit those moves which we think we see as amazingly repetitive when in actual fact they are nothing more than a point on a chart expressed mathamatically. Repetition of a mathamatical extreme is simply a swing in the direction of the extreme which will not be perminent---as is the case with extremes in the other direction and the mean itself.---The ability to identify and exploit---being the point here rather than the analysis itself.

As an example Ive always been a Commodore man I bought 4 Fords for the Company and I cant believe how many Fords are on the road.
If I drive my Ford to a Ford dealer then I'll find lots more Fords.

If I see an accumulation of indicators that point to a move away or further away from the "mean" then chances are I'll be able to exploit it.

My way of handling the Efficient Market and Random Market theories!


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## mit (11 November 2005)

Tech,

Take your point and that would have something to do with it*, but that means that retracements should reverse (if they reverse) equally likely at any point between 0 and 100%, but if you even checked statistically you would find turning points more often at the main Fib points than at other times. So I think that it is another tool.

I was skeptical until I spent six months on a forex forum with people making live calls. One thing I have found is that before I can disregard some methodology, I need to look at it and the way it is traded for a period of time rather than disregard it out of hand.

Like the Efficient Market theorists who have done "exhaustive" studies which shows that it is impossible to beat the index over time. Well if that was true then there is not point for this forum. Or some of the discretionary traders in the Wizards books who say that after "years and years of testing"  it is "impossible" to get much of a return from mechanical trading. These things I know are incorrect. So if these otherwise smart people can be so wrong, who am I to tell somebody else that what they do doesn't work (leaving out the astrology people). 


MIT

* It's also called the full moon affect. People always believed that more babies got born at a full moon. This came about because midwives would notice a full moon more than notice not a full moon so it would stick in the mind.


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## tech/a (11 November 2005)

Mit

Not suggesting that trading fib is wrong or infact not a valid method.
Simply stating that *its not the fib thats at play BUT the distribution of positive and negative results * (regardless of what analysis tool you use ---fib or otherwise) that will determine result. How you recognise and take advantage of these moves toward extremes.

Think about it a while and you'll see what I mean takes a bit to get your head around.

Ponder-----
Do you take the .32or .5 or .618 levels in a retracement?


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## Bronte (11 November 2005)

tech/a said:
			
		

> Ponder-----
> Do you take the .32or .5 or .618 levels in a retracement?




That should be:
0.382
0.50
0.618034
1.618
2.618

Fibonacci Series
1 1 2 3 5 8 13 21 34 55 89 144 etc
(1.618034 x previous number)


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## mit (11 November 2005)

Tech

I was more responding to the quote



> My personal view and one through observation and testing is that these areas are no better than a 50/50 proposition  re any trade setup and its result,being in the direction you expect it to move.




I think that it is better than 50/50, but everyones experiences are different. The guy I used to watch on the forum used to trade the 0.618 retracement which was pretty cool to watch.  

I don't directly trade fibs but look at the overall asx200 to guage any pullbacks to get a feel for the market. In the asx200 there seem to be a lot of 50% corrections.

I definitely would for FOREX (I like my sleep though) as it is a retracing SOB and TA that works on shares doesn't seem to be as effective on Forex. 

MIT


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## mit (11 November 2005)

Bronte said:
			
		

> That should be:
> 0.382
> 0.50
> 0.618034
> ...




Isn't there one between 0.618 and 1?


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## Bronte (11 November 2005)

mit said:
			
		

> Isn't there one between 0.618 and 1?



Yes 0.786


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## It's Snake Pliskin (11 November 2005)

wayneL said:
			
		

> Weeeeelll, straight off the bat is not quite true, as I've been in the market since '86, so knew all the basics.
> 
> But two things happened. I discovered t/a, and I buggered up my back, so couldn't continue with my then business. This happened basically at the same time.
> 
> ...




Wayne,

Thanks for the info. 
I must admit day trading is not for me yet. I'm more comfortable with short term trading, as in days or weeks. If there are opportunities there though I'll take them and close out before the end of the day.

Cheers
Snake


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## wayneL (11 November 2005)

Snake Pliskin said:
			
		

> Wayne,
> 
> Thanks for the info.
> I must admit day trading is not for me yet. I'm more comfortable with short term trading, as in days or weeks. If there are opportunities there though I'll take them and close out before the end of the day.
> ...




That the best way to play it Snake, I don't JUST daytrade either, I have other strategies I do as well, so the pressure is off as far as HAVING to make a profit from the daytading.

Funnily enough, this makes me more profitable on the daytrades.

It's all a bloody mind game, eh?


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## wayneL (11 November 2005)

tech/a said:
			
		

> Wayne/Mit.
> 
> Your charts look very similar to those of Frankie 's or Deelite at Reefcap.
> Are you aware or familiar with Frankiee's work?
> ...




Now we're getting way too intellectual!!!!  

One thing to notice about indexes. They don't often trend cleanly intraday. Anyone trying to trade trends on indexes (intraday) get's hammered.

ALL successful index daytraders (and most swingtraders for that matter) trade off levels of some sort. Even if it is only a 50% proposition, the risk/reward is *much* greater than trying to pick up trends.

The indexes are extremely wippy. Now, everybody knows that, and the pit traders invented levels. Why? So they could trade off them. Take last nights chart. It sold off quickly *to a level* and then rallied all day.

Now, a trend trader would have picked it up and had a nice day, but would still have made less than the guy who bought off the levels...risk/reward.

They might be imaginary lines. But there are in the imagination of a great number of professional chicago futures traders. I'm talking big money here, not the puny 5,10,20 contracts of the private traders like myself. 

Re Frankie:

Yes I have read his work, and anyone using that particular software will look similar. Frankies work is based on what all the big traders have done for years, so he has basically collated those works. It is through Frank that I trade this way.

The software was designed by Robert Krausz, one of the Market Wizards. Why does it have all these levels as standard in the software? Well he let the cat out of the bag didn't he.

One final comment. If anyone wants to daytrade stocks, forget this. It is peculier to the futures markets.

Cheers


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## Milk Man (11 November 2005)

wayneL said:
			
		

> The indexes are extremely wippy. Now, everybody knows that, and the pit traders invented levels. Why? So they could trade off them. Take last nights chart. It sold off quickly *to a level* and then rallied all day.
> 
> Now, a trend trader would have picked it up and had a nice day, but would still have made less than the guy who bought off the levels...risk/reward.
> 
> They might be imaginary lines. But there are in the imagination of a great number of professional chicago futures traders. I'm talking big money here, not the puny 5,10,20 contracts of the private traders like myself.




Seems like pretty good psychology to me. Maybe it works that way in part for Gann too. It does sound like BS, but it is well known, and if enough buy because the moon is tipped up or something stupid.


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## malachii (11 November 2005)

Sometimes I wish my trading decisions were as technical as which phase the moon was in!  Maybe then I wouldn't make such "clangers"!!

malachii


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## wayneL (12 November 2005)

wayneL said:
			
		

> They might be imaginary lines. But there are in the imagination of a great number of professional chicago futures traders. I'm talking big money here, not the puny 5,10,20 contracts of the private traders like myself.




Some comments from the biggest index trading room on mirc


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## wayneL (16 November 2005)

For those who are interested, I have been blogging my daytrades for the last few days. Have a look. 

Cheers


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## Pat (21 August 2007)

happytrader said:


> Hi all
> 
> It really does'nt take a great brain or tons of books, software and seminars to daytrade.
> 
> ...



The above is so true.

Seems to be a dead thread here...

I would like to know how and what other ASFer's day trade? What kind of strategies and rules used, sectors, index’s etc? 
I’ve been pretty successful day trading with the few trades I have done. I trade mining species only. Price action and market depth are my… well only indicators to buy and sell.
I have 3 rules I always stick to.
1. always sell when it hits my stop. Usually set at a $200-$300 loss.
2. whenever depth indicates sell side is strong, DON”T buy.
3. If the depth turns during the trade, sell, or be prepared to sell.
These rules have worked great, and have stopped potential loss of capital and unrealised profit.

But when to sell? Never happy with my sells, a few times I have sold on my target only to see the SP rise another few % and missing out on some good gains. But that’s trading eh?


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## tech/a (21 August 2007)

I more short term trade of late.
Since closing all longterm portfolios.

Trading purely technically.
Using a combination of Advanced get for stock selection and exit targeting and Tradeguider for timing of entries and combining for timing of exits.
I have a live trade going over on "The Chartist" if interested.

http://www.thechartist.com.au/forum/ubbthreads.php?ubb=showflat&Number=67639&page=1#Post67639
You'll have to register.

Placed the trade more so for those interested in Tradeguider Real time than to show case trading short term.


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