Day traders ONLY - a continuing study

[tech/a]

"Stock Patterns for Day Trading" (Intraday Trend trades, scalps and swing Trades) by Barry Rudd is a good read. Traders Press publishers.

Is the only book I know of any substance on the topic.

I've been primarily a longterm mechanical trader and like most of my ilk thought day traders to be the gamblers of the trading fraternity.

Most are!!

However there are some who make OBSCENE amounts of money from trading intraday and or very short term (a few days).

For the last 6 mths I have been taking this form of trading more seriously and have been embarressed at times sitting in my office while my staff very capably run my company while I have made a month of their salary in a few hrs----at times minutes.

I still think that the information available for day traders and the use of software now available to all traders is sadly lacking.
Its my intention to embark on the journey with those who wish to persue this form of trading to find,collate,investigate and apply methodologies which WORK.

The first step is to open this thread.
The second is to continue my research and trading in this form.
The third is to work with those who make the software that we use (One has so far shown great interest in my suggestion of some inclusions).
The fourth is to encourage those who take this form of trading seriously to add to this thread with SPECIFIC hints and if possible in realtime so we can watch its application.
The Fifth over time would be to perhaps publish a paper on that which we find.

There maybe those who have specific hints or methodologies they dont wish to make public but would be happy to share with me in the compilation of a complete and on going works. If this is you please private mail me,I will honor confidentiality.

 

[wayneL]

Re: Day traders ONLY--- a continuing study.

Hi tech,

There are quite a few bloggers who are good day traders, I will post up some of these guys stuff as I get some time.

Although there is none better than the blog by Maoxian.

Here is an archive of his published trades. http://www.maoxian.com/archivecat.html#QA

Enjoy

 

[barney]

Re: Day traders ONLY--- a continuing study.

"Stock Patterns for Day Trading" (Intraday Trend trades, scalps and swing Trades) by Barry Rudd is a good read. Traders Press publishers.

Is the only book I know of any substance on the topic.

I've been primarily a longterm mechanical trader and like most of my ilk thought day traders to be the gamblers of the trading fraternity.

Most are!!

However there are some who make OBSCENE amounts of money from trading intraday and or very short term (a few days).

For the last 6 mths I have been taking this form of trading more seriously and have been embarressed at times sitting in my office while my staff very capably run my company while I have made a month of their salary in a few hrs----at times minutes.

I still think that the information available for day traders and the use of software now available to all traders is sadly lacking.
Its my intention to embark on the journey with those who wish to persue this form of trading to find,collate,investigate and apply methodologies which WORK.

The first step is to open this thread.
The second is to continue my research and trading in this form.
The third is to work with those who make the software that we use (One has so far shown great interest in my suggestion of some inclusions).
The fourth is to encourage those who take this form of trading seriously to add to this thread with SPECIFIC hints and if possible in realtime so we can watch its application.
The Fifth over time would be to perhaps publish a paper on that which we find.

There maybe those who have specific hints or methodologies they dont wish to make public but would be happy to share with me in the compilation of a complete and on going works. If this is you please private mail me,I will honor confidentiality.

Howdy Tech ..... I'm happy to relieve you of some of those profits if it becomes too embarrassing
Seriously, where is the book available .... I had a quick look on a few online bookstores and no success ..... Thanks, barney.

PS I am more interested in this book from the point of view of how I lost my money, rather than trying to day trade, which is totally out of my league. (always good to find out how the "opposition" operates

 

[wayneL]

Re: Day traders ONLY--- a continuing study.

I have deleted some posts here.

Let's keep it all nice and friendly and helpful in the spirit of the original post

Cheers

 

[wayneL]

Re: Day traders ONLY--- a continuing study.

TraderMike's thoughts on daytrading http://tradermike.net/2005/08/thoughts_on_day_trading

 

[wayneL]

Re: Day traders ONLY--- a continuing study.

Last one, from the Trader Formerly Known As Ugly:

http://www.uglychart.com/category/a-dummy-a-day/

That should get the thought processes going

 

[barney]

Re: Day traders ONLY--- a continuing study.

I have deleted some posts here.

Let's keep it all nice and friendly and helpful in the spirit of the original post

Cheers

Just read the PM b4 I was about to post a reply ...Thanks Wayne ........... My 2 bobs worth ................ Guys .......... life is too short for petty animosity ......... Priorities ........... Family, Friends, etc. ,,,,,,,,,,, Money /Ego's/ etc. will amount to nothing when they put us in a box 6 feet under ............. Lets try and keep a perspective of what is really important here ... regardless of our personal "discontents" with others etc. ... I personally value any one elses opinion, whether or not I agree with it ........ you can learn something from anyone/everyone ............. this post may appear overly "deep" since prior posts have been removed, but this is my opinion .....

PS Yogi .......... I'm not sure what the motivation was for the comment/s, but I respect your position to say your peace etc.

Tech, Keep the info coming ........... You have no need to share it with us "learners", but you do anyway..... that is admirable !

I would recommend a group hug , but somehow I don't think thats going to happen .................. I may be a "learner" trader, but I think I might be well ahead of some around here on the "live and let live" concept ......... I'm going to finish my "spuds and beans" now .... All the best (to everyone), Barney.

 

[yogi-in-oz]

Re: Day traders ONLY--- a continuing study.



Whoa, whoa, whoa ... just because this guy promotes
himself as a trading expert ..... it isn't necessarily so !~!

He has already admitted to daytrading for only 6 months
..... so, how does that make him an expert daytrader ???

Just because somebody takes this egotist to task, is no
reason to delete the posts ..... somebody has to pose the
hard questions ..... yes???

Otherwise, this just becomes the "mouthy duck show" !~!

If any moderation is needed here, it is on HIS mouth, as
it can lead to many newbies on this forum being led to
slaughter ... !~!

Be warned, tech/a is NOT the trading guru,
that he paints himself to be .....

..... if he is such an expert, why doesn't he enter the
tipping contests to show his form over a week, a month
or even a year ???

As for daytrading, let's invite him to post some intraday
turns on ANY stock accurately, in advance ... it just will not
happen, because he is a fraud.

happy trading

yogi

 

[wayneL]

Re: Day traders ONLY--- a continuing study.

Whoa, whoa, whoa ... just because this guy promotes
himself as a trading expert ..... it isn't necessarily so !~!

He has already admitted to daytrading for only 6 months
..... so, how does that make him an expert daytrader ???

Just because somebody takes this egotist to task, is no
reason to delete the posts ..... somebody has to pose the
hard questions ..... yes???

Otherwise, this just becomes the "mouthy duck show" !~!

If any moderation is needed here, it is on HIS mouth, as
it can lead to many newbies on this forum being led to
slaughter ... !~!

Be warned, tech/a is NOT the trading guru,
that he paints himself to be .....

..... if he is such an expert, why doesn't he enter the
tipping contests to show his form over a week, a month
or even a year ???

As for daytrading, let's invite him to post some intraday
turns on ANY stock accurately, in advance ... it just will not
happen, because he is a fraud.

happy trading

yogi

Yogi,

I have read Techs post several times and I don't see anywhere where he professes to be an expert. The post is about going on a journey of discovery, learning and sharing techniques, viz:

Its my intention to embark on the journey with those who wish to persue this form of trading to find,collate,investigate and apply methodologies which WORK.

As far as the comment about a months salary in a few minutes, this is the reality of daytrading, it can and does happen. With all the money management, risk and trade management that applies to any good trader, losses are kept smaller than these big wins... same as any trading.

The thing with day trading is that one can put on a much larger position size than normal and sans overnight risk, still be within normal risk parameters. Hence the occasional kicking of a huge goal.

So please, enough with the vendetta, and I won't hesitate to delete further posts unless on topic.

Thanks

 

[coyotte]

Re: Day traders ONLY--- a continuing study.

Barney :

The link your after --- also @ Amazon for around $us65

http://www.traderspress.org/detail.asp?product_id=1208





Cheers

 

[barney]

Re: Day traders ONLY--- a continuing study.

Whoa, whoa, whoa ... just because this guy promotes
himself as a trading expert ..... it isn't necessarily so !~!

He has already admitted to daytrading for only 6 months
..... so, how does that make him an expert daytrader ???

Just because somebody takes this egotist to task, is no
reason to delete the posts ..... somebody has to pose the
hard questions ..... yes???

Otherwise, this just becomes the "mouthy duck show" !~!

If any moderation is needed here, it is on HIS mouth, as
it can lead to many newbies on this forum being led to
slaughter ... !~!

Be warned, tech/a is NOT the trading guru,
that he paints himself to be .....

..... if he is such an expert, why doesn't he enter the
tipping contests to show his form over a week, a month
or even a year ???

As for daytrading, let's invite him to post some intraday
turns on ANY stock accurately, in advance ... it just will not
happen, because he is a fraud.

happy trading

yogi

Hey Yoge, I've been to your site and thought it was great ....... But I don't understand this animosity towards Tech (regardless of whether you think he is a good trader or not) .......... ( I actually thought you guys were friends pulling each others chain!!) I think Tech has put his "stock picks" out in public enough to deserve some respect ............ as for predicting intraday turns re day trading , that is unreasonable (Isn't that what sound money management is supposed to cope with ..... If it goes sour, you are out??) I'm not trying to take sides here, so please don't take this as a pro-Tech post (as Tech has said previously ... He is big enough and ugly enough to fight his own battles ...... I haven't seen a pic of him, but I believe him; if he says he is ugly then he is ugly ....... Any way my point is ......... Both you guys have respect around here, so no need for agro? ....... I'm just not getting it ......... PS I am a relative newbie, and I have no intention of following Tech's "day -Trading " examples ......... because I know I'm not ready to do that, but, I like to hear what he has to say cause I can learn from it, as I can from what you and countless others say around here .............. Anyway, you (and Tech) have my best wishes, and I hope you will both continue to "educate" us pupils ........... but would really like to see less anger and more constructive criticism, if warranted. Sincerely, Barney.

PS Thanks, Coyotte. Good to see you back (Meditation stuff is interesting) Also thanks S/B.

 

[swingstar]

Re: Day traders ONLY--- a continuing study.

I was also going to post MaoXian and Trader Mike links. Been following their blogs for a while.

 

[constable]

Re: Day traders ONLY--- a continuing study.

"When everyone agrees, no one is thinking"
While there is a need for constructive criticism, surely we can act a little more professional! ( in relation to the last few posts)
Anyrate as im still wet behind the ears as far as trading goes I think this thread is a great idea. And although i doubt I will have much if anything constructive to add, I appreciate the willingness of others to share their experiences and practises.
I would just like to add that I am getting a little tired of the personal attacks and unhealthy scepticism on these types of threads and feel that at the end of the day these attacks are more of a hinderance to those who are serious about advancing themselves and moreover do nothing for the credibility of asf or its members.

 

[It's Snake Pliskin]

Re: Day traders ONLY--- a continuing study.

Whoa, whoa, whoa ... just because this guy promotes
himself as a trading expert ..... it isn't necessarily so !~!

He has already admitted to daytrading for only 6 months
..... so, how does that make him an expert daytrader ???

Just because somebody takes this egotist to task, is no
reason to delete the posts ..... somebody has to pose the
hard questions ..... yes???

Otherwise, this just becomes the "mouthy duck show" !~!

If any moderation is needed here, it is on HIS mouth, as
it can lead to many newbies on this forum being led to
slaughter ... !~!

Be warned, tech/a is NOT the trading guru,
that he paints himself to be .....

..... if he is such an expert, why doesn't he enter the
tipping contests to show his form over a week, a month
or even a year ???

As for daytrading, let's invite him to post some intraday
turns on ANY stock accurately, in advance ... it just will not
happen, because he is a fraud.

happy trading

yogi

Hello Yogi,

I haven't read anywhere where Tech says he is an expert. No one has said he is an expert.

Everybody else,
There is nothing wrong with egos. Enjoy them people, we were given them when born. Subsequent life rules try to tame them though.
Tech good as usual, if you want to enjoy your ego then I support you 100%.

It's Snake!

Stock Patterns for Day Trading" (Intraday Trend trades, scalps and swing Trades) by Barry Rudd is a good read. Traders Press publishers.

Ps: Tech is that the first book or second one? There are two books.

 

[coyotte]

Re: Day traders ONLY--- a continuing study

Just some readers reviews on the link below:

http://www.amazon.com/gp/product/cu.../105-5791129-0962064?ie=UTF8&n=283155&s=books

Seems some comments about book 2 are even worse than book 1.



Cheers

 

[ducati916]

tech/a

Some [obvious] daytrading requirements;

*Technical Requirements
*ability to go long or short
*high liquidity
*price movement
*patterns [entry points] that provide reasonable stoploss points.
*scans [intra-day] that pick up the previously mentioned.

*Personal Requirements
*ability to log screen time [6.5hrs day]
*cash reserve [living expenses]
*ability to earn living while necessary by an alternate means.
*bulletproof psychology

*Daytrading problems.
*the inability [psychologically] to do size.
*the inability [financially] to do size


An example of scanners, I have used Tony Oz' scanners when daytrading and I would add my recommendation alongside this one;

http://www.elitetrader.com/so/?action=view&SR_ProductID=20
http://www.tonyoz.com/

An example of a US based daytrading stock; BIDU

jog on
d998

 

[ducati916]

tech/a

Unlike other forms of trading, ENTRIES are vital. If you are poor at entries, you will be a poor daytrader. Therefore, entry tools [intra-day] are especially useful, nay, vital. Three of the best are as follows.

*direct access platforms [live data]
*$Tick
*TRIN
*$Flow

The above all have strengths and weaknesses that would need due consideration, especially if trading individual stocks as opposed to index futures or the cash market.

jog on
d998

 

[ducati916]

To the above lists we could add;

*analysis in a longer time frame for example 180mins chart, entries on a 15mins chart [will provide greater intra-day trends]

The analysis is really composed of areas of congestion [support/resistance]
*pivot points
*ema's
*horizontal trend lines
*angled trend lines
*fibonacci
*short term MACD's

Using our previous example of BIDU;

 

[ducati916]

And taking the last day, breaking it down to intra-day;

 

[ducati916]

tech/a

*The fourth is to encourage those who take this form of trading seriously to add to this thread with SPECIFIC hints and if possible in realtime so we can watch its application.

*The Fifth over time would be to perhaps publish a paper on that which we find.

Re. point #4
Goodluck in finding someone who'll daytrade in public consistently, if you get zero volunteers, I may demonstrate some, but you'll have to give the guidelines for format, especially if you are looking to publish.

Re. point #5
I'm always interested in research & publishing.

jog on
d998