Newbie looking for help with resources

[spydoo]

Hi

I'm trying my hand at daytrading Au equities. I know it's hard. I'm looking for a few resources I'm lacking.

What is the best way to find stocks that have substantially increased in price intraday, please? I've read of scanning programs, is that the best way? If so, what program is best for this, please? Is it expensive?

I'm currently using Commsec so I have their webiress. What other software would you pros consider mandatory, please?

Also, can anyone tell me the minimum with which I can start an account at IB?

Thanks, Spydoo.

 

[pixel]

Hi

I'm trying my hand at daytrading Au equities. I know it's hard. I'm looking for a few resources I'm lacking.

What is the best way to find stocks that have substantially increased in price intraday, please? I've read of scanning programs, is that the best way? If so, what program is best for this, please? Is it expensive?

I'm currently using Commsec so I have their webiress. What other software would you pros consider mandatory, please?

Also, can anyone tell me the minimum with which I can start an account at IB?

Thanks, Spydoo.

This question has been discussed many times on ASF.
Select the "Advanced Search" in the top right-hand corner, type in "trading software", and hit Enter.
A few results are offered in the following threads:
https://www.aussiestockforums.com/forums/showthread.php?t=27836
https://www.aussiestockforums.com/forums/showthread.php?t=27303
https://www.aussiestockforums.com/forums/showthread.php?t=25776

Regarding costs, all I can say is "You get what you pay for."
If you really want to actively daytrade, you'll probably look at $150 per month; BUT you should be able to reduce that if you qualify for frequent-trader discounts. I'm trading with http://www.openmarkets.com.au/ and https://onlineinvesting.westpac.com.au/ and both offer benefits at various levels. You may also like to check http://www.d2mx.com.au/personal/trading/trading-services/

 

[spydoo]

This question has been discussed many times on ASF.
Select the "Advanced Search" in the top right-hand corner, type in "trading software", and hit Enter.
A few results are offered in the following threads:
https://www.aussiestockforums.com/forums/showthread.php?t=27836
https://www.aussiestockforums.com/forums/showthread.php?t=27303
https://www.aussiestockforums.com/forums/showthread.php?t=25776

Regarding costs, all I can say is "You get what you pay for."
If you really want to actively daytrade, you'll probably look at $150 per month; BUT you should be able to reduce that if you qualify for frequent-trader discounts. I'm trading with http://www.openmarkets.com.au/ and https://onlineinvesting.westpac.com.au/ and both offer benefits at various levels. You may also like to check http://www.d2mx.com.au/personal/trading/trading-services/

Thanks, I'll do some reading here.

 

[burglar]

... the minimum with which I can start an account at IB?

Thanks, Spydoo.

$US10,000 in cash or shares

 

[Newt]

It might also be worth writing out at some point what your strategies are, risk and money management plans, etc.
Might save you a lot of cash if people can alert you to areas where research and learning required?

 

[skc]

Hi

I'm trying my hand at daytrading Au equities. I know it's hard. I'm looking for a few resources I'm lacking.

What is the best way to find stocks that have substantially increased in price intraday, please? I've read of scanning programs, is that the best way? If so, what program is best for this, please? Is it expensive?

I'm currently using Commsec so I have their webiress. What other software would you pros consider mandatory, please?

Also, can anyone tell me the minimum with which I can start an account at IB?

Thanks, Spydoo.

With WebIress (IIRC) you can look for "Market Activity" and find the largest movers both up and down for the market as well as large/medium/small companies.

 

[Valued]

With WebIress (IIRC) you can look for "Market Activity" and find the largest movers both up and down for the market as well as large/medium/small companies.

You can also do this with Commsec. It's featured in the quotes and research section. It's a handy tool.

I have actually been surprised by the little gems I have uncovered in the Commsec interactive platform and Commsec IRESS.

 

[luutzu]

Get rich slowly, don't get poor quickly.

If you really want to do day trading, just look at the demand/supply of the stock you're interested in. If there's more sellers than buyers, it will go down... if more buyers, it will go up.

 

[mabellemurphy]

You have on the right tract to answer your question.

 

[minwa]

Get rich slowly, don't get poor quickly.

If you really want to do day trading, just look at the demand/supply of the stock you're interested in. If there's more sellers than buyers, it will go down... if more buyers, it will go up.

Sounds simple enough, now where do you determine the demand/supply of the stock ? Stock price ? Level II quotes ? Indicators ?

 

[luutzu]

Sounds simple enough, now where do you determine the demand/supply of the stock ? Stock price ? Level II quotes ? Indicators ?

I don't use techical analysis or day trade, just saying basic principle of supply and demand.

On Commsec you can see this on the stock's Orders or Price Depth link.. see how many ppl are buying, how many are selling... what price ranges of each.

But it's all guess work, those could change within days or weeks.

But i don't think you would want to play these games... the brokers and others with much more info than you are already in it.

 

[DeepState]

I don't use techical analysis or day trade, just saying basic principle of supply and demand.

On Commsec you can see this on the stock's Orders or Price Depth link.. see how many ppl are buying, how many are selling... what price ranges of each.

But it's all guess work, those could change within days or weeks.

But i don't think you would want to play these games... the brokers and others with much more info than you are already in it.

It changes by the second. True demand and supply are not revealed to the screen. It is hidden. Technical traders must believe that they can find levels of support and resistance can be identified in the order history and possibly with reference to volume as well. Such support and resistance occurs if participants have limit or stop orders in the market and the technical guys seek to rob liquidity from them. Limits and stops are obviously in the market whether revealed or not.

Even there, all is not straight forward. You can see it in FFX reaction to news when large volume moves in the opposite direction to anticipation and kills the stops who shove the price further in the 'wrong' direction. Then it is all reversed as positions are forced out. This looks like breakout, but is actually a way to fish out strong volume. It is a miniature trade whose biggest example is the coordinated slaughter of LTCM. This also goes on in liquid markets where large lines need to be sliced and moved. It's not as if the brokers and HFT can't figure out where the technical levels are either and then game them. They are good at poker too.

Agreed that the brokers who use clever algo and HFT are all over the intel required to identify this for the stocks they are active in. The learning mechanisms and spoofing activity actually learns about what is going on and adapts. If you are not bringing a tank to a bazooka fight, you are fighting for morsels and risk getting killed. This matters less in infrequently traded stock but remains present.

There are various technical indicators whose profitability may remain high for a while. At least some of these are just 'bending the distribution'. There is no alpha in them, it's just changing things such that they look good for a while, but ultimately face a material risk of heavy loss. Also, if you try 100 technical methods including flipping coins with your left or right hand, your friends' left or right hands, by toss or by spin etc. A good proportion will appear successful in backtest. Just check that they have sustainable underlying rationale and that you can harvest it. Some of the guys in here are really supplementing their technical analysis with real sources of underlying profit generation. So just be careful when you think technicals are the source of value add in this area.

Answer the question: what is my edge? Really. If you can find that, do that. Nothing else.

Best.

 

[luutzu]

Trading stocks, be it through Charting/TA or combining certain economic or business analysis etc... it just doesn't sound very appealing to me.

The only ones who could profit from trading like that would be the brokers who are right there making the deals and creaming their clients by buying lower than the order or selling higher than the order, and also charge a commission, sometimes charging both ways on the one transactions.

For the rest of the world, they're are just playing against each other and making other people rich.

---

Let say a trader is smarter than any other trader, that he know things and could read and accurately apply the latest news and information, or if he has done all the readings and know all the angles there is to know about the stock and based on all previous teachings and formulae and actions... all that and he is right that the market should be paying higher or lower for this and that stock.

Let say he knows and he got it right... and brave enough to bet money that he is right....

The problem is the market doesn't know he's right and they're wrong.

So while the guy is a genius, for him to bet that he is right and that other traders are just as smart as him but only a couple hours or a few days slower... that to me is not a smart thing to do.

It's not easy trying to convince one person they're wrong, it could take all the logic and the love and patient and reasoning and trust etc etc... to try and convince the other guy he's wrong... but how often does a person admit that they're wrong, and in the timeframe you wanted?

To then bet that market is wrong, and will correct itself within a certain timeframe.. and then borrow money or use your own money to bet on it.... that's just insane to me.

And this is assuming you got it right, got it 100% right.


It's like going to the casino and think you'll beat the house.

 

[DeepState]

...creaming their clients...

Hi Luu

Enjoying your honest thoughts very much.

The correct phrase is: reaming their clients and ripping their faces off....

Here is a dictionary definition of reaming:


verb (used with object)

1. to enlarge to desired size (a previously bored hole) by means of a reamer.

2. to clear with a reamer; remove or press out by reaming.

3. to extract the juice from: to ream an orange.

4. Slang.

a. to scold or reprimand severely (usually followed by out ).

b. to cheat; defraud


I'll leave it to the viewers to figure out which of the above is/are the definition(s) intended for ream(ing) in this context.

Cheers

 

[luutzu]

Yup, creaming just doesn't sound right after those definitions

At least they also keep the brokerage fee low.

Seriously though, i hope it's part of a learning curve where you try something to see if it works and learn as you get more experiences. I'm sure there are traders who does well and make good money... maybe.