Andrew, why do you prefer Interactive Brokers?

>>> As a Canadian, Interactive Brokers is the most inexpensive option available to me. Commissions can be as low as $1 per trade up to 400 share size. IB also has many stocks available for short. Note that Bear Bull Traders is not affiliated with IB--I am speaking as a customer.

Andrew, which broker do you currently recommend for Canadians? U.S. residents with $25k or more? U.S. residents with less than $25k? Traders outside of North America?

>>> For Canadians, Interactive Brokers is the most appealing option (SpeedTrader does not accept Canadian residents). PDT rules do not apply to Canadian residents.

>>> For U.S. residents with over $25,000, SpeedTrader is very attractive (PDT rule applies). I encourage you to discuss them in the forums here. Note that SpeedTrader minimum is now $30k.

>>> For U.S. residents with less than $25,000, CME Group is offering Bear Bull Traders members very low commission rates. They use Interactive Brokers for clearing and DAS as a platform. PDT rules do not apply. Please discuss in the forums here.

>>>Broker Comparison table:

Andrew, how do commissions at Interactive Brokers compare with XYZ broker?

>>> Interactive Brokers has two commission structures: fixed and tiered. Both are very low compared to competitors. Fixed pricing is 0.005/share and includes all regulatory fees (SEC, FINRA, etc.). Tiered pricing is 0.0035/share but does not include those fees. Tiered gets even cheaper if you trade high volumes (as low as 0.0005/share). Generally, tiered works out to be cheaper in the end. Here is the link where you can compare the pricing models.

SpeedTrader is also very competitive at $2.95/trade, regardless of share size in your trade (with Bear Bull Traders promotion). I highly recommend it for U.S. residents with at least $25,000.

For off-shore brokers, CME Group is an inexpensive option. They are offering Bear Bull Traders members 0.005/share up to 1000 shares (discuss the broker and promotion here).

Andrew, is my money safe with off shore brokers like CME Group or SureTrader?

>>> Bear Bull Traders is not affiliated with any broker. That being said, I have a small account with CME Group and don't keep too much funds with them. Note that off-shore brokers are only subject to the laws governing the country where they are based. Also, account funds are most likely not protected to the same standards as SIPC or FDIC.

Andrew, why should I use DAS when my broker provides a platform for very low cost, or even free after commission rebates?

>>> Many brokers charge you for live market data in order to make use of their platforms. DAS Trader Pro comes with charting, execution, and real-time market data in one package.

Broker platforms are okay for swing trading or passive investment, but not so great for active day trading. For example, Interactive Brokers just added VWAP to the TWS platform in Dec, 2017! Bear Bull Traders is not affiliated with DAS--I am speaking as a customer. If a better platform is released, you will hear about it from me!

Andrew, I get that, but DAS costs $150 a month!

>>>  There is a reason why DAS Trader Pro is the only retail platform to be receive Platinum Partner status. Many professionals--the people you are trading against--use DAS to level the playing field with algorithms, proprietary trading firms and large institutions.

DAS has extremely fast execution since their servers are collocated with NASDAQ. This ensures direct access to the exchange. It really is best of breed in terms of retail day trading platforms.

Imagine training to become an F1 driver. Would you practice at the local arcade, or spend time on an expensive, state-of-the-art racing simulator? Both will teach you how to drive--but only one will prepare you for the fierce competition that awaits you.

Andrew, I already have ToS or XYZ platform. Can I still join and follow along in the class and chat?

>>> Absolutely! Many of our members use ThinkOrSwim and TradeStation. The concepts taught in class are very similar. However, there may be little in terms of community support since the majority of our members use DAS.

Andrew, do you trade cryptocurrencies? Can your strategies be applied to crypto trading? 

>>> No, I do not trade the cryptocurrency market since it is unregulated at the moment. Some day trading strategies may apply, but price volatility is much greater. Trade at your own risk.

Andrew, when should I use the 1-minute chart vs. the 5-minute chart?

>>> I try to watch both and make my overall decisions based off the 5-minute chart. The 1-minute chart sometimes can give better resolution, but often price movement is choppier. Engulfing patterns and higher-high/higher-lows hare meaningful on the 5-min chart, but are just noise on the 1-min.

It also depends on the speed of the trade. If you expect a big move or big drop that might take 10 mins or so (i.e, a reversal), then 5-min must be only decision making chart. However, if u scalp low-float stocks only for a few seconds, then 1-min must be used in addition to 5-min chart.

For example, when I go long low-float stocks I look at 1-min chart, but I never do this when stock is being heavily bearish on 5-min chart, even though it makes a 1-min high with good volume. I don't do it because 5 min is very bearish. Usually 1-min highs are a good signal, only when they are close and same as a new 5-min high. The 1-min must be in agreement with the larger trend on the 5-min.

Andrew, what position sizes do you take?

>>> For low-floats, usually around $10,000 worth of buying power. For mid-floats, around $40,000.

Andrew, what is a realistic daily profit goal?

Professional traders can expect to make on average 0.5% to 2% on their account size daily. You should choose a reasonable target based on your experience, trading style, risk tolerance, etc.

OK, so here's the deal. I entered the trade by buying 200 shares (of IART) @ $61.92 @ 10:21:35 AM (EST) - that's represented by the first blue arrow (the upward pointing one).

Then I exited in 3 steps, represented by the next 3 downward pointing arrows:

1. I sold 100 shares @ $62.08 @ 10:23:07 AM

2. I sold 50 shares @ 62.35 @ 10:29:43 AM

3. I sold the last 50 shares @ 62.55 @ 10:31:43 AM

A little about the charts: The chart on top is a 1-minute chart, the one on bottom is a 5-minute chart. The blue line is the 9EMA, the red line is the 20EMA, the cyan line is the VWAP, the 2 horizontal yellow lines/levels are the opening 30-minute high and low for the day.

Were these bad entries/exits? Is this any kind of specific strategy/pattern (just a constant slow move up)? What things did I do wrong (besides get in too late, and get out too early)? What did I do right (if anything)?

Thanks!

How to I add my Interactive Brokers account to the DAS so I can trade live eventually. I will have 2 different IB accounts. Thanks in advance.

The first was related to the direction of a gap. If a stock either gaps up or down, is there a tendency for that stock to then continue the gap or receed back and “fill the gap”. What I mean is, is there a higher probability of one over the other over the course of the day so that we can try and “trade with the trend” or do we solely trade based on price action at the time?

The second question is related to the stop. I feel like this is holding me back in my trading. As soon as the price action reaches my stop, even if all the signals show the trade is going in my direction and the price shoots up momentarily, I get out and then the 1 minute candle will close back above or below that stop. I’m curious as to what some of you do; do wait for the candle to close past the stop or, as soon as the price action reaches your stop do you get out?

I need some advise. I don't want to annoy people in the chat by asking too many questions,  but everyone is so friendly in answering. Am I doing something out of proper protocol here? My questions are mainly operational type stuff.

Thanks for all that you do for us,

Stuart K

Great news! I was able to recognize a short trade today of a full point by using level II and price action! I'm learning so much here on the site. I have gone through all of the basic and premium classes for the first time, but I'm not quite ready to pull the trigger on a DAS subscription. I am limited to watching whatever chart you have up in the chat, and I was wondering if there was a good free charting site that would offer real time quotes so I could practice looking at the charts price action and ect.

Thanks!

Stuart

1. If I have an account size of 5k and I open with Suretrader I’ll get 6x or 30,000.  According to Andrew, I can risk 2% of the 30,000 or 600.00 per trade correct?

2. If I buy a 25.00 stock I’d be able to buy 24 shares.  If it increases .50 in a trade, I’d make 12.00 before commissions.  How does Andrew recommend making money with a small account?  Is it not possible?  Do I need more money?  what account size do most people in the room work with?