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Day Trading Basics

Discuss about day trading basics: price action, orders, candlesticks, indicators.

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  1. Limit orders for Break outs

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  2. Defining R's

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    • I have this one if ur interested  
    • Back from vacation in Olympia National Forest, Washington!   📉+$315 NVDA Stopped Out 2/3 times VWAP Breakout! AMD VWAP BuyUp for HOD Breakout!🚀 Trade Date: 7/22/24 Semis and NVDA gapped up on Biden's presidential exit and possible easing Taiwan chip buzz. Was looking for a HOD breakout after the buyup from below VWAP and close above. I was concerned this would be a failed breakout and kept a tight stop. Got stopped out twice but saw a button forming (no new lows) and went long at the break of VWAP again for a break of R4 towards Previous Day High. Partialed a little early and should of held some towards R5. AMD had a beautiful buyup candle from VWAP and I was looking for a HOD break, High of PM break from R4 towards Previous Day High. Partialed on the way up but should of left some on for a test of R5. Instead I re-entered once we held trend and partialed towards R5. I like my AMD trade management best but my partials were a little early. #NVDA #NVIDIA #AMD #HODBreakout #VWAPBreakout #StoppedOut
    • Giving back to the community was the goal of this exercise, I hope that people will find use for it. It truly takes a village.
    • Your approach seems very very solid and I am sure this will help MANY MANY  traders in the community understand the ADVANCED updates DAS has made to hotkeys scripts.  I have not looked at it in detail but u seem to be very comprehensive in ur approach.   BIG BIG THANK YOU for sharing. Will provide feedback once I get a chance to test the details.  
    • DAS TRADER PRO ADVANCED HOTKEYS – A PRIMER [2024-04-15: Production v.] −     Speed and efficiency are paramount in the fast-paced world of stock trading, particularly day trading. As traders, we are constantly seeking tools to gain an edge in the market. One such tool that has gained popularity among day traders is DAS Trader Pro, renowned for its robust platform and advanced hotkey scripting capabilities. −     As I share insights about DAS’s Advanced Hotkeys, I want to underscore that most of the knowledge I’ve acquired about this craft—like many others in the trading community—was generously shared. I must acknowledge that I have no official affiliation with DAS Trader  Pro software and that my present information is based solely on personal experience. −     This presentation serves as my way of giving back—a small contribution to the community that has provided me with so much. Everything discussed here is intended for educational purposes only. It's crucial always to conduct your due diligence and independently verify any details, as this responsibility ultimately lies with you. The concept −     The purpose of this exercise was to create a set of hotkeys for my trading. My hotkeys came from various good Samaritans willing to share; not all are equally effective. Understanding the complexity of the script itself was challenging at first. It's essential to test your hotkeys before trading, as you may realize they are not working as intended or don't meet your specific needs. −     I set out to create a single hotkey script to fulfill most of my trading requirements, from buying options calls and puts to trading shares of stocks, long or short, while managing risk. The accompanying Excel spreadsheet allows you to input your specific settings. Want to trade stocks, long or short? Options, buying Calls, or Puts? Adjust risk levels? It’s all there. You create a script that aligns precisely with your trading style by customizing these parameters. Script Flow In this section, I will summarize the key steps in the script, from initializing variables to setting up the trigger order based on the defined trading strategy. 1.       Initialize trading variables using the accompanying Excel spreadsheet (risk per trade, position size, price offsets, etc.). 2.       Check trade bias: a.       If LONG: Calculate the buy price and set up a SELL stop-loss order. b.       If SHORT: Calculate the selling price and set up a BUY stop-loss order. 3.       Compute position sizing: a.       Account-based sizing uses percent position size, buying power, and risk percentage.   b.       Risk-based sizing using fixed dollar risk or percentage risk. 1.       Dollar Risk :                                                   2.       Percent Risk   4.       Adjust position sizing for options/stocks trading and ensure sufficient funds. 5.       Determine minimum position size based on the lesser of account-based or risk-based sizing. 6.       Prepare order details (price, route, time in force). 7.       Execute or load the appropriate BUY or SELL order based on trade bias and order status. 8.       Set up trigger order with stop type, price, action, and quantity. How to use the Script (please see prerequisite section) Using the script is straightforward if the script is linked to a hotkey: Double-click on your chart at your desired stop-loss price. Fire the hotkey linked to the script Conclusion In the exhilarating world of stock trading, where split-second decisions can either make or break fortunes, speed and efficiency serve as our trusted allies.  Time saved is not merely a commodity but the defining factor between seizing an opportunity and watching it disappear. Cross-verifying information remains wise, just as one inspects a parachute before taking the plunge. This presentation humbly supports the trading community by fostering growth through education. Connect with me on X (@ItoThetrader), where I will do my best to address some of your questions/bugs and suggestions and try to improve. Happy trading!  Despite my best efforts, there may be some errors in this document. I apologize if you come across any. After all, making mistakes is human, and I am only a mortal armed with a keyboard and a spellchecker. Download the accompanying Excel file   Ito DAS Advanced HotKeys Primer v0.16.6.pdf
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