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Showing content with the highest reputation on 12/17/2019 in all areas
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1 pointDAS Inc now have this updated, complete and detailed guide on Risk Control on its Knowledge Base.
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1 pointGood Morning Everybody Had a weird day today. MU kinda screwed me at first but did well afterwards. However, I started hitting my hot keys by mistake, instead of using the number pad to put in my hard stops...took a bunch of trades to practice different things. A couple things stood out. Am I over trading? Sure, but the goal today was to try to practice more set ups. MU Tried to take the 2 min ORB but clearly had FOMO. I was at my max risk - Unnecessary. I missed the 2 min ORB, I should have just waited for the 5 min ORB. In this case it did nothing. But at around 09:37 there was somewhat an engulfing pattern on the 1 min chart. Then the following candle popped over the VWAP again. I went long on the next candle and road the stock upwards. Something new I am trying is adding to my position on the pull back. I was hoping the 9 MA would have been a good resistance for the pull back. I was wrong and was stopped at the 20 MA. I knew a bounce usually happens at the 20 MA. For the future, I'm thinking of only adding at the 20 MA on the 1 mi chart. I went long right away and started to scale out again. However, as I was putting in hard stops, I was using my hot keys instead of the number pad on the right and bought more shares...twice. Well didn't know that I could ever make a mistake like that but I'm glad I'm still in sim. ROKU Saw ROKU bounce from the low of the day - knowing ROKU, it usually bounced up towards or past the VWAP when that happens. I got in a little late but I used the 20 MA as a stop loss and then the VWAP again. I was stopped out the first time below the BE. The 2nd time I was pretty much at max for my risk. I was stopped out. I mean, I had the right idea, but my risk didn't allow it. AMD Went long on the 5 min ORB. I was a little to early. I should have waited for it to get closer to the VWAP. I would not have been stopped out as I could have used the 20 MA as my stop loss. I did go long again once I saw the candle forming above the VWAP. Not sure if I want to keep practicing with adding to my position. I mean if I already hit my target do I really need to risk more? Or, is there really a difference in getting into a trade during a pull back? I mean technically, the entry/adding is the same thing. Again, feedback is greatly appreciated. Thanks
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1 point12-16-19 AIS 0755, 6.5 hrs, 7/10 PAT: Trade quality..... Spread..... Notes: Stay focused and make sure I take the trades when they setup and not before..... When in a trade make sure I am using the correct hotbuttons..... MU PB#1.1 with confirmation on the ASKs took this for a complete momentum scalp... took two partials and all out at BE..... stop was below VWAP.... +1R Took another quick scalp trade but as soon as I took it I knew I was over trading and I was already at goal for the day so I got out... -.3R PCG PB#1 PB#3..... also making an ABCD... went in for 1/2 size and added on confirmation..... L2 was starting to stack and the T&S was showing strength.... my hard stop was at the bottom of the previous white candle but my mental stop was below the last candle as I was reading the tape...... All partials were taken using L2 as price points..... All out at 10.16..... +2.5R UBER FOMO..... urghh...... -.5R Cons: FOMO on UBER and MU later in the day... Pros: Took trades when they felt and setup right.... Reading the L2 and T&S...... Playbook Trade: PCG and MU Notes: Woke up with good rest and felt good.... was a bit anxious before the open but I did a bit of meditation and read my weekly notes to refocus.... Rs: +2.6R
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1 pointMonday 12/16/2019 I had a well-being score of 8/10 this morning. I took 1 live trade this morning with AMRN. My watchlist: BABA, MU, AMRN and BABA. I was actually looking at AMRN as a swing trade. It first gapped up a lot on PM then lost most of it. Then seemed to create a double bottom. I wanted to take it long for a swing trade but there was a large bid at 24.95 (60k shares) and I didn’t want to fight it. I waited a few minutes and finally the bid was eaten up and the price recovered and I went long 5min before the open. My 1st target was VWAP or 200MA-1min. I was not thinking I would reach one of them before the open. I took 25% at VWAP (2R) and another 25% at 200MA-1min (3R). I moved my stop to B/E and hoped to keep the rest of the shares for the swing trade. The price dropped hard. Andrew first got out and then he said it is started to look like a short. But I was stubborn due to Centerpoint did not have shares to short (or what they call easy to short list) so I couldn't flip my position. Also I wanted to hold for a swing trade and got stopped at my order at B/E. What did I do good today? Took a nice double bottom. What I am grateful from today? Trading something other than BABA at the open. What I should improve on: If your swing trades turn into a day trade don’t try and converted back to a swing trade.
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1 point16/12/19 been slacking on my journal while ive been taking so many trades trying to figure out my style and i think i need to start again to force me to be more selective. MU chopped me up horribly in the morning it just wouldnt give me the pop but once it settled down i got in at the MA on the 5, added for a wedge break up then just sold high and added every time it rejected the 9 on the 5 min as long as the L2 still looked good and i made a killing on it about 15 Rs total but lost about 4 R in the first few trades. AMRN was super weak at the open and on L2 so waited for it to bounce off a level and it rejected a daily level and the 200 on the 5 so got a pretty tight stop and rode it down for about 5 Rs
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1 pointHey all! My name's Damon N, I'm originally from Miami and iv wanted to be a trader since I was a kid. Life, however, had different plans, I'm currently a chef after cooking in the Navy for 4 years and going to the CIA for culinary arts. I love cooking but iv only been pursuing this career because like a lot of people I didn't believe i could change or become a trader. I have been trading in a sim for a week now and last week ended with a net positive of $2164, so I now know I can do it. I found Andrews's book a few years ago and read it and always wanted to try but never took the leap; now I'm just pulling the trigger and I am going to be a successful trader. If anyone in Miami I'm looking for mentors or other traders to meet with to help learn as much as I can. Thank you all, Damon N.
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1 pointAs a momentum trader, I don't care about strategies that much. I just want the stock to have direction, volume and order flow. I am more of a believer that for momentum trading, the value of trades ideas comes from it being able to tell you which stocks are moving more than usual and meets criteria that makes the stock tradeable. Why do i look at it that way instead of per strategy? Stocks that are in play will have multiple setups and strategies to trade off. Identify those stocks at premarket and during day and trade the strategy as it comes. Some stocks do an OR Breakdown and then reverse, reject vwap and then continue down. You have three plays there in the same stock. Another benefit that this scanner gives me is that it is just one scanner providing me the output. I don't like to have 5 different scanners for 5 different strategies, it just overwhelms me. I want to know what the rest of the traders are trading that day. Normally this scanner will not give you more than 10 stocks in day. Today it was 4-5. Trading only these types of stocks has helped me reduce my losses and avoid stocks with no volume or nor real direction. I want a stock that has a fast moving tape, this makes it harder for big fish to manipulate the price as the price is determined by more market participants. Scanner Strategy and Criteria: Anything that has a relative volume of 3 or more within the first hour of trading is normally a stock that has some catalyst. Strong Volume, High Relative Volume (RVOL) and Unusual Number of Prints. Unusual number of prints doesn't normally show up as much but it is a good indicator. I only trade stocks with a fast tape. if the tape is slow, I don't touch. Filters: 1. At least 1% change 2. Price more than 10. There are a lot of penny stocks in play every day and I don't trade these, that is why I use $10. 3. Float - 30M. Important to have a float minimum. There might be low floaters moving all day that are just pump and dump schemes where risk is hard to manage. 4. Volume Today, If it is in play, it will normally have at least 1m shares traded in the first five minutes. 5. Average Daily Volume (0.5m shares). This isn't much but it helps filter out stocks that never have liquidity but have a lot today only. I want stocks that have at least an average liquidity every day. 6. Spread - no more than 10 cents. Anything more than that is too much risk for me. 7. Time of Day - first 60 minutes. the stocks that move in the morning are normally the ones with high volume that will provide opportunities all day, even for trend traders in the afternoon session. 8. RVOL - 3x. I find that 2 times is too little, specially when there is a macro even that happens, a 2x can easily be triggered. I don't want to trade Beta, I want to trade Alpha stocks.
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1 pointThanks Brendon ... your feedback is much appreciated. I've heard good things about Camtasia as well. Since I'm just starting out in the simulator and haven't made the big bucks (or any bucks for that matter) I think I'll start with the free OBS software and, once I become profitable at trading, I'll migrate over to the Camtasia software. Happy trading and thanks again.
