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Showing content with the highest reputation on 02/20/2021 in all areas
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2 pointsHi, Anyone interested in learning about options, search for projectoption in youtube. Great resource to learn about options.. Good luck... Mohan
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1 pointDoes anyone have a desktop config file to share for DAS with optimal chart configurations and hot buttons for trading options? I have a good setup for day trading stocks, and used Andrews config as a starting place and also use Kyle's hotkey scripts for buttons. Is there a similar desktop, hot button scripts and chart configuration for those interested in day trading options? I'd hate to reinvent the wheel if anyone from the community can help. @Andrew Aziz @nassarsyed
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1 pointRob, Thank you so much for replying sir! I am also not made for day trading either. Perhaps before I joined the military I was easy-going enough to shake off the stress of trading, but nowadays it is something I have to directly plan to counteract. It has stressed my relationships more than I could have ever anticipated and my life in general. It actually has been one of the hardest things I have done. I have hit consistency enough times that, with proper systems in place, I can keep the profits from my last streak, go into the sim, and come back out making money again. Respect that you are hitting it like such a madman. In order for me to hit consistency it easily took over 2 1/2 years, but if I didn't have a job that whole time I am almost certain it would have taken below 9 months. However, I could never really know. Also I 100% agree that the hype of the chatroom keeps me excited about trading, but goodness no matter who is trading, Thor, Andrew, or Brian, if they take a trade and for whatever reason I jump into it, I lose money every time. Therefore I also started muting them before I experienced any consistency. It seems a lot of us on here have that going! Good luck with your trading as well! Bailey Nevener
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1 pointHi Baily, Thanks for your post. Nope I still have a day job. When I started learning/practicing day trading, almost 3 years ago, I did create a business plan. The time line I gave myself was 5 years to learn the trade and work my way up to an income that I can sustain my present cost of living. I didn't see any profit for the first year and a half. I am definitely not made for day trading. My heart would pound against my ribs on every trade for the first year. So I had to make a lot of modifications to my personality. I think this was probably the reason why I stuck with it. I saw improvements in my discipline and patience in all parts of my life. Trading was essentially the vehicle for self improvement. Also I was well disciplined with my risk. So I wasn't losing much money during the 1.5 years. Once profitable I ran into my next challenge which was sustainability. My systems in my tradebook seem to be profitable 4 to 6 months at a time. So I would prove them in SIM then spend a month with small risk. Then I would slowly increase my risk. Just about the time I would start making decent money my system would start to fail and I would go back in SIM to figure out what changes I need to make. I don't know if I have faulty systems or I am poor with continuously tweaking my tradebook, so they will fail sooner or later. I just hit a big snag like that recently. End of November I suddenly lost profitability so I went back to SIM. It took 6 weeks before I saw profitability return and now I am slowly increasing my risk. I know it sounds like an insult when it takes longer than others to reach CPT level. But it really isn't. All of us perform self programming to fit our life endeavors. If these self modifications happen not to be ideal for the traits we need for trading, it takes longer to become a CPT. I personally have a really bad FOBW. Likely from being an engineer. I don't design processes to fail 40% of the time. So its a big task to change my mindset. My biggest tip? Is turning off the chat when you are trading and only turn it back on when you are done for the day and just watching to learn. Just hearing the chat sways me a lot. When I turned off the chat, just before the open is when I made my first step into profitability. Good luck with your trading. Rob
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1 pointbump... even if anyone has the IB TWS desktop config, that would be super helpful. If DAS can't really do this well, I am open to using TWS if that's what others use in this community.
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1 pointHi everyone! My name is Jeremy Olson. I live in Phoenix, AZ. My wife and I have 6 beautiful kids and we love spending time as a family. The kids are great (when they are getting along haha!). I am a CPA and tax director at a large publicly held trucking company. I started out my career as a CPA at Ernst & Young in Roseville, CA back in 2006 after graduating from Arizona State University's Masters of Taxation program. I was introduced to stock trading back around Sept 2019 by a co-worker that swing trades on Robinhood. I downloaded the app and got hooked. The potential to make money in the markets fascinated me but I knew that I had (have!) a lot to learn, so I Googled "best books day trading stock" (or something like that) and found Andrew's book. Then I graduated from RH to DAS and IB. It's been quite a journey so far. I basically tried going it alone for several months. I mean, I read a lot of books and had help in that sense, but I was not in the chat room or trading with anyone else. I had some success, but really more failure than success. But somehow I managed not to blow up my account, which is a good thing! So, I am still in the game, but I have been humbled by the market and I am going back to the basics. I am going to start over and do it right this time. I just finished "Class 1: How to Trade in Simulator and Introduction to DAS" last night. I am going to go through all the classes one by one, skipping nothing. My experience so far in trading reminds me of a similar experience I had in learning to play piano. As a kid, I always loved music and would play my parents old out of tune piano in our house off and on and taught myself how to play a few songs. They were challenging songs. I didn't start simple. I just went straight for the hard songs because that is what I wanted to play. I didn't want to do the boring stuff, I just wanted to play the cool songs right away. So it was challenging, but I pushed through and got to where I could play a couple moderately challenging songs. By the time I was about 38 years old, I never really learned to read piano music very well at all so I could not sight read anything. But I could, through painstaking difficulty memorize songs note by note and learn them that way. I had about 3 or 4 moderately difficult songs that I could play on the piano (or, at least thought I could play lol!), but that was all. Then I met a guy at a church activity that is a professional pianist/performer, the guy is phenomenal, truly a creative genius. His name is William Joseph. (I included a link below to one of my favorite songs he plays on the piano so you can see what I mean.) We became friends and he agreed to give me piano lessons (I had never taken lessons prior to this, well, I think I had 4 or 5 lessons as a little kid, but never stuck with it - I was almost 100% self-taught). At the start of my first lesson, William asked me what level I felt I was at as a piano player. I told him I felt like I was not a novice, but not advanced either, somewhere in between. Then he asked me to play something for him. He was kind to me and said that was pretty good, but I think he was lying because after that he started me on my first song, "Twinkle Twinkle Little Star" lol! For reals, not an embellished version or anything, just the simple one note version, the melody only, no chords, nothing, just the melody. He wanted to take me back to the basics because everything I had taught myself to do up to that point was basically wrong, incorrect technique. I might have been hitting some of the right notes, but I was way too tense, and my fingering was all wrong, etc... He had me simply hold my hand above the keys and let it fall down on the notes and do that repetitively until I gained the muscle memory of being able to play the piano in a more relaxed way. He explained that I would never be able to progress or play very fast if I did not fix my technique and learn to loosen up. So, I had to go all the way back to Twinkle Twinkle Little Star to unlearn my bad habits and relearn new ones. I had to learn all the muscle memory the correct way, so I then had a foundation to build upon. I am now still not to the level of a concert pianist and probably never will be, but playing the piano is so much more enjoyable. Now when I play, I feel like I can make real music, not just plunk out notes. Anybody can learn to hit certain notes at certain times, but not everyone learns how to truly make music and make it come alive I relate this to learning day trading. I do not want to learn bad habits, so I am going back to the basics now and even though I feel like I know some things, I am going to be totally open and humble as I go through each one of the BBT lessons and all the webinars. I am going to keep a journal and make my playbook, etc...do everything the right way taking no short cuts. Let's see how far that will take me! There is something very familiar to me watching Andrew trade the open in the mornings. It reminds in a lot of ways of watching William play the piano, true genious at work. There is something intangible that they both have that is hard to define, but you know it when you see it. It's inspiring. Here is a link to William playing the piano so you can see for yourself how amazing he is! Here is me at my trading desk (The laptop on the far right is my work computer - been working at home since the start of Covid-19. The top right monitor is also shared with my work computer and my trading desktop computer. There is an HDMI switch, so I just hit the button on the switch and the top right monitor switches between being connected to my work computer or my desktop computer. There is also a switch to trade my keyboard and mouse between work and desktop computers, so I have just one keyboard and mouse to use for both):
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1 pointRight now just trying to focus on remembering that calls and puts are a potential tradebook option when I get pretty committed to the idea that a move is coming or a trend is going to continue throughout the day . . . normally I get to the journaling stage of the day and look at the plays i made and go "d'oh, i could have just bought some calls lol
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