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  1. 34 points
    Updated: 8/8/2019 @ 12:44pm (PST) Finally out of the alpha stage and releasing this to the community, I've been using it with success. Because I had to do some musical chairs with memory I made a configuration utility as the script itself is very ugly. This is more of a BETA release for this, so if anyone wants to try this out in SIM and let me know if you have any issues with the configuration sheet or the hotkeys themselves. It's based on the work started by @fjmocke here: https://forums.bearbulltraders.com/topic/469-das-calculate-shares-based-on-account-risk/ . What it is: It's a hotkey command script that can be used to dynamically alter the share total based on: Available Buying Power (capital) Stop Location (Risk) % Account Risk OR Fixed Dollar Amount The script includes purchase power protection and won't send an order that you can not afford, it does this by calculating two factors: A - Shares You Can Afford B - Shares at Risk Parameter (e.g. $25,000 account equity, 1% risk = $250 risk, $250 * a stop distance of .10 = 2500 shares) min{A,B} = 0.5(A + B - | A - B | ) But, why male models? I just told you. /Zoolander reference You'd use this to calculate your share total based on what you're willing to risk. So instead of blindly throwing 500 shares at every setup, you can dynamically alter risked amount based on the per-trade setup. I use it on my StreamDeck (will also release the icon packs soon) with modifiers of 100%, 75%, 50%, and 25%. 100% is the A-Plus setups I see, those I have HIGH confidence in. Alternatively, if a stock has a large spread or is low-float, I may only use the 25% modifier key for those. Instructions for Configuration: Go to this link: V2.1: https://drive.google.com/open?id=1TJy7jRHhdMYGyyfKbbYd3M7j6bqxgeoy ^^ Recommend latest DAS version of 5.4.3.0. Requires DAS version 5.2.0.34 or above (current BETA branch as of 11/19/2018) for the physical stop portion to work. If you don't use the physical stop, you don't have to worry about it. NOTE: Thoroughly test in SIM to make sure it's doing what you expect it to do. Choose: Download the ZIP file and unzip to where you want. On "Setup & Instructions" configure your settings. Account Leverage (default for DAS is 4), this is the margin your broker gives you. Some off-shores give 6. It needs to match what is configured in DAS for proper calculations. Max Account Risk %. This is the maximum percent of equity you're willing to risk on every trade (default is 1%). You can always risk lower (more on that later). % of Total Buying Power. If you don't want to calculate based on the total buying power of 100%, you can set this to a lower percentage (example: 100,000 buying power with 60% here equals $60,000 maximum position size) Route. LIMIT, MARKET, SMRTL. Default is LIMIT. Order Bid/Ask Offset. This is the offset you use when you send the price for order, e.g. "Ask + 0.05" (meaning fill me up to 5 cents above ask) Time in Force. Default: Day+ Default Shares. This is the amount of shares you want to set as the DEFAULT SHARES for all trades (e.g. when you click a Symbol and it loads, this is the share total). You can see why this is here in the technical breakdown section below. Minimum Stop Buffer. This is an offset to the stop distance. If you set this to 0.05, it'll add 5 cents to the stop distance calculation (so if your stop distance is 0.05, it'll be calculated on 0.10). Switch to the "Hotkeys" tab. Choose your preferred style. % Risk of Equity (Dynamic) or Fixed Price (e.g. $150 risk). %Equity Risk: Use the drop down to select what you want the value to be % equity. NOTE: This is a modifier AFTER your account risk maximum %. So if you have 1% account risk, and set this to 50%, your effective account risk is 0.005 --> 0.5%. $ Fixed: Use the drop down to select what you want the value to be for dollar risk. Select "long" or "short" to flip the script's direction. Click the cell that contains the start of the command (E column) and Ctrl + C (copy). Paste it into DAS. It should look like a sample command below. Instructions for Usage: First, you must have "Double Click to Trade" turned on in Chart, Right-Click --> Configure --> Settings --> Double-click to trade. Double click the chart where you want to set a mental stop (it does not place a stop order, you can always put one in after). Hit your configured hotkey. Sample Scripts: LONG: DefShare=BP*0.98; Share=DefShare*0.25* Price * 0.01; Price = Ask - Price + 0.02;SShare = Share / Price; Share = DefShare - SShare; DefShare = DefShare + SShare; SShare = Share; SShare = DefShare - SShare; Share = 0.5 * SShare; TogSShare; ROUTE =LIMIT; Price = Ask + 0.05; TIF=DAY+; BUY=Send; DefShare = 500; SHORT: DefShare=BP*0.98; Share=DefShare*0.25* Price * 0.01; Price = Price - Bid + 0.02;SShare = Share / Price; Share = DefShare - SShare; DefShare = DefShare + SShare; SShare = Share; SShare = DefShare - SShare; Share = 0.5 * SShare; TogSShare; ROUTE =LIMIT; Price = Bid - 0.05; TIF=DAY+; SELL=Send; DefShare = 500; Technical Breakdown: DAS has basic scripting. Montage commands have access to very few read/write variables, basic operations, and only operators of addition, subtraction, division, and multiplication. To do this calculation we need additional operators (min function, and absolute function) and more memory for storage of variables. This command gets around these limitations by using user-writeable areas of memory in the program. Since DAS is written in the C++ language (from what I can tell), it's strict on what can be done in these existing memory locations. The hotkey uses the following items (plus the usual Price -- FLOAT): (Assumptions on Datatypes) DefShare -- INT (Used as a temporary variable for storage) SShare -- Unsigned INT (Behaves like an Unsigned INT in certain situations. Used as a temporary variable for storage) Share -- INT (Used as a temporary variable for storage) With the 3 INT variables, objects are moved around in memory so that we can calculate and compare with our variable limitation (be much easier if we could assign our own). To facilitate the ABS() function, we use a trick --> When a negative value is placed into an Unsigned INT it loses it's sign (thus, it becomes a POSITIVE value in memory). A more detailed technical breakdown (step by step) is located in the Configuration spreadsheet up above. Future Enhancements: If need be, I can make a step-by-step video of this entire process. I have a version that uses an AutoHotKey macro to drop a line at the stop location, I can upload that as well if people want it. ^^ Update, I discontinued this as it was too cumbersome. You had to have two sets of hotkeys for each command. I may someday revisit it if I can build out a configuration tool for it. TLDR: It does the math for you so you can risk a known amount (% or $) based on your per-trade risk position (stop distance). And yes, I'm a bit of a tech nerd. Also, longest post .. ever. Would not read again, 0/5 stars. --- KNOWN ISSUES: %Account Risk gets smaller and smaller when subsequent open positions Reason: No Equity variable, we reverse calculate equity using Buying Power. On subsequent positions, the % (e.g. 1%) calculation will be based on the available buying power and NOT the account equity. Workaround: Precalculate the %risk and use it for the $risk versions. So 1% of $25,000 equity equals $250. SSR rejection on LONG position when scaling out; rejection message (e.g. "Short marketable limit order disable due to SSR!") if using the automatic STOP trigger. Reason: DAS calculates that the position will drop below the open stop order position and reject as this can cause the position to "flip" if it was triggered. Workaround: Have a hotkey to clear the open orders (CXL ALLSYMB), clear it, scale the position (e.g. 25%). Either replace the stop or switch to a mental stop. Alternatively, you can add "CXL ALLSYMB;" to the front of the scale-out hotkeys. You just have to be cognizant to replace the stop order. Equated position size if very small (e.g. 4 or 5 shares when expected is hundreds). Reason: Wrong side was used for the order. E.g. a long hotkey is used when trying to go short. -or- Stop Distance was calculated to be a negative value (clicked too close to current price). Workaround: Be cognizant of the hotkeys used and the stop distance clicked. Clicking too close (a really tight stop) can be very dangerous if you do it inadvertently. TriggerOrder for automatic STOP placement not being sent (no stop order placed). Reason: Montage is not set to a style that doesn't allow TriggerOrder input. Styles not compatible are: Default [DAS's, if you changed it], Basic, OCO, Option, Full Fix: Use a style that is compatible, they are: Stop Order, Detail, Trigger -- I recommended using the "Stop Order" montage style. To change this, right click the montage area around where you'd enter a price and select Style --> Your Choice. --- UPDATES: 10/17/2018 - Added v.1.1 link, you'd need to use the new version to change anything. - General cleanup of the script. Added instructions for the IB issue (discussed in this thread) - NEW FEATURE: Added a new section to the Hotkeys sheet, it will now create a set up for Dynamic Scale-In hotkey commands. You'd use these by setting a scale value (say you want an additional 50% of your current position size). The hotkey will calculate the maximum share you can afford (how much you can afford at the moment) and the scale value, choosing to take the least amount. So if your current position is 1500 shares (@ $50.00) and you want to scale in at 50% your current position, it'd check if you can afford an additional 750 shares, if you can't, it'll buy the maximum you can afford. For this example, you can't afford it (if Buying Power is 100k), so it'd buy roughly $25k worth (500 shares). - CLEANUP: Cleaned up the $Dollar Risk version and removed unnecessary steps. Don't really need to replace yours if they exist, but worth noting. 10/30/2018 - Added @Michael P's suggested fixes for Excel. Configuration tool should now work in both Sheets and Excel. - NOTICE: This was a configuration tool change, no changes were made to the hotkey scripts, so no need to change any existing hotkeys. 11/19/2018 - Shortened some of the commands so we don't hit any hotkey character limit, makes them less readable, but shorter. Couldn't get them low enough to fit the montage buttons though (although removing the portions for the buying power rejection protection would likely do it). - Added a section for SELL/COVER buttons for people who just need to create those. E.g. "Sell 25% position" or "Sell 33% position". - Added @Robert H's stop suggestion. New fields on the setup page for enabling physical stops. If enabled, it'll place a MARKET or LIMIT (settings included) trigger order to go into the market once the initial order is fulfilled, these are placed at the location you double-clicked on the chart. 11/20/2018 - Added a stop-order setting to set an additional buffer for the stop price (for those that want to include or exclude the double-clicked price). - Added conditional formatting to subdue the stop settings that aren't required if you disable sending a physical stop into the market. 12/10/2018 - Added a known issues section to this post and the spreadsheet (for when a new version goes up). 12/12/2018 - Updated known issues section to include the "Montage Style" issue for TriggerOrders. 12/13/2018 - Updated to new version 1.46. Fixed a bug in the Trigger Order script which could cause it to not be interpreted by DAS's command parser on certain user settings. - Added "modifier" extra hotkeys. See instructions next to these on how to use them. - - - Set Stop to Breakeven - Long or Short - Stop Limit or Stop Market (cancels any pending orders for SYMB) - - - Set Stop to Breakeven - Bidirectional - Stop Market (cancels any pending orders for SYMB) - - - Stop - Update Price - Long or Short - Stop Limit or Stop Market (cancels pending orders, double click chart where you want stop before firing hotkey) - - - Stop - Update Price - Bidirectional - Stop Market (cancels pending orders, double click chart where you want stop before firing hotkey) - - - Stop - Update Position - Long or Short - Stop Limit or Stop Market - Replace (requires you double-click the original stop in the Orders window) - - - Stop - Update Position - Bidirectional - Stop Market Orders Only - Replace (requires you double-click the original stop in the Orders window). 8/8/2019 - New version 2.0, download the .zip file and unzip it. - Fixed an issue with some hotkey configurations that may have caused them to be inaccurate in vary rare situations. Recommend recreating your hotkeys in this new version, just to be sure. - Added Profit Target hotkeys. - Added % Scale-In Hotkeys - Added $ Risk Scale-In Hotkeys - Added Short-SSR to Long/Short dropdown for SSR hotkeys (DAS Simulator) - Added Range Order hotkeys - Added Y-Margin Scale Increase hotkey, Y-Margin Decrease, and Y-Margin Reset - Added new sheet "Example - Equity%" and "Example - $Risk" to give a more workflow outlook on what is happening. - Included a ScaleOut worksheet to manually simulate what different scale percentages / scenarios look like (instructions will be in the video). ALSO: Video is done and rendering, I think it comes in at 45minutes with 3.4gigs (4k), so it'll need to be optimized before I upload it to YouTube. Will try to do it today and will update this when done. 9/10/2019 - New version 2.1 released. Just general clean up (UI) and bug fixes. - FIXED: Issue with the Scale-In $Risk hotkeys. - FIXED: Issue with the Stop Update Price long and short hotkeys> ^^ If you use either of those, please regenerate them and replace in your DAS to avoid issues. UPDATES: The majority of this side project is completed and besides a few requests I have in with DAS developers to optimize a few things, out of any major bugs or improved scripting features, I'd say this is about done. I'll provide any edge-case support as need, but I want to move on to other BBT-community projects. So what do I have cookin' for you guys, gals, and cat? You'll see a glimpse in the video of an early prototype (buggy! I programmed that in a few hours, so bugs are expected) of a DAS calculator side program. The newer version (need to finish the UI) will incorporate a lot more in ways of tools for you, including automatically calculating changes without a hotkey intervention. It also allows you to mass-process trade log .csv files you may have exported and compile it into Excel or .CSV for import into other programs. Configuration is drag/drop friendly, so rearranging your columns is as easy as click and holding. I'm also going to shift my attention to finishing my ORB-strategy research. Right now, my datapool encompasses 15000 news article, gaplists for 2011-2019, and 1second data for stocks in that range. It's a data store of roughly 80 gigs. The idea is to test for hidden signals we may not see that can indicate a potential direction of an ORB strategy (if no rare outside influence occurs, like a terrorist attack) by leveraging a consortium of machine learning algorithms to give us a higher probability of success for each day. Depending how the research works out, the end product would likely be a probability predictor for each day. I'll share the research results with the community and may incorporate some other tests as well. VIDEO: Ok, so I may have gone down an editing rabbit hole and that took longer than expected. The videos are up, came in quite long so I chunked it down. Sorry it's a tad scattered and not one-linear cohesive unit, but I tried to mark it up as best as possible. Part 1 - Config / Math - https://youtu.be/YrRrydwGyRY Part 2 - Setup, Quick Examples, Tips - https://youtu.be/pXLlWF7T6hw Part 3 - Sim Trade Example - https://youtu.be/SO9UhJh4dTc Bonus 1 - Scale/Price Excel Calc - https://youtu.be/KTr_iJ2p0TU Bonus Tips - https://youtu.be/sNHXFMoia7A
  2. 23 points
    I read "How to Day Trade for a Living" over a year and a half ago, I join the chatroom while I was still reading the book. The chatroom has been an invaluable resource for learning not only good trading habits, but the psychology of trading as well. After a year of trading my husband joined me and now we trade together everyday. Thanks to the BBT community!! Michelle and Nathan
  3. 19 points
    My elaborate setup with my new favorite movie .. based on a true story. No that's not my real setup, I use three watches. But seriously, I can't share my setup (currently building a new desk), so I thought I'd have some fun with this. I'll show myself out.
  4. 16 points
    Converted a typical closet into a trade station. I added a 'peel n stick' wood wall paneling and installed a 3 pot-light lamp above with dimmer switch.
  5. 14 points
  6. 13 points
    Hi folks, here is a copy of the playbook template I discussed in the Feb 14 recap. The file is obviously a sample meant for each individual trader to complete with their own strategies, patterns, and setups. https://drive.google.com/a/bearbulltraders.com/file/d/1bmu3XzT_KtzTfya2Fo7Uqc7DZG_N7q-B/view?usp=sharing Please download a local copy as .xlsx
  7. 13 points
    Traders from Venus: Loses are fact with no escape. One said " When you know what not to do in order to not to lose money then you will begin what to do in order to win" so trade smart with no fear! Money will follow you Above is my laptop work desk converted into trade station. Had it setup this week! Went with basics what was recommended in the BBT community site which is good enough to get the job done:)
  8. 13 points
  9. 11 points
    Since this subforum is by far the most active, we've stickied this FAQ which contains links to individual posts. This post will be updated regularly. [Last updated: Oct 31, 2019] DAS Trader Downloads DAS Trader Pro Production Releases for Interactive Brokers DAS Trader Pro Production Releases for CMEG BBT DAS Simulator Production Release (ONLY IF YOU GOT DAS SIM THOUGH BBT) When doing an install of a new version, it is always a good idea to back up your settings! DAS Trader Pro references, education and support OFFICIAL: DAS INC DAS TRADER PRO - DEMO Tutorial - How to Correctly Use DAS Trader Pro User Guide and Manuals DAS Trader Official YouTube Channel DAS Weekly Free Q&A Webinar DAS Trader Pro Knowledge Base DAS Trader Pro Risk Control explained in Knowledge Base. Common DAS Trader errors No More Order Server to Connect’ error message ‘Wrong Trader’ error message “Lost Connection to Quote Server” error message General Where can I subscribe for DAS Trader Pro live account for Interactive Brokers? How to Change Your Equity and Buying Power in Simulator How to Switch Between Live and Demo Accounts Update/Upgrade DAS To Latest Version Understanding the DAS Account Report DAS Deluxe Package - Switching Options L2 for ARCA Book DAS Trader on MAC OS How to link symbol selection in Trade Ideas to DAS How to add Audio Alerts in DAS How to Configure DAS Mobile for Android or iPhone Definition of Time and Sales Flags How to use the DAS Risk Control Page List of Index tickers (SPY, DJIA, NASDAQ, RUSSELL, etc.) How to Make a Pre-Market Scanner in DAS Montage, Windows, and Layouts How to Make Your Custom Layout Load as Default on Startup How to link Montage to Time&Sales and Charts? How To Setup Multiple Monitors in DAS How to Duplicate a Montage, Chart or Other Window Montage / Level 2 color and shade settings How to Quickly Add Rows to Watchlist (Market Viewer) How to Change Order Button Colours (BUY, SELL, SHRT, CXL, RPL) Select Active Montage to Trade Definition for each of the Level 1 (L1) fields at top of Montage Charts [VIDEO] How to configure charts in DAS Trader Pro: Education Center How to Add Index Tickers for SPY, DOW, NASDAQ DAS Trader Tutorial – Make Your Chart Look Like Andrew's How to Add Average Line to Volume Study How to Drag and Drop Horizontal Lines How to Transfer Price Levels to Another Chart Drawing Support and Resistance Lines in DAS How to add previous day close (PCL), high of day (HOD) & low of day (LOD) How to Prevent Chart from Zooming out When Switching Symbols How to Add/Remove Trade Icons on the Chart Show trade info on chart (triangle click) How to Increase Y-Axis Scale to See More Price Levels / This can now be done with the newer versions (5.4.0.0+) of DAS using hotkeys Change Default Number of Candles How to add Relative Strength Index (RSI) to Chart How to Draw a Diagonal or Sloping Line How to Change font size in Chart How to add separator line for Pre-Market (Open) and After-Hours (Close) How to correct short/small candlesticks by excluding Studies from Y-Axis Scale (Y LOW, YY HIGH, etc). How to Zoom in on Specific Area of Chart Why is VWAP sometimes different between 1-minute chart, 5-minute chart, and/or Montage? How to add vertical lines on 1-minute chart to show each 5-minute period How to add Average True Range (ATR) to DAS Daily Chart Order Entry Advanced Lesson: Stop Loss in Your DAS Trading Platform Trailing Stops How to Lock Your Montage Placing Both Stop Loss and Profit Target in DAS How to set a Bracket aka Range aka OCO order (includes hotkeys) Hotkeys and Hotkey Buttons Most frequently used hotkeys Terminology Clarification: Hotkeys vs Hotkey Buttons Programming hot key for stop loss Buy/Sell Hotkeys for Automatic Stop Loss How to Create HotKey Buttons on the DAS Montage Level 2 Window Hotkeys for Flipping Position Hotkey for buying based on a percentage of Buying Power How to Adjust Montage Hotkeys Button Size What does the Panic hot key do? How to set up hotkeys for trailing stops Hotkeys for adjusting share size How to create hotkey which launches Finviz page for a selected stock Hotkey for automatic share size based on max dollar loss Hotkey for automatic share size based on % loss of account How to short stocks in SSR: see here and here DAS Trader Pro Support Live Chat Support Das Trader contact page to send messages DAs Trader Support Email
  10. 11 points
    Let's start with the agreement that the career or activity of day trading comes with inherent risk. As noted in Andrew's book, a large percentage of the total people that attempt to trade will fail. This is due to the fact that it is a deceptively difficult activity. For example, anyone watching Andrew's many recaps on YouTube sees something that has become intuition and from an outside perspective, he is "easily" making large sums of money day after day in the market. What they are not seeing at first glance are the years of training, mistakes, and struggles that it took for him to get to that place. He persevered through the learning curve, as any successful trader has, in order to become consistently competent in his trading. I'm yet to meet or hear of a successful trader that said they did not experience a good sized draw-down of their capital (or complete blow up of an account) before becoming successful, yet most starting out think it will never happen to them. Proper education and practice can drastically increase your odds of success. In order to do the same and make it through this training period with minimal losses we take actions to protect us from ourselves, because in this field we are the only one that controls our destiny. There are many layers of protection for new traders; the most obvious that come to mind are sim trading, trading with small size, and risk controls when all else fails. While trading (especially the way in which we currently operate today) is a uniquely modern task, it triggers some of the most primitive brain functions we posses as humans. From "fight or flight" (losing money/exiting a position too soon), to the rush of neurotransmitters produced causing us pleasure (clicking hotkeys/winning trades). Trading successfully is often in direct conflict of these pre-programmed instincts common to all of us. It takes time and practice to fight these forces. We often use sports analogies to make our point, but I'll go a different direction: Learning to become a pilot has parallels to becoming a trader. While theoretically after months of study and work in a professional simulator, one could perform the tasks needed to complete a full flight on their own from taxi to takeoff, navigation, communications, and landing. However, one would never think it sane to allow a person to make this leap. In order to bridge that gap you must spend many hours with a competent flight instructor by your side ready to take over the controls in an instant (risk controls). Additionally, you don't go from ground school to the controls of a 777. Instead, you spend hundreds of hours in a 2-4 seat, simple airplane at first (small size). The reason is the inherent risk, which is in this case death. From the moment your wheels leave the ground until they safely touch down, you are fighting one mundane, insurmountable force - gravity. Markets work against a trader in the same way as gravity works against the pilot. Both are unchangeable forces far greater than that of the individual. At any given moment there are millions of participants in the market and each and every other person trading is working their hardest to take your money to put it in their pocket. You are doing the same to them. But, you need not be smarter, better, or faster than the entire market, just part of it. Similarly, if you and your friend are being chased by a bear, you need not be faster than the bear, only faster than your friend. Losing in trading, unless stopped early, results in a financial death. At some point you must leap from the simulator to trading real money. The only way to do this and maintain some control over the amount of risk your are exposed to is by trading in smaller sizes. Sizes smaller than what triggers your ingrained fight or flight instincts, while you work out how to deal with the primitive, natural response to a dangerous threat. Once you learn to deal with this stress, you can safely increase your position sizing over time to what your capital is fully capable of. Andrew, or any successful trader, has rewired his brain to diminish the fight or flight instinct that stress causes and in turn produces irrational thought. He's done this by building confidence in himself with the knowledge he is capable of producing positive results over time. This is only accomplished by a track record of hundreds or thousands of successful outcomes. Continue to safely notch those successful wins on your belt, with small size one at a time, until you have the confidence to trade to your full potential Now that I've described the reasoning behind why we feel this way, here are some thoughts on how to trade with a relaxed state of mind: 1) Trade with small size - This does not mean 10 shares, or 50 shares, or 100 shares. By small, I mean small size of risk. 50 shares of MU trades vastly different than 50 shares of TSLA. If you lock yourself into the mindset of a number of shares, this can be disastrous. You can lose $500 in a minute on a low float or TSLA with as few as 50 shares, this is extremely unlikely with MU. 2) Work from the bottom up, not the top down. - By this, I mean before entering a trade determine a reasonable stop with enough room that normal gyrations in price won't stop you out. Then ensure that your reasonable profit target has the appropriate 2:1 risk to reward. Once that is confirmed, decide how many shares you can buy based on the dollar amount of risk you have decided is comfortable to potentially lose. If my max loss is $20 and I need a .30 stop, then the MAXIMUM size I can take is 66 shares. No matter what, I know if I stick to my stop I will only lose $20. This will not hurt me. This enables a relaxed state of mind. **All too often, new traders base share size either on some predetermined number (as I discussed above), or they base it on how many shares they have to take to hit a profit target. Base the share size on maximum risk, not profit. 3) Know that you are going to lose and accept it - We are human, and as humans, we feel a need to be right in the decisions we make. It causes us emotional pain when we have to admit we are wrong. Disengage from this type of thinking and know that there is not a trader in the world that is right every time, this is just something you have to accept in this profession. Fortunes have been made by traders with win rates under 50%, but they had great risk mitigation techniques and exceptional risk to reward in their trades. 4) If all else fails, use external risk controls. - https://bearbulltraders.com/lessons/das-risk-controls/ I wish you the best of luck in your transition from sim to real money! If you find yourself in a bind, always feel free to reach out to any of us that have been trading real money for a while and ask. We are here to help.
  11. 11 points
    Hey guys. I just wanted to put together a little document on what I have been doing to learn the /ES. This isn’t exclusive to futures, this is for ALL trading and for those looking to give themselves the edge and to take their trading to the next level. This document is for beginners as well as jaded traders such as myself. The point here is you need to adjust how you view the market and change your thought processes. Recording Trades This may seem like a no-brainer, but not many people do this. I didn’t realize the power of recording the market until I started doing it. There are plenty of free programs out there (I use Open Broadcaster Software, OBS: https://www.obsproject.com). Since I am only trading 1 instrument, I just need to record my primary monitor. If you are trading equities and use several monitors to trade from, this may become a bit of a challenge. However, you should really only try to focus on 1 stock as it is anyways. In this case, you can record the screen that you are trading from. The other option is, just record 1 screen and ONLY trade from that screen. I also highly recommend that you record the entire day’s action, even if it’s just 1 stock that may die in the middle of the day. The reason for this will become clear in the next section. But the point here is that you NEED to be recording what you are doing, because in the heat of the moment, you don’t always know what is happening, but the recordings can help you with that. Reviewing your Trades If you record your trades, like I mentioned above, then you absolutely need to spend time reviewing your trades. I know many people here simply copy and paste their trades into their journals, put in a little blurb about what they saw happen, then never go back or care to look at it again. While this is good in practice, unless you are actually reviewing your trades in depth (and you are able to remember what was happening and going through your head at that time), there’s really no value to the journaling; you need to review! This is where the recordings come in. I mentioned in the chat that I record the entire day then I go back in the evening and re-watch everything. While this may seem a bit extreme, this is the only way you can improve your skills. Why? Well think about it this way, in the heat of the moment while the market is open and you are trying to trade, do you think you are really seeing every possibility? Are you seeing the probable outcomes of your trade? Probably not! Furthermore, you are under the “gun” so to speak of getting in at the right spot, managing the trade and exiting with a profit or a loss. This all happens at lightning speed and sometimes, you don’t even have a second to think about what is happening. When you re-watch the recordings in the evening, you are more relaxed and you can observe A LOT more of what is happening in the market/with your trade than you can while it is happening in real-time. Even doing your journal review at the end of the day, you are still a little stressed from the day and may not remember/see everything that you thought you remembered or saw. This is especially true for a really bad day. You do not need 6 and a half hours at night to literally re-watch what you already saw earlier in the day. Instead, scrub through the recording (this means taking the time scroller and moving it to different sections of the video) and find important points in the market action. Areas of major support/resistance, technical levels, VWAP, moving averages and most importantly, reversals. If you focus on these areas exclusively, you can start to see what is happening at these key spots and learn what to look for. Also, do not do this right after the market closes. You need a few hours to decompress after 4PM EST. If you jump right back into it, your mind is still going to be fried and you will be missing out on key points, so take a break and do this after dinner and before bed if you can. The recordings allow you to calmly review the market action, what you did right and what you did wrong and learn from what you are seeing, which leads me to my next piece. Taking Notes Of course, we all went to school at some point in our lives and had to take notes on what the teacher or professor was telling us. Or, we read several textbooks and took notes on that. Trading is no different. We are in school essentially trying to learn a rather subjective subject with about a million variables going on at every microsecond. But, there is a lot of information in all of this noise and by taking proper notes, you will be able to find small pieces of information that can help you gain your edge. Now, taking notes, trying to trade and also watching the market is literally impossible. Some people use dictation software and speak into a microphone that records their statements either into a document or just a voice recorder. This is an incredible process! I tried it but the dictation software didn’t understand me and since I hate the sound of my own voice, re-listening to myself is impossible (yes this is petty, but something about my high-pitched nasally voice drives me batty). However, if you have a pen and paper available and you can quickly jot down a quick note, even if it’s an important price level where you saw a large order get executed, will still be very helpful. However, what I am getting at here is if you do the recordings like I mentioned above, then you will have a much easier time taking notes when the market is closed, you are relaxed and you can focus a bit better on the action. You would be amazed as to how much information is out there when you are able to sit back, relax and just watch and take simple notes of what is happening. However, I have found an even better way of note taking for trading which is in the next section. Asking the right questions Everybody learns at different paces and via different styles. One way of learning that I felt has been dramatically helpful for me is simply asking a question then finding the answer to it. While we can read books, watch videos and listen to others talk about their trading, until you truly understand the “why” or the “how” you are just blindly following somebody else around and this will get you into trouble. When you are unable to look at the market from a purely objective perspective, then you cannot understand what is actually happening. I’ll get into this more in the next section, but it’s important to discuss here. If you come up with questions about things you are seeing or things you are not understanding, then you will be forcing yourself to find the answers to those questions and forcibly build your knowledge. Because now, you are seeking the answer instead of being told simply “look for this”. Well, “how do I look for this, why do I look for this?”. Here’s an example: “Do value areas and High-Volume Nodes (HVN’s) on the DOM (Depth of market) provide entries and price targets?” This is a question I wrote down on my notepad and I am working on answering. Another question you can ask yourself is “How strong is the VWAP in AAPL? Does AAPL respect its VWAP?” Or, “What happens when a large order is executed on Level 2? Does price retrace then try to retest that price again? Is price being held down by a large player”? It is then your job to find the answers to these questions. You won’t find the answers in one day or in one recording, but now you have something to work with. Just sitting at your screen, watching the live market or even a recording without any direction or guidance isn’t going to help you. I know because I spent 4 years doing this. Sitting at the screen and trying to make sense of what is going on with all of this noise. Well, by not having questions to answer and trying to seek the truth or answers within the noise, I just sat there and wasted my time getting lost in all of the noise of the market. Get a pad and a pen, write down your questions then watch the market live and most importantly, watch the recordings and find those answers. Once you find the answers to your questions, watch how your trading changes. Charting your own path (pun-intended) I mentioned above that most of us like to follow something blindly, especially in such a complicated environment as the markets. But you need to learn to think for yourself and think objectively. As humans, we need structure. It’s how our brains work, it’s how we live our lives – with structure (and lots of it). We are logical beings and we need “rules” in order to function properly. Everything in our lives has structure and a set of rules. Driving, working, sleeping even eating. There is structure and rules in place for everything in our lives. Trading is no different. So, we seek out ways to find rules that say “If a then b”. Well, I hate to break it to you but most rules don’t work. The market isn’t about absolutes. Far from it. There are millions of people in the market place (as well as machines) all making decisions based on their subjective point of view of what they “think” will happen. Sure, some people do have rules and I am not saying you shouldn’t have any rules – quite the contrary, but you need to understand that just because you have a horizontal line on your chart from a higher-time frame doesn’t mean that price is going to touch it to the penny (or tick) and bounce off of it. This happens, but usually, you have larger players that know that all retail traders are looking at that level and most people have stops there. So, the large players will throw a bunch of money at that zone to break it and trigger the stops, then take the money from the stops getting hit and push price back down and even further lower. Well guess what your “rules” told you… “let’s go long when price breaks this level”. Guess what just happened? Johnny Stock at Goldman just pushed price through the level, trapped you (and millions of others) into a failed trade, then sold it faster than cold water on a hot day, just to get a better price. This happens all the time. This is why you need to answer QUESTIONS rather than have rigid rules that tell you A=B. Because that’s not how this works. Yes, rules for stop losses and profit targets are critical and you can be somewhat rigid on those, but just understand that you need to think for yourself in this and develop your own way of viewing the market. Having somebody like Andrew at your disposal is critical because while I encourage you to answer your own questions by putting in the time watching the recordings, Andrew can absolutely help you in getting the answer a little bit faster and even assist you in finding that answer. And it’s not just Andrew, anybody here in our wonderful community can answer your questions. We are all here to help one another out and to work together. I implore you to come up with some questions (only after you have watched the markets long enough and watched some recordings) and find the answers to those questions. Everybody is different and the questions and answers you have may not work for me, but that’s quite ok. We are all here to build knowledge on the market and to most importantly, learn for ourselves and develop our own style of trading. While it is impossible to master the market (anybody who says they have is full of themselves), we can certainly take advantage of certain imbalances. If you think you mastered the market, you have a rude awakening coming because the market is impossible to master and will put you right back in your place. But put in the time and effort, and you will be rewarded. Do not look at trading as a way to get rich quick or start making tons of money, because you will just lose tons of money with this mindset (I know from personal experience). Treat the market like it’s a school and a game that you need to learn the strategies of. Approach it like this and follow what I said above and you will reach success IN TIME.
  12. 10 points
    @adrian88 and myself are working on a software which enables you to import your trades automatically from DAS, get an overview of your past trades, and also get statistics about your performance. We call it Chartlog. Our goal is to build an application for us traders to improve the process of journaling, visualize our strengths and weaknesses, and to speed up the learning curve! There’s a long way ahead, but we are working hard to implement planned features every 2 weeks. So please if you want something covered, let us know! (Check the planned features below) How to use: Create an account at https://www.chartlog.io Download the importer application (check link below) Login into the importer Choose the installation path of your DAS Trader Save - That's it Settings in DAS: In order to import your trades you need to check following checkbox in DAS: DAS - Setup - Other Configuration - Check the "Log debug message" box and save. Downloads: Chartlog Importer Download latest version: https://www.chartlog.io v1.0.1 (2019-09-18) v1.0.0 (2019-08-31) Features: Automatic trades import from DAS Equity Graph Split positions of the same stock in same direction into separate trades (not like DAS positions window) Group positions to trading days Interactive Charts of past trades Statistics: Trade winning accuracy Avg. trade P/L Avg. daily P/L Avg. trades per day Avg. winner profit Avg. loser loss Highest win Highest loss Avg. scale ins / outs per trade Strategies / Tags for trades Planned features: Risk/Reward analysis Sharing trades Stock information (float, caps etc) Improved statistics & analysis Goal & Rules tracking Sample Sets Support other platforms Support swing trades Delete positions / Hide positions from statistics Break-Even Range (George H.) Updates 2019-10-06 Interactive Charts 2019-09-16: - Journaling - Switch accounts - Global search 2019-09-02: Hotfix: Fix calculation of win accuracy 2019-08-31: Initial release Chartlog 2019-07-23: Added detail view of trades. 2019-07-19: Trade Analyzer initial release Screenshots
  13. 10 points
    I'm a pretty heavy user of trading sim, and there only seems to be a bit of scattered info on it in the forums so I thought I'd post a detailed thread here along with some recent improvements they've done. For those who don't know, TradingSim (www.tradingsim.com) is a dedicated replay paper trading platform that runs in the browser. One can choose any date, setup a watchlist and playback stock data. There are buttons for play, pause, step to next candle, speed up, slow down etc. You can set your account size, buy, sell, short, limit and stop orders are all there. The advantages of using such a platform: Trade outside of market hours Drastically increase the amount of practice trading for a given time of day (for instance the open) Trade in different market conditions Use it as a research tool to study historical data, refine patterns and strategies, etc. One of the main drawbacks that people have commented here on the forums here is that it does not have pre-market and post market. They have since added this a little while ago. I'd say the only key thing that's still missing is level 2, although they do have order flow; and that also shows the current spread. There is obviously no premarket gapper scanner or anything like that. For trading practice I simply look up the respective recap from Andrew on youtube in order to get a watchlist. I spent quite some effort getting this das-like, and I'm relatively happy with the result. Take a look for yourself, and note that my DAS setup is slightly different than Andrews (I use green candles, different thickness MAs). Like DAS, there are a lot of options, it takes a little while to find everything you need. One rather critical option that vastly improved it for me was the 'Scale series only' under the 'Scale' of the chart settings. This stops the chart zooming out to fit the 50 and 200 SMA when they are out of screen. Just like DAS you can mark your charts with relevant levels from the premaket or daily, levels can be moved across charts via one by one via a copy-paste type functionality, but given the amount of clicking involved it's just as fast to draw them again. Some of the drawbacks the platform still has: Calculation of the VWAP in the pre-market is incorrect (I am currently in contact with them about this) No level 2 Hotkey functionality is a bit weak compared to DAS For active trades, it shows your average price on the chart, as well as relevant limit/stop orders, which is pretty cool, however once a trade is closed, there are no triangles to show you your orders. This makes it difficult for reviewing trades. This also facilitates overtrading or scaling out too quickly in my mind as you can't see the array of triangles you are leaving behind. During my usage of the platform I have found some bugs or oddities and sent them feedback. They have been fairly responsive about addressing all the feedback I have sent them, and a number of things have been fixed thus far. A word to pricing and competition. I tried both NinjaTrader and ThinkorSwin in the beginning, both of which are free. Ninja trader didn't work at all, replay only seemed to work for futures and forex. ThinkorSwim is also free but requires an ameritrade TD account. Based on feedback I heard from others from the community that it was rather clunky and not really usable, I didn't bother trying it out. TradingSim is $300 a year, and they offer a 10 day trial. Compared to the cost of DAS I personally think this is totally reasonable, particularly for people with jobs, or in other time zones who need to practice out of market hours. To conclude I want to emphasize that whilst I am happy with using this software, it is clearly no replacement for the DAS trader simulator with real time data and participating in the chat. Personally, I find I take tradingsim less seriously than the DAS sim, something about the fact the things are not happening real time really takes the pressure off. Therefore it is essential to participate in the market daily to practice in realtime market conditions, and on the platform you will go live with. I'd be interested to here from other members using tradingsim and what they think. Anything to add or any questions?
  14. 10 points
    The Day Trading Reality Checklist discussed in this YouTube video. Download link: Checklist.pdf
  15. 10 points
    Two computers with eight monitors. My primary unit has six monitors and the laptop has two screens. I usually watch 8 stocks that are in play and six secondary possible continuation stocks on the overhead 2K 37" screen. I have three montages. One screen for watching the $SPY, market clock, and network connectivity to DAS. The outermost right Dell monitor is for the chat room. The laptop is my hot backup with CNBC and other news feeds. I have a Bluetooth headset and a wireless mouse. I custom built this workstation. It is basically a gaming machine. Here are the hardware spec: Intel i-7 6700K @ 4.00Ghz 64 GB of DDR4 3200 RAM 500 GB SSD NVIDIA GTX 970 with two additional USB to VGA ASUS Maximus VIII Hero ATX motherboard Intel 10/100 NIC TV stand:: Amazon ASIN: B07581Z9SM Two monitor stand:: Amazon ASIN: B07MC9YX63 I believe Andrew Aziz is a very rare person because at his core he is a teacher first, daytrader second. He is passionate about changing people's lives for those who would apply his knowledge and instructions. He is the second person I have met in person that operates his business at an incredible level of integrity. The other person with strong integrity is Dave Ramsey. Every morning, when Andrew is not summiting a mountain, he shares transparently over 15 years of knowledge only gained from an unforgiving market that does not hesitate to trap money from an unsuspecting new trader. I have watched for over two years, an excess of 500 videos of Andrew and his team's trade recaps. Andrew and his team's success is that they trade the same set of strategies that are described clearly in his book. You can be suspicious of a strategy if only one person is successful at it. You could still be suspicious of his team that trades the same strategy. If you want, you still can be suspicious when members are successful using Andrew's strategy. However, when you combine the number of trades taken by all the traders over time, the evidence is demonstrating counter to your belief. Bruce Lee said, "I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times."
  16. 10 points
  17. 9 points
    Hello Everyone, I just finished three months of live trading this past Friday, and about two weeks before finishing I came to the realization that something had to change if I was going to make it through the learning curve. After reading “Trading in Zone” and watching Mark Douglas’s “How to Think Like a Professional Trader” on YouTube, I decided I would create a 20-trade sample set to work on three areas of my trading. (1) Thinking in probabilities (2) Discipline to not give into FOMO (3) Holding my winners longer I figured since this is basically testing out a theory presented in one of the recommended Psychology books, I would make the results public so everyone in the community can see it. The desired outcomes I am looking for at the end of the sample set are: (1) Getting away from thinking trade to trade, and start thinking in a series of trades (2) Taming FOMO, so I do not get over excited and enter a trade too early (3) Confirm my profit taking plan is profitable over a series of trades. All of my indicators, confirmations, and risk analysis that defines my edge is based on information obtained in Andrew’s book and the lifetime Webinars. Edge Defined Strategy: 15 Min ORB – I chose this strategy specifically to force myself to deal with FOMO each and every day. I will caution that my edge does not appear every day, so there will be days that I do not take a trade. While tracking 5 Min ORBs and 15 Min ORBs for the last three months (total of 165 Stocks), I was surprised to see that 15 Min ORBs that meet my criteria appear more frequently than 5 Min ORBs. The percentage of them working is almost the same. 5 Minute ORB Pullback Met Parameters - 52 of 164 Total trades within parameters that have worked - 41 of 52 (78%) 15 Minute ORB Pullback Met Parameters - 55 of 165 Total trades within parameters that have worked - 41 of 55 (74%) Stocks for Watchlist: I select up to three stocks to watch based on the following criteria % Change – Gapped at least 2% but not more than 10% Catalyst – Needs to have fundamental news of sort. Vol – >100,000 Float – High or Medium float (> 50 m) ATR - .50 to 2.00 Trading – Must be trading higher than normal volume Exchange – I prefer Nasdaq over NYSE Edge Criteria: I have three parts risk analysis, indicators, and confirmations Risk Analysis: 1:2 or Greater Indicators: Must meet 2 of 3 Trades within the ATR Small share size with high volume Has a direction upward or downward (higher highs, higher lows, lower highs, lower lows) Confirmations: Must meet 3 of 4 ORBO closes above VWAP/ORBD closes below VWAP No large wicks/candles (wick cannot be larger than body, candles body not larger than ½ ATR) Closes near VWAP (needs to be within $.30) Has a pullback prior to breaking the opening range (cannot go past planned stop) Profit Taking Plan: As I am with CMEG, I have found you have to be very selective on when to take profits otherwise you are giving the money you make back in commissions, so I developed strict criteria for taking profits. Plan A – 1/3 out at just a little above 1:1 (this allows me to be at break-even if the stock moves back to my entry point), all out at profit target (+/- $.03) Plan B – 1/3 out at just a little above 1:1, 1/2 at profit target, all out at technical level or my first out Plan C – 1/3 out at just a little above 1:1, 1/2 out near the profit target if stock stalls near it, all out at the profit target or my first out. Share Size: I am taking share size based on a fixed dollar amount. Thanks to KyleK29 & fjmocke for the hotkey setup. Daily Trading Goal: My daily trading goal is to trade only within my edge, stick to my profit taking plan, control my emotions, and be disciplined. If I meet these then it is a green day regardless of what my P/L says.
  18. 9 points
    My Plan to Trading Success: Background: One of my friends from German language class recommended Andrew’s book on ‘How to Day Trade for a Living’. After reading the book, I joined the BBT community in Oct’2018. I was on SIM for 3 months, completed the first BBT challenge. And finally I went live on 8thApr’19. I am new to Trading and hoping my journaling and feedback from fellow members will help me improve. My preparation before going Live: These are the books I read before going Live, apart from the BBT classes. It was very important for me to learn as much before going Live. Also, I read these books in the order mentioned below. I also listened to the Youtube audio version of Trading in the zone, the week before going Live and I must say that it helped calm my nerves a bit during the Live week. -How to Day Trade for a Living by Andrew Aziz - A Complete Guide to Volume Price Analysis by Anna Coulling - Advanced Techniques in Day Trading by Andrew Aziz -Trading in the zone by Mark Douglas -The 1 Hour Trade by Brian Anderson Strategy & Goal: During the first year(or 9 months) in 2019, I don’t have any target to make. My primary goal is to gain experience Live trading, to be emotionally stable when things don’t go my way and manage positions to my plan. And achieve all this limiting my loss. Good thing, I have control over how much I can lose, so I have decided to keep 100$ per week that I can lose (ie. 4000$ till end of the year). This is the max amount I will lose to the market, nothing more. This is not ‘Scarred Money’. It is something that I am paying for my experience. If I make any money along the way, then it’s good. It doesn't mean I dont want to make money, it just means, I am not in a hurry to make money. But I do plan to make a lot of money from trading may be a million $ some day. I also have the following measures to limit myself at the beginning of my Trading. Funding Account: I am not funding my IB account fully. I am doing it in 5 small transfers (roughly one each month). This limits my buying power during the initial months. Even if I make a DAS mistake I can’t buy more shares. As I improve my trading I start funding more. Under PDT rule: This also means, I am under PDT rule, and can make only 3 trades/5 days. This prevents me from overtrading. I am also extremely picky as my trades are limited. I think being picky is a very good habit in Trading. Stocks to trade: I don’t trade $TSLA, $NFLX which are very volatile. I trade $AMD, $MU and other Stocks in Play on a particular day within my price range ($15-$30) and not very volatile. I trade high priced, volatile stocks in DAS simulator or TradingSIM to feed my FOMO. Share size: I trade 50-100 shares per trade, depending on the Stoploss and volatility of the stock. I am not using my Margin from IB, but only Cash that I have funded. As I improve my trading skills, I will slowly increase the share size. Risk Control: Within my 3 Trades a week, first one I give it $50 Loss, 2nd and 3rd one $25 each. But because of my small share size and stoploss, I am well within my allowable losses during initial months. This is second level risk control. Rules: Only one trade at a time. This was my main issue in SIM. I get into multiple trades in SIM and end up in huge losses. Even if the action goes my way, I am unable to exploit it to my advantage as I am unable to follow my profit plan. Stick to my StopLoss: Many days in SIM, I had ignored my Stoploss and ended up in huge losses. Then I make some good trades and reduce my losses. End of the day, It gives me a feeling ‘If only I had respected my StopLoss I would have been green’ Don’t trade within 3 mins: My rule is not to trade within first 3 mins. But if the setup doesn’t exist, then I must wait till 5, 10 or even 15 mins from the open. Trading Style: I prefer VWAP trading (VWAP pullback during ORB, Reversal & False breakout after 10AM). I also like to trade 50/200 MA bounces especially on higher timeframes. I am not good at MA cross reversals. Quote I need to remember while Trading: "You will regret more about the STOP you didn't take than the one you took early"
  19. 9 points
    I was getting burnt while taking the conventional ORBs at the open. It affected my pshychology when my first trade of the morning fails, even when I think the setup was perfect. For e.g, A beautiful strong 1min open candle on $TIGR below, with no wicks, I went Long and got stopped out. If my first trade fails then it becomes a catchup to overcome the losses and then achieve the daily goal, and my pshychology gets messedup. I found some ways to narrow the ORB setup down to a level which offers high accuracy and would like to share this strategy "Pullback ORB with Breakout Entry"|. I have tried this out for the last couple of months and it has worked very well so far. The reason for this setup: I wanted a high accuracy setup at the open. I don't like overtrading, I prefer one and done, if possible. I am time constrained during the day. I can trade only at the open for 30-40 mins. And I am not good at Trading reversals. About the setup: This Pullback ORB-Breakout Entry works very well with @WilliamH Harmonious Charts. Step 1: At the premarket, find a Harmonious setup, where the price action is above (or below) all the MAs on multiple timeframes 1, 2, 5, 15, 30, 60min and Daily (most of them, if not all). I prefer when the Harmonious chart is also ATH/ATL (All time High or Alltime Low) Step 2. Pullback candle: At the open, Watch the 1min chart for the first 2 mins. Check if the 2nd candle is a Pullback Candle. Then it is an Alert. E.g Below. Step 3: Breakout Entry: Wait for the 3rd candle to break the previous 2 candles high (only bodies, no wicks) and take an entry. E.g Below. Step 4. Profit Targets: This is usually high RR setups, some times as high as 3-4 RR and a good candidate for riding till close. Step 5. This pattern/Setup works as good when it occurs on 2min or 5min timeframes too. If step 2 doesn't occur on 1 min chart, switch to 2min chart and watch for the pullback candle on 2nd 2min candle. Continue Steps 2-4. If it doesn't occur on 2 min, switch to 5min chart and continue steps 2-4. P.S: Harmonious charts - Sometimes you may find higher timeframes as Harmonious and smaller timeframes not harmonious, Wait for the open to see if the price action becomes Harmonious on these smaller timeframes too. Contrary to other setups, this setup works well when it appears on smaller timeframes. Eventhough it may appear on 15 or 30 mins, the setup may not provide high RRs. These are not rare setups, they occur almost everyday on common stocks like $FB, $AMD, $MU, $UBER, $TSLA etc., At the open, I watch 6-7 stocks for this setup and switch from 1min to 2min and then to 5min. Please let me know if there are any questions.
  20. 9 points
    I created this Google Spreadsheet to help myself with position sizing, and I thought I would share it with you guys. I always have this printed out and laying on my desk while I am trading. I did take this a step further and created a custom keyboard with hotkeys, but I will share that info at the end. With this spreadsheet you are able to calculate your position size on the fly, just by knowing the distance to your stop loss. By default, the risk is set to 100. This means every single trade that you take, you should lose no more than $100. An example would be, if my stop loss is 0.30 away, my position size for that trade would be 334 shares. You are able to change the default risk to what ever you are willing to risk, and your share sizes will automatically be calculated. Here is the link: https://docs.google.com/spreadsheets/d/1iD0qiPLulbYSFri9r38SG1Ke7eNiZdFHNg8MldGwSng/edit?usp=sharing To use this Spreadsheet: make sure you are logged in to your Google account, so you are able to copy the spreadsheet to your Google Drive go to File -> Make a copy... -> Then save it to your Google Drive Once you have copied the spreadsheet, you can now edit the default risk of 100, and your share sizes will be calculated accordingly A step further... The Keyboard Having this printed on your desk does help you easily calculate your position size, but it does have one drawback. You have to enter your position size in manually, which does eat up precious time. I wanted the idea of the chart used as hotkeys, so my solution was a custom keyboard. I have attached the proof I got back from http://www.wasdkeyboards.com, as well as a photo of the physical keyboard. How it works As you can see from the images, the distance to stop loss is printed on the alpha keys. If I have my hotkeys set up to risk 100 per trade, Short+Modifier+E would short the stock with 667 shares: Risk: 100 Distance to stop loss: 0.15 100 / .15 = 666.6 (667 rounded up) Conclusion Having the spreadsheet printed in front of me while I trade really helped with my position size. The keyboard really helped me execute my trades faster.
  21. 9 points
    The Day Trading Plan discussed in this YouTube video is now available for download here. Supplementary resources: Sample Playbook Template.
  22. 9 points
    Just started to day trade in January this year. Got to say, Andrew’s books are like a torch that clarifies the world of daytrading for me. Along with all the videos made by members and contributors of BBT. Thank you so much for being so open about sharing your knowledge! God bless! Here is my VERY humble trade station. There isn’t enough time to juggle a day job, trading and workout when US market opens at 830pm local time. Hopefully the only thing I’ll be losing is the extra pounds.
  23. 9 points
    I've been a member of Bearbulltraders since October 2018. I read Andrews first and second books in September along with a few other ones and I am really glad I did, his books are well written and well thought out and really gives you the tools and basics and most importantly rules and setups. I then wanted to join the community and see what real trading was like, I didn't even have a platform or setup yet, it took me about a week to realize this was not fake or a money making scheme. I then knew it was going to be something for the long haul and so it made sense to get the lifetime membership and so I did and I have not regretted it since. This is definitely not a get rich quick type of deal, it takes hard work day in and day out, but the people in this community are there to help and make it easier and they have! There is so many people I want to thank from Norm, William H, Robert H, Carlos, Brian, Abiel, I'm sure I'm forgetting people and of course Andrew who of course without him, none of this would be possible. Thank you guys so much! -Seth Aldrich
  24. 9 points
    Joined BBT community in September 2017 after day trading 9 months on my own. Wish I had found Andrew’s book and the community earlier, but since then the knowledge gained and support of BBT has been amazing!
  25. 9 points
  26. 9 points
    Hi all, Having a journal is a must. I feel like I have learned so much about my trading in just the 2 weeks trading live because of this journal. For anyone starting out like me, if you are serious about this business, take the time to have a detailed journal. How else can we improve something we are not tracking? I focus more on the details of the trade and what I was thinking at the time, IB has tons of report performance reports that I can pull later if I want to see the numbers crunched. Here is a screenshot and detail of my journal, I have 3 main sections on my recap: Screenshot Link: Click Here Section 1: In this section I record how I feel Physically and Mentally in the morning before I start my trading day. Comment if I was able to get my morning routine done as planned. (My mourning routine is gym, sauna, get to my station and write my Journal Intro, review previous day recap, then build watchlist) Section 2: Here I add a screenshot of my Das Trader Account Report, with the me a summary of what I traded for the day. At the bottom of the page I also have additional screenshots of the detail transactions. Section 3: In this section I track some information of the stock like float size and how I found the stock. I also note down details of the trade like the strategy, position size and details of the price action shown on the screenshot. The best part about this section is the “Well Done" and "Improvement Notes”. I read on “The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist” how important it is to track what you did well on a trade. This way your recap is not all negative but also highlighting the good things that you should continue to do. Software: Just some information on the software I use, I track my Journal on Microsoft OneNote. As you can see on the pages tab I track all my Trading stuff like highlights of the book I am reading and any training course notes. If you have not try this software please give it a shot. It has a lot of great features, syncs with all devices and is completely free. Thanks. Carlos M.
  27. 8 points
    This topic gives an opportunity to share our experiences or may be even expectations for any new additions to be considered for trade room. Waiting to read more on this! As I have not been with any other trading communities before, so I can't compare. Can share my experience with BBT Trade Room, though it’s been only 2 months with BBT-Lifetime in my 3 months of day trading experience which started by reading Andrew's both the books(these are not just words in the air as we hear it a lot) I started trading LIVE directly by just reading those books alone, applying the strategies explained and observing the patterns. Not going for any other day trading books till I expertise in those strategies and techniques explained in those books. Consistency is very important for me as I am planning to extend day trading for living. Andrew always say- you don’t need to know each and every strategy, where there are hundreds or thousands of those (which may take full life time to experiment and gain expertise in all those, so no more time left for living lol). Once you find the strategies you understand well (as it differs from person to person, depending on their analytical background) and feel comfortable applying those successfully on a smaller share size and later increase as you build your psychology. Later you may try new strategies or trading approaches etc… Trade Room- I feel it is in a very structured manner based on how the day trading flows in a day and meet everyone’s trading related needs and support. I personally felt overwhelming the first month after joining BBT with all the information, different trading styles etc….Just finding your spot is all needed. Below is how I look at the structure which starts with: Carlo's Pre-Market Show- Finding range of stocks that are gaped up/down and are in play for that day and setting up support/resistance levels and quick news highlights. With the range of stocks starting from low, mid to higher price range to support all different levels of groups in the community. Andrew’s Golden Hour Show- With all his positive energy and his quick trades sharing live and being open to share his P/L(result of the process he goes thru), wakes up everyone in the AM.( Caffeine free lol..) Norm's Golf Trading Show- With his high price stock trading style, supporting those groups is amazing. Peter's Mid-Day Show- As he balances between mid to higher price range with mid-day reversal strategies till closing of the market, which supports those groups is fascinating. Brian's Swing Trades Discussion on Mondays- With his great knowledge and experience on trading, It not only supports ST group, also gives others a perspective of general understanding on stocks from different sectors play with variations and etc… William's Trade reviews (everyone’s favorite) and Robert’s outstanding support with his type of trends/wedges strategies and his support on DAS platform thru the forums is amazing. Besides all those the member’s sharing trade reviews on YouTube are great learning. Outside of the day trading there could be more to explore/expand on Swing, Options puts/calls etc…which is beyond the scope of my knowledge.
  28. 8 points
    After much experimentation (still ongoing!), I've settled on one main 32" monitor for scans, internet, and admin, with three 27" monitors above for charts and level 2. The hotkey pad orientation is also still evolving. A view can also add to one's composure during the trading day Andrew's book was the first piece of trading literature I read and helped me tremendously in getting through the difficult, and often painful, learning curve this pursuit requires. Besides focusing on the clear and simple strategies that many in this community share, I've benefited most from watching Andrew and the other moderators show up each day with a consistent, balanced, long-term approach to trading. Simply being reminded each day by example of how to avoid FOMO, take profits, cut losses early, and come back again tomorrow has done for my growth more than hundreds of hours of studying charts, patterns, indicators, techniques, etc.
  29. 8 points
    Hi Andrew, I am really benefiting from the community you and your team have established. I like the morning chat room and the educational videos. Keep up the excellent work. -Devin
  30. 8 points
    This is my humble set up as of now. Currently trading on Simulator. Very grateful to have come across Andrew's Book and the BBT Community. I am a lifetime member, so it'll be my pleasure working with you all during this lifetime! Andrew's book is important but so is that Coffee Maker!
  31. 8 points
    I have been following Andrews daily recaps for a long time, read his books and finally ended up joining his community ... I am a the newbie around here and feel that this is where I belong. Trading is much much more than the P&L at the end of the day !
  32. 8 points
    Greg, I know exactly how you are going thru. I was in SIM for over a year before going live, yet I lost $8K in the first week. Went back to SIM after a month, came back lost $10K more. This is called "addicted to action". My suggestion to you is to read and put to practise Mark Douglas principle in "Trading in the zone"if you haven't read it yet. It is not completely a discipline problem because I considered myself to be very disciplined person. I played very advance electric guitar and bass. I trained many year in free style kick boxing. The kind that your couch pushed the sand bag at your face until your nose broken. You just wiped the blood and continued. I could lock myself up in a room for 4 hours straight to read technical books like Cisco or Juniper. Those books are like eating cardboard. Those skills take serious discipline. But you can see that I am not better than you when it comes to trading because of the instant gratification. However, I realized that trading is psychological in nature. How we trade is a reflection of who we are. If you're frustrated, the stock will creates event that caused you more frustrated. I am stable now for a few months. This morning I trades 2 stocks only and made $800. Most of the time, I trade just one stock and make average $500. Here my suggestions to you. 1. Don't come to the market to try to get something or to fight. Come to the market to look for opportunity. Tell yourself, I don't have to trade today if nothing good. 2. Plan your own trade by join Carlos in pre-market. FYI: Talking about lack of sleep. I left work and got home at 1am PST every day just to wake up at 5:15 to plan my trade and go back to sleep around 9:30am and again wake up at noon to go to work. So I am with you regarding lack of sleep. I've done this 1 1/2 year now. 3. Before market open, do deep breathing exercise by closing your eyes and visualize something fun and happy while taking multiple long deep breath. I ALWAYS nervous before market open. So this will help me relax and not too jumpy or anxious (FOMO). Remember, how we feel will attract the same result to us. 4. I choose "CONSISTENT" over making money. The moment I got my first win, even if it's $50, I shut DAS and my PC down and go to sleep. I don't care how many good stocks are in play. This will reinforce your inner strength because you do what you said you're going to do. It's not easy. But after 2 weeks, it becomes natural. We make habits then habits make us who we are. Be strict with your rule but flexible with you outcome. Everything else you seem to get them in control there. Hope these help. I will add more when I can recall what I did back then to stop this kind of compulsive aka addicted to action. I can tell you this, when your mind is calm and you don't try or struggle to win, the setup will come to you. For me the winning trades are obvious and easy. I see what I need to see and get in right on the money and ride it all the way. In the past I would flip my position 10 times on the same stock without even knowing that it's consilating or being choppy. I just know one thing "I got to win". That's how bad or stupid it was. Looking back I can only laugh at my dump behaviors. I wanted to win at all cost. The market thought otherwise. To me because I did so well in the SIM and when it comes to live trade it did not work, I could not let that happen. I am no where near perfect yet but I am on my way. I wish you the best !!! Johnny
  33. 8 points
    Robert is correct. Jason, here's what you do. Log in to the IB Acct Management page. Go to Statements. To the right, you'll see Create Custom Statement. Click that. On the next page, give the statement a name (maybe Commissions and Fees). Under "period," choose Daily. Then, in the "sections" at the bottom, click Commission Details. A check will appear showing you've selected that one. It is the only one you need to select. Next, mark any of the "Section Configurations" you want. You don't have to choose any. Click "continue" at the bottom right. You'll then get to review you choices. Click "create" at the bottom right. Next page, click OK. Next you'll be taken back to the Statements page. You'll see the custom statement off to the right. Click the little arrow to the right of the statement name. It will run the statement for whatever date is in the field (in the list of fields). This report will show you the total commission as well as the breakdown of broker charges and third party charges. Hope that helps!
  34. 7 points
    Hey everyone, Below is the video on how to use the DAS Replay feature. Currently this feature is available on the BBT Simulation Version 5.4.6.0. Which can be downloaded at https://www.dastrader.com/download/fixes/DEMO.5.4.6.0.exe (When the feature is ready for production it will be release to other platform versions like IB, Centerpoint and CMEG.) Thank you
  35. 7 points
    CMEG 3 month Review I wanted to wait a few months before giving my opinion on CMEG. I have been using them since late February 2018 and am one of their initial client accounts. Let me preface this review by saying no broker is perfect but if you are using SureTrader...CMEG is far better overall and a solid choice for small accounts learning to trade with no PDT rule. Their client service is more than happy to talk/email you on any concerns. Who is to say other brokers do not experience the same issues from time to time? I will begin with some issues over the months I have experienced: 1. Orders getting executed (I have experienced times where I could not close out of a position and had to call/email them to manually do it). This lasted for a few hours, sometimes until the next day but usually was fixed overnight. ~2-3 times since February. I was not given a reason why this occurred. Also they do not reimburse any losses incurred for being unable to close out. 2. Changes to their margin policy (without email notification or a phone call on updates to their trading rules). For example, some of my hotkey scrips use % of Buying Power. On a few mornings CMEG had updated their margin allowed and the requirements behind usage. As a result my orders were not getting filled and I had no idea why! Rule parameters could vary from how much margin is allowed with long/short positions/per stock price/maintenance requirement per share...etc. I had to troubleshoot scripts with a real/demo account to understand what exactly was going on...alongside email/phone calls to the broker. A good habit was to test orders in pre-market with the provided demo account. Just because you were able to swing with 4:1 margin without liquidation or use full margin short at the open on XYZ stock priced at X dollars does not mean you can the next day. It's best to check their policy regularly or even better just call to see if there was an update. There was no mass email to clients for rule changes. However, I believe they now inform clients by email for most updates. Excellent! 4. This broker is overseas so be prepared to face international calling charges. However CMEG did help and credit my account for me unknowingly incurring international phone charges. They are not toll-free. They also credited back some of their platform fees that I incurred for the inconvenience of any changes that affected my trading which was very nice. A sign of goodwill and respect to clients. SureTrader refused to credit me back their withdrawal fee $40 after having me wait 3 weeks due to an error on their end to receive my money...I will never go back. 3. Platform software updates - they should inform clients of all manual changes, i.e the Mobile DAS App Order Route had to be manually changed to be able to login on your phone. This had to be changed to route 5016 from 5010 when they released an updated desktop client. Probably just an oversight but I had to take hours out of my day to figure this out, work with DAS tech support, and groupthink with BB members. Also it is best to talk to DAS tech support for any issues related to all licensed DAS platforms, both mobile and desktop. I did not expect CMEG to know everything about DAS as they are a broker and license the platform. 4. Email responses can vary, sometimes less than an hour, sometimes more than a day depending on the situation. Sometimes their phone number doesn't connect through, and I need to call a few times, and I think some of the email signatures use an outdated phone number? Something I'm not sure about that Lee W brought to my attention. I think IB can set up or the direct platform license from DAS has a risk feature you can right click on your account and set up risk parameters, i.e Max Loss, Max Loss Per trade. Not sure on this but CMEG does not offer that feature with their DAS license. Would be a nice feature for new traders to use though. I listed these concerns so CMEG can eliminate them. I am not criticizing their services and am 99% of the time pleased and comfortable using them as my broker. I often email them with suggestions on improvements and compliments. If I am able to work with these issues as a new trader you can as well and should use CMEG. Overall The $2.95 per trade promo that Andrew got us is probably the best you can get out there, unless you scale out 10 times, then IB may be the better choice if you have the account balance, or perhaps Speedtrader. This makes new traders less worried about commissions and breaking even and more focused on trading the setup. SureTrader charges $5 per trade in the U.S. and this makes it very stressful to manage, trust me. Performance has been getting steadily better (orders have been getting filled without issues for well over a month now). Closing positions has not been an issue for over a month as well. Excellent so far. FREE SIMULATOR, when you open an account! SureTrader does NOT offer that. The executions are very fast. Short inventory is excellent (they route through IB and seem to have even more available sometimes) I have not had any crashes of the platform. Windows 10 Pro. They do not restrict margin with many stocks, only in very very rare cases is margin restricted. I think in 3 months I've only seen 1 stock restricted and that was LFIN lol R.I.P. This is a huge advantage to build up small accounts over other brokers like SureTrader and IB. You need at least 5K buying power to make profits over these $2.95 commission fees on most stocks we trade. With 4:1 margin for <2.5K balance and 6:1 for >2.5K that's not hard to maintain and slowly grow on 1-2 trades daily A+ setups. The growing pains of their risk/margin policy changes has settled down. I think they compromised what they can manage and what traders feel comfortable using. It has been over a month I think, since the last big change, and I like what their rules offer! Makes new traders at ease. Rules are available on their website to view. I can pretty much use margin on almost all stocks I trade without issue. I don't trade stocks less than $10 too much and their rules tend to be for very low priced penny stocks. So if you trade from Fernando's watch list you may not be able to use too much margin. Also be aware that in the past you may have been able to swing positions using full margin, that has since been reduced to 2:1 margin, you get an email warning around ~3:48PM and ~3:53PM their system automatically brings you within that limit. When I asked, forced liquidation was not a part of their procedures but came into effect without me being made aware...so it's best to double check their rules weekly or you can learn the hard way. Remember they sometimes update their rules without emailing clients. If you were able to swing with margin in the past, give them a call to make sure you stay within guidelines come market close...if you're caught in a bad trade but like the daily swing. This really doesn't matter because you shouldn't be swinging with much margin anyway right? All in all, I would continue to use this broker and recommend them to new traders wanting to build up their accounts, learn to trade, practice in a sim for free, and use an excellent and tested platform. They are constantly improving and love to receive constructive feedback. It can only get better from here as they develop. Oh yeah wait times on the phone are usually pretty low, couple minutes at most, unlike some other brokers and their service team remembers you! Thanks Andrew for working with CMEG to help us small account holders be able to day trade along side the big boys.
  36. 7 points
    Bear Bull Traders is happy to announce that we will be doing a podcast with Dr. Brett Steenbarger. We ask that you please submit any questions that you have for Dr. Steenbarger in this forum and we will present the questions to him. Andrew and Robert will be speaking with Dr. Steenbarger in this podcast. Please post any questions you have on trading psychology for Dr. Steenbarger in this forum below! Details: Location: Recording will be posted to YouTube when ready. [UPDATE] Thank you for all the submissions. We are locking this post from additional questions.
  37. 7 points
    If you are consistently red, it makes no sense to be live. Don't think of it like you are missing out on good trades; you are saving yourself from further losses. My tips based on your journal: 1. Don't focus so much on the 1-min chart. It takes many years of experience to play price action. Beginners should stick to patterns and setups off the 5-minute chart. 2. Try using the 2-min as your smaller timeframe. Here's an example of where the ABCD was much more clear. 3. Overtrading and impulse trades. Read "The Daily Trading Coach" by Dr. Brett Steenbarger to kick bad habits. 4. Trading pre-market involves low liquidity, bad spreads, and unexpected moves. Stay away unless you have a working strategy. 5. Setups and patterns: define them in your playbook. Know what you are looking for everyday. This will help with the impulse trades. If it doesn't meet your setup: don't take the trade. 6. Prove you can trade consistently in simulator before going back live. Good luck.
  38. 7 points
    Family that trade together stays together. First day trade for the pups. Whatever it takes start 'em young.
  39. 7 points
    Forget about the goal, work on your process and results will come. My setup, kinda improvisation desk, still just 1 extra monitor. My seat is a second hand embody chair, I like that one
  40. 7 points
    Risk and uncertainty is part of trading the markets; however, I am certain that deciding to become a Bear Bull Traders Lifetime Member was the smartest investment I've ever made. As a new or inconsistent trader, joining the Bear Bull Traders community will too be the best investment you make for your trading career.
  41. 7 points
    Ok guys this is a little bit of the adventure we had in Mexico Andrew, Carlos and myself.... We arrived to Mexico City on Tuesday afternoon and then we went to the our cabins located at the town of Amecameca, in Mexico State, about 1.5 hours drive from Mexico City. After checking-in in our cabins we went to a nearby forest to look for Fireflies and we were surprised with a lot of them in their mating ritual in the dark. For dinner, we had delicious Chiles en Nogada, right know is pomegranate season in Mexico and restaurants use it to prepare this great Mexican dish. Thursday we had a Cecina (meat) breakfast before a 11K / 2.5 hrs hike around Paso de Cortés (3,600m) to get some acclimatization before the real thing (Iztaccihuatl volcano, third highest peak in Mexico, 5,286m). In this hike we went through Apatlaco park where we admired a fall and some creeks After the hike we went to see some places around Amecameca and finished the day with a dinner and a hail storm. Friday we continued with sightseeing Amecameca, got some supplies and we head to Iztaccihuatl volcano base to set up our camp to spend the night there to start hiking Saturday 6.00 am. Saturday night we had a very heavy rain and thunders for the most part of the night so we got poor sleep. Of course this rain covered of snow the Iztaccihuatl the day after. @ 4:00 am we woke up to break camp and pack up. 6:00 am we started our hike to Iztaccihuatl. After about 6 hours hiking, Carlos and I made it to the “Los Cien” retreat @ 4,780m and decided to head back to base while Andrew continued the hike to the summit (5,286m). For Carlos and I the Iztaccihuatl was our first mountain (in this case, volcano) so 4,780m wasn´t that bad. For Andrew, having done Nepal before, Iztaccihuatl wasn´t a big deal lol… Next day, Sunday evening, we meet Leland, who flew from Tijuana to México City to meet Andrew, and Fernando @fdo.smo, from México City. They shared their own motivations to get into day trading, some reports from the field and had a great time.
  42. 6 points
    In this video AdventureDogLA shows us how to set up Risk Controls in DAS Trader Pro. Risk Controls enforce limitations such as maximum daily loss, maximum shares traded per day, etc. Risk Control Page is a safety net to keep in control our loses, either to have an external control over our behavior as traders or due to a contingency such as failures in the internet connection, electric power outages, broker failures, etc. You can find "Open Risk Control Page" in DAS Trader Pro Account window, just right-click in any row of that window and Risk Control Page will open as a popup browser window to let you update your risk control settings. Some considerations: 1. This configuration works with real accounts and simulator 2. You can deactivate settings "Risk Control Page" anytime by leaving all in blanks and clicking SUBMIT 3. When you are using DAS linked to IB, or simulator, the Risk Control settings are handled by DAS. DAS staff updates your settings manually (the form is emailed to them) anywhere from 2 to 30 minutes during business hours. 4. In LOSS fields, enter a positive number. 5. “No new order” avoids orders for the current day 6. “Pos Loss” = Position loss. 7. “Enable Auto Stop” will automatically close your positions when you hit the Max Loss / Total Loss. 8. “Max Share - Max auto stop execution share per day” = How many shares can be sold / bought by the Auto Stop mechanism. 9. “Max Auto Stop Order Size” = Maximum size per order made by the Auto Stop mechanism. 10.“Delay for next order if exceed max order size (sec)” = Time between orders if the Auto Stop needs to place multiple orders to close your positions. 11. “Stop Gain Account Net Realized PL Thresh“, “Drawdown Percent of Max Net PL“ , “Pos Stop Gain Thresh “ and “Drawdown” - Like Auto Stop but for gains. The threshold is the profit the Stop Gain is looking to hit, the Drawdown is how much it can drop from that target before your positions are closed. Example, you set a threshold of 2000 and drawdown of 20(%). When you make 2000 in P/L, the Stop Gain will trigger, and will close your positions if you drop 20% ($400) from that value, closing you out at $1600 Net P/L.
  43. 6 points
    Hi everyone, Want to share my thoughts on creating a trading system. We all have goals. I think it is great. The problem is that we focus on goals without having a clear plan how to get to them. Goals are just directions. I think it is very important to focus on creating a trading system with clear steps and directions. Focus on improving that system and improving your identity as a trader. I would love to share my system, and I hope it will be helpful for some of you. Let me say a few words about myself. I started to trade a few years ago. Like many of us joined Sykes and traded penny stocks. Then I tried five more big and famous chat rooms. I was on a rollercoaster. One of my friends mentioned to check Andrew's room back in January. After watching a few videos I decided to join them. Got a life membership, and now I am here making money, but whats most important I am growing with this community. So let go back to my system... Here is a step by step what I do on a daily basis. 1. Business plan - with out a plan you just a swimmer in the ocean. It's scary and crazy. Be a captain of your own ship. But you gotta build that ship first! 2. Preparation checklist - no matter if you are a scalper or a swing trader, you can not trade a stock without knowing a float, RVOL, reading a catalyst, knowing ATR and more. 3. Having a playbook - have your setups with data collected on them. I am constantly adding charts of stocks in play to my playbook journal. Track your setups. 4. Risk management - is a KING or QUEEN not sure, always trade based of a risk. 5. Trade management - in order to know how to scale in and scale out you need to collect data. Are you good at one and done, or getting out by 10%. 4. Daily report card - track your performance. Trading is a performance job. You gotta know your mistakes, weakness and strengths. 5. Journaling - #1 thing for improvement and tracking all data. Reflect and review. Repeat day in and day out. So on every topic you have to create a detailed system, and put everything together in a way that it will be easy for your brain to navigate. You brain does not like complicated things and always trying to find an easy way. Make it easy and fun. Create good habits since the day one. Building yourself as a trader will help you to improve your personal life and the other way around. I suggest to read "Atomic Habits" by James Clear on this topic. This is a long journey, and I suggest you to take it seriously. Be a professional. Ask your self a question, "What would a professional trader do?" There is only one way to success, compound of a hard and smart work. Thanks!
  44. 6 points
    This is a very common question, so hopefully this post can be a good reference. There is a new hotkey command called DuplicateWindow which lets you 'clone' an existing Montage, Time/Sales, or Chart window. All settings like hotkey buttons, colors, fonts, etc. will be copied over. How to: -Go to menu Setup > Hot key -Add New Item -Enter a Name and Hot Key. In the Script Field, enter DuplicateWindow -Press Commit Now you can simply select the window you wish to duplicate, then press the hotkey (CTRL+D in the above example). And voila, attack of the clones!
  45. 6 points
    I shared my thoughts on the classic ABCD/Flag strategy. This pattern presents itself in virtually every move, across multiple timeframes. The formation consists of: 1. Run-up/sell-off 2. Profit taking/consolidation 3. Continuation Let me know your thoughts!
  46. 6 points
    To anybody that's interested, Andrew, Norm, Carlos and Ryan will be in town for the NY Trader's Expo. We plan on having dinner at 8PM on Sunday, March 10th at The Irish Pub in midtown Manhattan (837 7th Ave, New York, NY 10019) This is an open event and all are welcome to attend. There's no need to RSVP. We will be there hanging out and looking forward to seeing anybody that wishes to hang! If you have any questions, please reply to this topic.
  47. 6 points
    I've had several setbacks in my journey to becoming a full time day trader. I sim traded for 4 months, finally gained some momentum, reached a level of sim trading that was consistently profitable, made some small gains in real trades to start building thicker skin trading real money... Then I lost my job. It wasn't because of trading, but it did result in me needing to empty my trading account. It's amazing how long it takes to establish something that can go away in an instant. I didn't blow up my account, but it felt the same. Two months of unemployment later and I was back in an office working a consulting contract for more money than before, but a lot less time. In the office by 8am. No time to trade or even watch the chat. No point maintaining a DAS or TI subscription. No point even studying or reading because I know myself enough to know I won't retain it if I don't get to practice. I didn't quit. To me quit means never going back. I prefer "when should I reevaluate my approach?" I think that is a question a day trader should already be asking themselves every day and every minute because that's the nature of trading. So I re-evaluated my approach. I knew my contract was 6 to 9 months. 6 to 9 months of no trading, so I adjusted my trading plan: 1. Find a job with enough flexibility to allow me time in the morning to trade; 2. Rebuild my trading account. 3. Re-develop my long term plan to reach full time trading. It took 6 months but I found the new job. I started 4 weeks ago and for the last week I've been able to join the chat through the open. Right before I started my new position a pipe burst and flooded our home, so now we're dealing with that, which will definitely delay my account funding again, but I'll deal with the setback. The upside of the flood is the owner of our home wants to sell it, and offered to sell it to us. Another setback financially, but long term a good thing. I didn't quit. I don't want to quit. Personally for me I've decided that day trading tics all the boxes of what I want to do to earn a living. I know 90% of traders fail, and I know many of the reasons why. I think self-reflection is THE key skill a trader needs, and unfortunately I don't think many people who approach day trading appreciate that. Self-reflection counteracts self-deception and reinforces self-reliance. To me, the time to quit is when you've been honest enough with yourself to accept that you either don't really want to be a day trader, or, more likely, you fell in love with the idea of day trading and found the work too daunting. Like any career, it isn't for everyone. But if it is for you, don't ask yourself when you should quit, ask instead "what do I need to change to succeed?"
  48. 6 points
    10 Best Reasons to Quit While Ahead The discussions is whether it is best to stop trading, even very early in the day, if you have made “your money” (whatever that is for you). For me, a relative newbie (just went live 2 weeks ago after 8 months in Sim) the answer is YES - better to stop. Here are my reasons why: Part of Risk Management - right there with setting stops (hard or mental) and putting controls on your account. Don’t let “trading” become an “addiction.” Keep it in moderation in your overall lifestyle. 8. The mathematical laws of probability - even though every trade is independent, odds favor a neutral outcome over a lot of events. Even if the mathematical odds mentioned in 8 are not activated, the psychological knowledge of this likelihood may play on you in the background of your mind. Time of Day - If you have made some money, some time has passed, and the longer you stay in, the more conditions change. So, whatever type of trade you like best will wane as time goes on and you will need to be thinking about a different strategy, which can be challenging and add to likelihood of diminishing returns. 5. If you do stay…. - It is very natural to want to have another good trade, and there is nothing wrong with staying, but if you do, make a change to your rules. For example, only take the very best setups, or for experimenting switch to simulator, or do NOT let yourself give back more than X percent of your gains (I suggest 10%). Then you can still walk away proud and yet have tried to improve on the already good situation. Helps you stay with A+ trades - If you adopt the suggestions in #5, then you only allow yourself to take A+ trades if you do stay because Who wants to give back money? This general concept of cautious selection of trades will spread naturally into the times before you “make your money” - not just after you do it. 3. Minimize self-loathing - If you have not felt this after giving back what you worked so hard to earn, then you are not yet trading - even in Sim. It is universal. But, it does not have to continue to happen. This mistake does not have to be repeated. Try waling away a couple of times with some good early profits and notice how good it feels for the rest of the day. More time to learn - If you love trading, you probably also love reading about trading, watching videos about trading, thinking about trading strategies, etc. So, just because you have stopped trading for the day, does not mean you can not be engaged in other exciting trading activities. Have time and better energy for your journal and other trader improvement activities. AND, the number 1 reason to stop trading after making money is: RESPECT and PROTECT your account and live to trade many more days. Now, if I can only listen to myself….. Regards, Emily
  49. 6 points
    Ran into this picture online today... This is so true about any type of success in any career or goal. People only see what others have achieved and want the shortcut to the top. In my personal opinion, in Day Trading there are no shortcuts, the work must be put in, by education, practice, practice and even more practice. After comes the physiological and emotional part that is trigger when we put skin (real money) in the game. This is were we need to transform from a regular Day Trader's mindset to a Successful Day Trader's mindset. This is by far the hardest part of Day Trading and requires hard work, persistence, and dedication just to name a few.... #wegotthis
  50. 6 points
    An update is available. This one includes the awesome Global Trendline feature. If you're not familiar with the feature, watch the video below. The release notes show the following changes to DASTrader Pro. You can click this link or read them below: DAS Trader Pro Release Notes 2018-08-01: 5.2.0.31 Release Notes Bug fix - today's day candle doesn't show before market open. Bug fix - last price line doesn't show in log scale. Added hotkey to increase/decrease vertical margin. Added trend lines sync feature so that trend lines drawn on one chart window can be drawn on all other chart windows with same symbol. Trigger orders now support options. Added save/load column width to Trade Log window. Bug fix - switchTwnd hotkey stops working after switching over all pop out montage windows. Added SELLCOVER hotkey to cover positions only. Added image to menu items. Bug fix - Positions window can't save column width. Fixed H/L indicator premarket problem. Added option to "Merge same time and exchange" for time sale window. Market viewer: improved real time sorting performance. Bug fix - when 2 options windows show the same underlying symbol, the 2nd options window can not display all expiration date tabs. Added configuration to not sync time. Added configuration to merge trades in time and sale window. Bug fix: script trigger order wasn't sent if CXL ALL script is in the front and there are open orders to cancel. Bug fix: for Options Chain window, converted expire date to market time (used to be local time). Added new clicking area on window border, when clicked will show/hide title bar. Its color can be configured in Setup->Other configuration. Added window border color configuration in Setup->Other Configuration. Added LinkTo hotkey that can be used to start dragging and dropping Montage window's anchor. Fixed Imbalance window and Montage imbalance ticker refresh problems. Changed Imbalance window title. To update your software, I recommend first doing the following: Make sure you've saved your Desktop in DAS. Next, go to Tools>Back Up Settings. It should save a copy of your DAS settings to your PC/Laptop desktop. Finally, I make a copy of the entire DASTrader Pro folder located on my PC's hard drive and paste it somewhere else. If something goes awry, you can always copy everything back over to the folder and not miss a beat. To update, go to Tools>Auto Upgrade. It will prompt you and complete the update to version 5.2.0.31. Good luck!
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