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GordonDK

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Posts posted by GordonDK

  6. Posted · Edited by GordonDK

    Anyone read “One good trade” by Mike Bellafiore, and in particular the chapter on ‘reading the tape’? Seems to be of major importance for day trading, but I’m a bit confused about this. Not described very well/in depth in this book. Any thoughts on the subject?

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  7. Posted · Edited by GordonDK

    I had an issue with a huge difference between the VWAP lines on the 1- and 5-min charts for a trade I did yesterday (9-Aug-18) on SQ. Completely screwed me over since I thought from looking at the 1-min chart that the price action was close to the VWAP, but when I looked more closely afterwards at the 5-min chart, the price action was actually somewhat about the VWAP! See example of VWAP difference at 9:35am in the below screen capture:

    SQ_9-Aug-2018.thumb.png.1000ebff7da6cecb45ffb39701b42cb1.png

    Usually I do not see this great a difference between the VWAP lines on the 1- and 5-min charts. And which VWAP line should I trust?! Perhaps it was just the big drop of the first 5-min candle after the open that scewed the 5-min VWAP? Have seen these types of candles before, but never noticed such a big difference in the VWAP lines.

  10. Posted

    That’s awesome (in a strange kind of way - seeing how you lost your job at first). Unfortunately, I’m still stuck in my day job, so my progress is a bit slower. On the upside though, I live in Denmark and have very flexible working hours, so I can be home by the time trading starts in the US. Spending my weekends studying the art of trading (reading the books in Andrew’s list and working on my trading diary - have it set up in Excel at the moment, but will make the switch to Access soon). Can’t wait to ditch my day job and go full time trading. And also, I do have a patient wife :)

  14. Posted

    Yes, but it annoys me that you are not able to set a hard stop marketable limit order at e.g. 10 c below the stop price where you want to exit for a long trade, as you do with a mental stop loss order (i.e. when you press the predefined hotkey to cover). I don’t think it’s possible in DAS, but it really should be an option.

  20. Posted

    Hi Robert,

     

    Yes, I do appreciate the psychology of it all. However, at the moment, I think I am better suited to a hard stop, since my P&L is slowly creeping the wrong way mainly due to my exceeding the stop loss on some stocks that I have traded. Wanted to know from others who use hard stops, if they have experienced significant slippage in the form of spikes that has led to losses greater then the intended stop loss? I would think not, if we stick to trading stocks with high volume and stay away from low float stocks (which I am not ready to trade anyway)? However, I have seen momentary spikes in stocks that I have been following, so.... Anyone who is using hard stops who can say something about their experience??

     

     

    Jimmy

  21. Posted

    Hi,

     

    I've been using mental stop losses, but sometimes (more than I'd like) I let a stock slip before exiting, often ending up with profit/risk < -1.0 to -2.0.

     

    I've only traded live for a little under 2 months, so I'm definitely a beginner. What do you guys do with regards to stop losses? Mental or hard? I'm hesitant to use a hard stop loss due to the risk of slippage.

     

    Would be nice to know what the rest of the group is doing.

     

     

     

    Jimmy

  23. Posted

    Hej Pankaj,

     

    Jeg bor faktisk i Hillerød og er også ingeniør! Arbejder hos NIRAS i Allerød, men det er kun et spørgsmål om tid (well, nok mindst et år endnu) førend jeg bliver fuldtids day trader. Mit arbejde er ret fleksibelt, så jeg møder tidligt og er derfor hjemme ca. 45 minutter før trading starter i US. Var i simulatoren i ca. 5.5 måneder, og har i den sidste måneds tid traded live. Det er et helt andet ballgame at trade live, men det er alligevel en god ide at være i simulatoren i 5-6 måneder, og så samtidigt læse en del bøger (se Andrew's liste), og generelt prøve at forstå principperne bag day trading før man kaster sig ud i live trading med rigtige penge. Der er stort set intet i vores ingeniøruddannelse der kan forberede os til livet som day tradere (måske lige med undtagelse af undersøgelse af trends etc.). Jeg ser day trading som en langsigtet karriere, så det må bare tage den tid det skal tage. Krukken med guld for enden af regnbuen lover en del, så det er bare med at klø på. Det kunne være at vi skulle mødes en dag i København, hvis du er her alligevel. Jeg tror, at vi umiddelbart er de eneste i Norden der er med i Andrew's gruppe.

     

     

    Mvh.,

     

    Jimmy

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