Brendon
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Posts posted by Brendon
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I used CMEG back in 2018-2019, I was one of their first accounts, they have been known to change their process without warning. They initially had no end of day wind-up closing positions on margin then randomly one day with no notice liquidated my positions. Things probably have changed a lot since then but you may need to give them a call and go over everything you are wanting to do before you do it. They also complained about providing an end of year statement when I requested one. I have since moved to IB and have been reasonably happy.
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This is way more useful then MSNBC! I'll be checking this out, thanks J dog!
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@leilijHey! Congrats on going live and keeping it small.
Handling losses is something traders never fully gain control of...so instead of trying to completely remove yourself from that emotion I focused on improving my accuracy. I found that being very picky on my setups helped me 'outweigh' my hulk days. For example last week I was up $800 then had a 2K unrealized, instead of wasting time sitting in the trade and potentially turning that loss into a 4k loss (which would be very hard to come back from), I took the loss and moved on. I was down $1200. I changed my approach to now work on smaller modest scalp trades and ended to the day green $800. Accuracy has helped me become profitable along with minimizing my losses. You reach a point where how much money is enough? Money became a less interesting driving force and it was more about 'can I trade well and win at the game'. I'll admit at the start it was all about the money lol. That's when I began to improve my trading.
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19 hours ago, Justin T said:Hi Brendon,
This isn't for my initial stop, this is for implementing a stop after I have partialled out and are letting a position ride throughout the day. I'm based in Australia can can typically only trade the first 1-2 hours and have subsequently have missed some large moves that have occurred later towards close.
I ask because I definitely exited trades too early the last couple of days!
Oh! In that case I would use a blend of huge L2 orders sitting at daily or intraday levels to partial out (if they are there). But if you're at work and want to set limit orders, you cant use the L2 that far down the line, so I would just set those orders to daily levels, high/low of day break or pre-market, whole or half dollar numbers, and previous day high low areas. I wouldn't use % for anything.
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1 hour ago, Justin T said:Hi All,
Are there any rules of thumb when it comes to setting a selling / buying stop percentage? Or is it better to use a fixed dollar amount?
Cheers,
Justin
Hi Justin, I would never use a % amount, I would use the $ amount you're comfortable with losing in that trade without wincing too much/increase heart bpm when you get stopped out lol. Also use a $ amount that wont blow up your account either and you can absorb several losing trades without affecting your typical position size buying power ability.
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If i had to rank them it's charting (everything in the chart window) at #1, L2 #2, tape #3 in order of significance for my style. Would i trade without all of these in front of me, no I wouldn't. I also would not trade unless all of these indicators were meeting my standards.
If you email CMEG with what market data plan you want they will provide it to your account. That's how I did it at least.
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@hailchaser2 I find the hardest parts of trading come down to two things, letting winners outrun your losers (so not ending your winning trades too early) and stopping out when you're wrong. If you're able to do those two things consistently (in Live) you are a god. Then all these quantified goals and excel spreadsheets can be thought up to maximize your profits. Moving from profitable in SIM to LIVE is more than just changing tabs in the montage
The easiest part of trading for me is finding setups actually, it was easy making money, but not easy to stop losing money in a trade. When that losing trade comes and it will, that's when you're tested.
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8 hours ago, Phil Muka said:Hi Justin,
Thanks again for getting back. To answer your question - yes, I was planning on making different hotkeys for something like 100, 250, 500, and 1000 shares. Perhaps just 250, 500 and 1000. If there was a way to do so, I could customize the data in the stop portion of each key to ensure a $150 stop across the board. Thanks again!
- Phil
Hi Phil, just my 2 cents budding in as usual, I would not use a fixed $150 loss per trade (although that could be helpful from blowing up of course). I would always use R/R. Your long term green success is a ratio of your accuracy and r/r per trade. You throw an arbitrary number in there and it will mess with it.
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@Justin Wow great job Justin on this! Although im more a 'visual' than a 'to the penny' guy, it is important to know what's going on with the 'click to trade' feature and using Kyle's scripts.
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Hi! Unfortunately this is VERY risky.
I would leave adding to a position for the more experienced traders who understand how a stock 'may' pullback and to test what levels. If you add properly this can work in some scenarios.
This stock pulled back to test VWAP and gave you a chance to get out at ~b/e. However there is NO guarantee a stock will allow you any pullback to get out. Especially in Trending and MOMO movers. If you're interested in adding to a position, review the setup on the 1, 5, and 15 minute time-frames prior to entering and adjust your stop accordingly because if the setup breaks down on those time periods it's time to fold.
Let's say you want to risk $50 per trade, if you want to use an adding in strategy your initial entry should be like $15 so you can get 2-3 more adds without blowing your risk out of the water.
With Kyle's keys you can replace your stop when you add in, and your new stop will be your new position size.
Remember only ADD IN if the setup makes sense on the larger time-frames and your initial risk was smaller anticipating this possibility.
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@Justinoh sorry I forgot to mention you have to double click on the chart for your new stop then hit the kotkey with the amount you want to add (but you prob did that). I used the hotkey from BBT's Automatic hotkey youtube video..in the description. I can paste my script if it doesnt work. It seemed to work perfectly for me, it just cancels your old stop order and adds more, say the $50, with a new stop of your position size per symbol.
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Jumping in her as well, say you use the scripts with $50 risk with a hard stop, and you want to add another $25 or $50, you can hit the keys again (assuming you have two keys one for $25 and one for $50 risk). This will reset your stop out price to the new one with the new position share count. You are adding to your position so you will need to be aware what you are hitting and keep a mental note. I havent tried to Scale-In POS% yet, that could be simpler/superior coming from Kyle I dont doubt it
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4 hours ago, CliffG said:Hello all,
I'm Cliff, and I currently live in The Netherlands. I'm British, but not lived in the UK for nearly 15 years (Moved to Malaysia in 2007, then moved to NL in 2016). I currently work in IT in the Oil Industry, and with the world not using much oil, my job is at risk right now. I'm married with 3 kids (2 are v.young).
I've dabbled in Trading/Investing in the past, some crypto, some 'social trading' (eToro). With everything happening at work, I feel now is the time to stop playing and start taking it seriously. The lifestyle of a day trader is very appealing, the fact that you are your own boss. The fact that you are in Cash at the end of the day, therefore protecting you a lot better in the event of a huge crash. But I also appreciate that to aspire to that level of comfort, I need to put the work in (just like in any other business, or a University course). This I am now ready to do.
Each day I learn new stuff, and I realize so much more that I don't yet know.
There are things I still need to figure out in the fundamentals of my own setup - such as a Broker and Platform. Cash reverses are an issue. I don't have anything like 25k to avoid PDT. Setting up IB UK still incurs PDT rules
.. Oh well.. While figuring this stuff out, will be going through all the items in the classrooms here.
It was my wife that convinced me to pull the trigger and become a lifetime member, and so far I can't fault it. BBT looks like a fantastic support platform for people that wish to take it seriously.
Take Care all
Welcome! Take a look into one of the offshore non-PDT brokers, like CMEG. They are good beginner broker where you don't have to commit so much. Our website has information and some deals with them I believe.
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1 minute ago, Taylorhe said:Hey Brendon, it was multiple hotkeys. It is like it activated all my keys at random. I might be interested in the X key. Who makes it?
Ya X-Keys is the company. I made the switch and haven't regretted since but it has only been 2 weeks. The Genovation Pad is also a good alternative except the keys aren't backlit and the software I heard is a little rough but I heard the finish and mechanical keys are nicer. Also Genovation is not prime so returns could be difficult. I think the overall support of the X Keys is superior to Genovation given it's a larger company.
X-Keys
Genovation Pad
Jason has a 'step into my trading station' video showing his X Keys for a few seconds (it's somewhere). I need to make one soon! Oh try to sell your decks, I got over a $115 bucks on ebay for them. Sold like hotcakes.
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I think there was a streamdeck software update the other day? I don't use the DECK anymore but I still have the software installed. I'm sure you checked but was that hotkey set to repeat a stroke? I never had a repeat issue and have had 2 decks since 2018. I recently got the X Key device (thanks Jason) and like it a lot more because of the tactile feedback of the keys and the you dont have to jam the key down to get it to register like you do with the deck.
Thanks for sharing, I was considering getting the XL as a backup down the road, maybe i wont now.
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23 hours ago, banjo597 said:sounds good. I'm looking for something more, lets see if i can explain. something about where we can trade and after everyone is done just look over what we did right or wrong or see someone's else opinion about why the trade was taken and what was right or wrong or what we missed or what we got right. something like a review. not so much hear someone go long or short or anything cause that is just gonna mess up my focus
oh okay, trying posting your trades in our 'trades' channel in the chatroom, a lot of members and mods comment and give feedback on them there
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19 hours ago, banjo597 said:It’s very true. But im looking for a group to see if I can improve or get advice on what I need to do. And it hurts that it was going very well on February and then all of a sudden it’s like if I just started learning again.
Ah okay, just be careful bc group trading can alter your thought process. I find it best to work in our Chatroom in the pre-market to get our battle plan ready. When the market opens watch those stocks but if you hear people yelling 'long, weak, nonsense, doing stuff, garbage, ahh ouch, or 'cover cover cover' when you're long' it can be distracting
. This is because no two traders are taking the EXACT same trade, you may be taking a slightly different setup with different stops and targets. Then when the dust settle 15 minutes in or so that's when I become more active in the chat.
I am saying this with the lightest of heart btw
I love our chatroom's charm.
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I work full time and trade for an hour or so before work, my peak trading time is between 9:30-10AM EST, then maybe a few plays up until 10:30 or so. If you can focus for the first half hour that is all that is needed at least for me to get my trades done. That's plenty of time to catch good moves. Similar to Andrew. But you do need a solid 15-20 min prep to run through the scanners before the market opens. It's gonna take at least a couple years of daily trading to improve accuracy, be patient, remember college, grad school, medical school, law school all days 4-5 years to complete.
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That chair looks sweet Justin, great taste! Definitely getting one someday. But what I like more is your anti fatigue foot mat, Just bought one bc my dogs are killing me down there.
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Hi BBTers, just wanted to share my COVID boredom scalps on $CHGG today, both long and short.
I used the 1 and 5 minute to trade off for targets and entries, watching the ticks of the 1 minute very closely, and I shorted every pop back to the MAs. This example shows that when a stock is in play with good order flow, and trending, it is possible. I did not get stopped out, not even once, and I took 7 scalps. I did add more on one trade but adding more is something I don't often do yet on the regular. The patterns were just 'mini' ABCD flags.
Scalps have modest targets and and I will experiment if this is possible to do on the regular, but you need to be super fast and stop out quick if your get it wrong. It seems you can short strong stocks and long weak stocks as long as the order flow was there with a trend.
Could just be a fluke as I don't often scalp this much and just have extra time to trade because of COVID.
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On 4/14/2020 at 4:59 AM, Glenn Budde said:My Stream Deck has hard push clear mechanical buttons with a led screen behind each one. I have to push the key like a mechanical keyboard. I did not know they made them with soft push buttons (touch buttons). I could see that if that was the case.
Oh? I bought mine around when Jason got his, and they are pretty rubbery feeling, like a cheap dome keyboard. I will definitely buy a new one and sell my current ones if they feel more mechanical...thanks!
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Ahh the last time I used it was in 2008 on my roomate's college macbook, I may be a little behind
Things never worked right on it. Just saying what I would do, never trusted those Apples after the Macintosh Plus 1MB was released.
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On 4/27/2020 at 3:58 PM, Clayton Shearman said:Hey Ladies and Gentlemen,
I grew up in North Texas and recently moved to Southern Idaho to follow my best friend and girlfriend into the first job of her career after she got her Masters Degree in Aquaculture.
I joined BBT a few weeks ago and recently became a Lifetime Member after getting a taste of everything going on here. I have been trading for a handful of years on and off, I listened to Andrew's book back in early 2018 on Audible. I was always afraid of getting into trading intraday until I started thinking about my future more and what I wanted to do with my time.
I am an independent insurance adjuster for a living so I travel and work in areas of natural disasters inspecting homes after hurricanes, tornadoes, and wind/hail storms. With that line of work, I have times where I work 16 hours a day, 7 days a week and times where I am off or out of work for weeks/months at a time. So you could say my job is very cyclical. I could get a call tomorrow and be asked to be 900 miles away in 48 hours, ready to work. I always wanted to find a job to do when I wasn't working insurance claims that I could start and stop in a moment's notice. That led me here.
I've sim traded for months now and am looking to sim trade for a little bit longer while I get my Playbook ready and find a platform that I really like. I have already learned a lot from BBT.
Andrew, Brian, Thor, Aiman, Carlos, Norm, Peter, Abiel and Mike B have been great. I have been reading some new books I hadn't heard of until I got here and I have been able to shape my mindset away from dart throwing and into patience and probabilities as much as I can.
Thanks to everyone that helps out here on the site, the staff, moderators and contributors. Thank you all for being around to help, your good work and positive attitudes make everything here possible.
See you in the chat!
Welcome Clayton, glad to meet you, this reminds of of the time Hurricane Sandy took our my old Nissan Z
and an insurance adjuster had to value her! Glad you became a LifeTime!
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Hi Riley, all I can advise on is that you do not want less stable OS's like book-camp etc running your trading platform. I suggest simple building/buying a dedicated trading computer ~$500 (like Andrew recommends in his classes) while you learn to trade. Even if you get things working, stability could still be an issue and the last thing you want is to load up DAS on your phone to exit a position because your desktop crashed.
BrendonD - My daily trades
in Day Trading Examples and Review
Posted · Edited by Brendon
I have been having success with vwap pullback trades lately. I'll keep it short and sweet
What I saw in this setup was a strong 5 minute bullish candle and a 50% pullback to vwap. This aligned with pre-market high, holding the 9ema on 5min trend, above R4 and holding previous day high. Stop was below R4, target was R6, HOD, then a large liquidity grab at 170. Gave about 3-4R.