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Lee W

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Posts posted by Lee W

  2. Posted · Edited by Lee W

    11 hours ago, Brian Tran said:

    Hello everyone from Duluth, Georgia, USA! (North of Atlanta, GA)

    My name is Brian T. I has just joined the BBT community for a few days.

    There are a lot to learn and to practice to be able to a consistent profitable traders. This is all I got after a few days playing around in Education Center, Forum, and DAS simulator.😃

    I read Andrew's book a few years ago. However, I just got my US green card and settle down here so that I can focus on learning and practicing Day Trading.

    Hope you all well and success in 2020.

    I am looking forward to learning from you all.

    Brian T.

    Hey @Brian Tran !  Welcome!  I'm in the Atlanta area, too.  Hope to see you in the chat!

    I think we have a few others in the Atlanta area, but not too many have made an appearance in this thread.  Perhaps we can get a large enough gathering to have Andrew join us for a meetup in Atlanta.

  3. Posted · Edited by Lee W

    5 minutes ago, Sapperstien said:

    Lol then whats the point of margin. Who would take on a trade 3x the size of their account? Thats just... I mean were to work with 1% per trade so I dont see the need. 

    When referring to the 1%, that’s RISK, not the full amount of the trade.   You can take a trade using margin for say $75,000 (500 shares of XYZ at $150/share) and only risk $300, for example. The $300 is 1% of your $30,000.  This means you’re not willing to lose more than $300 in that trade. 

  4. Posted · Edited by Lee W

    SMB is arguably the most well-respected trading firm around. I don’t believe they offer a service as Brendon has described. You have to be accepted and hired (whether intern or desk trader) by SMB. You can’t just sign up and start trading.  They train their interns through a full training program and ultimately you trade with their money, assuming you are given the opportunity. 
     

    One of the founders of SMB Capital is the author of One Good Trade and The Playbook. There is also a video in the BBT YouTube channel that has an interview with said founder, Mike Bellafiore.  Great interview worth watching. 
     

    There are firms out there that will give you a funded account after you pay them x amount. I wouldn’t touch any of those firms. 

    • Like 3

  5. Posted

    You can’t choose to use the borrowing power as priority over your equity. The trade will always use your equity first. If the trade exceeds your equity, it will use margin. 
     

    Equity: $30,000

    Total Buying Power with margin: $90,000

    If your trade is for 1,000 shares of XYZ at $25/share, it will use $25,000 of your equity and total buying power. 

    • Like 1

  9. Posted

    2 hours ago, Ercilia182 said:

    HI Lee,

    But that is the thing, I did not go short. I went long and when I tried to sell half, that's the message it gave me. 

    Ah yes. I see that. Perhaps you weren’t actually in the position when you attempted to sell half. Maybe your buy order didn’t execute and when you tried to sell, you didn’t have any shares to sell.  Subsequently, it tried to short (which is selling shares you don’t have).  That’s my guess. 

  11. Posted

    4 hours ago, Ercilia182 said:

    Good Morning Kyle hope all is well,

    I am testing the stop order below.  I enter # of shares I want buy and the stop order triggers in montage .10 risk, I click on Sell and you can see my buy and sell order on montage. lets say the price action is going my direction and I try to sell half it gives me an error message, saying I don't have shorts available.  

    I am just testing.

    I went long @ 2.62, SL 2.42

    Thank You Kyle..

    Price=Ask+.05;TIF=DAY+;Buy=Send;ROUTE=STOP;StopType=Market;StopPrice=Ask-0.10;Share=Pos;TIF=DAY+;SELL=Send:

     

    Hi @Ercilia182,

    It appears you are trying to short something for which your broker doesn’t have available shares to short.  If it were shortable, there would be an S in the montage next to VWAP. You would click the S and it would tell you how many shares your broker has available for short inventory. In this case, there is no S, hence it isn’t shortable for you.  🙂

  12. Posted

    5 minutes ago, sawtooth500 said:

    These are some follow up questions from William's instructional video:

    Can you please confirm:

    The red in this video (selling pressure) are trades executed at the BID price setting in DAS, and the green in the video are trades executed at the ASK price setting in DAS

    That's correct, @sawtooth500   If you right click your T&S, then Config, it will define the colors.

  13. Posted

    On 4/10/2019 at 8:21 PM, nikdobri said:

    Thanks Jason. Have you figured out the answer to this question?

    "The question now is when do they occur ? and under what conditions you will be charged a third party fee ?"

    I wonder if some routes are lower cost, and what is optimal? From the pure economics of it, the cheaper routes are probably the slowest or the lowest chance to execute when you need it. In any case, is there are thread in the forum that you know of that explains the different routes and some optimization on these alternatives?

    The table that you derived on the tiered fees break down, have you tested a fixed fee of 0.005 and try to also see if there are third party fees and their breakdown?

    This whole topic of fee structure / route alternatives / add-subtract liquidity is something I cant find very transparent information on. For example the other day i exited two separate positions the exact same way, with a set up to add liquidity (as per Andrew hotkey setup in a recent webinar), from the exact same hot key. From the exit of the first position I received a rebate, from the exit of the second position i was charged $60+ ECN fees (this was sim). 

    thanks

    nik

    With IB, third party fees include: ECN, FINRA, SEC, and maybe others.  I'm not certain.  Basically, it's everything that's not IB's commission.

    With the tiered structure, you'll pay them all, if applicable.  In some cases, you can get an ECN rebate and these can actually be quite substantial.  I've seen total fees for a ticket that SHOULD'VE been over $20 and ended up being in the single digit dollars.  Rebates can add up quickly.  To be eligible for an ECN rebate, you have to add liquidity.  In other words, sell on the ask and buy on the bid.  Many people use limit orders to do this.  Not ALL ECNs give rebates, though.

    With the fixed structure, the ECN fee is built in.  I'm not sure what other third party fees are NOT included in the fixed $.005 commission, but it is for all intents and purposes, an ALL-IN commission.

    I believe William is working on a commission explanation presentation for everyone.  This should answer many questions and give real world examples for people to see.  I think that presentation is coming soon, so let's be on the lookout for it.

  15. Posted · Edited by Lee W

    38 minutes ago, Greg Huxtable said:

    Hi Robert - I clicked the link in your note and it said "page not available".  I'm wondering how to add the HOD and LOD.  Any info is appreciated....thanks!

     

    This should help.  The video should start at 4:07.  If it doesn’t, move forward to that time in the video for the info you need.

     

    • Thanks 1

  16. Posted · Edited by Lee W

    I’m not with CMEG, but an option for you is to use TradeLog.  https://www.tradelogsoftware.com/

    Using this, you’d be able to import all of your trades into the software and it will generate the proper form 8949 for tax filing.  I’m assuming you’ve not elected MTM with the IRS. If you have, TradeLog can handle that, too. It just isn’t form 8949. I believe it is 4797. 

  19. Posted · Edited by Lee W

    On 12/12/2018 at 7:48 PM, Daniel Thomas said:

    Hey everybody...  Just wanted to chime in; since we're encroaching upon tax season...  

    According to my CPA, there are actual advantages to using MTM..  I'll try to summarize below with examples:  

    Let's say you lose $99k trading....  

    If you DID NOT elect MTM, then you can ONLY write off $3k/year until that $99k is recouped.  If you make zero money trading year after year after year --- then you're looking at about 33 years to break even on this "write-off."  On the flip side --- if you DID/DO make enough money -- in any given year -- to offset your losses from a previous year -- then that "gain" can be written-off based on your previous years' loss...  

     

    Here are a couple of examples: 

     

    Example 1:  You DID NOT elect MTM, and in 2018 you lost $99k trading...  If you throw in the towel on trading, you can write off $3k/year for 33 years....  That would suck....lol... one year of losses; 33 years of write offs.... 

    ---That said....  If  you happened to sell a house, or realize some other "capital gain," before the entire amount is written off --- then you can deduct THAT  amount from the $99k you lost in 2018...  For example:  You lost $99k in 2018 trading..., but in 2019 you sold a house and GAINED $50k...  Well...  You can write-off $3k in losses from 2019, and offset $50k from  your capital gains in 2019..., which leaves you with a remaining "write-off" balance of $46k for 2020......... ($99-$50-$3 = $46).  

     

    Example 2:  You DID ELECT MTM, and in 2018 you lost $99k trading...  If you elected in time, you can actually write off the ENTIRE $99K (as opposed to only $3k/year)...  So, for example, your "other job" brought in $100k in 2018, and you lost $99k trading --- your tax liability would only be based on the $1k net profit you realized on the year... 

     

    The examples above are clear as day...  If you lose money day-trading.....AND...you elected MTM in time (per IRS guidelines) -- then you're set!  If you lost last year, however, and made money this year....then you may want to consider ignoring you "MTM election," and taking the capital LOSS instead... 

     

    Hope that helps ....  And, for liability reasons --- it's all per my CPA...

     

    STAY GREEN people!!  

    Daniel Thomas

    This is correct, @Daniel Thomas , however it is important to note that the 3k per year write-off is the max write-off against OTHER income.  If you have capital gains, you can use as much of a capital loss as you have gains, THEN you apply the additional 3k against other income.

    Your examples are correct.  I just wanted to clarify the point about the 3k capital loss.  it is mentioned in your post, but I just wanted to help make that point clear.

    If you have no other income to report (for example, if you don't hold a regular job), then MTM doesn't have much of an advantage.  You may have a trading loss, but without any other ordinary income, you can't deduct the loss from anything.

    I suppose one advantage of MTM is being able to avoid the wash sale rule, but that's not really a big deal if you know what you traded in December, break the chain, and don't trade those same tickers in January.

    • Like 1

  20. Posted

    Just a reminder, when doing an install of a new version, it is always a good idea to back up your settings as well as your crucial files in the DAS directory.  A fresh install isn't a bad idea, either.  This ensures you have all of the new files and none of the old ones are lingering.

    If you wanted to do a fresh install, this is what I did:

    • Saved my DAS Desktop.
    • Backed up my DAS settings.  Tools>Back Up Settings.  It will save a file to your PC desktop.  I've found that this file saves your desktop, hot key, and other settings.
    • Copy my entire DAS directory and pasted it somewhere else.  Just in case something goes awry, It's nice to have a backup of how everything was.  Also, i wanted a copy of my .dsk, .cst, and .htk files.
    • Uninstalled DAS.
    • Restarted PC.
    • Downloaded a fresh copy of .34 here: For IB users http://www.dastrader.com/download/fixes/DASInstallIBCO.5.2.0.34.exe  For CMEG users http://www.dastrader.com/download/fixes/ETFA.5.2.0.34.exe
    • Ran the installation.
    • Opened DAS and logged in.
    • Restored my settings.  Tools>Restore Settings   This will look for the backup file that was saved to your PC desktop.
    • It opened my default desktop file and hot keys, but I did notice that couple of settings were off a little bit.  I opened the desktop again and everything was pretty much good.  I had to make a couple of adjustments to my Market Viewer, but that's it.
    • Saved my desktop.

    If something isn't quite right with your desktop, you can always copy your .dsk, .cst, .htk files from that backup directory folder you made in step 3 and paste those files into the newly created DAS directory.  Remember that DAS will automatically open "default.dsk" upon logging in.

    I hope this helps others!

    • Like 2

  21. Posted · Edited by Lee W

    Todd,

    We thought you were saying that DAS wouldn’t open. It appears you’re just having an issue with it loading the correct desktop file and/or hotkey file.  DAS automatically opens the desktop file called default.dsk. So, in order to get it to load the one you want, you need to rename that particular one to default.dsk. 

    Open it, then choose File>Save Desktop. Make sure to name it default.dsk  You will have to overwrite the old default.dsk

    The other way is to go into the DAS directory, find the .dsk file that you want it to open automatically, and rename it default.dsk. You’ll have to overwrite or delete the original default.dsk 

    I think the desktop file will save whichever hotkey file you’re using in that desktop.  However, to ensure this, open the desktop file you want to use, go to Setup>Hotkey, open the hotkey file, then go back and File>Save Desktop as default.dsk  It should save everything then.  The next time you open DAS, it will open default.dsk and it should be the one you want and with the hotkey file you want.

    Hope that helps!

  22. Posted

    Todd,

    Did you install .34 into a new directory or over the old version in the same directory?

    You can simply go to the directory, find the Dastrader application file, right click, send to desktop (create shortcut). That should put a shortcut on your desktop that points to the correct file. You can then delete your old shortcut that no longer works. 

  23. Posted

    Todd,

    When you log into the site, go to the Education Center. The downloads are available there. 

    Did you perform the Back Up Settings in the Tools menu prior to installing the new version?  If so, you should be able to go to Tools > Restore Settings. If you didn’t, keep it in mind for next time. Always make a back up prior to installing. 

    Typically, all of the files remain in the directory when you install a new version.  Did you save your desktop file under a certain name?  Try loading that file. I’m not sure if the hotkeys are saved in the settings or in the .dsk file. 

  24. Posted · Edited by Lee W

    Here is the latest beta version, 5.2.0.34. 

     

    This is for IB users:

    http://www.dastrader.com/download/fixes/DASInstallIBCO.5.2.0.34.exe

     

    This is for CMEG users:

    http://www.dastrader.com/download/fixes/ETFA.5.2.0.34.exe

     

    This version includes the new Moving Average Pair (crossover) indicator as well as a Moving Average Slope indicator.  For information on how to enable these features, watch this video:

     

    • Like 2
    • Thanks 3
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