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MattfromNZ

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Posts posted by MattfromNZ

  1. Posted

    15 hours ago, Adam Lewis said:

    I mean the thing is, he might not blow up his account, and good luck to him. I hope he continues to make huge % gains.

    This is the attitude that I have as well. It's funny though, he makes these posts on Facebook to everyone about stock trading, basically implying that you are missing out if your not getting in on this. I found out that he only just recently managed to get his account to up to 25k, and he's making posts as if he's some guru lmao. IMO he is inviting his friends and family to lose money, like he's hawking an MLM or something! Me on the other hand, I dunno if I will EVER post publicly to social media about my daytrading career, even if I do make it big. I will happily give advice to friends and family that ask for it, but only on an individual level.

    15 hours ago, Adam Lewis said:

    ...and after this point, traders divide into two camps. The first camp who wanted some quick and easy money decides it's not worth the hassle, and they lose interest. The second camp accepts this is going to take years to figure out, and that they might continue to lose some money on the way, but commit to finding the persistence and the patience to learn about it.

    Maybe there is a 3rd camp who never become aware of the work it will take, they just hemorrhage money until they give up.

    Words of wisdom you speak there Adam, I hope that we all have the perseverance to achieve daytrading greatness one day 🙂 

  2. Posted · Edited by MattfromNZ
    add question

    55 minutes ago, peterB said:

    funny thing i was starting with 5 min orbs and recently used 1min orbs with success. it comes with the experience really. the thing with the patterns is that it really needs many hours of practice to get the right feeling for them as over the time you will spot the little details that make the difference between a solid setup and a great setup. it took me 1000 trades to understand reversals. the nice thing about the 3bar plays is that you do not need anything just the candles to trade them. therefore they are so simple to learn and just build proper trade management around them

    That's actually something I was thinking to myself yesterday. I can recognize a perfect setup, but what about all those imperfect setups (the majority), how do I know where the line is between something where the setup is good enough to trade and one that isn't? I guess in a simulator you can make those imperfect trades and learn from them.

    Edit: Any suggestions on resources to learn 3bar play? I couldn't see anything in the education center of the forum.

  3. Posted

    8 hours ago, peterB said:

    when i was starting it was my favorite too. unfortunatelly i do not have the statistical data from then but i feel it was a disaster. not because the strategy does not work, but because i was missing the bigger picture and basically tend to trade everything that breaks up/down without any other knowledge. to nail an ORB is harder than it looks, especially the trade management part. so i would recomend you a 3BAR play strategy which is often an ORB or ABCD and is easy to spot and practice in replay mode. The experience with 3BAR plays will get under your sking and you will understand ORBs and ABCDs better too.

    I have definitely written off 1min ORBs for now, but have started practicing 5min ORBs. Aiman mentioned the 3 bar play in trade review on Thursday, so that is on the list of things to learn. ABCD patterns as well as I'm coming to realize that these strategies can all complement each other. Yesterday I did my first trading with the replay mode, and I see that there are disadvantages to it, the biggest one is the lack of data from which to obtain your levels. I had one stock where I sold out on the lowest level I could have marked given the data I had, and it just kept on dropping. Then of course there is no level 2 data in replay mode. Even so, I think that it is a beneficial tool as you can still concentrate on the most important thing: price action. Thanks for your suggestions, I will make the 3bar play my next objective.

  4. Posted

    12 hours ago, Adam Lewis said:

    I'm sort of in a similar situation, trading in Vietnam and with the market opening at 9.30pm local time and needing to be up for work before 6am every day and therefore needing to get to bed, I really don't want to trade beyond the first 40 minutes. At the same time this rather suits me! Similar to above, I like the pace of the open, you'll find several set ups for certain strategies in the first 40 mins.

    My trading journey: I began to paper trade low float penny stocks back in July 2020. I wasn't very good at it! They are very volatile. I moved to mid-caps in November and took out a BBT lifetime membership. This has been much better, mid-caps are just slightly less volatile and a little more reliable. My big issue now is discipline, and learning to wait for a set up before trading. I am making progress. 

    I've tried to trade 1 minute ORBs, and have had mixed results. I don't agree you should be watching 6 x time frames per stock, especially not in the first 30 mins of the market. On. DAS Trader I use a 6-ticker watchlist of 1 minute charts built with the help of Carlos and Brian (Brian especially since he'll be trading the open), and then I've got a main tab where I place trades which uses a 1 min, a 5 min and a daily. But yes, 1 min ORBs are difficult to trade. It's partly the mentality - you're so keen to find this setup, you've got to make decisions so fast, and often you'll end up getting a really crappy entry chasing a stock that looks like an ORB but is already extended. Andrew is superb at it - and with practice and experience, they will become easier to trade. But for now I've stepped back from 1 minute ORBs.

    Recently I've had more success trading reversals (and 4 green days last week, a first for me!). I've noticed most days at least one of the stocks on my watch list will flush at the open and sell off strongly for 2 to 5 minutes, first as profit taking creates selling pressure and then as shorts step in looking for their own ORBreakdowns. I don't need loads of time frames to see this happen - 1 minute charts work fine. What goes down must come up: these stocks become extended and find a bottom. Shorts cover, longs step in, and you hit a reversal. If you can find a way to keep stops tight you'll get excellent R:R.

    Another strategy I trade is a VWAP break, usually long biased. It works best on stocks green for the day, but which sold off on the open. It also works well for stocks where you missed your reversal entry. They'll come back to VWAP, and often pause at VWAP as people begin to sell positions. One of two things happen here: either it rejects VWAP and sells off again, in which case I don't enter. Or it holds VWAP and continues on up, in which case you can get an entry with a good tight stop just back below VWAP.

    I hope this is useful! Good luck and stay in touch, sounds like we're in similar boats!

    The first book about trading I read was Andrews book "How to Day Trade for a Living". The second book I read I got from a friend: "The Complete Guide to Pennystocks". I can't remember who the author was, but it was in the vein of Tim Sykes. There are similarities between the trading styles, but also huge differences that to a large degree make them apples and oranges. It was obvious I was going to have to make a choice about what style of trader I wanted to become. Initially I thought it might be pennys. I spent a week or so trying to practice looking for stocks, scanning the news, researching and then trying to make some trades. It became pretty obvious to me that I didn't know what the fuck I was doing, that I would need a lot more "help" and education than what this book provided me. Back at work I started watching the BBT pre-market show which prompted me to do a week trial membership of BBT which lead to me to signing up for a lifetime membership a few weeks ago. At the time it felt like a risk, "am I really just going to spend $1200 on something im not even sure about?". I've been back home from work for a week now, been devoting about 6hrs a day to trading and already I am feeling really good about my decision. It seems to me that as long as one has the right temperament for day trading and puts in the work required, this community provides everything you need to succeed. I hardest part is ignoring messages from my friend about his huge % gains on a penny stock trade he made, but I just tell myself that he just hasn't blown up his account yet, and why would I want to trade something that is a tenth of a cent?!

    Anyway I've been learning a lot, and I agree that trying to trade 1min ORB's is not the best idea. I have started with the 5min ORBs. I made some simulated market trades on Thursday and some simulated replay trades yesterday. I am going to increase my strategy repertoire over the next few weeks and then decide what to focus on after that, I appreciate the suggestions.

    I have been using the daily charts to find levels, but only using 1min and 5min when trading. I'm open to using other timeframes in the future, but so far it seems like overkill.

    Thanks man, I would like to keep in touch.

  5. Posted

    17 hours ago, Kenneth Armenta said:

    If time is an issue, I would learn the 5-min ORB. Carlos taught a very good class on it. Here's the link

    https://bearbulltraders.com/course/strategy/lesson/abcds-orbs-2/topic/trading-a-5-minute-orb-2/

    In my opinion, the 1-min ORB is too dangerous for beginners, the 5 min can be fast too, but very effective when practiced and having a strong foundation on how everything else works. I tossed my other strategies, and strictly trade 5 min ORBS. I wish I would of started with them since the beginning. I've been having a high success rate with it. Good Luck on what you decide to do.

    Thanks for the advice Kenneth, and congratulations on your success with the 5-min ORB!

    • Like 1

  6. Posted

    2 hours ago, Alastair said:

    Not sure how comfortable u r with TAPE READING.

    Here is a thread about Tape Reading (L2 and T&S) which I think could help ur learning process. Feedback from other readers was positive.

    https://forums.bearbulltraders.com/topic/1916-bookmap-for-learning-level-2-and-ts/?tab=comments#comment-14463

    This is just one of the components required/would be helpful in ur trading journey.

    Haven't started tape reading yet, but it is on the list of things to do once I have time. Thankyou for the link I will definitely check that out soon. I will be starting the 3 month simulator DAS subscription: do you know if that will give me access to level 2 data, or is that something that has to come from my broker?

  7. Posted

    5 hours ago, Angela Kuzeva said:

    That correct Matt, the best approach in my opinion is to work on building skills, growth mindset, proper risk management. Strategies are only small part of the game. The edge is not in the strategy itself, it is you who execute the strategy and here many things come to deal with - emotions, risk, stress, decision making, uncertainty, randomness. Once you start understanding the price action start building your mental capital which is as important as your account capital. There are wonderful materials in BBT Education center on the topic of trading psychology to help you with this part of the journey. 

    Thanks for asking, I have been progressing slowly. First few months were disaster, I just couldn't understand anything although I spend 3 months watching all the lessons and webinars in BBT, read books, taking notes and studying. I went back to the basics and started over and this time slowly the things become more clear. I have embraced Aiman's approach. I trade with 5 $ risk in simulator which is hilarious as many times I will trade 2 shares of Tesla but when I look back it makes sense to me. The goal in this game is to preserve your money and mental capital to trade another day while building your skill and finding your edge. I am consistently green the last 2 months and making 4- 5 R average a day.  Now I am increasing my risk to 10$ and planning to add another 5 $ risk every two weeks if I am green. My plan is to slowly transition to live next year, maybe in March. Also considering the option to trade 2 days live in a week and 3 days in SIM for a couple of months and see how it goes before completely go live trading.

    Merry Christmas and Happy New Year!

    It sounds like you are crushing it Angela!  I commend your patience and perseverance! I like the idea of "preserving your mental capital" as well as your financial - don't want to burn yourself out. Good luck for going live in the near future. Merry Christmas and Happy New Year to you too!

    • Like 1

  8. Posted

    59 minutes ago, Martin D said:

    In NZ actually, tangariro crossing on the north island.

    Yeah exactly and really focus on the other areas of trading outside specific strategy, risk management and psychology are essential for example. If you don't master those even if you're good at the strategy you'll still blow up your account.

    The Tongariro Crossing is spectacular, my wife and I did it several years ago.

    I have already read Andrews new book on trading psychology so think I am off to a good start with that. I start my next 3 weeks off work soon. Thinking of spending the first week focusing on learning the DAS platform, then the next 2 weeks focusing on learning and identifying different strategies, with practice trades focusing mainly on execution and risk management. Sound good?

  9. Posted

    4 hours ago, Angela Kuzeva said:

    I am 8th month in SIM. My advise is  study, start with the foundation section and give yourself time to learn DAS, just get super familiar with the platform. Watch risk management, position sizing webinars. Get some screen time and practice hot keys and execution. Meanwhile learn the strategies and patterns and try to see them on the chart and in real time. You can go trough Ayman's replays and practice them as he has the entry time and the strategy. It is very useful to study market structure to keep you on the right side of the trade. Don't limit yourself to one strategy, practice all and see which one suits your personality. Once you are familiar with the strategies start journaling your trades to find out which strategies, what time of the day, which type of stocks you are doing  better. Focus on these strategies  only and perfect them. Start building your playbook. My advise is to practice in SIM  during the real session as much as possible to recreate a real feeling for the market and make it as real as possible. Something super important is to practice in SIM every day with the size of the account you are planning to go live. 

    It's a journey and takes time to find your edge.  There is  lots of valuable information from the moderators in the room, education center is amazing, ton of valuable webinars, Thor's mentorship session are great.

    As to ORBs, focus on price action,  Level 2 and executing precise entries. You must be able to analyze a lot of data in a second,  and quickly take a decision to place a trade or no. You also have to look at your internet latency at the open. The open is violate  sometimes you don't get filled or you are filled at a very high price. In my opinion to make good money with ORBs, you need quite large account to put on size. And bigger size comes with experience and mental resilience. 

    Wish you success!

     

     

    Thank you for your advice Angela, what you are saying makes a lot of sense. Seems like I should work on getting a good overall base of skills and familiarity with many strategies before I can find my edge and specialize in that. How if your journey going? How close are you to going live?

  10. Posted

    9 hours ago, Martin D said:

    Welcome Matt,

    I'm in Australia so in a similar situation as the market opens at 1:30am at the moment so can only trade for the first hour or so on a consistent basis during the Australian summer.

    I think it depends on who you are, if you listen to the moderators they will tell you to find your edge or in other words what suits you. All the moderators trade differently and have different strategies because they all have different strengths. For example Andrew trades the open but Peter says it's not his strength despite wanting to do it better, they are both consistently profitable traders, you don't need to be able to trade every situation/strategy in every minute of the day to be an excellent trader. So while ORB will be difficult for some it's childs play to Andrew and a favoured strategy for many.

    It might be you like the idea of the open but it might not be your trading edge so try out different things before you settle on a style to try and nail down. We all have different characteristics and abilities in life, I'm in finance by trade, if I'd decided to be an artist, author, tradie or something like that I wouldn't have been very successful, I'm not good at it and was never good at it whereas numbers came relatively easy to me. If you're suited to later in the day then it's better to spend the 3 weeks trading strategies that your good at rather than all 6 weeks on stuff you're not. If you are more suited to the open then great it's suits your availability more.

    Personally I'm not very good outside the first 30 minutes, I've tried and I don't have the attention span to sit for hours waiting for a setup, I get bored and start taking bad trades to cure the boredom. The fast pace of the open suits me but for others it's chaos and they can't process the information and make decisions fast enough, luckily that works with the time I have available to spend in the market at the moment or I would've had to undertake a much slower process.

    In terms of strategy I didn't want to limit myself to one specific strategy so I focussed on time of day, for me that's the first 30 minutes and so my trade book is ORB (1&5 minute), Fallen Angel/Rising Devil and ABCD predominately. 

    I don't think there's one best approach for everyone but the advice I took while learning was to spend time overtrading in Sim, investigate and try out different strategies at different times of the day and find out what works for you, develop your edge and trade book, once developed treat the Sim as if it was live (while refining your trade book) and become consistently profitable in Sim before going live. 

    As others have said the education centre is an excellent place to find resources on strategies, trade books, risk management, psychology and all other different aspects of trading, it's a great place to start your journey by working your way through that. Spend time in the chat room listening to the pre market show and during the trading day even if you're not trading, the moderators will often give out nuggets of information about what they're looking at so it's great to just sit and look at what they're looking at to help your development.

    Hi Martin, I like your profile picture, where was that taken? I really appreciate you putting the time in to write this. The main takeaway i'm getting is that I shouldn't pigeon hole myself into doing things a specific way at this this early stage in my trading career, but rather take the time to experiment and see what what works for me first before I hone my skills. 

  11. Posted

    38 minutes ago, Alastair said:

    Since u asked directly.

    If it appeals to ur eyes and mind, YES learn it in SIM and master it b4 going live . Could take u 6 - 8 mths of daily screen time.

    With ORB u need to understand....

    1. Levels.....premarket and higher levels.....

    2. Tape reading....L2 and T & S.............

    3. Candle stick patterns .....read patterns on D, 60M, 15M, 5M, 1M.  If u can see a 10 sec or 15sec chart tht can be helpful to an advanced trader.

    4. Risk Management.....

    5.  Hotkeys........makes u faster and reduces the stress

     

    Hmm, it does appeal, but so far that's only from watching someone else do it! The list above is roughly what I had in my mind, although how many of those timeframes do you really need to watch to trade ORB? Wouldn't too many just complicate things and make quick decisions harder to make? I suggested to Mhileman above that maybe I could practice learning 2 strategies - ORB at the open, and then another such as ABCD: Anticipate being able to trade the ABCD sooner, but start learning ORB now to master it later.

  12. Posted

    41 minutes ago, mhileman said:

    Check out the below link:

    https://bearbulltraders.com/course/strategy/

    Go down to the below section:

    ABCD's and ORB's

     

    I have watched one of the videos on 1-min ORB, and it was very useful. In theory it seems straightforward, but of course I believe people when they say it's hard. Maybe I could start learning 2 strategies, I practice the ORB at market open and then maybe I practice ABCD after that?

  13. Posted

    35 minutes ago, Alastair said:

    LTM is the best option as u have done.  U get out wht u put in, I suggest the following :

    1. Ask questions in CHAT and FORUM.....over and over if u dont understand

    2. Search FORUM for ur topics of interest ..... I do it everyday and I have been trading for yrs.....learn something new or re-enforce something every time

    3. Learn ur trading platform inside out......

    4. Manage RISK.....this will save u for the long term

    Welcome and Good luck 

    Thanks for the advice Alastair, I will strive to do all of those things. Hey while I have you, I did post a question yesterday that remains un-answered, if you have any more advice to give I'd be grateful 🙂

     

  14. Posted

    On 11/29/2020 at 4:10 PM, Gary Rempel said:

    Hey Ktradestocks! I'm in a similar situation. I work every weekday, but am able to trade up to 10am Market Time. This means I trade mainly Pre-market, with a little extra (kind of like a cherry on the top ;)). I'm working on just learning and making small profits. For now I'm just trying to achieve 1%/day (once compounded, is extraordinary for the long term). I would love it if there was a chat group that focussed on those of us with a full time job, while learning to be profitable traders. Hey moderators, what do you think?

    I was wondering what strategies you are using to trade pre-market and is your watch list much different from most traders in the chatroom?

  15. Posted

    11 minutes ago, PeterD said:

    Matt, welcome to BBT! I certainly hope you find value here. When in the chatroom and the forums, don't ever hesitate to ask questions and get support. Everyone is great about helping out. We've all started with no knowledge and want to give back to help other. See you in the chatroom. 

    Thank you Peter! 

  16. Posted

    New trader here.

    I work 3 weeks on 3 weeks off. On days that I work I have only 15mins of time after market opens to trade. I have read that new traders should stick to a single strategy at first until they master it before moving on to something else, so because of my situation I thought that an ORB strategy would be good to start with, however I have also heard that ORB strategies can be more difficult than others.

    Another reason I like the idea of starting with an ORB strategy is that to me it seems like it would be easier to be more efficient for practice and simulation when I'm not working: I can practice with past days on the simulator and watch the pre-market YouTube videos for my watch list. Then spend about 15mins each watching and practicing on pairs of stocks. If I spend a few hours a day doing this it seems like it wouldn't take long to have many practice trades under my belt, more than I might for other strategies that require a lot more watching and waiting.

    What are your thoughts and recommendations on this?

  17. Posted

    Hi all,

    I'm Matt, originally from New Zealand, but now live in Montana USA. I enjoy doing things outside such as mountain biking, skiing and climbing. I currently have  job where I work 12hrs every day for 3 weeks and then I am off for 3 weeks. For a long time I have wondered about day trading, but never looked into it seriously until recently. Obviously I plan to use my time off to practice trading. I'm still pretty skeptical about the whole thing to be honest, the other new people are all saying "wow, this place is great Im so glad I found it" and I'm still wondering if paying for the membership was a good idea or not. Regardless I plan to work hard and be optimistic about it, and time will tell!

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