New member looking for Guidance & Trading Buddy

[Ritik2204 0]

Hello All,

Extremely new to trading, under 3 months. Just finishing up on the education center modules and looking for guidance towards setting up a simulator and other key insights along the way. Looking for a trading buddy as well in order to hold each other accountable and someone to discuss trading with because I am learning alone and no one to geek this stuff out with. I am passionate to learn this new and exciting skill, just looking for someone to guide me in order to save valuable time and efforts.

All comments/remarks are welcomed.

Discord Username: Ritik2204#4947

Thanks

Ritik Kapoor

[Martin D 29]

Hey, Welcome to the journey. 

In terms of simulator there's a couple of options:
1) go with who you are going to trade through once you're live, for example DAS. This allows you to get familiar with the technology as well as the trading, this would cost money ($165 a month I think)
2) BBT has a free one through trading terminal, this is useful if you want to save some cash in the meantime but will mean you have a certain technology learning curve when you switch over to whatever you're going to trade live with.

In terms of buddy maybe you can find someone who is exploring strategies as well but I think you will get the most use out of one if they are trading a similar style as you. I would personally explore the different styles you learned in the education center first and see which fits you best, once you have a style you want to pursue then you can find a buddy/buddy group who is doing something similar. For example there was a topic about a buddy group for the Camarilla system that Thor trades on here a week or two ago.

I've been around for a couple of years so I have at least some level of understanding of the different styles taught here so I'm happy to help with initial questions that come up..

Martin

[Ritik2204 0]

Hey Martin,

Thank you for your input and it is helpful. 

The main challenge I am currently facing is setting up my DAS. I am gonna explore more and see how can I set it up accordingly with a single monitor set-up.

Below is a rough set-up of my DAS, any pointers will be helpful.

Ritik

[Martin D 29]

Hi,

Yeah seems like you've got the standard stuff. This is my main trading screen which is a 1 minute, 2 minute, 5 minute and 60 minute. I then have another screen which is just 6 charts for stocks on my watchlist (if I want to trade it I then put it on my main screen). Then my laptop screen has my P&L and stuff on it but it's normally just covered up by the chatroom so I can see if somebody else is calling out something good to trade.

If you've not come across it yet, Kyle is the hotkey master. I think this is the main thread

 There should be a spreadsheet where you can get different hotkey ideas. For example Andrew trades as X amount of his account I think, others will trade fixed amount of shares e.g. 100 shares (which can be difficult to control risk), a lot here use fixed risk hotkeys which basically you click where you want to risk on the chart and it'll calculate how many shares you take based on risking $20 or whatever you set it as. Have a look through and test them first though.

[Ritik2204 0]

This is really helpful Martin.

Below I have attached a screenshot of my Hotkey window and it is really weird that I am unable to see the entire left portion of my hotkey window (Text has been cut somehow). I have tried to play around it, however it just doesn't seem to adjust. Any ideas?

I also referred to the below link, issue still remains.

https://dastrader.com/docs/how-do-i-solve-a-resolution-problem/

Thanks in advance

[Martin D 29]

Unless dragging the edges or the maximize button works then I have no idea, never had that issue with mine. 

[Ritik2204 0]

Fixed, it was a problem with the aspect ratio.

Thanks

[shirinsaeedi 1]

On 2/17/2023 at 2:30 PM, Ritik2204 said:

Hello All,

Extremely new to trading, under 3 months. Just finishing up on the education center modules and looking for guidance towards setting up a simulator and other key insights along the way. Looking for a trading buddy as well in order to hold each other accountable and someone to discuss trading with because I am learning alone and no one to geek this stuff out with. I am passionate to learn this new and exciting skill, just looking for someone to guide me in order to save valuable time and efforts.

All comments/remarks are welcomed.

Discord Username: Ritik2204#4947

Thanks

Ritik Kapoor

Hi Ritik,

This is Shirin. I am also very new to the group and day trading in general. I have not finished the educational materials yet. I would be happy to team up with you and go through the learning etc.

[Ritik2204 0]

On 4/19/2023 at 11:12 PM, shirinsaeedi said:

Hi Ritik,

This is Shirin. I am also very new to the group and day trading in general. I have not finished the educational materials yet. I would be happy to team up with you and go through the learning etc.

That sounds great, why don’t we add each other on discord.

I took a small break in between though, ready to start learning again!

[jorgedt85 2]

Hi there Ritik2204,

I'm also starting my journey, so all you said is exactly how I'm feeling....

I agree with Martin D with 'waisting' efford mastering other platforms different to the one we'll start trading real in some month ahead...

I've first read Andrew's book and after it, jumped to 'A complete guide to Volume Proce Analysis' (great book recomended by Thor).

I will first start practising ORB stategy, as it seem there is almost always high volume at market opnening. So the ORB1/5, the Fallen Angel and Rising Devil seem reasonable.

 

About DAS, I'm setting 3 charts (Dayly, 1 and 5 minutes), L2. T&S, Watchlist, orders and so on...

I prefer setting buttons than using hotkey (as I think there can be more possible errors with keys), so the first I've set are Long and short button, to risk a fixed amount of cash ($10, $20....) based on the Buying Power available. It places a Stop loss order and a profit target based on the R:R ratio stablished 1R, 2R and so on... I'll paste the code. Also, a 50% cover/sell and a 100% cover/sell

 

Here is the code for the first two buttons:

Long, 2R, $10:

CXL ALLSYMB;StopPrice=Price-0;DefShare=BP*0.925;Price=Ask-Price+0.00;SShare=10/Price;Share=DefShare-SShare;DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTL;Price= Ask+0.05;TIF=DAY+;BUY=Send;DefShare=200;Price=Ask-StopPrice*2+Ask;TriggerOrder=RT:STOP STOPTYPE:RANGE LowPrice:StopPrice HighPrice:Price ACT:SELL QTY:POS TIF:DAY+

Short 2R, $10:

CXL ALLSYMB;StopPrice=Price+0;DefShare=BP*0.925;Price=Price-Bid+0.00;SShare=10/Price;Share=DefShare-SShare;DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTL;Price=Bid-0.05;TIF=DAY+;SELL=Send;DefShare=200;Price=StopPrice-Bid*2;Price=Bid-Price;TriggerOrder=RT:STOP STOPTYPE:RANGE LowPrice:Price HighPrice:StopPrice ACT:BUY QTY:POS TIF:DAY+

Change the highlighted values to fix your risked cash ammount (SShare=10) the ammount of R's for the profit (StopPrice-Bid*2)

You must enable to double clic to set the price (or type it in).

 

Well... hope it can help you.

Lets make this happen!!!!! Take care!!

 

[Angela Kuzeva 23]

Go with the Simulator of the platform you are going to use. If it is DAS, start with DAS SIM, it is pretty good. 

Spend time to learn the platform and find out what layout is most comfortable for you. 

Don't clutter your charts with indicators and many lines as this leads to analysis paralysis. Keep it as simple as possible. You are going to learn Price Action. 

Next is to start learning a strategy and try to see it on the chart. The best is to be in front of the charts during market hours, DAS SIM works during market hours, replay mode works out of working hours. I recommend replay for later on, to replay your trades or work on improving entries etc. because you can download and trade only one stock in replay, while in SIM you can recreate the same environment as trading live. 

My suggestion is start with ABCD strategy, it is the simplest, easy to spot and happens all the time. ABCD is a pullback to moving average and it is a foundation for entries on many strategies.  Learn the criteria and rules for entry and try to spot the pattern and execute it.  

Take screenshots of all your executed trades in the TF you are watching.  1 min include at least 4-6 hours of the session before and after the entry, 5 min include the previous day and premarket, 15 min if you use include 3-4 days and daily, a month price action.  Make it a habit to take screenshots of your trades from the start, it will reward you later on. Your screenshots are the most valuable part of your learning curve.

Once you are done for the day, review your trades with the strategy check list (create one) Did you follow the criteria and rules? What you see and can do better next day?  If you do this from the beginning, it will accelerate your learning. Trade the same strategy for at least a month and hold yourself accountable for following the rules.  Then you can try another strategy.

I don't recommend ORBS at the beginning as you must have really good understanding of price action and daily chart to successfully trade ORBS. You can try them later once you are good at ABCD, 5 min or 15 min ORBs Trading the open takes years to master as this is a price discovery at the open, you will not be able to tell where the price will go being new to trading. 

Some suggestions - don't jump from strategy to strategy. Learn one, trade it and move to another. It takes time but you will find out what suits your personality. Some of us are more analytical and prefer to trade 15 min after the open and there is more information on the chart, some myself included need to have a strategy with strict rules to take a trade. You will find what works for you. I see many new traders spending valuable time to learn T&S and L2 at the beginning. I have done that, but the truth is you don't take a trade based on T&S and L2, you must learn the price action to understand Level 2 and T&S and volume. 

My point is having a plan and learning step by step, not trying to learn everything at once because everyone talks about this or another indicator in the room. Your first goal is price action which you learn through a specific strategy. Price action is the king - volume and L2 comes later on, in the picture when you have a decent understanding of the price action, and you look at them only at levels not all the time. T&S is more important than L2 as these are the real orders.  

Avoid discretionary strategies at the beginning, they are difficult to learn because you lack understanding of the market at this stage, choose strategies with strict rules at the beginning. When you get experience, you will be able to develop your style and adapt the strategy to suit your style. 

[shirinsaeedi 1]

10 hours ago, Ritik2204 said:

That sounds great, why don’t we add each other on discord.

I took a small break in between though, ready to start learning again!

Sounds good to me.

Shirin

#0222

[Ritik2204 0]

@shirinsaeedi@Angela Kuzeva @jorgedt85

Everything sounds amazing!
I really appreciate everyone's comment and honestly it helps me keep on track since I burnt myself out last month and had to take a break and now I got lazy to get back at it again.
So thanks again!

[Angela Kuzeva 23]

Happy to share my experience. I tried to learn everything at once. It didn't work well. Overwhelmed myself and felt disappointed because couldn't see progress. 

Learning to trade takes time. Set the right expectations from the start. Don't expect to start making money in the first year. It happens for very few and if market is directional, but this is unlikely. 

Set goals every week and hold yourself accountable. Track them, this is the only way to see your progress at the beginning. You goal is to learn price action through a strategy and hold yourself accountable to follow the rules of the strategy. These are process goals and feed into the major goal - learning price action.  Holding yourself accountable to follow your strategy rules is part of the trading process you will follow always even when you make big bucks. Be on the right side from the beginning and build the right habits to set yourself for success. Many of us struggle with discipline and patience when we go live, and some lose money and then have aha moment that all boils down to follow the rules of the strategy and entry criteria and avoid any other trades that don't fit in them. This is the only way to build consistency. 

Write down your observations during the session and review them regularly, slowly, slowly the picture will start becoming clearer.

I don't want to demotivate you, but this really takes years and lots of dedication and perseverance, if you badly want to become consistent and profitable trader, you'll stay the course. Market changes and you must go through different market cycles, and the learning never stops. 

[shirinsaeedi 1]

5 hours ago, Angela Kuzeva said:

Happy to share my experience. I tried to learn everything at once. It didn't work well. Overwhelmed myself and felt disappointed because couldn't see progress. 

Learning to trade takes time. Set the right expectations from the start. Don't expect to start making money in the first year. It happens for very few and if market is directional, but this is unlikely. 

Set goals every week and hold yourself accountable. Track them, this is the only way to see your progress at the beginning. You goal is to learn price action through a strategy and hold yourself accountable to follow the rules of the strategy. These are process goals and feed into the major goal - learning price action.  Holding yourself accountable to follow your strategy rules is part of the trading process you will follow always even when you make big bucks. Be on the right side from the beginning and build the right habits to set yourself for success. Many of us struggle with discipline and patience when we go live, and some lose money and then have aha moment that all boils down to follow the rules of the strategy and entry criteria and avoid any other trades that don't fit in them. This is the only way to build consistency. 

Write down your observations during the session and review them regularly, slowly, slowly the picture will start becoming clearer.

I don't want to demotivate you, but this really takes years and lots of dedication and perseverance, if you badly want to become consistent and profitable trader, you'll stay the course. Market changes and you must go through different market cycles, and the learning never stops. 

Hi Angela,

Thanks for sharing your experience here. Did you do a lot of readings before you jump on the simulator when you started?