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SIUYA
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Everything posted by SIUYA
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are you a zombie?:haha:
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New Years Trading Resolutions...What's Yours?
SIUYA replied to MadMarketScientist's topic in General Trading
continue to automate a few things more..... a slow but steady process that way I can avoid a lot of the issues of the past, and it allows me to cover more instruments, also avoiding some of the issues of the past. -
I have done some work on this, thought about it long and hard and come to the one conclusion that makes sense for me. Consistency. what ever you do, this is vital. If you wish to run a "' jobbing account"", and a separate "" let them ride"" account, then have different plans for both and don't mix them up. Sometimes it will work, other times it won't - where many get into trouble OR have constant nagging issues that there is a better way, is when they mix the two. Also if you cant do both, then pick the one that suits you. Often when trying to capture the best in both worlds results in getting the worst of them.
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ditto to what Coogee says. Plus I would add that stocks often have a lot more interesting things happening in them; eg; corporate actions, market and sector drivers. Plus to a certain extent - even though i am not a fundamentals person. Yuo can to a certain extent put a reasonable idea of value on a stock with a limited number of shares available. when it comes to most futures, value seems to go out the window for a very long time..... good if you are a trend trader. Have a great NY
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you may be100% sure you will win, but the market will make 100% sure that you will loose over the long run. If you want a good source of money management ideas. Try www. breakoutfutures .com There is plenty of info already here on TL also answering your question
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dont get too caught up in terminology....as its always different, for different markets, different players and different focuses. In most markets, when they are in a downtrend its often said that its a" buyers market" meaning that buyers are getting the best deals. Hence your confusion. When the buyers are in control in many futures/equities markets, it just means its trending up, and that the buyers will support the dips. The prices will rise and the sellers either shorted and are hurting, or have sold too early. The sellers dont have control as they are the losers (for want of a better word) in this scenario.
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Which Trading Platform is Better..I Need Play Money to Trade
SIUYA replied to demeanor's topic in Beginners Forum
from memory Oanda used to -
SST Money Management Warning & Backtesting
SIUYA replied to bharding22's topic in Ultimate Trade Analyzer
There are a lot of systems that focus only on % winners etc......all well and good when trading only one instrument This is very very different from looking at things from the point of view of a portfolio. Ten different trades may in fact be the same trade from a risk point of view. You need to take the thought process to the next level, and a lot of systems/ideas/seminars dont do that. -
thats why a "plan" for reentering a trade can be important. Rather than curse and moan and swear, adjust the plan to take into consideration maybe a stop and reverse, or a dont take the first trade or only take reversing trades etc; etc Remember the market is not out to get you, it does not care who you are or where your stop is.
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Look up a history of the Hunt brothers and the silver market
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Personally I try never to double down (the times I have have always been costly if not from the monetary points - from a developing bad habits point of view) What is interesting is that it is always soooooo easy to double down on the loosers but sooooo hard to buy more when you are winning...... and I think this is the crucial element for me. The offset for the idea -- "This brings down the average cost and allows you to get out of a losing trade at a profit" - is that it also ensures that if you are wrong your loss will much larger than planned....this to me does the damage, and creates bad habits. If you are looking to enter in 1/3rds then you should be looking to do that for the winners as well, otherwise go all in. In this case you need to ensure the expected return is going to be sufficient to keep entering on winners. This is what most cant do as the need to take a profit is too strong. Think about it in terms of trying to beat VWAP while building a position- if that becomes part of the plan then it makes it easier to get the head around, as you should look at average prices of entry as suggested when doubling down, so why not look at them when doubling up to have you maximum position size on ALREADY with a profit. (generally not so relevant to strict day traders I guess)
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agree blowfish. I have always said to others I believe that markets can drift up or down based not on more buyers or sellers (or agressive ones) but on the lack of them. Often I ask myself "do I need to be there"do I need to buy/sell. if the answer is no - whats to say others are not doing the same thing. Markets can certainly go up on the lack of real sellers.
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absolutely. Hence, it goes from being theoretical to being an actual recorded trade. tracking this might be of value for all those folks who track the sub second bids and offers but thats a different ball game in my book. I always used to laugh at the folks who would say, but the buyers were there just a second ago, what happened to them! Do they stop being buyers? were they propping the market? did they get filled?
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maybe not but it sure can help ease the pain of a bad day.
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I agree with Kiwi. For me time is not really a consideration, except maybe to say I have found better trades with which to deploy my resources and hence I will cut the trades that are just sitting still. The only real thing I worry about with time is in relation to - when I trade something and I anticipate it will do something, I usually wish it to do it asap. If not I might get worried. Now this only applies to the short term trades. The longer term trades, or those trades based on a different persepctive, may require a little more leeway. One thing I have recently stopped looking at is 5min, 10 min charts. I just follow range bars for short term, and daily for swing trading. So far it does not make a difference to me.
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I guess the important thing to remember here is that ALL the bids and offers that are shown in the market are in fact hypothetical. (Yes they are live, but they are indications of price and volume) The relevant thing to watch is the actual trades. The actual commitment of money. How often have people seen what looks to be lots of sellers suddenly disappear. Everything always has a bid ask spread -( everything! ) But whether it trades there is a different matter.
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if knowledge is power you need to provide more info as to where you are domiciled before asking tax questions.
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A good plan should be a living document, and being flexible within the plan can be a part of it. However I feel a good plan for trading should start with a basic philosophy of the market how it works and how you can profit from it, and if it starts to deviate too much from the philosophy you know you either have a poor plan or philosophy
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thanks fugu-master. I currently use IB for stocks - its fine, except that you cannot give up trades to them (its possible but they dont want to unless you have a lot of money with them), and they also have not introduced shorting yet. (CFDs yes - but these are crap IMHO). The shorting ability is coming in the new year according to sources. Currently I am investigating other alternatives as well. My real question was regards the IB data for stocks in a similar fashion of joining it with other data and using it in SC..... but as you use tradestation and open source data - I guess the answer is nope. Thanks anyway. (wish list for Christmas - a broker that offers all of the below - leverage, access to multiple markets and instruments, good FX, good charting, auto trading abilities, accurate data, give up facilities, reliable and plentiful stock shorting capabilities, accurate accounts, segregated accounts, competitive fees and rates.) Many are almost there, but not quite.
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Honestly - while I dont know much about it. whats he going to sue him for? He gave the guy money to trade, the guy lost it. Unless the guy has caused fraud, or misrepresnted himself, how did he know he lost it in Fx. Also did the UK trader say he was licensed. the FSA might have some sort of recourse. Otherwise your friend in India should have done some due diligence.
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I wrote a silly little formula for myself the other day, your quote related to it. Anticipation + participation + pyramiding = profits.
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Kiwi - I took some of your earlier advice elsewhere and loaded up sierra chart. Loving it!! Hooked up to some FX data and IB and currently testing a semi automated FX system. So thanks for that advice. To be honest I have not tried ASX data and IB into SC yet as I am working on the FX side so far which seems fine, and my daily stock data comes from Esignal fed back into IB. (The only difference is that FX will be range bar and hourly traded, whilst IB will be daily swing traded.) When it comes to ASX stock data, do you use IB and SC together as well, or is the daily data from IB not great for stocks (especially with splits, bonus issues, dividends etc) (slightly off topic but also topical for ASX day trading thread) thanks.
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isn't this why you should have a trading plan. Then you should not have fear of uncertainty, you know what to do depending on different scenarios....Unless of course you dont really have faith in the plan. Get used to uncertainty. (somewhere else someone showed me this as an interesting read - http://www.eminipalyer.com/2009/06/learning-to-be-successful-trader.html In reality I have no idea of anything thats going to happen each day....but if its cloudy and forecast to rain, I plan to take my umbrella. If it does not rain I dont kick myself for having it with me. When it comes to fear in everyday life, again plan not to walk down dark alleys, cross the road in front of busses, if the banks all go under grab the ammo and head for the hills and accept that most days will be much the same as the last. (Otherwise all good reading.)
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Sounds like you have a particular skill(pennies and pink sheets) and that skill is different to to that required for stock picking. Much like you would not expect a dentist to necessarily be good at doing your legal work for you. Maybe its not mental in this case.
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Google - buy and read, and then realise nothing really changes. ""where are all the customers yachts"" Any student of the markets, conspiracy theorists and anyone wanting to work on Wall street in all its guises, should do some economic history study - and not in the traditional sense. Then accept that that is how the system works. This is not a judgement on the rights of wrongs - but if its an eye opener for those who say - how can they let this happen. Then read history and learn - it always happens, and it does not take a genius to understand it will happen again in some form.