Comments on: Tools of the ‘Trade’ — How I Work http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/ Stock market commentary & trading ideas. Stock market weblog (blog), swing trading, day trading, stock picks, technical analysis, stock charts, stocks. Tue, 07 Oct 2008 14:02:35 +0000 http://wordpress.org/?v=2.6.2 By: LP http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-3264 LP Sat, 09 Sep 2006 19:17:45 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-3264 I saw a presentation of the advancedGet scanner and it seemed pretty nice but $3K is way too much for software. Seemed more useful for Swing or Position trading. However, a friend of mine uses the esgignal Market Scanner and he is able to pull off at least 1 stock every day with very good potential. Usually comes up with 4 - 8 good candidates. But I plan on trying both out soon. You also seem to be doing well with Trade-Ideas so just stick with the KISS rule. I wonder what MaoXian though of RealTicks? I saw a presentation of the advancedGet scanner and it seemed pretty nice but $3K is way too much for software. Seemed more useful for Swing or Position trading.

However, a friend of mine uses the esgignal Market Scanner and he is able to pull off at least 1 stock every day with very good potential. Usually comes up with 4 - 8 good candidates. But I plan on trying both out soon. You also seem to be doing well with Trade-Ideas so just stick with the KISS rule.

I wonder what MaoXian though of RealTicks?

]]> By: boots http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-3167 boots Wed, 06 Sep 2006 14:41:41 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-3167 TradeStation has added server stops. I do not do exactly as you do but the process is very similiar. It is great to have all the grunt work automated. I don't have to figure position sizing, enter orders, move stops and the scanning is all done in the radar screen and so when one alarms you just click on the symbol and all the charts you have tied to it switch over to that stock. Makes things much easier and allows you to concentrate on the big picture (or if you want, take a break and not concentrate...hehe). Be glad to help with any questions you might have about it. boots TradeStation has added server stops. I do not do exactly as you do but the process is very similiar. It is great to have all the grunt work automated. I don’t have to figure position sizing, enter orders, move stops and the scanning is all done in the radar screen and so when one alarms you just click on the symbol and all the charts you have tied to it switch over to that stock. Makes things much easier and allows you to concentrate on the big picture (or if you want, take a break and not concentrate…hehe).

Be glad to help with any questions you might have about it.

boots

]]> By: Michael http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-3161 Michael Wed, 06 Sep 2006 10:22:14 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-3161 Boots, I've never taken a good look at TradeStation. I considered switching brokers a few months back but the lack of server-held stops is a deal breaker for me. TradeStation does sound impressive though. Maybe I'll take another look. Boots,

I’ve never taken a good look at TradeStation. I considered switching brokers a few months back but the lack of server-held stops is a deal breaker for me. TradeStation does sound impressive though. Maybe I’ll take another look.

]]> By: Michael http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-3160 Michael Wed, 06 Sep 2006 10:17:19 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-3160 LP, there are just 2 scanners. As you can see they do very different things. If I had to choose 1, I'd just use Trade-Ideas. I've never tried either of the scanners that you mentioned. Until I started day trading last year I'd never looked into real-time scanners. Once I did start day trading I just used what was built in to CyberTrader until I discovered Trade-Ideas and add it to the toolbox. Do you use eSignal Market or Advanced Get? LP, there are just 2 scanners. As you can see they do very different things. If I had to choose 1, I’d just use Trade-Ideas.

I’ve never tried either of the scanners that you mentioned. Until I started day trading last year I’d never looked into real-time scanners. Once I did start day trading I just used what was built in to CyberTrader until I discovered Trade-Ideas and add it to the toolbox. Do you use eSignal Market or Advanced Get?

]]> By: LP http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-3156 LP Wed, 06 Sep 2006 01:46:08 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-3156 Great stuff. Why all the different types of scanners? What scanner do you find to be the most powerful? And finally how come you don't use the eSignal Market or AvancedGet Scanner? Great blog, thanks for teaching all of us a little something Great stuff. Why all the different types of scanners? What scanner do you find to be the most powerful? And finally how come you don’t use the eSignal Market or AvancedGet Scanner?

Great blog, thanks for teaching all of us a little something

]]> By: boots http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-3155 boots Wed, 06 Sep 2006 00:10:28 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-3155 Have you ever looked at TradeStation. I read all you are doing and a great deal of it could easily be automated in TradeStation. The position sizing, the indicators, the alarms, the market scanning. I do something similair to you when an alarm goes off. The difference is a box comes up and tells me the trade, I look to see if I still like the trade based on the current market (as you said you do) but then all I have to do is hit a single button. The trade has already been sized for me based on the current chart and is now entered automatically. I can then have the stop automated atleast to the point that I can leave for short periods and know thatl a basic stop folowing function is being handled. You might want to take a look Have you ever looked at TradeStation. I read all you are doing and a great deal of it could easily be automated in TradeStation. The position sizing, the indicators, the alarms, the market scanning.

I do something similair to you when an alarm goes off. The difference is a box comes up and tells me the trade, I look to see if I still like the trade based on the current market (as you said you do) but then all I have to do is hit a single button. The trade has already been sized for me based on the current chart and is now entered automatically. I can then have the stop automated atleast to the point that I can leave for short periods and know thatl a basic stop folowing function is being handled.

You might want to take a look

]]> By: Michael http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-2945 Michael Mon, 07 Aug 2006 21:30:26 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-2945 Vince, Yes, I still use 5 and 10 period EMAs. Actually, it's not difficult at all. The wait is usually only about 15 minutes longer than if I was using 15 minutes candles. Sometimes the entries are exactly the same. No, I'm not familiar with Stotlemeyer. I can't think of any books off the top of my head Vince,

Yes, I still use 5 and 10 period EMAs. Actually, it’s not difficult at all. The wait is usually only about 15 minutes longer than if I was using 15 minutes candles. Sometimes the entries are exactly the same.

No, I’m not familiar with Stotlemeyer.

I can’t think of any books off the top of my head

]]> By: Vince http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-2943 Vince Mon, 07 Aug 2006 13:55:27 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-2943 Thx for responding - getting back to your change to the 30 min charts - do you still use the same parameters ie the 5 and 10 moving averages for trend identification - it must be hard to now sit there and wait twice as long for a trade to develop. I also trade 30 min but tend to watch the 15 min for early alerts. I don't know if you are familiar with Stotlemeyer's market profile - it is more popular in the bond futures - it also is broken into 30 minute periods and he calls the first and second 30 minute periods the intial balance of the day, that the action after this period is suppose to be the time to trade ie when the mkts finally settle in and get serious about what it wants to do. Do you know how the other traders came up with the 30 minute breakdown or are there books out there on openrange trading? thx Thx for responding - getting back to your change to the 30 min charts - do you still use the same parameters ie the 5 and 10 moving averages for trend identification - it must be hard to now sit there and wait twice as long for a trade to develop.
I also trade 30 min but tend to watch the 15 min for early alerts. I don’t know if you are familiar with Stotlemeyer’s market profile - it is more popular in the bond futures - it also is broken into 30 minute periods and he calls the first and second 30 minute periods the intial balance of the day, that the action after this period is suppose to be the time to trade ie when the mkts finally settle in and get serious about what it wants to do. Do you know how the other traders came up with the 30 minute breakdown or are there books out there on openrange trading? thx

]]> By: Michael http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-2942 Michael Mon, 07 Aug 2006 12:44:23 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-2942 Did I tell you that? It just so happened that I didn't see anything I wanted to trade on Thursday b/c of the way action unfolded that day. I don't skip the day before jobs data as a rule. As for Fed days, I can't stand them b/c they typically just drift until the decision, then they go haywire. So I choose to skip them. I'll often take the day before off just to give myself a long weekend. I can't say for sure if there's a typical action for pre-Fed days but I think they are pretty subdued. Although once in a while you'll get a big move as people try to anticipate what the Fed's gonna do. Fed decision days and expiration days are the only days that I take off as a rule. Did I tell you that? It just so happened that I didn’t see anything I wanted to trade on Thursday b/c of the way action unfolded that day. I don’t skip the day before jobs data as a rule.

As for Fed days, I can’t stand them b/c they typically just drift until the decision, then they go haywire. So I choose to skip them. I’ll often take the day before off just to give myself a long weekend. I can’t say for sure if there’s a typical action for pre-Fed days but I think they are pretty subdued. Although once in a while you’ll get a big move as people try to anticipate what the Fed’s gonna do.

Fed decision days and expiration days are the only days that I take off as a rule.

]]> By: Vince http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/#comment-2941 Vince Mon, 07 Aug 2006 12:30:41 +0000 http://www.tradermike.net/2006/06/tools_of_the_trade_--_how_i_work/#comment-2941 Michael: You told me that you didn't trade on Thursday before the employment data and now you are taking today and Tuesday off - I know one of your rules is to trade big movers with good volume - do you purposely lay off the days before important announcements due to the probability that they tend to be quite type days and therefore possible losing or fake out days. thx Vince Michael:
You told me that you didn’t trade on Thursday before the employment data and now you are taking today and Tuesday off - I know one of your rules is to trade big movers with good volume - do you purposely lay off the days before important announcements due to the probability that they tend to be quite type days and therefore possible losing or fake out days.
thx
Vince

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