Thanks for the info, but what does it mean hit the ask and hit the bid mean? and what does stacking mean? is it when for an example if there is a lot of byers on the bid, the bid stacks up (the green color wich shows the highest price gets bigger) or do you see "stacking effect" on the time & sales section?
"Hitting" is simply where the order is placed. If you want to buy right now and not try to do so on the bid, you "hit" the ask buy paying the price on the ask. If you want to sell right now and not wait for a buyer to "hit" the ask, you sell at the price on the bid, "hitting" it. "Stacking" is when the shares are piling up at a given price on either side. It's usually indicative of which side is stronger at the moment but can change VERY rapidly with just one or a few sales and the tide turns.
Also, here are Tim Grittani's videos on lvl2: http://tradetheticker.blogspot.com/p/level-2-videos.html
Thanks for the support i realy appreciate it
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A lot of Silver video lessons on the topic as well. Just Watching a pump crash or a successfull dip buy with level 2 action is awesome. It's like a serious tug of war between buyers and sellers and new people are joining the tug of war all the time and BIG buyers and sellers are like bodybuilders joining the tug of war
so when you see Big ol Arnold Schwarsawhatever join the other side you get scared. I better stop there but you'll get it in Time.
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Many, many others will have gone down the same route learning similar amounts. GOOD LUCK in 2017 glad you're on the right track.
Thank you for your transparency. Also, I appreciate the details you log in your trades. Good stuff. Best of luck to you!
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@MetalHat No restrictions on INNL at suretrader currently 6 :1 Goodluck
I can picture "Johnny 5" from the movie "Short Circuit" reading books at 100mph!
That's a solid idea!
Great idea!
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Best thing I learned was to sell half my position when it has claimed an equal amount to what my risk was. Then I set my stop to the buy price so at worst I have made $ on the first half and broken even on the second. Then, with no way to LOSE money anymore, I let the chart guide me and only get out when it tells me. Took all the nasty emotional/nervously trading away for me. It has been the #1 reason I've been green the past few days, albeit small gains.
So, for example, if I am in at 2.02 and my risk was 1.92, when it (hopefuly) hits 2.12, I sell half and set my stop to 2.02. Then I can't lose and feel relaxed to let the chart speak to me on the second half of the position.
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You can use 9 EMA on the 1 minute chart. Once it breaks the 9 EMA on the 1 minute chart it means the trend has changed get out.
I fight with this too! Funny thing is I know what to do, just haven't been able to mentally force myself to listen yet... If your size is big enough, as soon as the stock rises to a price equal to the original distance to your risk stop, sell half position to lock in profits. Then set your stop to the original buy price so you are guaranteed to have made a profit. Now, let the second half of the position ride until it either breaks the 9EMA like @koolboy160 said OR the first 5min candle to make
a new low after your original 1st half sell price OR it falls back to the original entry price and you stop out. This way you guarantee some profit and are mentally free to let the second half ride until actually stopped out for valid technical reasons.
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It's truly a good feeling making profits, Congratulations on your first trades keep doing what your doing Dee! It's fascinating to learn from Tim apply then make that money I LOVE it
Thanks everyone!!! XOXOXO
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Got a email from them suppose to be 6.95 commission. There's another rate for those who do the 30 trades a quarter different rates for them as well.
That's what I' talking about
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@DeeSniper What DVDs are you currently watching/have watched?
Taking advantage of your time is great. But be careful of overdoing it. The line is thin between good use of time and burning out. I've read a bit on human learning and while everyone is different, your brain needs time to absorb ideas/concepts. If too many ideas are forced in there at once, it can't make the connections before the new one flush them out (paraphrased obviously). Keep up the dedication Dee, hard work and a good attitude will get us all far!
@chrisheppner DVD'S: "How to Make Millions" Tim Sykes. I should finish it up this weekend, God willing. I hope to get all his DVD's eventually.
@MetalHat Thank you! Yes usually by Friday I feel chewed up and spit out so I tend to keep it light that day. I have been very strict on myself about getting enough sleep. I think that helps. I used to train horses and dogs for a living and rest was very important to how well they learned. Whenever I feel my brain is rejecting info, I take a break from learning.
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Great video - Can you give any advice on locating good stocks to trade to someone that right now can't afford a high monthly subscription to a service such as STT?
Finviz.com is very good. Even Yahoo finance. I also use the scanners that come with my trading platform at Sure Trader and Interactive Brokers
Thanks Bob
Thanks Bob
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Going to order this one to read next. Finishing up "Chart your way to profits" right now. It's a decent book on chart analysis. I'd like to have "Trading in the zone" on my shelf and ready to pick up as soon as I am finished with the other one.
@MetalHat There's an audio book on youtube for it. It's like 8 hours long but it's really good.
@huperauxano these trades are just paper trades
Just started the audible for that book today. Blown away by how much I can relate already just in chapter 1 and 2
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great idea. Is this in TOS? I have most of it configured for a scan but I am having trouble with the "today's close less than yesterdays close" part. My scripting sucks, lol.
I have it on stockcharts.com so I can just run it every night for the next day. Not sure it can be done in TOS
@StoxxRock OK, thank you.
That is interesting. I am new, but could you now go back and research why they spiked? If the reasons are something related to other than "good fundamentals", then will it make a good short?
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I don't even know yet if the PDT will matter for me as I'm wet behind the ears. I just wanted to avoid it in case I want to do more trades. I almost went with SureTrader but they have a lot of extra fees and I wanted to know what to expect so I could keep the account funded. If TDA isn't booting cash accounts out for PDT, that's cool. I guess experience tells the tale and I'll learn soon enough and go from there. Very interesting discussion. Thanks ya'll.
@MetalHat The only bad things I've read about SureTrader is: poor customer service; x-tra fees & platform fees; and hard to get money out. But I recently read they are increasing service reps to 300 and now have a debit card to make pulling funds easier. Looks like the legal issues are behind them now.
TDA at one point in the early 2000's was spanked for allowing cash accounts to freeride on day trades before account settled (T+3) which was in effect providing leverage to non-margin accounts. Best I could tell from reading the case they were not spanked for allowing too many day trades in cash accounts but for going against the T+3 rule. I think Scott Trade got spanked for the same.
Yes, customer service is lacking compared to TD for sure. The reps are nice and very helpful, but wait times can be 5-10 minutes to get one. I still use and love thinkorswim and just trade with thier level 1 software which is $49 or you can use the web for trading which is free. Much faster and easier with the level 1 software though. Order fills are very good.I guess it can be summed up by saying it's not perfect but more than adequate to avoid PDT.
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From looking at the 1 year chart you should get a good morning panic. Plus it's the first red day with volume decreasing.
Like we said, you banked! Congrats on your profitable mistake!
Good job, always study the past!
Thanks guys - I just got to the part in the Pennystocking Part Deux where Tim is talking about 1st red days. So nice to actually live the trade idea while learning about it.
No, it's on my list when I have more money.
I have it, looking for a way to switch with someone who have HTMM
Oh, well my HTMM is streaming not a disk so no way I can help. Honestly though, HTMM is WELL worth the $$ if you can. It's very good.
OK, tnx, no problem !
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