Stock Market

steveny · 7 January 2004

What did you do we are at 1124

Psycnosis · 7 January 2004

I got short 1123.75 stop @ cost again, I HATE stair stepping days because I get stopped out a lot. I got short on the 1121 deal but put stop @ cost quick because I was not sure because RSI was good but the BB sucked.

steveny said:
What did you do we are at 1124

Psycnosis · 7 January 2004

Okay pull up a 2min chart with BB set to 20/200 and see that middle line? THAT is what I need to take out. then I feel good. So far it has been holding well today

Psycnosis · 7 January 2004

Buy order in @ 1118.75 for +5 on the day.

Psycnosis · 7 January 2004

4 trades today 3 stop @ cost and 1 +5. Long day today.

+4500ish on the day after comms. The key to today was tight stops and take the 5 and run.

Psycnosis · 7 January 2004

I am done, but watch the 1119 for a long maybe.

Psycnosis · 7 January 2004

Hope someone got that 1119 long but what do I know. Who needs 10k for a day lol. Hope everyone traded smart today. I will post some more later this week. Problem is when I post I ALWAYS stick with the trade and don't cut the losers as fast but I am getting better. Best of luck to everyone!

lemansnsx · 7 January 2004

wish I understood what the heck you guys are talking about

dgp · 8 January 2004

that was a 20 size on the +5, right? Pretty good, how often do you have days like these?

Psycnosis · 8 January 2004

My goal is 3-5 a day, so 3-5k a day and yes I play 20's always and I get 3-5 almost everyday I would say maybe 1-2 times a month I have losing days but most of the time I get my 3-5 a day.

dgp said:
that was a 20 size on the +5, right? Pretty good, how often do you have days like these?

Psycnosis · 8 January 2004

S&P 500 futures, the e-mini. goto finance.lycos.com and then goto live charts, type in esh04,2 and hit enter. This is a 2min chart of the S&P500, now you can see what I am talking about

lemansnsx said:
wish I understood what the heck you guys are talking about

Psycnosis · 8 January 2004

If anyone got that 1119ish long congrats

That was the play of the day but did not jive with the way I play, I though it would hold though and did.

lemansnsx · 8 January 2004

Psycnosis said:
S&P 500 futures, the e-mini. goto finance.lycos.com and then goto live charts, type in esh04,2 and hit enter. This is a 2min chart of the S&P500, now you can see what I am talking about

Thanks for that but I might as well be looking at plots of the bottom of the ocean for all that I can make out of it - and I would have considered myself fairly educated about the stock market until you guys started this thread.

Psycnosis · 8 January 2004

What do you want to know? Just ask, I used to spend 16-18 hours a day working on this stuff for about 2-3 years. Before that I did not know what the dow was, and I never even knew the market was doing good although I did wonder why there were more and more 3 series BMW's and boxster's lolrof.

lemansnsx said:
Thanks for that but I might as well be looking at plots of the bottom of the ocean for all that I can make out of it - and I would have considered myself fairly educated about the stock market until you guys started this thread.

Psycnosis · 8 January 2004

Also this stuff is not too hard, I showed my wife what I do in about 10min just in case I kick the bucket and she needs to trade but I don't think she will ever have too. 1st think is 1st. find a TIME you like to trade, I do the 2min charts, some people HATE a time that quick but I love it. I know if I am right in about 3-5min and for me in a trade = stress. If you would like some info on some good books let me know, I have read over 50 of them and about 3-4 are good the rest = crap.

lemansnsx · 8 January 2004

Psycnosis said:
Also this stuff is not too hard, I showed my wife what I do in about 10min just in case I kick the bucket and she needs to trade but I don't think she will ever have too. 1st think is 1st. find a TIME you like to trade, I do the 2min charts, some people HATE a time that quick but I love it. I know if I am right in about 3-5min and for me in a trade = stress. If you would like some info on some good books let me know, I have read over 50 of them and about 3-4 are good the rest = crap.

Thanks. I just bought a couple of the books that were mentioned earlier in this thread (the ones on chaos) but haven't had time to delve into them yet. Are there any others you care to recommend as basic primers?

O-Ace · 8 January 2004

lemansnsx said:
Thanks. I just bought a couple of the books that were mentioned earlier in this thread (the ones on chaos) but haven't had time to delve into them yet. Are there any others you care to recommend as basic primers?

Which books did you get so far? Get "Trading In The Zone" by Mark Douglas. I would suggest you learn the basics of the markets, and then study the psychological aspects of Trading. After that, focus on the technicals (price charts, patterns, etc). You can be very good at technical analysis, but you must have the Psychology part down to succeed as a Trader.

-Awais

Psycnosis · 9 January 2004

You doing well or about the same? I love these tight ranges very little risk and easy to get 3-5 a day.

O-Ace said:
Which books did you get so far? Get "Trading In The Zone" by Mark Douglas. I would suggest you learn the basics of the markets, and then study the psychological aspects of Trading. After that, focus on the technicals (price charts, patterns, etc). You can be very good at technical analysis, but you must have the Psychology part down to succeed as a Trader.

-Awais

O-Ace · 9 January 2004

Psycnosis said:
You doing well or about the same? I love these tight ranges very little risk and easy to get 3-5 a day.

I was on vacation for the past 3 weeks. Just got back last night. Didn't play the morning since I was too tired to wake up. Only 2 pts today over lunch. Doing OK I guess but still learning

-Awais

KGP · 9 January 2004

Psycnosis said:
I do the 2min charts, some people HATE a time that quick but I love it. I know if I am right in about 3-5min and for me in a trade = stress. If you would like some info on some good books let me know, I have read over 50 of them and about 3-4 are good the rest = crap.

Oooo, I hven't been back to check this thread for a while, and see Psycnosis is trading it what I would envision my ideal model. What 3-4 books do you reccomend? What DAT software do you use?

steveny · 9 January 2004

Anyone see the spread on imcl today. 3x the money on the jan 40 calls. .45-1.60. I sold ten at 2.95 a few days back. Come on 12/16...and under 40 please.

Psycnosis · 9 January 2004

DAT software? Some good book *I* like are John murphy and John Bollinger, his Bollinger bands book. I also like Bill Williams 2 books. That's about it. No need to spend 5k on books like I did.

KGP said:
Oooo, I hven't been back to check this thread for a while, and see Psycnosis is trading it what I would envision my ideal model. What 3-4 books do you reccomend? What DAT software do you use?

KGP · 9 January 2004

Psycnosis said:
DAT software?

Direct access trading software. i.e., RealTick.

O-Ace · 9 January 2004

KGP said:
Direct access trading software. i.e., RealTick.

From what I recall, Psycnosis uses Interactive Brokers and their TWS platform. I had an account with Interactive Brokers for over 6 months. It's a decent platform, but I switched to a broker that provides the same commission but more personal service last month. I'm now trading with Open E Cry (www.openecry.com) Their trading platform is great!

-Awais

Psycnosis · 9 January 2004

I use interactive brokers and I have a account at Tradestation as well because if interactive goes down I can hedge myself in my tradestation account. No need to lose 10k because of a damn system error.

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