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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Ken Wolff who wrote (27)	1/5/1998 9:13:00 PM
From: Dominick	Respond to of 2120

Sorry I wasn't clear, (I'm new at this). I am in the process of finding a real time service (A-T looks good), and thinking about Datek for broker. I wasn't sure if a special software was needed to run your parameters and scan the entire market. I am familiar with P&F charts, there good at finding support & resitance levels and counting how far a move will go. Thanks Dom

To: Ken Wolff who wrote (27)	1/5/1998 9:27:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 2120

Hi Ken! Just wanted to drop in and say hello and introduce myself. I head the trading desk at a regional firm in New Jersey. We have been around for about 20 years. I handle all OTC and listed trading. I handle about 120 trades per day and do quite a bit of trading for myself. I checked out your site...mtrader.com...pretty neat. You should get my registration for the week trial...I would love to stop in and see what you have going on. As well, I just wanted to let readers on here know that we hosta very useful thread, the Trading Desk Subject 15612. As well, Irby has a great thread, the final Frontier...Irby post the URL as this thread gets more popular, such readers will find your thread useful. As well, we offer a free, intra-day chat site. Currently it is hosted from noon to 1pm each day., to be expanded to multiple sessions. Its free if anyone is interested... enough about me and what else is out there... I have been trading for quite a while and I personally AVOID trading news stories...day trading them atleast. Now if I hear a conference call and think that it was good except for a bad number, I might wait for the initial selling but then get back in there for a swing trade. My understanding is that your site is oriented toward day traders...and I generally find it unsuccessful to trade based on news since good news usually spells the top and bad news, close, but not exactly the bottom. Personally speaking, I trade based more upon watching the tape. I watch the prints, the size of the pieces of the action, the action of the market makers or the remaining strength of the bid, offers etc. and thus try to get a sense of the strength or weakness of the stock. From that I will buy or sell. Again, personally, I dislike even owning a stock and seeing news. And since news breeds more news, I don't like buyingbottomed down stocks too often because lawsuits etc and then mroe downgrades are likely to come....soon though, you get through that and you can possibly get overdone value....for a longer term trade, a swing trader....but a day trade? I don't see it. as a contrarian, I sell on good news and buy on the third or fourth dip after bad news. But then again, I only do about 10 or 15 round trips per week, on average, for myself. I do though, advise, guide and execute trades for over 1000 clients, mostly above average in networth and several institutions, about 120+tickets a day. Just wanted to introduce myself, a bit of my thinking and look foward to making this another great site on SI> ie...charts...pretty good for getting a picture of theaction in a stock over a period of time, whether it be last 30 minutes or 30 days. you can see movements relative to volume etc. in the end, I think its tea leaves when you start with the patters, etc. but I like it bceause I can visually see that the movement from 18 to 19 in xyz was done with good volume and broke above moving averages etc. Best wishes. Steve@yamner.com

To: Ken Wolff who wrote (27)	1/6/1998 8:30:00 PM
From: Eric P	Read Replies (1) \| Respond to of 2120

Ken: <<Many traders in the room use charts and find it very useful. I personally do all my trading with simple quote screens and TOS (time of sale).>> ==> By only using simple quote screens and TOS data to make your trades, how are you able to arrive at the expected probability of success for your trades? I assume that your estimated >70% success rate threshold is mainly based on experience from actual trading, versus backtesting. How do you evaluate new methods? My account is currently with Castle and I have been disappointed lately with their executions. Although they often execute orders in 1-3 seconds, I find that up to 70% of my SOES orders are not being filled before the price moves onward. How does Watley compare? Happy Trading, -Eric