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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: julianne carol grimes who wrote (877)	7/12/1998 1:29:00 AM
From: Jim S	Respond to of 1729

JCG: I am a relative novice (2 years) at this game too. In fact, I think I'll still be a neophyte 10 years from now. I got started with Trading for a Living by Dr Alexander Elder, and moved into Jake Bernstein's The Compleat Day Trader. To be honest, there is so much detail in both books that there is no way I can remember all the rules and suggestions. Also, if I were to try to implement all the analysis suggested, I'd spend all my time analyzing and never get around to trading. My advice is to have a few basic ideas (ie, buy low, sell high) well ingrained, and jump in. Lots of the guys on this thread recommend paper trading, but personally, I think it is a waste of time and breeds false confidence. Pick one issue and actually trade it, and try to cover your expenses. If you can come out ahead after a week, you'll be ready to roll, and can develop your own style as you go. Then, and only then, is it worth following someone else's rules. Heh, heh. Certain irony in this. Tell you to follow my rule to make your own rules. :-) Good trading, jim

To: julianne carol grimes who wrote (877)	7/12/1998 1:41:00 AM
From: Darren	Respond to of 1729

Books: Jeff Cooper, Hit and Run Trading Barry Rudd, Stock Patterns in Day Trading Linda Raschke, Street Smarts If I picked one for true daytrading, I'd pick Barry Rudd's. It is the most tactical of the three and the most specific to the type of daytrading that is familiar to Block traders, Cyber-Corp traders, and even MB traders. He's a trader in Block's Dallas office, I believe. Underground Traders: I like his site, I have not ordered his book. I have thought about it. Someone can comment I'm sure on it. Level II: Level II screens allow you to see the price of any stock based upon what each MM [market maker] is willing to Bid(buy)/Ask(sell). Some call it "a big slinky" as it rotates up and down, as the price of the stock goes higher and lower. Real Tick is a product offered by Townsend Analytics that acts as a back end to many trading execution systems, such as Cybertrader, MB Trading, PC Quote, etc. Live quotes are "real time" as opposed to 15 minute delayed. If you are a day-trader you need real-time quotes. I would never trade with delayed quotes...they are a relic of a time when Wall Street was run by Wall Street. Start here, these are links that will help you out: Message 5166422

To: julianne carol grimes who wrote (877)	7/12/1998 1:47:00 AM
From: Rick Slemmer	Respond to of 1729

J: Hey! Another RoadRunner subscriber! Ain't it GREAT? OK, here's my take on the Qs: Q-1 (one book): Elder's Trading for a Living. Not so much for the money-management techniques or the analogies to AA meetings, but for the psychology behind the patterns. Once you understand why support and resistance exist, you can use them to your best advantage. Q-2 ("Underground Level 2 Daytraders Handbook"): Yes, I've heard of it. Can't understand why someone wants $75.00 to tell me something you can only learn in front of a Level II screen anyway. If you really can't resist the thought of learning a complex decision-making process from a book, I'd suggest getting together with four other traders and sharing the cost. Q-3 (Level 2 vs "real tick" vs "live" quotes): Hmmm. Try this: Level II shows the marketmakers and their bid/ask prices, several levels away from the "inside" (best bid/ask). You get some small idea of the depth of support at any given level. There used to be a link to a Level II Javascript tutorial at phactor.com, but that site changes so frequently I can't keep up with it. RealTick is a real-time charting software package that shows dynamic trendlines, support and resistance levels, and indicators such as MACD and momentum. Click here for a tour of RealTick III: taltrade.com "Live quotes" is a generic term signifying real-time. There is no delay between the time the transactions are posted and the time they are reported to you. Hope this answers some of your questions; there will be many more as you progress. Good luck! RS

To: julianne carol grimes who wrote (877)	7/12/1998 6:34:00 AM
From: jawd	Respond to of 1729

RealTickIII is the premier software package for trading from home on the internet. It is supplied by MB Trading and others and it gives you realtime quotes and level-II screens. It also incorporates charts.

To: julianne carol grimes who wrote (877)	7/12/1998 11:40:00 AM
From: Rick Slemmer	Respond to of 1729

J: Here's another Level II tutorial. You have to register (free). elitetrader.com RS

To: julianne carol grimes who wrote (877)	7/12/1998 3:22:00 PM
From: ojai	Respond to of 1729

julianne- Re: daytrading There are a lot of different approaches to daytrading, and if you look around, you will probably stumble across most of them in SI. I would learn as much as possible before beginning, reading books, talking to other traders, trying out free trials at different sites. It is important to figure out what kind of trading you want to do, how it matches your temperment, your risk level, your lifestyle. I would say that it will take some time for you to sort through all of these points before you can decide what is best for you. Elder's book is good, respected by many traders, I have the Underground book on order, Hit and Run/Cooper is good also, but you need to find a style that fits you, which will take some trial and error. L2 is essential, as is an excellent execution system and a rock solid data connection. Any one weak link can spell disaster. I'm currently away from trading for a while, after an intense 8 mos. of learning/experimenting. I found that I needed more capital, as I couldn't sustain losses without it affecting my concentration. So I will begin again when I can afford to lose (or break even) for a few months without it cramping my style too much. Finally, be wary of any one book or person pushing his particular style as the "best" thing. I've found that many who are selling their stock services are doing it to make a living, instead of using their "system" to make a living. Why do you suppose that is? Good luck, -ojai

To: julianne carol grimes who wrote (877)	7/13/1998 9:00:00 PM
From: R Stevens	Read Replies (1) \| Respond to of 1729

Updated Trading Resources: Reat Time Quotes, Nasdaq Level II quotes, etc: dbc.com (great 1 month free trial) quote.com pcquote.com Daytrading Brokers With Direct Executions: mbtrading.com castleonline.com Nasdaq Level II quote tutorial: elitetrader.com phactor.com (also see phactor home page) Listing and Ratings of Regular Online Brokers: gomezadvisors.com sonic.net (Recommended: Datek or Web St.) One stop web sight for all the web sights on a stock: purebytes.com (enter in your ticker, if the response states "ticker not found", press the "continue anyway" button) SI Page Listing Many Trading Sights and Resources: Subject 20613 Tour Of RealTick III Trading Software: taltrade.com Tax Information On SI: Subject 17266 Subject 5727 Message 4599960 Internet Trader Program (Free Version) kanisa.com Online Technical Charting iqc.com cbs.marketwatch.com wallstreetcity.com SOES Trading Info On SI: techstocks.com Point & Figure Charting On SI: Subject 5671 Recommended Books: "Japanese Candlestick Techniques" by Steve Nisson ~ reply#40 "Market Wizards" by Jack Schwager ~ reply#112 "Trading for a Living" by Alexander Elder ~ reply#104,431 "The TAO (pronounced dow)of Trading" by Robert Koppel ~reply#106 "How I Made 2 Million in The Stock Market" by Nicolas Darvas~r#144 The Electronic Day Trader "Successful Strategies for On-Line Trading" by Marc Friedfertig~reply#339,343 "Reminiscences of a Stock Operator" by Edwin Lefever~reply#392,395 "Point & Figure Charting" by Tom Dorsey~just added it. "Hit and Run Trading" by Jeff Cooper~reply#824 "Stock Patterns for Day Trading" by Barry Rudd~reply#824 "Street Smarts" by Conners & Raschke~reply#824 "The Compleat Day Trader" by Jake Bernstein~#878 Place To Buy Books: elder.com amazon.com Place To Search For A Book: acses.com