I'm a newbie on this website. But from the post on the log and
daily analysis (looking at 5-min, 10-min, 15-min chart
exclusively), this website is more or less a day-trader's
community, right?
I have some qutestions here in regard to the website and day
trading:
(1). Is there some biography info on the founder of the
website? Like who is Matt and who is Steve, what's their tracking
record, etc. You have to know who are you following if you want to
take risk in the market, right?
(2). How much capital to depoly to survive as a day-trader?
(3). I doubt everyone can trade a >200K account very easily,
how to handle the rest of the money? Investing?
(4). How many people can really make money in a day-trading
fashion. I saw some reasearch shows only 5% or less trader makes
money, the rest a most losing or not making much at all.
<!-- @page { size: 8.27in 11.69in; margin: 0.79in } P {
margin-top: 0in; margin-bottom: 0.08in } A:link { color: #000080;
text-decoration: underline } A:visited { color: #800000;
text-decoration: underline } -->Just a few comments from another
newbie. I have been following the site and the charts on
StockCharts.com for about one and a half years, and a paying member
for a few months.
1. You can find out all you need to know about Matt and Steve
by checking out the archives. Unlike some stock sites they
leave the whole record up for review. The Newsletters go back
4 or 5 years.
2. The only sure way to make a small fortune in the
stock market is to start out with a large fortune. There is
no one answer to your question. If you have a lot of money
and you want to try day trading start small. Your biggest
enemy is yourself and your emotions.
3. In this market cash is good. If you have a
really large amount then I don't know.
4. Day trading is not for everyone. Most people
don't have the temperament or the knowledge. You could easily
trade the automatic end of day systems. With a volatile and
somewhat trending market you can make a lot of money.
Lastly I don't know what the breakdown is but I suspect that
there are more swing traders on this site than day traders.
It is easy to believe that the site is mostly day traders by
reading the blog. Charts are fractal like in that they show
the same patterns at all time frames. I have made more money
trading the weekly charts than any other time frame. (But it
is not nearly as exciting.)
bullbull- actually most of the members on this website work
jobs are are NOT day traders. However obviously many of the
posts during the intra day are obviously related to intra day
market conditions like 5 min, 15 min charts etc, and that makes
since, it's intra day. If you work a day job, then igore the
day trade posts, etc. After market hrs like the evenings and
weekends, day trading is not the topic, people discuss all sorts of
things, swing trade ideas, news items, etc. However most people
here work a job. Most of the trade ideas presented in the
watch list section are put there with potential to
be swing trades,
i.e. MON has been on the list since June 1st, and sometimes a stock
will be held for a couple months.
And if you listened to the newsletter last night, I discussed in
depth the big picture analysis and macro trends. One point I
want to make is that I have quite a few members who don't even
trade at all..they use our long term and intermediate term analysis
to manage their 401K plans at their job i.e make a few well timed
moves in their 401K each year. Most of the members who fit
this category pulled their money out of mutual funds and into cash
money market accounts either in late 2007 or early 2008, and thus
saved the 40% - 50% declines that many of their co-workers suffered
who stayed put in their mutual funds. But again, the
watch list is not about day trades, it is about swing trades,
however once in a while swing trading does not work very well, such
as from mid May through June when the market trading in a very
sideways consolidation pattern; swing traders got chopped up,
therefore it was best to take profits fairly quickly 1 - 3
days. Market condiations change and are dynamic
Breakpoint Trades has Day Traders, Swing Traders, and long term
position traders. If you are not a day trader, then simply
ignore the day trade posts during the day, it's that simple, and
igore the mechanical systems since they are day trade
systems. There is plently of information on this website for
swing traders and long term traders.
Now regarding your question about myself, I'm just someone who
has traded and studied Technical Analysis with a passion for
years. I have a degree in Chemistry and Mathematics and
worked as a Research Chemist for 10 years in a laboratory.
However I found that my passion lied here with the charts and I
think my Scientific background is a huge asset to my technical
analysis. Technical Analysis and trading in this sense is not
something you go to college to learn. I analqze all aspects
of the market on all time frames, however I find that my long term
to intermediate term analysis generally plays out very well - i.e.
I'm good at forcasting major trends for the market.
Actually I think if you ask Matt, tha majority of the members at
BPT are folks that have day jobs and do not day trade. Take a look
above at the Watchlist - and focus in on the completed trades.
Those trades were NOT daytrades. The blog tends to be more
daytrading comments during the trading day, but I wouldn't classify
it as a daytrading website. Just my 2 cents.
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Day Trading
Posted by bullbull on 6th of Jul 2009 at 06:30 pm
I'm a newbie on this website. But from the post on the log and daily analysis (looking at 5-min, 10-min, 15-min chart exclusively), this website is more or less a day-trader's community, right?
I have some qutestions here in regard to the website and day trading:
(1). Is there some biography info on the founder of the website? Like who is Matt and who is Steve, what's their tracking record, etc. You have to know who are you following if you want to take risk in the market, right?
(2). How much capital to depoly to survive as a day-trader?
(3). I doubt everyone can trade a >200K account very easily, how to handle the rest of the money? Investing?
(4). How many people can really make money in a day-trading fashion. I saw some reasearch shows only 5% or less trader makes money, the rest a most losing or not making much at all.
<!-- @page { size: 8.27in 11.69in; margin: 0.79in } P { margin-top: 0in; margin-bottom: 0.08in } A:link { color: #000080; text-decoration: underline } A:visited { color: #800000; text-decoration: underline } -->Just a few comments from another newbie. I have been following the site and the charts on StockCharts.com for about one and a half years, and a paying member for a few months.
1. You can find out all you need to know about Matt and Steve by checking out the archives. Unlike some stock sites they leave the whole record up for review. The Newsletters go back 4 or 5 years.
2. The only sure way to make a small fortune in the stock market is to start out with a large fortune. There is no one answer to your question. If you have a lot of money and you want to try day trading start small. Your biggest enemy is yourself and your emotions.
3. In this market cash is good. If you have a really large amount then I don't know.
4. Day trading is not for everyone. Most people don't have the temperament or the knowledge. You could easily trade the automatic end of day systems. With a volatile and somewhat trending market you can make a lot of money.
Lastly I don't know what the breakdown is but I suspect that there are more swing traders on this site than day traders. It is easy to believe that the site is mostly day traders by reading the blog. Charts are fractal like in that they show the same patterns at all time frames. I have made more money trading the weekly charts than any other time frame. (But it is not nearly as exciting.)
bullbull - actually most of the
Posted by matt on 6th of Jul 2009 at 08:47 pm
bullbull - actually most of the members on this website work jobs are are NOT day traders. However obviously many of the posts during the intra day are obviously related to intra day market conditions like 5 min, 15 min charts etc, and that makes since, it's intra day. If you work a day job, then igore the day trade posts, etc. After market hrs like the evenings and weekends, day trading is not the topic, people discuss all sorts of things, swing trade ideas, news items, etc. However most people here work a job. Most of the trade ideas presented in the watch list section are put there with potential to be swing trades, i.e. MON has been on the list since June 1st, and sometimes a stock will be held for a couple months.
And if you listened to the newsletter last night, I discussed in depth the big picture analysis and macro trends. One point I want to make is that I have quite a few members who don't even trade at all..they use our long term and intermediate term analysis to manage their 401K plans at their job i.e make a few well timed moves in their 401K each year. Most of the members who fit this category pulled their money out of mutual funds and into cash money market accounts either in late 2007 or early 2008, and thus saved the 40% - 50% declines that many of their co-workers suffered who stayed put in their mutual funds. But again, the watch list is not about day trades, it is about swing trades, however once in a while swing trading does not work very well, such as from mid May through June when the market trading in a very sideways consolidation pattern; swing traders got chopped up, therefore it was best to take profits fairly quickly 1 - 3 days. Market condiations change and are dynamic
Breakpoint Trades has Day Traders, Swing Traders, and long term position traders. If you are not a day trader, then simply ignore the day trade posts during the day, it's that simple, and igore the mechanical systems since they are day trade systems. There is plently of information on this website for swing traders and long term traders.
Now regarding your question about myself, I'm just someone who has traded and studied Technical Analysis with a passion for years. I have a degree in Chemistry and Mathematics and worked as a Research Chemist for 10 years in a laboratory. However I found that my passion lied here with the charts and I think my Scientific background is a huge asset to my technical analysis. Technical Analysis and trading in this sense is not something you go to college to learn. I analqze all aspects of the market on all time frames, however I find that my long term to intermediate term analysis generally plays out very well - i.e. I'm good at forcasting major trends for the market.
bullbull
Posted by rgoodwin on 6th of Jul 2009 at 07:00 pm
Actually I think if you ask Matt, tha majority of the members at BPT are folks that have day jobs and do not day trade. Take a look above at the Watchlist - and focus in on the completed trades. Those trades were NOT daytrades. The blog tends to be more daytrading comments during the trading day, but I wouldn't classify it as a daytrading website. Just my 2 cents.