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Note: many FAQs are
answered in the pages of our Virtual
Tour, please take a look there as well re: hardware requirements,
tips, rules and guidelines for Trading the Open, the trademark name
of our popular new Pro Live Training Room.
Here's a quick list
to get started with:
TRANSCRIPTS
how-to here:
- How
can
I see what happened each trading day - how can I see transcripts?
SEE THE STEP BY STEP
ILLUSTRATIONS AT THE BOTTOM OF THIS PAGE
Sure, we'll have
transcripts of each trading day available to our members. To access
the transcripts, log into the room using your login/password. .
Then double click on the 2nd button from the top left, "Room
Options", then click the transcript tab, then click "show
transcripts". The transcript function is great, you can choose
specific days/times to view by entering it in the area at the top.
Note that Chatspace logs the transcripts in PST, which is 3 hours
behind US East Coast (market) time. Enjoy!
- How
Do I Use Your Alerts? -
How Do You Set
Your Alerts?
Why Do You Set
Your Alerts Where You Do?
Note
that all alerts are solely for illustrating our trading methods
and to teach you with realtime examples. You should not buy or sell
any security prior to consulting a qualified investment advisor.
We are an educational/training service. Use the hypthetical alerts
solely to understand the chart patterns, to papertrade, practice
with.
We
have two types of trading alerts at TTO:
A) Premarket posts
- Those that are posted each morning before the market opens, and
are for use in the regular trading session from 9:30 til 12 noon.
At 9:10am daily, I post a list of 20-30 stocks with alerts based
on the 2-day high/low breakouts and breakdowns, and based on previous
day's consolidation areas, eg near the open/high/low/close.
Unlike amateur 'momentum'
rooms, we have a daily trading plan mapped out before the market
even opens, for 20-30 specific stock entries. These are conditional,
eg "buy it if it gets over price x"... "short if
it loses price y".
We do not trade by
the seat of our pants, saying "buy it Now its running",
ever. I give you specific alerts to trade over and under, for longs
and shorts, in the premarket, so you can plan your trades ahead
of the market open. You do not buy/sell premarket, you use the time
from 9:10-9:30 to enter the alerts in your software ahead of time,
for 5-10 stocks you want to follow yourself.
We
set the alerts in the format: TICKER (Long alert+ ...Short
Alert-)
Example:
EBAY (60.6..58.4) would mean: Buy EBAY
if it gets over 60.6 anytime after 9:30 or, Short VTSS if it loses
58.4 anytime after 9:30.
B) Realtime
- These are posted continuously throughout the session and are either
new entries, or extra information to help traders manage entries
that were made based on the premarket alerts.
Let's say a stock
is making a new 2-day high and I hadn't already posted an alert
for it in the premarket posting. I will alert you by saying something
like "Ok QLGC long if it clears 30.4 later", say 5 minutes
before it reaches that point. Once we're over that area, I'll be
making additional posts on where to trail a stop, eg let's say it's
at 30.875 now, I'll say "QLGC in the money, good entry over
the 2day high" and "trail a stop QLGCat the 30.6 if in
now", to help you manage your trailing stop.
- Can I use mIRC
to access Daytrading University's Live Training Room? I'm having
problems using the java chatspace room.
Sure, see
this link for complete TTO Mirc setup instrutions, including
a step-by-step screen capture walkthrough. Our chatspace room works
for 99% of all users, some folks with slow 56k connections or with
java-related browser problems can use the mirc as an alternative.
Also, note that you can click "options" at the http://209.84.64.10
login page and choose HTML instead of java.
- I
see 'jumping text' in the Live Room when others post, what should
I do?
This means you have
an incorrect version of java, just go to www.download.com and download
the java runtime version 1.3 to install in your IE 5.5 or 6+ browser.
Also, note that you can click "options" at the http://209.84.64.10
login page and choose HTML instead of java.
- Do
you have voice capabilities at Daytrading
University's Live Training Room?
Yes, we are in the
process of moving over to voice, we had been using Firetalk
to provide live voice to our members. Members will be given the
name and password of the forum to access during market hours in
the live trading room.
- What's
the "Resource Center" for Members?
This will have screen
captures of current chart patterns we're trading, to show you breakout
plays and more (eg chart pattern of the week examples). We will
also have complete, current transcript archives, esignal setup files,
audio clips with professional trader tips, and more.
The TTO Traders'
Resource Center will be geared to help you who are our members
be successful in learning how to trade using our methods, and will
be available in January, 2001.
- How
do I use your early morning alerts?
We have two type
of alerts at TTO: TA-based technical entries that we post at 9:10
am for a group of 20-30 stocks each day, and our live realtime alerts.
I will start by posting
alerts that are good for the entire day during our premarket time,
at 9:10 daily, in the format: TICKER (Long alert Short Alert)
Example: ALTR (30
3/8 26 3/4) would mean: Buy ALTR if it gets over 30 3/8 anytime
after 9:30... Short ALTR if it loses 26 3/4 anytime after 9:30.
If there are two
numbers on either side, it means there are two places we would enter
(these are intraday consolidation breakouts as well as the previous
day's high/low breakout)... Example: ALTR (28 1/4|30 3/8 26 3/4)
would mean buy ALTR if it gets over 28 1/4, buy again if it gets
over 30 3/8... short if it loses 26 3/4. We cover entries that are
good regardless of whether it's an up or down day, eg we buy 2-day
high breakouts, short 2-day low breakdowns.
And of course I'll
post realtime alerts throughout the morning session, as in "Buy
EBAY if it clears 40 3/8 here and MLCO steps off the ask",
usually at least several minutes before the stock runs through the
alert price. This is to give you plenty of time to pull the chart,
L2 and t&s up in your own trading monitor and learn from the
trade for yourself.
- What should
I be doing when I first enter
Daytrading
University's Live Training Room?
Relax. Be prepared
to put together a trading plan based on the premarket alerts that
Ken and Alan are mentioning, along with stocks that you regularly
trade. Have CNBC tuned in from 9am or so, to see what the futures
are doing.
Download the DTU
Trader's workskeet by clicking here.
Watch and observe
the "tone" of the room, we like to help traders prepare
for each day's trading by sharing specific market commentary and
trading techniques. We may have a weak open, in which case we'll
patiently wait for reversal opportunities. We may have a strong
open, where we'll jump on a stock that's making a new 2-day high.
The main thing is to be patient and learn the trading techniques
that we share in the Live Trading Room via our realtime comments.
Also, you might want
to review cbs.marketwatch daily before each market open, along with
briefing.com, jagnotes.com, and/or theflyonthewall.com, plus other
financial news resources that you find helpful.
- Conversational ABBREVIATIONS:
What does "lol" mean?
To save time while
typing messages in a chat room, there's a common "shorthand"
that uses abbreviations: lol = lots of laughter (that was a humorous
comment), wtg = way to go (congratulatory), hod = high of day (stock
making new highs), lod = low of day (stock making new lows), btw
= by the way, fwiw = for what it's worth, nas futs = nasdaq futures,
dt/ut = downtick/uptick (as in "EBAY ut" means buyers
coming into EBAY), spoos = s&p futures, rofl = rolling on the
floor laughing (very funny), roflmao (rolling on the floor laughing
my a** off), brb = be right back (eg I'm going to get a cup of coffee,
will be right back), ttl/l8er/cul8er = talk to you later/see you
later. That's about it.
Trading
Related ABBREVIATIONS:
2d
hi -- two-day high: means the stock is currently trading at or near
the high established in the previous day's trading
ir = intrarange: means the stock is trading inside of the range
established by previous day's high and low
(c): we rate stocks on a a-b-c-dd scale, depending on how likely
we feel they are to continue moving in our direction at the time
that the entry will be triggered at
- What
type of trading do you do at
Daytrading
University's Live Training Room?
The types of stocks
we like to trade include EBAY YHOO VTSS MLNM EXTR EXDS ALTR KLAC,
eg stocks that have a good 1Million shares+ avg daily volume and
3-5% intraday trading volatility. We avoid under-$15 stocks and
over-$100 stocks in general, many of our trading stocks are in the
$30-$50 range. Unlike amateur rooms, we do Not trade CIEN/JNPR (too
much wiggle, too easy to suffer frequent 1/2 point stops etc).
We generally do not
do rapid scalping for 1/4-point trades... we like to give everyone
plenty of time to enter and exit positions, and like to play initial
breakouts, bottom bounces, trends and reversals off key support
and resistance levels. We like to trade in the manner of Tony Oz,
and highly recommend that you read his books prior to joining our
room.
Where is
the link to see the market sector indexes, eg what stocks are in
each major sector? To find this out, use
this bigcharts. com link, eg enter a ticker and then click "see
industry" above the left top of the chart.
What stocks are in
each sector link: Click
Here
Symbols for all Major
market sectors/indexes: Click
Here
Semiconductors
($SOX) Trading list: AMAT BRCM
IDTI INTC KLAC LLTC LRCX NVLS QLGC RFMD XLNX
complete list: ACTL
ALTR AMAT ATML BRCM CUBE CRUS CPWR CNXT IDTI INTC
KLAC LRCX LSCC LLTC MXIM MCHP NVLS PMCS PMTC QLGC RMBS SNDK SSTI
SBLU SNPS TXCC TMTA TQNT VTSS XLNX
Software
($GSO) Trading list: ADBE ERTS
MERQ MSFT SYMC VRSN
complete list: AKLM
ATVI ADBE ADSK BEAS BMCS BVSN CHKP CKFR CPWR CORL CTXS ERTS
GPSI HNCS ITWO IFMX INTU JDEC LGTO MACR MERQ MSFT MUSE NETA
NEON NOVL ORCL PSFT RATL RMDY SEBL SYBS SYMC THQI VRSN VRTS
Internets
($GIN) Trading list: AMZN EBAY
YHOO
complete list: ATHM
AMZN AMTD BYND CMGI CHKP CNET CYCH COOL DCLK EGRP EWBX ELNK EBAY
EGGS EXDS INSP INKT IVIL MKTW NETM OMKT OTEX PSIX PRGY RNWK SPLN
TFSN TGLO TMPW TRLY VOCL VRTS VRTY VSNT YHOO
Hardware
($GHA) Trading list: AAPL BRCD DELL
complete list: AAPL
BRCD DELL GMST KMAG MUEI RDRT SBLU SUNW
Biotechs
($NBI, $BTC) Trading list: AMGN BGEN HGSI IDPH MLNM
complete list: AMGN
BGEN ENBC GNSL LSBC HGSI IDPH MDCC MLNM
Do you provide
both swing and daytrade calls?
Yes- both are provided.
We also answer your
questions for stocks that you swing and daytrade for entries, stops,
and trading ranges. We use a variety of trading techniques at TTO
- the main goal is to avoid risky trades and focus with concentration
on trade setups that are likely to be the most profitable in a given
trading day. We will be doing more with swing trades as soon as
the Nasdaq has stabilized and is starting to get buyers back. We
do not swing trade shorts.
What software
do I need to access DTU's Live Training Room?
This is good - you
do not need any special software! We use the top-of-the line Chatspace
server, which is browser java-based. You do not need to download
any software at all, you just need a standard IE or Netscape java-enabled
browser.
How much
does membership in DTU's
Live Training Room cost?
The current rate
is posted at the enrollment page.
Please note that we never rebill you monthly for your membership,
you need to sign up for each month that you want to be a member
with us. You can also join for quarterly or annual discounts if
you wish.
Do you provide
alerts on futures trading, options, and penny stocks?
Nope. We like trading
active Nasdaq-traded stocks. It's what we do best. Derivatives and
otc/penny stocks are extremely risky. We like to trade with 1-minute
chart patterns and Level II / time & sales for Nasdaq stocks.
We hope you enjoy
your time with us and find the information in the room helpful to
your learning how to trade profitably.
Q:
If you were to share just one part of your experience with me, what
would it be?
Keep
very small stops and exit quickly if the reason for your entering
the trade doesn't work out within a couple of minutes. I began
to do better when I limited my losses to no more than 2-3 spreads,
using Level 2 and other indicators. Discipline to keep small
stops when you're wrong and use trailing stops up as your stock
gets bid up is important to take profit out of the markets daily.
And, using the right trading software: try out www.esignal.com and
www.quotetracker.com
When
I was a beginning daytrader, whenever I was in a losing trade I
would rationalize the fundamentals and confuse investing with daytrading
(one of the "7 Deadly Sins"). Now I've developed a handful
of specific techniques to limit losses and let winners ride, using
limit buys and offering stock out on the bid. We can show you how
to do this and dozens of other
techniques (using Cyber, Level2 etc.) to help you learn faster.
Q:
If you're a good trader why offer this service?
(lol,
that's what I would ask)...The answer is easy: I'm a professional
trainer, I own a leading training and consulting business
in Hawaii (over 130 hotel and business clients)
and enjoy training and teaching. Besides, I can remember what it
was like getting started and would like to spare everyone the expensive
learning curve. I'm asking very little for knowledge that has been
hard-earned and has helped me turn the corner into consistent, profitable
trading. Besides, my wife is high-maintenance...
:o
Q:
How long do you hold your positions for?
My
best trading is done with roundtrips lasting from several minutes
to 30 minutes. Occasionally, I may buy an oversold stock that tanks
> 5-7% at the end of the day (small shares) for an overnight
bounce/gap up play (eg YHOO), but I am generally all cash 99% of
the time. I play the market like a video game, not an investor.
Why?
First, I like to sleep at night. Second, the risk in holding overnight
(eg bad news, overseas market weakness etc). outweighs the benefit
of any potential opening gaps I may miss. If its a great stock to
own at 4pm then I can always buy at the open if I believe it will
continue up. Cash is king. Occasional swing trades are fine too,
if you know the stocks you are trading very well and can play the
trading ranges profitably. We have a whole module devoted to swing
trading.
Q:
What type of stocks do you trade?
I
have a core basket of "trading stocks" (eg NVLS QLGC EXPE
PSFT EBAY XLNX INTU HGSI AMGN ) that have good intraday ranges and
for whom I know the levels and market makers. I avoid low volume
pump-and-dump under-$5 chatroom specials. I like to trade stocks
between $30-$70 in general, but like some of the hi-fliers on occasion.
Daily volume should always be >800K to give me the liquidity
I need to enter and exit quickly. The methods we cover in our professional
daytrading university work for daytrading Nasdaq/NYSE stocks of
all price ranges. I also trade "whatever's hot" based
on news, momentum, and opening gaps.
Q:
I'm new to daytrading, do I really need level 2 to trade?
It's
been said that "daytrading without level 2 is like driving
in the city at night without headlights on - suicide".... You
can daytrade without level 2, my first year I learned a lot
just using Medved's QuoteTracker (www.QuoteTracker.com)
and the Datek streamer. I traded
better when I had those resources plus level 2; I find that eSignal
(www.esignal.com) is a terrific
quote service that I use with Cyber, a direct-access broker.
It
also depends on your trading style and length of time you want to
be "in the trade" for. If you are like me and prefer to
be in and out in under 30 minutes, you'll definitely want level
2. If you want to trade for several hours, or hold overnight and
"swing trade" (2 days to a week or so), then you may not
need level 2 or a direct-access broker. It's up to you.
Take
a look at the level 2 screens in our "Daytrading
Stocks Successfully" screensaver for ideas as to what advantages
this powerful system provides.
And,
sign up for our online Daytrading
University to learn more strategies and techniquews for successful
daytrading, whether or not you are using a level 2 system.
Our
online DTU has been designed to help both beginning and professional
traders improve their trading results. Good luck!
One
FAQ: "Help there's
text overlaid in the browser what do I do?
Answer:
Your monitor should be at 1280x1024 or better resolution to view
content at DTU. You shouldn't be daytrading anyways if your
monitor is set for 800x600. Maximize your browser to make sure it's
at 1280 pixels wide or better.
To
fix, right click on your screen and choose properties, settings
etc to readjust your monitor for 800x600 or better resolution. If
your display card won't go higher than 800x600 go get a $99 monitor
card that will help you improve screen resolution. Good trading!
Q:
Why don't you have banner ads and buttons all over your site? Answer:
I don't need the ad revenue and I wanted to have a better looking
site than most of the junk that's out there. Watch the money flow
to see who's good at this game and who's not. Many of the sites
are their to make the site ops money, not the traders... we take
pride in being ahead of the game and providing pro-quality Nasdaq
daytrading skills at a very small price, our motto could be "Wal-Mart
prices with Saks 5th Avenue quality"....we do our best to help.
Q:
I'm a Canadian trader. What brokers can I use? One
of our Canadian traders, Terry, was kind enough to pass along this
information:
Hi
Ken, I understand that you were to find out of any brokers that
will open accounts to Canadians. I live in Toronto and did a lot
of research to find the FEW brokers that take Canadian accounts.
Here are the ones I know about (there might be a few more since
I only checked with 50 or 60 of them in total, and IB does NOT do
Canadians):
http://www.jprcapital.com/index.html
http://www.rmltrading.com/
http://www.stoxnow.com/
http://www.yourtrade.com/
Note
that I have not tested any of these myself for suitability for daytraders.
You want to use a direct access trading platform (DAT broker) that
lets your choose your order routing.
More FAQ answers
coming, let us know your questions - Good Trading everyone!
Here's how to
access the transcripts once you're in the room:
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