When I trade I run my tools on two laptops (Scottrade Elite), one on desktop (Charles Schwab StreetSmart Pro), and I have the TV flipped to the business media channel (Split PIP with Bloomberg and CNBC). So altogether I have 4 screens running simultaneously.
On my first laptop I setup the screen to monitor the daily indices movement (This is Scottrade Elite)
I can maximize any screen at any time to look at the Dow, Nasdaq, and the S&P. In the middle is the day's most actively traded Spiders which has every single sector's index on it. They provide a great indicator of the sector strength during the day. On the top I also have a quote grid which has my top 20 most followed stocks (all the numbers fluctuate live during the trading session)
Here is the second screen.
My second screen is the Market Statistic screen. Here I can see decliners vs advancers on all the indices as well as market breadth (VIX meter and all that goodies). There's a lot more to it but the page is not big enough to show everything here. These indices update live during the trading session. I can also read market news, sector news, fixed income (bond yields), etc. This provides vital information to the health of the market and throughout the trading session I pay a lot of attention to this screen to determine market sentiment.
Here is the third screen
This is my main Technical Analysis page. Just like all the other ones I can maximize any screen I want to have a full expanded view. At the bottom is the streaming news. Anything new happening with any stock during the course of the day will immediately be updated there.
The middle screen is a live Level II ticker of the price action. Bid/Ask prices and their quantities are all shown there.
The top screen are the in depth numbers of any one stock I am observing. Note all of it changes in real time when the markets are open.
And on the right is my TA setup. I use a 2-day 10 minute intraday chart. What this means is every "candle" on the chart represents 10 minutes of time. While it is also important to have an expanded view of the stocks (which I can easily change), I focus primarily on this setup when I'm swing/day trading.
The technical indicators and tools I use are:
- 20, 50, and 200 DMA
- Bollinger Bands
- Volume
- Momentum Indicator
- Stochastics Slow
- Relative Strength Index
I don't use the MACD because that is a lagging indicator during a trading period.
When I need to execute orders, I don't have to go through a confirmation screen. What I do is I select order entry, I type in the stock I want and the quantity, and then there are 4 actions I can take. Buy, Sell, Buy to Cover, Short
So basically, If I want to buy the stock, I press the buy button and my order will immediately execute. Same with all the other function. I can also set limit orders, stop loss prices, breakout buy, trailing stops. All are available there. The response time on Scottrade is very fast. Usually within 2 seconds my order will execute.
When I execute an order, there will be a log that shows my trades along with the time stamp, the action I took, quantity of shares demanded, and whether the trade was executed successfully. Here are some of the trades I did today.
Even though Scottrade doesn't provide all the premium services more expensive brokerages will provide (Schwab, Fidelity etc.,) you can't really go wrong with $7 dollar trades. And honestly the trading platform in my opinion is second to none. Not even the Charles Schwab platform is as good as this (which is what I run on my desktop). The only thing that Scottrade lacks is the independent research on stocks. This is where Charles Schwab excels because it has Goldman Sachs, Argus, Charles Schwab Report, Reuters, VIX report, and the S&P report. All for free. VERY VERY good analysis.
It's hard to show everything the Scottrade platform does though with only 3 screenshot. You have to see it for yourself. But in my opinion, this is a very respectable platform and should provide sufficiently everything you need to trade.
12 comments:
I am on the IB platform myself - most trades are a dollar.
PWRD - the stock that can't stop giving... I am slowly building long position from 25.8 down.
Don't buy going in to earnings is a good idea and all - but I note that CRM is 63.4, and heading south.
just something for people to keep on their radar...
Leaving aside the technicals, CRM has a unique product in Forces.com, quite unlike anything else out there.
Disclaimer - gradually going long on CRM
V,
I think you are right about PWRD. It is now on the 200 and 50DMA and looks like it is holding. I am most likely going to start a position today myself as well. This has been overkilled now in the short term.
As for CRM, I don't doubt at all the company and the things it does. It is just my own discipline though to not invest into earnings. I have been burnt before so I just prefer not to take that risk. Good luck though I will definitely be looking into CRM. Thanks for the heads up play!
But just one heads up about PWRD if I may. PWRD throughout its inception usually do not provide strong support when the price level hits its MA's. So watch closely and make sure there are confirmed moves before you jump in. Just my two cents V., but I think you are spot on with your idea.
Ah...so would I be wrong in assuming your method to select stocks is to see what sectors have been having big moves, and assess the stocks within the sector with your 2 day or so price movements?
I hate to use the term, but seems like you're more of a day trader in this example. Yet you also have longer term stocks which you'll assess more at the fundamental level.
4 screens! insane....It's great to know you're not some peon but actually knowledgable about the subject, and willing to talk back to us!
monkies,
Yes, I day trade and swing trade. I also have core holdings that I do not let go of. I find the most effective way to invest is being flexible and open to all opportunities :)
OPTIONS:
Do you do a lot of options trades? If so, do you buy options further out or near term...in the money, or out of the money?
I'm trying to get into options but scared...
monkies,
Normally I only use options to hedge my long term position holdings as insurance. I have found that although buying options are cheap and the returns are very big, it is just a very risky way to invest in the markets. I normally use common shares over options as much as I can. Unless I see a certain stock's equity price just absolutely skewed to an extreme then I will buy options.
Options is not for the feint of heart though. And requires a lot of practice to perfect. Utilize simulators first to hone in on the craft should you decide to take that route.
xman,
what do you think about RIO? These commodity stocks rarely ever seem to fall 2 days in a row.
eric,
you're absolutely right. RIO has been on a tear it is just mind blowing how the commodities sector keeps ramping every single day. I can't say anything bad against the company but at the same time I honestly feel the stock has ramped so much it could blow up anytime and have a 10 dollar selloff.
I would say though the commodities run will probably continue to have legs until the fed raises interest rate. Until then, we could get big pullbacks. But chances are it will continue to maintain its strong uptrend.
Dear xman,
Your sharing on "My Trading Platform" is truly unbelievable as not many "pro-traders" will like to share their unique trading platform. For this, I thank you and I believe from this sharing, loads of the amateur traders will benefit from it. Your sharing really inspires lots of us out there.
Regards
Joul
xman,
yeah props to you once again for giving amateurs this info!
The one thing I'm still curious of is how you narrow down your list of stocks...what criteria do you use to query thru the 1000s of stocks out there?
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