We’ve added our first Crypto broker here on the site as of this morning. Feel free to upload your Binance transactions for trade review! To get your Binance trades export, follow these instructions here: https://www.tradeinsights.net/brokerHelp#binance
Today we released the trading journal/blog type feature. Now, more than just calculations and ratios, charts, etc, we allow you to make BLOG type entries for your journal, including the ability to upload screenshots (up to 10 per post) and photos to accompany your journal entries. We hope you enjoy the new features!
It’s coming, and it’s coming soon! A bit late for a site that claims to be a trading “journal”. We do allow notes on trades on the trades list page, but there’s no place for daily trading journal entries. That’s all changing. Oh yeah, you’ll be able to insert photos of your screencaps as well. You guys and gals have a great weekend!
Oh! And you will notice a few menu changes in the days to follow. Organizing!
Good fun! You can instantly see your trades and statistics on them if you upload them. You will need to do it the day of the trade though, so get’er done! In TEFS go to the “Trade” menu option, and click on TradeManager.
Click and drag over all of the data there. Hit Control+C to copy it to your clipboard, then open Excel and paste it in. Give columns names as suggested here: https://www.tradeinsights.net/brokerHelp#generic
Also add a TradeDate column and put the days date for each row (do the first row and then copy and paste the rest, to make it easy). After that’s done, do a File/Save As in Excel, and save the file as a CSV. Proceed to the “Import Trades” page of TradeInsights, and select the CSV you just created. You should now be able to see a whole lot of ratios, metrics, and analytics regarding your trades of the day. Enjoy and good luck on the contest!
Do you trade with a group in a chat room, school, or academy? If you do, you should definitely create a trading group for free and invite users and/or allow them to apply to join the group here on this page. You can see your groups total combined trading statistics by doing so. See and publish how your group is collectively performing today! Be sure and check options to make the group publically viewable if you would like to see it listed here on the trading group listings!
We hope you guys and gals came out in the green today. Time to relax and enjoy weekend!
As day traders, we seek stocks that are highly volatile and likely to give us enough movement during the intraday to capture profits while minimizing risks. Most traders have a watchlist they build either during pre-market hours or even after the previous day’s market close. While everyone has their own custom criteria for building their watchlist, we’ve put together some basic guidelines to help you get started on your own.
When a symbol has a relatively large price gap between its close price on the previous trading day and its open price the next day, it will provide trading opportunities. These symbols often produce violent movement after the opening bell. Sometimes they end up trending, sometimes they consolidate. Either way, these gapping stocks should be studied and reviewed for watchlist potential. One can google terms like “biggest pre-market movers” and the like to find free resources that list gappers, or you can configure your scanners to identify them. One word of caution: sometimes these gaps are caused by buyouts. If so, chances are slim that the price action will move enough to take any trades. You can look up news on the symbols to verify this. You can generally identify them by their flat-line price action.
Major news stories pertaining to a publicly traded company will of course affect the price of its stock. A news story of great importance can drive a major move in a ticker and provide an excellent opportunity to capitalize on that move. Some examples of such stories include: a tech company announcing a data leak or a breach or privacy, a pharmaceutical company announcing promising results on a new drug trial or FDA approval, a company undergoing FCC or IRS investigation with rumors of fraudulent activity, etc. Be cautious when choosing a direction to take on these stories, as the market/price action isn’t by any means required to move in the direction that a news story would lead you to believe. Quarterly earnings reports can also have a major impact on short-term volatility, and it’s therefore a good idea to have a bookmark to a page or website that has an earnings report calendar.
Gapping stock prices are often indicative of a news story, earnings report, or other catalyst. Another important factor in adding a ticker to your daily watchlist is volume. Stock prices need an extraordinary amount of volume compared to its average to make extraordinary movement in price. Nearly all scanners include relative volume as a search criteria option. As a day trader, you’re generally looking for a relative volume score of at least 2-3 (200%-300%) to add a name to your watchlist. Without ample volume, there’s a strong possibility that the majority of the move is done already, or that there won’t be one at all.
We hope these basic guidelines for criteria help you get started building your own watchlist. As you trade, you will customize and mold your watchlist and preferences to your particular style of trading. Until next time, stay classy San-Diego!
Experienced traders will tell you to avoid emotional trading. You can find it listed in many, many “do not” lists out there in trading guides. I wholeheartedly agree with this philosophy, and I will go one step further and say that you should avoid emotional trading whether the emotion be good or bad.
That’s not to say that you shouldn’t be happy after you make a good trade. You should be! But only if you’ve followed your plan. If you’ve made money on a foolish gamble, if you’ve not followed risk to reward ratios, or used way too much size, you should be aware that you’re lucky you got away with the trade and landed in the green. Elation and euphoria emotions should not present themselves if you’re trading with a position size that’s responsible for your account size, nor should depression or dark moods. If you’re trading with proper size, following your plan, and sticking to your rules, a profitable day will be one that you can walk away from proudly and with confidence. A proper loss day will be exactly the same, but with a small, manageable loss rather than a profit. You should still be proud of protecting equity, guarding against risk, and following your plan. By sizing down and taking out the heart-throbbing excitement, you’re trading logically rather than emotionally, and your trading expertise will guide your trades instead of anxiety and nerves.
Once you’ve zeroed in on trading strategies that work for you and have minimized your emotional trading, consistency will build equity, and you can begin to take small steps up in position size. If you feel sweat starting to bead up while waiting to see if a symbol moves a few cents against you, you know you’ve take too much size and can readjust.
If used correctly, simulated/paper trading can save you stress, turmoil, and thousands or even tens of thousands of dollars. Many brokers offer a trial period to learn their software while paper trading with live market data. Others offer a more permanent paper trading option with either monthly fees or as an add-on to a live account (InteractiveBrokers and
TD Ameritrade’s ThinkOrSwim offer those services, respectively). ThinkOrSwim even lets you play back historical market days and trade them at will!
Once you sign up on one of these accounts, you’re generally able to start paper trading that same day or the day after. You’ve signed up, your software is installed and configured, and you’re watching live price data stream in on your platform. What now? Do exactly what you would do if you were live trading! Sounds easy? It isn’t. In a loss-free environment you have to hold yourself to the sames strict standards you would if you were live trading. That means you need to create a watchlist based on your parameters, study the fundamentals / technicals to note important levels, formulate trading plans for each symbol, and determine a realistic and safe size to trade with.
This last step is one that is ignored frequently during simulated trading. You may start off with a realistic size, but after a small loss or two, you give into the temptation to increase the size to try and make back what you’ve lost. When that doesn’t work, the process just repeats itself with bigger and bigger size. Maybe that last time, finally, the trade goes your way. You make your money back and call it a profitable day. Great, right?! No! This does nothing for live trading skills, and it is therefore a bad strategy to practice. This is how live accounts get ruined in a single day.
The other mistake is taking massive, unrealistic size from the get go. With so many shares, you can hold a position just long enough to capture a few cents of movement and call it a day with a good profit. But could your real account handle a trade of that size if it went against you? Chances are that with such an enormous position, one losing trade would be an account closer. This type of carelessness while paper trading instills bad habits and is more or less just a waste of your time.
There’s a huge advantage offered to those who do keep their paper trades as close to real trading as possible. Once you do that, you’ve made a big step towards a successful trading career. The same emotions of live trading should be mirrored in paper trading. Losses should be small and stopped at predetermined stop out levels. Winning trades should be ridden and scaled out of for maximum profits. Once you’ve become consistently profitable for an extended period of time (preferably months), you’re ready to start live trading with small size. Paper trading is an invaluable tool for those who are willing to put in the time and effort to do it realistically. We hope you can take advantage of it!