Posted by: eminitrader January 23, 2008
Making Money with Eminitrader
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Samsara: To be honest IB's support is okay especially when you need them, it is suited for people that know what they are doing. There is quite a bit of system outage issues too. The web-version does not have access to charts but you can put bracket orders. The stand alone version is pretty good and user friendly. The charts suck most of the time, so if you are trading intraday using charts, you need to get some other charting software too. I usually don't trade by looking at the charts. When I trade intraday, I'll identify the daily trend and buy at support.

For example, this is my plan for tomorrow. I think today's action suggested that we might have seen a short-term bottom so tomorrow I'll look for opportunities to go long only. At 9.30 est, I'll look at the overnight high and I'll wait for the price to go above that, then I'll wait for a reaction that is at least 25% of the move of the overnight range. I'll wait for a break of the previous reaction low or a test of the reaction low, then once it goes higher by 2 points from the new reaction low, I'll buy with a stop 2 point below the reaction low. Not sure if this makes sense but I can try to explain that in a chart during the weekend. I use this strategy to day-trade futures only. For swing trading stocks, I'll just buy in the morning.

Good Luck.

 

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