Comments for The Chartist

Comment on December 4th, 2008 – Balancing positions… by Mark Reeve

Mark Reeve — Sun, 07 Dec 2008 22:43:56 +0000

Thanks Nick,
I thought as much. I’ll open an account with MFG and see how I go!

Comment on December 4th, 2008 – Balancing positions… by Laura

Laura — Fri, 05 Dec 2008 00:32:26 +0000

Yes, this is the problem I had with both STO and NCM…very disappointed and also trading through IB. After 3 days I finally cancelled STO but found a repeat situation for NCM. So, MFG…not another broker!

Comment on December 4th, 2008 – Balancing positions… by admin

admin — Thu, 04 Dec 2008 21:40:03 +0000

Mark,
I have always said that trading provides a feedback loop which you need to listen to. If your broker cannot consistently facilitate orders or cannot consistently source stock for shorting then you need to change. The issue here for you is that IB could not source the stock, rather than the order type being an issue. It won’t help this time around, but this is why I use MFG for shorting ASX.

Nick

Comment on December 4th, 2008 – Balancing positions… by Mark Reeve

Mark Reeve — Thu, 04 Dec 2008 21:27:52 +0000

Hi Nick,
After watching your video on how to get filled in a swiftly moving market I was eager not to get left behind anymore. I gave my NCM trade a whole dollar to move – the order was a STP LMT order for 25.50 – LMT 24.50. However, IB could still not find me stock to short? Any ideas or observations?

Comment on November 28, 2008 – Still looking up by admin

admin — Sun, 30 Nov 2008 19:50:27 +0000

The one thing you have done is cut the trade with the most momentum, i.e. the biggest winner, and let the poorer positions ride. It suggests to me that you’re more focused on banking the profits than sticking with the trading process.

Comment on November 28, 2008 – Still looking up by Laurent

Laurent — Sat, 29 Nov 2008 00:14:01 +0000

Hi
Nick, well done. I took all the 4 trades but cut down on the %risk. It seems that you don’t like to let BHP run too wild…Ghost from the past?
Anyway I closed it on Friday with the 2.9Risk/reward return in order to give me the 3 other long trades for free. Maybe was not good idea we will see… Is this good discipline or should I stick the your guns? Probably I would not have done it if it was another stock than BHP…Any thoughts?
Laurent

Comment on November 24, 2008 – Getting long…gulp by admin

admin — Wed, 26 Nov 2008 21:17:50 +0000

I think RIO is an extreme example and agree that it makes no sense to chase it. I think one needs to consider what kind of trading they’re doing; trend following or swing? A trend trader should pursue any fill because usually the larger the gap the chances are a significant shift in fundamentals is probable. A swing trader probably needs to limit it to some degree – but I don’t have a firm answer for that.

Comment on November 24, 2008 – Getting long…gulp by simon

simon — Wed, 26 Nov 2008 11:22:54 +0000

Agree with the bolt, however would it be wise to limit the chase so the risk reward does not get blown out…. I have been using a 1% rule of total share price max chase however still have to back test the theory what is optimal….. e.g say you had a setup to short RIO today…. if it breaks $59.09……… better to stay away then chase down from $59.09 (theory entry) to enter at $41? about a $18 slippage…..? Risk:Reward…?

Comment on November 24, 2008 – Getting long…gulp by admin

admin — Mon, 24 Nov 2008 06:46:14 +0000

History shows that the biggest gains tend to come from those stocks that bolt out of the gate. Indeed history shows one is better to chase than and defend if required, rather than miss the trade.

Comment on November 24, 2008 – Getting long…gulp by Minh

Minh — Mon, 24 Nov 2008 06:25:38 +0000

Hey Nick,

How far are you willing to chase prices for your power setups?
I gave BHP 5cents and missed my fill by 4 cents.

regards,
Minh.