Introduction to Day Trading

Hi and welcome to  In this blog I will share bits and pieces on successful day trading, and also how I use PriceSquawk to enhance my trading. First a little intro for you.

I have been day trading for just over a year after nearly three years prior of full time position trading and searching for ‘the’ answer to consistently making money in the markets.  I never had deep enough pockets to sit through the things you have to sit through if you are to be a position trader. Eventually about a year ago I figured it would be more resourceful and profitable to look into how the real pro’s were actually doing things on a daily basis, instead of  desperately studying technical analysis books, reading internet trading forums and burying myself in trading psychology theories. Researching the pros, lead me to look into the world of proprietary trading, and what the ‘Prop Shops’ were feeding their traders.  My good friend and housemate who had been pursuing a trading career far longer than me, conceded to his search for consistent trading at the same time, and he went ahead and applied, and subsequently joined a prop shop’s in-house trading program where he trades full-time today.  On this particular prop shop’s prerequisite study guide are the online No BS Day Trading courses.  This was my icebreaker into to the real world of day trading, and the No BS material set the tone for how I trade today.

If you want to get up to speed quick on the real world of day trading, I recommend a few resources:

This blog I started earlier in the year shows some video of order flow trading in action.

These guys tell it how it is when it comes to day trading.  Also, the Jigsaw tools are also as good as it gets for retail day trading unless you want to pay thousands a month for licenses with TT.  I have no affiliation with them, I am just a satisfied customer.  In a nutshell, successful day traders know how to read the order flow from the ladder, or depth of market, or orderbook, whichever you prefer to call it.  For the majority of successful traders, banking coin, that is all they use. No charts, no technical analysis, just purely watching the market auction process and jumping in when enough size is buying or selling.

I currently trade the Bund, while watching the Bobl and Schatz closely, with the DAX up also for the occasional glance.  I noticed early on that I really had a tough time paying attention to all three markets at once. I would watch webinars on order flow, and talk to pros who had spent years getting to the point that they could tell exactly what price and how much traded in a correlated market on the DOM at the edge of their screen just through their peripheral vision.  An edge I clearly wanted to have without waiting years… so I started to develop what has now become PriceSquawk.  I can now watch the Bund as usual, and it is like I have a buddy sitting next to me when I am trading, pointing out if anything is going on in the Schatz I need to know about while keeping my eyes focused on the Bund ladder.

Please let me know if you have any questions on where to start for day trading. The above links honestly can save you years of searching, because the real answers are not what you hear discussed by other wannabe traders in forums, or supposed traders with enough time to pound a book out a year.  Real trading is definitely not rocket science. It is also not as glamorous and exciting as you’d like to believe.    Next up I would like to give some tips on how I have found PriceSquawk useful in my trading, and the best sound settings for different market types.  Thank you for reading.

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