Hi Mike, 1. Trade only the MOST in play stocks in the beginning as they have the best chance to move regardless of market action. 2. Wait for the market to break previous day’s range or some similar range from previous couple days trading. 3. Establish the the market itself is in play. Is there significant economic news, political unrest, … Read More
And The Answer is… Trade Less
I have a question, but here is the background. I have a VERY small trading account as a trader for a Prop firm. It is an account with $16,000 in buying power and a 40-share max with a $25 loss limit (I’m in my firm’s 18 month trading program and started with a $2,000 account and account grows as your … Read More
Consider This Before Making a Trade
Good day Mike, How is work and family. Please, I need you to clarify a few things for me. I want to know the role the following indicators play in selecting stocks for day trading. 1. Beta: what value will you use in determining stocks to play(buy/sell or stay away from) 2. ATR 3. ADV 4. Relative Volume:How to determine it … Read More
How Long is Too Long to Not Be Making Money?
Dear Bella, Thank you for all the great ideas that you share on your blog. It is a great tool for trader improvement all around the world. I see you helping so many beginners, so I’m sending you this e-mail with the hope that you can help me as well. I’ve been trading for the last 10 years of which … Read More
Ten Ideas for Creating a Good Trading Journal
Mike, You’ve mentioned having a journal, and a detailed journal on a number of occasions. It always makes me feel guilty because I haven’t been keeping one and I don’t know what I’m missing. In the Wall Street Warrior video, I think I saw your recruits carrying paper notebooks. So I’ve been wondering: what do you write in the journal? … Read More
Go for Growth
In full disclosure this blog post idea comes from listening to my wife and what she has to say about her reading. I recommend doing more of that 🙂 . In her highly publicized book Lean In (gr8 title) and in a recent interview with Fortune, Sheryl Sandberg, COO of Facebook, relives her move from Treasury to Google and then to Facebook … Read More
Growth Up
Mike, When I read One Good Trade and asked you some questions a while back, I didn’t put the pieces together. Am I correct in saying you expect all 66 traders to treat the trading as a job? Though one that can be quite exciting and nerve-racking to say the least. Your comments reminded me of my insurance days when I … Read More
Do You Need to Take a Walk (Trader)?
Thank you for the lesson last night Pro or Piker. I just reminded me of some thoughts that I had forgotten. Though I wasn’t sure one question I asked was seen. When you rip a trade and you see another trade with the set signals but don’t take it you are a piker. I agree. But isn’t it sometimes good … Read More