I had an interesting conversation after the close today with a newb trader who is attempting to become consistently profitable. I asked this very intelligent and competitive young woman what were her strongest qualities as a trader. The first thing out of her mouth was she was not afraid to let her winners run. She then added that she felt … Read More
Trading with a Bias: Unlocking Strategies to Overcome Market Challenges (Stock: WFMI)
(this post was originally written May 1st and refers to the price action in WFMI from 4/28/11) Let me start by saying as an intraday trader it’s ok to have a bias but your mind needs to be open to all different possibilities. A stock is gapping up, my bias would be long, gapping down my bias would be short. … Read More
Why BIDU Kicked My Ass Today
I lost money in BIDU today. I was trading it strictly on the short side. It opened at 137 and close at 131. Wow, you must thinking that this guy really has no idea what the heck he is doing. You might be right 🙂 Let’s review some of the things that caused me to lose money in it today … Read More
SMB Gameplan Recap for May 11th
Here is another recap video that takes you through my thought process with respect to our AM Ideas as well as how the price action during market hours impacted our trading plan. Fresh ideas are usually listed in order of difficulty. Ideas listed first are for novice traders and as you work your way down the list the stocks become more … Read More
SMB Morning Gameplan Recap
This morning May 3rd offered a bunch of fresh news plays (CTSH, ADM, ANR and MCP) as well as some good second day and technical setups in SLV, BIDU, and AMZN. In this video Steve breaks down his pre-market bias and then discusses possible trades as the price action developed during the day. Here is a link to the written … Read More
Trader’s Ask: A Good/Safe Broker?
hi mike, what sould i look for in a good and safe broker, and what broker do you guys use (lightspeed ?) p.s loved your book ! one of my top 10 (along with livermore’s, humphrey B. neill ,o’neil ,wyckoff and all the best) Mr. Spencer Responds We just launched SMB Trading. If you are looking for a great place to trade … Read More
My First Time
Today was the first time I have ever traded SLV. Or at least I cannot recall trading it previously. In the past week I have read several blogs and watched a couple of videos related to the monster run that silver is on. After the close today I interviewed some kid for the desk who asked me when this “bubble” … Read More