Reading the tape is an essential skill for actively day trading. The tape, also known as the time and sales window, shows the trader important information about order flow. It is a stream of data on price and volume, which are two important criteria for intra-day trading decisions . Tape reading takes time to learn and takes practice to understand … 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
Sammy’s Journal: Rolling With The Punches
At the beginning of the year I had goals for myself, which I did not achieve. So, I asked myself “what can I change in order to achieve these goals going forward?” I made a few changes and made it through a wild week, which turned out being my best week so far. The month started like this: Tuesday: Good … Read More
Perseverance
Perseverance: steady persistence in a course of action, a purpose, a state, especially in spite of difficulties, obstacles, or discouragement. At the start of the New Year, I set certain goals and high expectations for myself. However, in the month of January, I seemed to have a tough time trading. I started to have down days during my first two … Read More
The Transition
Here is a great guest blog post from young Sammy who just finished his fourth live month of trading with SMB. Transitioning: The State of Change How a few changes are leading me to the path of success as a trader: Early on in my trading career, I was struggling and making many mistakes. I had all the right ideas … Read More