Before the Open I was pissed. As a partner sometimes I miss the days when I could just roll into the office and trade. I look forward to the day when the guys we teach are running the desk. And I can just come in and trade. And I hope I get to sit all the way in a back … Read More
I Am Not Making the Same Mistake Today
As traders we search for repeating patterns. The last two trading days have offered the same pattern. Levels were violated into the Close and the market trended into the Close. Financials could be bought or sold in the direction of the trend and held into the Close. Let’s discuss. Yesterday into the Close SPY traded between 81.20 and 81.50. We … Read More
Sometimes It’s Just That Easy
Often intraday traders struggle understanding the difference between a Trade to Hold and a short term trade. Most trades that we make are short term trades. But every intraday trader needs Trades to Hold. And you ought to have a list of these trades that are best FOR YOU. Let me offer a suggestion of a Trade to Hold for … Read More
Planting Seeds
One of our traders had a great trading day. He finished negative. The market was up 500 points as the Obama administration unveiled its plan to remove toxic assets from the books of the nation’s banks. BTW we now have traded up 1300 points since the day I left for vacation. This trader did not make many trades … Read More
The Daily Trading Coach- A Must Read
“The Daily Trading Coach- 101 Lessons for Becoming Your Own Trading Psychologist“, written by Dr. Steenbarger is now being shipped by Amazon. We have our orders in at SMB. I cannot wait for my copy to arrive. A few months ago I received an email from Dr. Steenbarger asking me if I would like to participate in his next … Read More
Getting Back In
Today a new trader asked me a question about getting back in. This new trader got long MS in front of a support level identified by Steve during our AM Meeting. The support level didn’t hold, this new trader exited, and then MS spiked. Sound familiar? Anyway, I was pulled aside to offer some suggestions how to get back into … Read More
Dipping My Toes Back Into the Water
Last week I was in St. Martin working on my tan. I definitely have the best tan on the desk and by far. Of course the week I am away the market rebounds 1000 points. It was like they knew I was taking a vacation. So today was my first day back and I treaded lightly. So I missed all … Read More
One Percent
I have heard from three reputable day trading firms who were concerned about this market. I have received email after email from experienced traders complaining about their performance of late. Their traders have not been doing well. They were worried about the volume drying up going forward. I will share what I relayed to these firms: get your traders in … Read More