What A Difference A Day Can Make

sspencerFundamental Plays, General Comments, Steven Spencer (Steve's) Blogs, Trading PsychologyLeave a Comment

After a pretty hard down move in the SPY’s yesterday we gapped up today and never looked back.  Today’s action reminded me a bit of September 24th when we gapped above 113.60 SPY and never looked back either.  On September 23rd there had been some vicious selling but we held the 112 support area.  Yesterday we held 113.20.  As Brian … Read More

Don’t Give Away An Edge

sspencerGeneral Comments, Steven Spencer (Steve's) Blogs, Traders Ask, Trading Psychology, Trading TheoryLeave a Comment

The market had a broad rally on Tuesday.  When we came into the office on Wednesday we cautioned our traders against chasing moves in stocks that could be a bit overextended when the market opened.  Our thought process was to look for safer long entries based on the prior day’s support levels.  I think you probably know how the rest … Read More

Be Careful When Your Routine Changes

sspencerGeneral Comments, Steven Spencer (Steve's) Blogs, Trader Development, Trading Psychology1 Comment

I have a fairly set schedule each trading day.  But on Thursday morning  my routine changes as I have a pre-work obligation that changes my schedule.  I generally arrive at the office one hour later than usual and do not run the AM Meeting.  This change in routine has had some fairly negative consequences on my trading PnL.  90% of … Read More

The Open Today

sspencerSteven Spencer (Steve's) Blogs, Trading Psychology2 Comments

I wasn’t feeling that great on the Open today. How you feel both physically and mentally can have a huge impact on your trading results. If you are tired you will process information less quickly and in today’s highly volatile market this will put you at a severe disadvantage. If you are feeling worn out from being tossed around in … Read More