Question: Hi guys In Mike’s great book he talks often of “buying right” most often using limit orders at resistance/support levels and on dips during a momentum trade. For a while I’ve struggled to find the best time to do this. Can you please tell me, using a long trade as an example, do you place your limit order at … Read More
Traders Ask: Violating My Risk Parameters
Dear Mike, I hope that my email finds you well. One of things I’ve learned about trading at a proprietary firm, is that the best traders are also the most honest traders. They’re honest about their numbers, their mistakes and weaknesses as a trader. Today I took a real close look at my trading weakness. I want this to become … Read More
Morning thoughts for September 21, 2010
Good morning traders. Market is up slightly overnight following a very strong session yesterday. Typically after a trend day the following day tends to see consolidation in the morning session. On the open I will be much more inclined to take quick momentum profits than usual. I am also going to be looking to buy quick dropouts to afternoon support … Read More
Traders Ask: What Bloggers Should I Follow?
Hi Mike In your book you mention several times that you ask potential traders what blogs a trader reads. Sadly when I thought about this (and prior to this blog) the answer for me was none. I read heaps, seek out videos, study my trades, would love a mentor etc. but no blogs). Why? When I started trading stocks I … Read More
Traders Ask: What is My One Good Budget?
My name is (XXXXXXXXXXX) and I just finished “One Good Trade.” I enjoyed your book very much and I wanted to send a few comments your way. Personally I am a full time day trader from home. Currently I am concentrating on the SP emini but after reading your book I feel as though I need to start looking for … Read More
Traders Ask: Why Don’t You Trade Light Volume Stocks?
Hey Mike. Hope you have had a great weekend. In your book (In Play section) you mention you prefer the stock to do at least 1 million shares, and that you stay away from stocks where the daily volume is likely to be less than 600k shares. The thing that makes me confused is that this makes no sense to me … Read More
Traders Ask: How Do I Get Better on Saturday?
Hi Mike, One of my goals for this 2010-2011 trading “school” year is to work six days a week instead of five. The other is to strive for perfect attendance. With regards to working on Saturday’s, I’m putting together my routine. These are the things that I plan to do. Review weekly P&L & Ticket averages (i.e. My Numbers … Read More
First Team Wall Street: The Next Generation
Give me six hours to chop down a tree and I will spend the first four sharpening the axe. — Abraham Lincoln An extensive FX training program is being created for a college investment club as I write. The creator is a junior in college. A bright young trader visited SMB from the Midwest for a tradecast during summer vacation. He … Read More