I get too many emails from, I meet too many people who, I hear of too many stories of traders who live off of one play. Commonly this play is as follows: a trader sees a big bid and they step in front or they see a big offer and they step in front. This is my definition of scalping. … Read More
Center of the Green
Trading is about skill development and discipline. A huge advantage that intraday traders have over most is our trading skills. Most can’t grind it out and make the spread. Most traders can’t play the momentum, exit, and then flip their positions. But we are also judged on our discipline. And certain days call for restraint. And we must recognize such … Read More
Let It Breathe
As intraday trader we seek catalysts. By catalysts I mean something that will now make our stock move. And when we find a catalyst we then expect our stock to move immediately. But sometimes we need to let our stock breathe. Let’s discuss. There was an epic battle at 42 yesterday in STT. A secondary was announced at 39. Buyers … Read More
Trying Too Hard
Today was one of my better days in the last week. This was not a coincidence as the stock I was trading was very in play and I was respecting the levels. My recent trading struggles have been all self-inflicted. Let’s discuss. It all started with COF. COF issued their secondary offering and underwriters were trying to support the stock … Read More
Momentum Versus Range-bound Trading
Jarrett wrote: “How do you know when a stock will go from momentum/ trending nicely, to consolidating. This always get me in trouble. I will trade a stock, like IBN, from short side 32 to 30, than it traded 30, so i got short, then it bounces to 30.20 i cover, back and forth, and it turns out the stock … Read More
SMB Away Game
Steve and I were asked to speak at a prop firm outside NYC this weekend. An old friend asked so of course we were available. It was an interesting visit. We learned a lot. I have traded for over eleven years. The one thing that I am certain of is that I still have so much to learn. Steve and … Read More
Random Thoughts
How did Steve make 5k plus trading MGM today? The guy is an animal. He never took lunch. I swear he would still be trading it if he wasn’t in an interview presently. MGM turned at 7.25 this AM. It was in an intraday downtrend. 7.25 was 25c from its secondary price of 7. And about 35c lower than GMan … Read More
How to Trade SPY 90 Support Level
OK so let’s start with a little context. The market has been very strong. We are up close to 40 percent from the bottom. We are in an uptrending market. In an uptrending market we buy pullbacks. And today was a perfect example. Let’s discuss. I am gonna make this short. But our very own JToma was on CNBC’s Fast … Read More