I received this email from Reader Bob titled “Someone has to tell me to stop being an idiot like I was today”: Might as well be you :-). So overtraded, didn’t focus on my edges, missed my #1 set-up on LEN (top of my trade plan). The easiest $1 anyone will see when it walked through the top of the … Read More
Discover Your New Trading Home: Assent and eTrade
I heard from a friend yesterday that one of the largest prop trading firms was closing up shop. For those of you scrambling to find a new trading home, I have been there. My understanding is that Sungard Financial, a large financial services firm, that owns Assent is no longer interested in being in the prop trading business. … Read More
The Power of Trading Skillz (RIMM 72)
The modern science of elite performance has taught us that reading and watching videos is not going to make us a great trader. Anyone interested in the markets can read a chart in RIMM and recognize the 71.80 and 72 levels. I call this acquiring domain knowledge. And that is important. And certainly RIMM is a Trade2Hold above 72. Oh … Read More
PLAYING AIG FOR A BIGGER MOVE
Wednesday AIG broke about an important resistance level of 36. If for some reason you have been trapped under a rock for the past two months you might have missed that most things breaking out head for higher ground. Boss Lindzon has labeled the recent market upmove as the “inconceivable rally.” One of the original trading bloggers, Rev Shark, on … Read More
OPENING DAY
Tomorrow is Opening Day! All the statistics from last year are thrown out and we start anew. Spring has arrived with its warmer weather, flowers blossoming and sunlight extended. All those fans of non playoff teams gain a great gift- hope. No matter that the Tampa Rays failed to make the playoffs in 2009 as most predicted- this could be … Read More
WHY NOT TO TAKE OFF WHEN TRADING WELL
I received this email from a loyal reader which encapsulates why you should not take off when you are trading well. Trading is like being a professional athlete in that it is performance-based. Sometimes you just see the market better than at other periods. And if this is the case, sit in your seat, and enjoy these times. Squeeze every … Read More
POINTS OF INFLECTION (TIF)
TIF, Tiffany & Company, offered opportunity on the Open. 45.35 was the most important level. Trades off of these points of inflection offer ridiculous risk/reward opportunities. 45.35 was the most important level. After an initial upmove on the Open 45.05 held the bid. And then TIF found 45.35 but could not hold a bid at this price. Repeating white prints … Read More
WRONG OR RIGHT I STILL WIN (FUQI)
Developing traders overvalue being “right” with their trades. Many mistakenly believe that you have to be right with your thesis to make money in a trade. Oh so young, so naive 🙂 Consistently profitable, experienced traders can make money when they are right and when they are wrong. Heads I win. Tails I win. A spot on example of … Read More