1. No Exit Plan. There was no exit plan for if the rig (RIG?) exploded. Before every trade we must decide where and how we will exit BEFORE entering the trade. 2. Live to Play Another Day. It is not definitive that BP is a viable company going forward even with 6.08 Billion in quarterly profits. 1) When will the … Read More
Traders Ask: What is the Proper Exit on a Swing Trade?
Reader Alex asked: My name is Alex and I’ve been swing trading for two years. I’ve been reading SMB’s blog for a while, and really enjoy the posts on trader development. I have recently journaled a question that emerged during two of my recent short trades. I believe that this question relates to intraday trading as well. Depending on conditions … Read More
SMB Trade of the Week: Visa
Watch SMB Trade of the Week, a Resistance Trade in V from Mike Bellafiore.
Maximizing My Weaknesses
Today I maximized my weaknesses. I found the set up that is a trading weakness for my system, traded it with size, and now sit with a P&L that represents the worst of my trading. In one sense this is quite impressive. I did not just underperform this open. I did as poorly as I possible could. Fresh news … Read More
Traders Ask: Simulation
I received this question from Reader Dhroov: I want to thank you and your team for all the time and valuable information that you put into your blog and videos. I look forward to clicking on my browsers’ “SMB’ favorites link each and every day to catch up on what you and your team are thinking and writing about. I … Read More
Traders Ask- Why Hold?
Yesterday I posted Important Intraday Resistance Level (BIDU). Tapetrader followed up with this excellent question: Bella: I have a question regarding holding BIDU. At 1pm it was the lasttime BIDU touched the 72.5 lvl. What followed was sideways consolidation for a long period of time, and some spike ups and what looks like higher highs. Even though 72.5 is a … Read More
Important Intraday Resistance Level Trade (BIDU)
BIDU came off from 73.30ish after a gap open. 72.50 offered resistance on the tape. I started a small short. BIDU came off another point. But then things got even more interesting……. 72.50 was a level that we spotted on the tape. And BIDU traded off another point from this weakness and resistance level we spotted on the tape. But … Read More
I Am Just Trying to Get Better
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