Yesterday one of our most improved traders was trading GS. Great stock to be in. Great job of being in when many were taking off. This talented young trader, let’s call him MROD, developed a detailed trading plan for GS. MROD saw that 80 was resistance on the longer term chart in GS, remembered that the last time it … Read More
ROH Bounce
ROH tanked on the Open yesterday. Fading it on the long side was like trying to catch a falling knife. And many of you have heard the Street expression “don’t catch a falling knife.” These tank jobs in ROH happen everyday. As we discussed during our SMB AM Meeting, it is a mistake for a new trader to try and … Read More
Holiday Trading
I did it again. I do not know what is wrong with me. I definitely have a problem. I had about 15 cookies last nite. Delicious! I just can’t stop. If I eat one then I will eat 15. I went to three XMAS parties this week. That was one too many. I did not trade very much last week. … Read More
Build from a Base
Those who trade wish to make a lot of money. Traders are not trying to make $200 a day. They want to make much more. And often traders are ambitious. And they have rarely failed at anything they have done before. Perhaps they have been told their whole life that they were special. Most are the smartest person in most … Read More
What if I am Wrong?
I made some chops trading RIMM afterhours yesterday. More importantly I learned important levels. A ton of volume was done at 41 and 41.40 was a huge seller. Today my game plan was to aggressively buy if RIMM traded above 41.40. I was wrong. I had expected RIMM to fly after it held above 41.40. It didn’t. There was a … Read More
Push Yourself to Become Better
I read Bella’s blog on SRS, and he brings up a great point on how important it is to push yourself every day to become better. “Constant never-ending improvement.” I think Tony Robbins once said that. But the reality is the SRS, SKF, and USOs of the world are basically different opportunities for us as professional traders to make more … Read More
SRS
Momentum trading requires guts. Take a look at the two day chart of SRS. There is a ton of money trading the trend of SRS. But I am not gonna sit here and tell you it’s easy. But if you want to be a great momentum trader you must take advantage of opportunites like SRS. Often with momentum trading you … Read More
Light Volume
The volume was light on the Open. GS didn’t have many real orders. During our SMB AM Meeting we thought GS might find some real orders. FCX didn’t. ABX was pretty strong. AET was very strong. I traded AET on the Open. But even with AET the volume was very light for a stock in play. So what do … Read More