When I see mentees working hard and showing promise I ask them to send me a daily recap. Below is an excerpt from one such review: Overall I had an alright day, it could have been a lot better. I traded a few stocks very well and a few stocks a should not have been in at all, I was … Read More
A lesson from the Trader Expo
Back from the Vegas Trader Expo, which was a lot of fun. I presented at 8AM Friday. I started my presentation with, “I am very disappointed to see a packed house. It is 8AM. This is Vegas. I hope you are all just rolling in from last night :)” That is tough start time for Vegas. Heck it was a … Read More
This New Trader is Improving
I should facetiously title this post “The glamorous life of a managing partner”. Yesterday Leo, who runs our active trader college program, and I drove eight hours back and forth to Bentley U, arrived back home at 1am, woke up at 5AM to scoot to the airport for a 6:50AM flight to Vegas. We had a blast at Bentley … Read More
Start Slow? Start Fast?
Last night I had drinks and apps with two experienced traders. After some catching up we got into a discussion/argument about the best way to start your trading career. It has been written here that no one ought to trade 200 shares live until they can make money with 100 shares. You are the worst you will be as a … Read More
A path to profitability
“If I increase my stop then I will start making money.” This just might be the single silliest thing I have ever heard a trader say. No “trading is in my genes” is. I will offer a path to profitability to consider. Look there is no one right way to achieve your goal but there are definitely wrong paths. Adding … Read More
Collaborative learning and your trading
I received this email last night about using collaboration as a way to improve learning. this is Sam H, from a while back. Anyway, let Mike know that UMBC (University of Maryland, Baltimore County) is using the collaborative method your training involves. My review of the book (One Good Trade), as you may remember, spoke to this kind of learning as ideal. I … Read More
Traders Ask: How Do I Trade a Price Spike?
Hi, During trading today I realized that my playbook is missing a play: positive price spikes when you are already in the trade. I couldn’t find a place in your book or your website where you talk about this. I’m wondering if you can offer some analysis. Attached are some one- and five-minute charts (I was trading off the five minute … Read More
Traders Ask: Did I trade this correctly?
Hi Bella If a stock fails a resistance level and you go short thinking it is a perfect Opening Drive Trade2Hold, but then 20 cents later there’s a buyer holding the bid, bid drops, then comes back, you cover, right? Can you flip from Trade2Hold to range scalping? Although, the play ends up being a perfect Trade2Hold an hour later because … Read More