Tuesday, July 12th 2011 For the past two months, the world’s leading traders came together for a live charity event to help victims of the New Zealand and Japan earthquake. All these webinars have been archived and are available to be viewed for those who could not attend. There is so much awesome trading content here! Also, SMB’s Mike Bellafiore, … Read More
Inside a Trader’s Brain (SPY)
1) Short. Aggressively Short. Europe was down across the board 1 percent. We had new specific breaking bad news in Italy. Our markets have climbed very quickly of late. The next support level in SPY is 132-132.20. Or much lower. For the intraday trader fading below this level on the long side is poor trading. There are some traders with … Read More
Where the Psychology Changed
There are so many indicators one can use for technical analysis. If you spend some time with experienced traders many will tell you they use very few indicators to none. Hmm. The new and developing trader would be surprised at how clean most charts look for many successful traders. Steve uses very few indicators. Adam is a huge proponent of … Read More
Why the market didn’t roar this week
Wednesday after the Close we brought our traders into our training room and started talking about a game plan above SPY 134. A profitable trader is first a prepared trader. The market was consolidating close to this level. Above and the market might run. Towards the conclusion of our meeting I asked all of our traders to send to each … Read More
The Thoughts of a Professional Trader (OVTI)
Here are my thoughts trading OVTI on the Open 7/6/2001. 1. Opening Drive Play. OVTI gaps down with fresh news. During our SMB AM Meeting Steve mentioned OVTI starting to move that he found from the SMB Scanner. This is a very cool new tool which we built for our desk that shows the stocks we want to consider before the … Read More
The Thoughts of a Professional Trader (BIDU)
Here was my thought process in BIDU today. 1. BIDU is below the important Premarket support so I am looking for an Opening Drive to the downside. I feel very smart after the 3 point downmove. 2. BIDU bounces after it fills the gap but I find an area of intraday R. I feel very smart after finding this level … Read More
Trading Thought of the Day – June 15, 2011
You shouldn’t create rules at a trading firm unless you first get buy in from your traders.
You are trading patterns not opinions
I was hanging inside my office working on a new business idea for retail traders when the email below hit my inbox. I spent some time showing our new traders how you trade P in Real-Time, which was the catalyst for this ping. After P failed to hold 23 and then for the first time all AM held the offer … Read More