Trading is about skill development and discipline. A huge advantage that intraday traders have over most is our trading skills. Most can’t grind it out and make the spread. Most traders can’t play the momentum, exit, and then flip their positions. But we are also judged on our discipline. And certain days call for restraint. And we must recognize such … Read More
Let It Breathe
As intraday trader we seek catalysts. By catalysts I mean something that will now make our stock move. And when we find a catalyst we then expect our stock to move immediately. But sometimes we need to let our stock breathe. Let’s discuss. There was an epic battle at 42 yesterday in STT. A secondary was announced at 39. Buyers … Read More
SMB Away Game
Steve and I were asked to speak at a prop firm outside NYC this weekend. An old friend asked so of course we were available. It was an interesting visit. We learned a lot. I have traded for over eleven years. The one thing that I am certain of is that I still have so much to learn. Steve and … Read More
Random Thoughts
How did Steve make 5k plus trading MGM today? The guy is an animal. He never took lunch. I swear he would still be trading it if he wasn’t in an interview presently. MGM turned at 7.25 this AM. It was in an intraday downtrend. 7.25 was 25c from its secondary price of 7. And about 35c lower than GMan … Read More
How to Trade SPY 90 Support Level
OK so let’s start with a little context. The market has been very strong. We are up close to 40 percent from the bottom. We are in an uptrending market. In an uptrending market we buy pullbacks. And today was a perfect example. Let’s discuss. I am gonna make this short. But our very own JToma was on CNBC’s Fast … Read More
What Gets Us Short
There is nothing that I have seen as I write to indicate that the market will next trade lower. Nothing. The market is an uptrend. WFC, GS, IBM, APPL, RIMM are leading the way. SPY finished near its high into the Close. There was old school buying into the close in WFC, the bids would not drop and continually stepped … Read More
What Will Make this Market Trade Lower?
That was some serious strength into the Close in the Financials. WFC, MS, and GS all finished at their highs. WFC was strong like a bull. The buying was relentless. And we saw something old school (not the movie) with bids not dropping, and then stepping higher, like back in the late 90’s. WFC was bought like YHOO in the … Read More
Bella Responds
1 ) Thank you for your posts. I was very impressed with the advice given. I am not sure what you all need me for anymore. Great work! 2 ) Mentoring a developing trader, even if you are also a developing trader, makes your own trading better. For those who shared their ideas I hope you recognize the value in … Read More