I began my professional career as a “day trader” a little over thirteen years ago. Little did I know at the time that I would one day become a strong advocate for banning myself from the market. The Institutional Day Trader First, let me offer a little bit of background information regarding “day trading” before I explain why it, other … Read More
A Note to the Suits at StockTwits TV
So last night was my debut on StockTwits TV. And after that experience I have some thoughts for the suits at StockTwits TV. 1 ) Clearly I was awesome. My awesomeness existed on so many levels I find it hard to begin. Have you seen my reviews? @downtowntrader$$ Must watch stocktwits.tv by @smbcapital – really great job tonight Mike. http://bit.ly/cxgzP … Read More
Firms Sharing to Add Value
One of the great rewards of running a firm like SMB is the friends we have made from others firms. There are some exceptional firms and people in our field. I am certain that in ten years there will be a dozen exceptional intraday trading firms offering enormous value to their traders. Especially since the Buy and Hold strategy has … Read More
Trade2Hold AIG
It is fun to see the desk trading so well the past few weeks. June was a tough month. July was much better. And this month is starting like August of 07. And that was a great month. Today we traded AIG, the home builders, and ETF’s. And AIG offered an excellent Trade2Hold that we should discuss. AIG opened and … Read More
AIG Shenanigans
AIG, our favorite momentum stock got back in play yesterday off the breakout at $14. I traded it okay yesterday though I didn’t make that much money off the initial point and change move after being long from 13.8. I actually made most of my money off the two consolidations at 16.4 and 18.65. I am still puzzled by the … Read More
Seen That, Traded That: AIG
“Have you ever seen anything like that?” asked a new trader. “The news isn’t new,” chirped a trader on Day 18 of his trading career. “AIG traded up from 15 to 23 and I barely made any money how is that possible?” Let’s discuss AIG and all the plays that will be like AIG going forward. 1) There will be … Read More
A Trader’s Mentality
I spent seven years with the firm where I began my trading career. Little did I know it at the time but I was surrounded by an unusually high number of very talented traders. One of the traits that they shared was an attitude that they would take out from the market as much money as they possibly could every … Read More
Repeating Patterns to Exploit
One of our new traders in the June class asked me about what I review when I watch my trading video. The short answer: patterns that offer clean trades where I can be aggressive. When I review my work and I see patterns that offer these clean trades I brand that opportunity in my head. Let’s take a … Read More