Speed
Becoming fast on the keyboard is an import skill that you must develop. Could you play WR in the NFL without being fast? Trading is a performance based job. Part of performing well is typing and entering orders quickly. When I started trading about a decade ago, I practiced tying up stocks before the Open every morning. I would continually type up symbols of stocks that I was going to trade. To this day I type the stock I am going to trade 25 times before the Open so that I am comfortable with the keyboard. gt gt gt gt gt gt hd hd hd hd hd hd hd hd amat amat amat amat amat rht rht rht rht rht rht rht rht. It is an excellent habit now.
While you are practicing, make sure you are not looking at the keys. Focus your eyes on the Inside Market/Box. When you are trading you must enter orders and gather information from the Inside Market/Box and Prints. If you are looking at your keys you may miss a huge new bid just entered, while you are trying to hit the bids, or a huge print that should give you pause to close out your position. Practice, practice, practice.
Professional athletes lift weights so that they can perform their best. Traders practice on the keyboard so that they can perform their best. One of our traders, Josh, is about the fastest trader you will every see on a keyboard. Ask him how he got faster and he will tell you by drilling. So we have developed some exercises for you in the morning. New traders must develop trading skills and this is one of them. Perform these exercises during your training and until you are lightning fast on the keyboard, as fast as Josh. Being fast on the keyboard will improve your trading performance.
It would be a profound mistake for you not to take these exercises seriously. During a recent class someone was caught consistently blowing off these exercises. I asked them to leave our desk. Why? Because doing so will cause you to fail. I don’t make up the rules. But I have been taught the rules by the Market, my boss. The Market will eliminate those unworthy of participating. And one of the rules is: you must be fast on the keyboard. To get fast you must practice.
1) Type the stocks below 3 times. Do not look at the keys. Keep your eyes on the inside market. Get faster at typing up these stocks. Think speed.
http://finance.yahoo.com/q/cp?s=%5EGSPC
2) After choosing the stocks you are going to trade in the morning, type them 25 times consecutively before the Open. Do not look at the keys. Keep your eyes on the inside market. Get faster at typing up these stocks. Think speed.
3) Practice putting in a high bid NYSE order, then a high bid ARCA bid. Do not look at the keys. Keep your eyes on the inside market. Get faster at typing up these stocks. Think speed. Repeat 10 times.
4) Practice putting in a low offer NYSE order, then a low offer ARCA offer. Do not look at the keys. Keep your eyes on the inside market. Get faster at typing up these stocks. Think speed. Repeat 10 times.
5) Practice closing your entire long position. Do not look at the keys. Keep your eyes on the inside market. Get faster. Think speed. Repeat 10 times.
6) Practice taking NYSE on the offer 10 times. Do not look at the keys. Keep your eyes on the inside market. Get faster. Think speed.
7) Practice hitting NYSE on the bid 10 times. Do not look at the keys. Keep your eyes on the inside market. Get faster. Think speed.
You must become lightning fast, improve your speed daily, and look at the inside market while you are practicing. Think quicker, faster, and able to gather information from the inside market while you are typing and entering orders. This will lead to better trading results.
