Hi, Mike! I asked for your advice about daytrader’s midday activity. What your young traders do tipically do during 12.00-14.00? I used to ovretrade during midday, so I decided not to trade at all during slow market hours. Can I do something useful for my trading game within two hours? Maybe rip through charts or watch some trading videos, … Read More
Traders Ask- How Do You Choose What Trades to Focus On?
Thanks for a great job on the blog. Also love Mike’s book. I just left a prop firm where i could only scalp Eurostoxx 50 futures (like dax or S&P500 futures) to trade stocks in play for my own money, since there are almost no props here trading stocks. I live in Stockholm (Sweden) and the Nordic equity markets … Read More
Rebuilding Confidence
One of our young traders did a nice job today of rebuilding his confidence. He started off the month of August on fire seemingly unable to have a negative day. His confidence grew and he began to take on more risk. I noticed that when he had his first negative day of the month that he overtraded a bit in … Read More
And The Real Reason For That Losing Trade Was……..?
Look at the chart above. Say you shorted RIMM below 45 and got stopped out at 45.16, develop a reason for this loss and then continue reading. Ok great to have you back with us. Today during a teaching session Bad A$$ Mike shared a trade he made on the Open getting short RIMM below 45. Steve whispered in … Read More
What is Your Big Picture?
Every trader must see their big picture. At SMB we make trading decisions based upon three factors: Reading the Tape, Technical Analysis, and Intraday Fundamentals. We teach our traders to think of a big circle with each of these factors inside. How do you determine your big picture? Today during an informal discussion one of our new SMB Training traders, … Read More
An important market pattern
A high-probability trading pattern that offers good risk-reward with clear risk management points.
The Next Classic Trading Books
Traders’ Library has found the next generation of recently published books that belong on every trader’s bookshelf. They include The Daily Trading Coach by Brett Seenbarger, Technical Analysis Using Multiple Timeframes by Brian Shannon, and SMB’s One Good Trade by Mike Bellafiore. You can find the list of soon to be classic trading books here.
Shorting MDT
We make trading decisions based upon three factors: intraday fundamentals, Reading the Tape, Technical Analysis. I traded MDT today using all three to start two shorts. These are trades that if I made 1000 times I would profit. Intraday Fundamentals We trade stocks with fresh news. Today we had new news with MDT: Co issues downside guidance for FY11, sees … Read More