Short week as Americans prepared to celebrate the Fourth of July. I caught some nice sun and relaxed; hope you were all able to do the same. We had some light volume until the non-farm payrolls number on Thursday, trading lower over the course of the rest of the day and closing near the lows. Overall, not exactly how the … Read More
Perspective
One advantage of trading experience is perspective. There are ebbs and flows to the market. There are natural periods where we slump. And there is a learning curve that the new trader must overcome. Let’s discuss. In the book that I am currently writing for Wiley, I start a chapter explaining that there are way too many people walking around … Read More
Making Money During A Quiet Period
Each day the market presents an opportunity to make money. Let me restate. Each day there is money to be extracted from the market. Let me restate. Professional traders who properly prepare each day have a 90% chance of taking money from the market. The 10% of the time they don’t make money is usually due to a mental mistake … Read More
Ritholtz, 52 Week Highs, and Epic Battles
I received this question on a previous post that we should discuss from Damien Hoffman of Wall Street Cheat Sheet. Let’s tackle this question. Damien Hoffman Says: June 29th, 2009 at 10:43 pm 1) How do you deal with a gap against an overnight position which breaks your stop? 2) Do you favor 52-week and all-time high stocks? I have … Read More
Range Play on the Open: OSK
We have watched two excellent Range Plays on the Open with Stocks in Play recently in our Video Review Sessions. One was in LVS. One was in OSK today. Let’s walk you through this trade set up so you can add it to your quiver. OSK gapped up on the open after receiving a huge new contract from the government. … Read More
Idealized Trade Set-ups for the Intraday Trader (Webcast)
Corey Rosenbloom, a respected trading educator, from AfraidtoTrade.com will be conducting a webcast today at 12:00pm EST from the LA Expo Show. In the webcast he will describe how to place intraday price action with trade set-ups into context and how to identify the day’s structure as it develops. Finally, he will show how keeping an end-of-day “idealized trade journal” … Read More
Know Your Edge(s) and Thanks Joe P
The market has slowed down quite a bit recently. Unless you are trading the most In Play stocks there is virtually no follow through. At times like this it is even more important to refocus on your trading edge. For myself I have identified four things that have allowed me to make money consistently over the years. 1) Previous day’s … Read More
Funky Psychology
I traded HES on the short side yesterday and came in with an overnight short expecting a crack through the $54 level. It was looking pretty good in premarket as some small dopey prints went off around $52.57 and $53.01. I was hoping for a pop near the 54.60 dream short level where I wanted to lay into the position. … Read More
