I got kicked off the couch an hour ago as Desperate Housewives started. Women. Not a big fan of the show, so I started my Sunday Preparation. I’ve been working on a few things with my trading. My sense is that if I can conquer a few of my weaknesses I can get better. So I went into my bedroom, … Read More
Questions from a New Trader
We are at the office going over our trading on this Saturday. Steve, GMan, and I are reviewing some of the work of our new traders. It is a good sign for these new traders who acknowledge that they need some help and are working to get better. I know at the start of my trading career that I should … Read More
Road Map
As I write I am debating whether to trade RIMM or GS. GS is in play because of the news that the bailout may not happen. RIMM reported last night and showed unusual weakness. SMB traded RIMM in afterhours yesterday and chopped it up. So I have a feel for what to look for this AM from RIMM. But we … Read More
Fading Financials and Gold
During the range bound market we experienced from 04-06 I learned how to fade stocks. Today I used that technique to make some good money in MS and JPM. As a trader you want as many arrows in your quiver as possible. This is one skill you should develop to become a well rounded trader. We can’t short the financials … Read More
Comfort Zone
In this market you must get outside of your comfort zone. We preach this at this time to the traders on our prop desk. And anecdotally, Steve and I were at dinner the other night and one of the best day traders from another firm made this same point. You must get into the financials if you do not regularly … Read More
Capitalize
One of our new traders asked me whether yesterday was like trading “Back in the Day” (think Internet boom). I quickly said no and explained that spreads were wider and programs were unborn. But I thought about his question some more that night and recognized that yesterday did offer the trading opportunities that we often saw during the late 1990s. … Read More
Movie Premiere Market Talk
Last night a few of us from our desk went to a movie short premiere, “$ Game,” written by Maureen Holohan and directed by Tom Cavanaugh. Great time and excellent short. At the after party many who I did not know but who either found out what I did or recognized me from “Wall Street Warriors” approached me to talk … Read More
Day Trading Dream
Today is the kind of day that those who trade intraday dream about. Most of our traders were at the office by 7:30 this morning preparing for what ended up being one of our best days this year. As the United States financial system continues its downward spiral the level of intraday volatility is moving towards a crescendo. How this … Read More