Yesterday I wrote a blog post stressing the importance of making the real trades intraday. One of our very experienced traders sent me this question: i traded JWN today… why did you want to buy above 32 when it had just closed the gap and showed no signs of holding support? to me, that’s a trade that flies in the … Read More
Where is the Real Trade?
As intraday traders we can be guilty of overtrading. Before the open and then intraday I ask myself: where is the real trade? SPY today? The real trade was to short near 109. You could make up other trades but that was the real trade. JWN? The real trade was buying a pullback when it spiked above the 32 level … Read More
The Market Doesn’t Care About Your Opinion (KSS)
The market doesn’t care about your opinion. If you have a problem with this, get over it. Today during our After the Open Review one our Newbs got a harsh tongue lashing for thinking he knew better than the market. This is a learning experience for us all. Iron Mike Mike made a great trade in KSS on the … Read More
Traders Ask: Who Said Trading Was Fair?
Traders Ask (FOSL): After making money at this level, i added a small amount with entries at .51 and a .47 stop. I have never had problems with these stops before, but as the bid dropped, i got filled at the .09. How do i avoid this in the future? Was it just one buyer in the stock? Was … Read More
An Exercise 2 Help U Improve as a Trader (RIG)
Today RIG was the easiest of stocks to trade. 55 was the level. RIG dipped below there. And it trended in the most beautiful downtrend. Were you in this trade? I wasn’t. This level was discussed during our AM meeting. Again I wasn’t in this trade. We have discussed this RIG level on our desk for days. Oil was weak. … Read More
Surprise Fed Rate Cut (A Trading Story in BRCM)
On this day when the Fed made their expected announcement I thought I would share an old school anecdote about a surprise rate cut from One Good Trade (Wiley Trading). During 2001, I made a living playing two historic bounces on the NASDAQ, and grinding it out. On January 3, 2001, the Fed unexpectedly cut rates 50 basis points. When … Read More
Logic and Detail Newbs
After the open we took the new guys into the training room for them to highlight their One Good Trade(s). I move to the back of the room, open up the floor for them to present any best trades to the rest of the class, and let the new class argue amongst each other. What do they need me for … Read More
One Good Trade Unveiled: An Unfiltered Review and the Chance to Win the Book
Click on the picture above for the full review. Steven Place writes for Investing with Options Join him for StockTwits Brunch with Steven Place on Saturdays at 11 AM on StockTwits TV For more about Steven Place see his new site: earningstrades.com