{"id":11849,"date":"2011-05-26T00:22:06","date_gmt":"2011-05-26T04:22:06","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=11849"},"modified":"2011-05-26T00:22:06","modified_gmt":"2011-05-26T04:22:06","slug":"conversation-with-a-trainee-at-1045am","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/conversation-with-a-trainee-at-1045am","title":{"rendered":"Conversation With A Trainee At 10:45AM"},"content":{"rendered":"

trainee: “So this SLV isn’t really doing much this morning”<\/p>\n

spencer:”Yeah, pretty tight range”<\/p>\n

trainee:”it is just stuck in a 35 cent range”<\/p>\n

spencer leaves the desk to attend firm business at 11:00AM.<\/p>\n

second conversation at 12:20 when spencer returns<\/p>\n

spencer: “you long this SLV? finally broke out of the range”<\/p>\n

trainee: “no. i’m watching it.”<\/p>\n

————<\/p>\n

A large part of trading is not trading. \u00a0As professional traders we spend most of our time observing the market looking for setups where we have a statistical edge. \u00a0Generally, if we are watching stocks it is because they have done something that warrants our attention. \u00a0Perhaps they have made a strong Opening Drive or recently made a new 52 week high. \u00a0In the case of SLV our desk began watching it yesterday after it broke outside of a multi-day consolidation. \u00a0We were watching it again today because it closed at the high yesterday and still hadn’t reached our first upside target of 37.<\/p>\n

Step one is identifying the right stocks to watch. \u00a0Step two is identifying the setups where you have an edge. \u00a0Step three is pulling the trigger when it is time. \u00a0Steps one and two are the hard part. \u00a0Step three is simply a matter of execution. \u00a0Just hit the buy key. \u00a0What’s the worst that could happen?<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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