{"id":1269,"date":"2009-06-30T20:05:11","date_gmt":"2009-07-01T01:05:11","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1269"},"modified":"2023-04-06T12:53:51","modified_gmt":"2023-04-06T16:53:51","slug":"know-your-edges-and-thanks-joe-p","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/know-your-edges-and-thanks-joe-p","title":{"rendered":"Know Your Edge(s) and Thanks Joe P"},"content":{"rendered":"

The market has slowed down quite a bit recently.\u00a0 Unless you are trading the most In Play stocks there is virtually no follow through.\u00a0 At times like this it is even more important to refocus on your trading edge.\u00a0 For myself I have identified four things that have allowed me to make money consistently over the years.<\/p>\n

1) Previous day’s inflection points: I am great at identifying prices from the previous day’s trading action where I can make trades.\u00a0 Trades that offer a risk to reward of 10:1 or more.\u00a0 By the way, this isn’t that difficult a skill to acquire.\u00a0 Even some of the newer traders on our desk with less than six month’s experience have acquired this skill. i.e Rosie<\/p>\n

2) Great technical setups: Finding stocks on longer term charts that are about to break out or break down.\u00a0 Unfortunately, because I spend a lot of my non trading time engaged in other activities I miss quite a few of these setups.\u00a0 But that is where Joe P helps me out.\u00a0 He scans the market every day looking for great technical trades.\u00a0 He comes up with two or three phenomenal setups each week.<\/p>\n

3) Grinding it out: Read the tape well enough to make 10 to 15 cent chops all day if that is what is required to make money.\u00a0 This is something that takes some time to develop.\u00a0 It requires excellent tape reading skills and a good feel for how a particular stock trades.\u00a0 When the market use to trade in fractions I would book 3\/8 all day.\u00a0 Now the chops are smaller but so is the risk.<\/p>\n

4) Crushing stocks on the second day:\u00a0 What I mean is actively trading a stock when it has fresh news so that I get a feel for how it trades which leads to a larger chop the next day.\u00a0 The most recent example would be PALM.\u00a0 I traded it in the after hours Thursday after it reported its number, which made it easier to crush on Friday during the day.<\/p>\n

I will continue to focus on the above each day to maximize my gains while trading opportunities may be somewhat limited.<\/p>\n

I wanted to mention one trade from today that was highlighted in our AM Meeting<\/a> by Joe P.\u00a0 I also had Gman tweet<\/a> it as our best AM Idea.\u00a0 What I liked about the trade was its simplicity.\u00a0 The stock had recently been weak and had a clear support area.\u00a0 Joe’s idea was to short the stock on a break of support and risk no more than 30 cents for a potential gain of $1.50.\u00a0 The trade was to short DVN below 55 and cover above 55.30.\u00a0 This trade basically saved my morning and put me in a good frame of mind to make money in the afternoon.\u00a0 Thanks Joe P.<\/p>\n

Don’t forget to follow us on Twitter!<\/a><\/p>\n

\"dvnlongterm\"<\/p>\n

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

The market has slowed down quite a bit recently.\u00a0 Unless you are trading the most In Play stocks there is virtually no follow through.\u00a0 At times like this it is even more important to refocus on your trading edge.\u00a0 For myself I have identified four things that have allowed me to make money consistently over the years. 1) Previous day’s … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":1284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,15],"tags":[],"class_list":["post-1269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-steven_spencer_steves_blogs","category-trading_theory"],"yoast_head":"\nKnow Your Edge(s) and Thanks Joe P | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/know-your-edges-and-thanks-joe-p\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Know Your Edge(s) and Thanks Joe P | SMB Training\" \/>\n<meta property=\"og:description\" content=\"The market has slowed down quite a bit recently.\u00a0 Unless you are trading the most In Play stocks there is virtually no follow through.\u00a0 At times like this it is even more important to refocus on your trading edge.\u00a0 For myself I have identified four things that have allowed me to make money consistently over the years. 1) Previous day’s ... 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