1. One Good Trade<\/strong><\/p>\nSomebody coined this phrase somewhere or wrote a book about it. \u00a0Strikes me as genius, so I will use it again here.<\/p>\n
Austin made an excellent trade in APT, as a 2nd Day trade. \u00a0APT broke out the prior session on high volume, with a news catalyst, finished above VWAP, and looked strong into the close. \u00a0Austin held some overnight and added on a move above the closing high from the prior session. \u00a0The trade started working. \u00a0Into 17, he took some profits. \u00a0A slight pull in offered a trade decision to re-add, which he did. \u00a0He made more plans to add and be aggressive with a move through the highs.<\/p>\n
And then for the first time in two days the stock slipped below VWAP. And then it reversed. \u00a0He cut very well.<\/p>\n
The trade thesis on his adds ended up not working. \u00a0As a trader, we cannot control the outcome. \u00a0We can control making One Good Trade. \u00a0He did.<\/p>\n
2. Short stocks weaker than the market<\/strong><\/p>\nSGM offered bad news before the open, reversing some recent healthy price action and enticing bottom traders. \u00a0It cracked below long term support, trapping recent longs, brings out new shorts. \u00a0More importantly, it consolidated below long term support, intraday VWP, and was weaker than the market. \u00a0When striving to be selective in markets, stocks independently weaker than the market is excellent stock selection.<\/p>\n
3. Cross the damn Street<\/strong><\/p>\nI am amazed at the universal adherence to walk signals in downtown Sydney. \u00a0No one crosses the Street until the green cross signal strikes. \u00a0There can be no cars in any direction remotely close to a walkway and the locals will not cross until the green walk signal. \u00a0They do not even seem to be tempted. \u00a0What exactly happens if you cross before that green walk signal? \u00a0I, myself, as an expert in patterns sense something very bad.<\/p>\n
4. Take Uber<\/b><\/p>\n
Just trust me on this one. \u00a0The cab drivers in downtown Sydney need improvement. \u00a0There is overwhelming agreement on this from those that live here as well.<\/p>\n
5. You only need a few good opportunities to have a big day<\/b><\/p>\n
US markets are the most opportunistic. \u00a0We are fortunate to have such a deep bench of stocks to trade and liquidity. \u00a0This is not the case in many foreign markets. \u00a0But on this slow trading day, Austin developed 5 good trading ideas. \u00a0That is plenty. \u00a0On this slow day, trading a market smaller and less opportunistic, a day before a US trading holiday, there was plenty to do. \u00a0If you have a few good ideas during a trading session that can be enough for a solid trading day.<\/p>\n
6. There are different ways to look at markets<\/b><\/p>\n
Austin and I had fun discussing different patterns to attack his ideas. \u00a0Austin voiced clear patterns that were most comfortable for him. \u00a0I saw patterns, entries and exits that made the most sense to me. \u00a0There is no right way to trade. \u00a0There is a right way for you. \u00a0But learning how someone else is seeing opportunity can help you shape your trades best for you even better.<\/p>\n
7. Research and price action combined<\/b><\/p>\n
Austin has done a terrific job building relationships on the Street to provide color on stocks he is trading. \u00a0Combining this news edge with price action allows him to develop an effective trading system. \u00a0There were two trades where he had a very clear news edge before the price action so confirmed.<\/p>\n
8. Fight for price<\/b><\/p>\n
A good idea was developed in ALL before the open, but entry was no obtainable at a good price. \u00a0It is easy to regret missing an upmove, especially after game planning the long idea. \u00a0But if you cannot enter at a good price, then your risk\/reward is scewed. \u00a0It is not a good trade if you do not get a good price. \u00a0Fight for price!<\/p>\n
9. The best day trades can become swing trades<\/b><\/p>\n
APT started as a day trade and showed itself as a solid swing trade. \u00a0SGM started as a day trade and showed itself as a solid swing trade. \u00a0You can develop assymetic swing trades from day trades that act best.<\/p>\n
10. It is a pleasure to watch a real pro trade<\/b><\/p>\n
Pop up alerts, remind Austin to check in on weaknesses that hinder his trading. \u00a0Excel spreadsheets stand ready to assist with trade decisions. \u00a0Automation connected to e-mail ensure an event is not missed. \u00a0The phone rings from colleagues reached out to for input. \u00a0 Very clear setups to add and subtract come easily. It is fun to watch someone so dedicated and in possession of edge compete in markets.<\/p>\n
*no relevant positions<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
I am in Sydney on business, meeting with trading firms and traders. \u00a0Yesterday, I had the opportunity to stand (literally) with Austin Mitchum, @AustinMitchyblu, and observe\/participate in his trading of ASX equities. \u00a0I thought I would share a few observations. 1. One Good Trade Somebody coined this phrase somewhere or wrote a book about it. \u00a0Strikes me as genius, so … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":47472,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5463],"tags":[5506,2062,1193,653,1354,1349],"class_list":["post-47904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bella-daily-update","tag-5506","tag-equities-trading","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor"],"yoast_head":"\n10 Trading Lessons from ASX Trader | SMB Training<\/title>\n<meta name=\"description\" content=\"Learn valuable trading lessons from observing an Australian ASX equities trader.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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