{"id":576,"date":"2009-05-11T18:00:01","date_gmt":"2009-05-11T23:00:01","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=576"},"modified":"2009-06-03T11:06:01","modified_gmt":"2009-06-03T16:06:01","slug":"stay-where-the-money-is","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is","title":{"rendered":"Stay Where The Money Is"},"content":{"rendered":"

<\/a>WFC has treated me very well lately.\u00a0 On Thursday it sold off hard on the Open and then after some consolidation continued lower.\u00a0 Easy short play.\u00a0 On Friday after a nice gap down it filled the gap and closed at the high with furious buying.\u00a0 Easy long play.\u00a0 This morning I had a decision to make on which stock to trade on the Open.\u00a0 It wasn’t a difficult choice.\u00a0 I traded WFC.\u00a0 Whether you are a newbie<\/a> or a seasoned veteran you shouldn’t be afraid to milk a stock for everything its worth.<\/p>\n

There are multiple reasons that you should stick with a stock that is working for you.\u00a0 One, your brain has “muscle memory”.\u00a0 The more you trade a particular stock the more comfortable you will become with the way it moves.\u00a0 This allows you to be very aggressive on the best setups.\u00a0 Two, stocks that trade cleanly on unusual volume tend to be good for a few days.\u00a0 And finally, each time you venture into a new stock there is a real dollar cost to learning how the new stock trades.<\/p>\n

Don’t mistake what I am saying to mean that you should find one stock that you trade well and trade that stock exclusively.\u00a0 This makes no sense.\u00a0 You will make less money in the long run.\u00a0 It is ALWAYS better to trade a stock that is In Play rather than an out of play stock that is familiar to you.\u00a0 We have discussed why this is the case extensively in previous blogs.<\/p>\n

It turned out that WFC offered several great setups today that I was able to capitalize on.\u00a0 The main trades I made were the following:<\/p>\n

1) Long from 26.80 in the premarket based on a huge support level from Friday<\/p>\n

2) Long on the breakout above 27.64 in the late morning<\/p>\n

3) Short below 28 after the volume spike at noon<\/p>\n

4) Long several times in the afternoon at 27.15 based on a range trade between 27.15-27.45<\/p>\n

Unless I can find a new In Play stock tomorrow that offers great risk\/reward I will go back to the well one more time.\u00a0<\/p>\n

I have noticed from some of the recent comments on our blog that readers are interested in hearing stories of trades that have gone badly.\u00a0 The next time I take a rip of greater than 1K I will blog about the trade.\u00a0 Hopefully we can both learn something from my pain \ud83d\ude42<\/p>\n

Don’t forget to follow us on twitter<\/a>.<\/p>\n

\u00a0\"WFC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WFC has treated me very well lately.\u00a0 On Thursday it sold off hard on the Open and then after some consolidation continued lower.\u00a0 Easy short play.\u00a0 On Friday after a nice gap down it filled the gap and closed at the high with furious buying.\u00a0 Easy long play.\u00a0 This morning I had a decision to make on which stock to … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[30,18,301],"class_list":["post-576","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-prop-trading","tag-smb-capital","tag-trading-blog","no-post-thumbnail"],"yoast_head":"\nStay Where The Money Is | 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\/stay-where-the-money-is\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stay Where The Money Is | SMB Training\" \/>\n<meta property=\"og:description\" content=\"WFC has treated me very well lately.\u00a0 On Thursday it sold off hard on the Open and then after some consolidation continued lower.\u00a0 Easy short play.\u00a0 On Friday after a nice gap down it filled the gap and closed at the high with furious buying.\u00a0 Easy long play.\u00a0 This morning I had a decision to make on which stock to ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2009-05-11T23:00:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2009-06-03T16:06:01+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp\" \/>\n<meta name=\"author\" content=\"sspencer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sspencer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is\"},\"author\":{\"name\":\"sspencer\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27\"},\"headline\":\"Stay Where The Money Is\",\"datePublished\":\"2009-05-11T23:00:01+00:00\",\"dateModified\":\"2009-06-03T16:06:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is\"},\"wordCount\":416,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp\",\"keywords\":[\"prop trading\",\"smb capital\",\"trading blog\"],\"articleSection\":[\"General Comments\",\"Steven Spencer (Steve's) Blogs\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is\",\"name\":\"Stay Where The Money Is | SMB Training\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp\",\"datePublished\":\"2009-05-11T23:00:01+00:00\",\"dateModified\":\"2009-06-03T16:06:01+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#primaryimage\",\"url\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp\",\"contentUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.smbtraining.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Stay Where The Money Is\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#website\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"name\":\"SMB Training Blog\",\"description\":\"Lessons from the trading desk\",\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\",\"name\":\"SMB Training\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"contentUrl\":\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png\",\"width\":230,\"height\":81,\"caption\":\"SMB Training\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/smbcap\/\",\"https:\/\/x.com\/smbcapital\",\"https:\/\/www.youtube.com\/user\/smbcapital\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27\",\"name\":\"sspencer\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/author\/sspencer\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Stay Where The Money Is | SMB Training","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is","og_locale":"en_US","og_type":"article","og_title":"Stay Where The Money Is | SMB Training","og_description":"WFC has treated me very well lately.\u00a0 On Thursday it sold off hard on the Open and then after some consolidation continued lower.\u00a0 Easy short play.\u00a0 On Friday after a nice gap down it filled the gap and closed at the high with furious buying.\u00a0 Easy long play.\u00a0 This morning I had a decision to make on which stock to ... Read More","og_url":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is","og_site_name":"SMB Training Blog","article_publisher":"https:\/\/www.facebook.com\/smbcap\/","article_published_time":"2009-05-11T23:00:01+00:00","article_modified_time":"2009-06-03T16:06:01+00:00","og_image":[{"url":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp","type":"","width":"","height":""}],"author":"sspencer","twitter_card":"summary_large_image","twitter_creator":"@smbcapital","twitter_site":"@smbcapital","twitter_misc":{"Written by":"sspencer","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#article","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is"},"author":{"name":"sspencer","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27"},"headline":"Stay Where The Money Is","datePublished":"2009-05-11T23:00:01+00:00","dateModified":"2009-06-03T16:06:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is"},"wordCount":416,"commentCount":2,"publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#primaryimage"},"thumbnailUrl":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp","keywords":["prop trading","smb capital","trading blog"],"articleSection":["General Comments","Steven Spencer (Steve's) Blogs"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is","url":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is","name":"Stay Where The Money Is | SMB Training","isPartOf":{"@id":"https:\/\/www.smbtraining.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#primaryimage"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#primaryimage"},"thumbnailUrl":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp","datePublished":"2009-05-11T23:00:01+00:00","dateModified":"2009-06-03T16:06:01+00:00","breadcrumb":{"@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#primaryimage","url":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp","contentUrl":"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/05\/wfc-05-11-09.bmp"},{"@type":"BreadcrumbList","@id":"https:\/\/www.smbtraining.com\/blog\/stay-where-the-money-is#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.smbtraining.com\/blog"},{"@type":"ListItem","position":2,"name":"Stay Where The Money Is"}]},{"@type":"WebSite","@id":"https:\/\/www.smbtraining.com\/blog\/#website","url":"https:\/\/www.smbtraining.com\/blog\/","name":"SMB Training Blog","description":"Lessons from the trading desk","publisher":{"@id":"https:\/\/www.smbtraining.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.smbtraining.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.smbtraining.com\/blog\/#organization","name":"SMB Training","url":"https:\/\/www.smbtraining.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","contentUrl":"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2022\/07\/Logo-e1658419502954.png","width":230,"height":81,"caption":"SMB Training"},"image":{"@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/smbcap\/","https:\/\/x.com\/smbcapital","https:\/\/www.youtube.com\/user\/smbcapital"]},{"@type":"Person","@id":"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27","name":"sspencer","url":"https:\/\/www.smbtraining.com\/blog\/author\/sspencer"}]}},"_links":{"self":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/users\/143"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/comments?post=576"}],"version-history":[{"count":0,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/576\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/media?parent=576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/categories?post=576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/tags?post=576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}