In my reading of hundreds of trading books and my endless research on rich traders, I have come across many quotes that are very powerful. These principles could really change the entire dynamic of a new traders plans and methods. Here are my favorite ten that I not only love but have made huge […]
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Yes, the vast majority of traders are gamblers, maybe the majority of market participants are in fact gamblers. The traders that are gamblers trade with no plan and without understanding the odds are stacked against them. Whether it is buying far out of the money options with no method for profitability or randomly chasing stocks
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In my trading career I do not remember ever seeing this many doji on any given chart. It is very odd that the open and close be so close to each other day after day after day with all the real movement happening in the post market and pre-market. The biggest clues are the two
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Dojis, dojis, every where. Truly some strange price action last week in the major S&P 500 index. I bought SPY puts when the price was struggling at the 50 day late Friday in the last 45 minutes and was instantly questioned and criticized on twitter for doing that on a bullish candle, minutes later
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A book review for Brent Penfold’s book “The Universal Principles of Successful Trading: Essential Knowledge for All Traders in All Markets” This book is excellent for traders that are ready to accept its lessons. You need a foundation in trading to understand the importance of what the book is advising, and take the
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Most traders are not undone by their method or system, but rather they are undermined by an internal struggle. Problems arise when the adrenaline starts pumping and emotions come into play; this is the time when bad decisions are made. Pride, Fear, Greed, and Hope are the most dangerous internal indicators to overcome. Pride screams,
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With all the silliness and noise around trading that happens online I thought I would clarify what I see makes the rich traders win in the markets. Whether they are a professional or trading their own account the markets leave many traders broken
Will You Make It as a Trader? You Need These 3 Things: Read More »
For the past 5 trading days we have been in a range bound market. The 100 day is the logical support line in this current price range with a quick reversal back over it the first day it was lost and bounce off it the following day. The 50 day is the resistance area,
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If you are just randomly trading what you like with no real underlying system, method or planning then unfortunately your odds of success in the long term are slim. Trading a winning methodology is what creates an edge in trading. Consistently trading a robust system or methodology enables you to trade in a way that
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We are looking at a failure to break out to a new all time high Wednesday. With the day of the failed break out closing near the low of the day. Usually only bearish reversals follow a gravestone reversal candlestick, the last two days has been that reversal. We did regain the 20 day after
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For the first time in a long time we did not get the relief rally after Bernanke spoke, the markets did not like what was said and sold accordingly. The clean break of the 50 day should have been like a bell ringing to bulls that we are not in Kansas anymore Toto. After breaking
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This book is written about how three mutually reinforcing skills make a complete trader. 1). Pattern Recognition and Discretionary Trading. Using the Wyckoff method you will see chart representations of how hot growth stocks are accumulated in bases for long periods of time. They eventually have pull backs then break out to new highs
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“Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt.” -Paul Tudor Jones This week was a lesson in how well traders managed risk, and how fast they could cut losses when they were wrong. If you made money this week, BRAVO! However, the
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How Does Quadruple Witching Occur? Quadruple Witching occurs as four different types of derivative instruments reach their final trading day at the same time, on the same day. In the US market, the final trading day for stock options is every third Friday of each month. The final trading day for single stock futures,
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Ten Questions to Ask Yourself During Losing Streaks in Trading Are you trading in the wrong direction of the trend in your time frame? Money is made in going with the flow the vast majority of the time. Are you buying break outs in range bound markets or trying to swing a trend?
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Trading stress is primarily caused by two things: either not knowing what to do, or knowing what to do and not doing it. Many times, a new trader will discover that there is a big difference between reading about trading or simulated trading, and trading with real money on the line. Stress can knock
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Ten Things Traders Need to Start Doing to Make Money Take stop losses when they are hit, holding and hoping drains your money and your emotions. Never enter a trade without and exit plan, you need a stop loss for losing trades or a trailing stop for winning trades, and possible target areas where
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Ten Things New Traders Need to Quit Doing if they Want to Be Successful Quit trying to hit big home run trades that stress you out and make you watch every price tick all day and focus on a winning trading method. Risk a little to make a lot and stop risking a lot to
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With all the drama last week in the indexes and what seemed like wild action for traders watching live trades, it was nothing more than the market staying within a two week trading range in a range bound market. A $160.00 support/$165.50 resistance two week trading range does not sound like a lot of volatility
Quick Facts on Three Important Charts $AAPL $GOOG $SPY Read More »
