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Currency Charts are compared to stocks charts and examples shown.
Tonight, my wife and I indulged. We went to Bojangles for dinner! Yes, it's not too good for you. But sometimes you've just got to have some fried chicken and dirty rice.
The location we frequent is like many of the fast food places in our area. They have a perennial sign in the window that advertises "Help Wanted".
Evidently, one of the new hires was on the line tonight. He was responsible for filling the take-out order by placing the appropriate ingredients into each box. The first box was completely done...until his elbow knocked it off the counter and he just stepped back and sighed before starting over again. Poor guy.
When we got home, I discovered that he had also forgotten the order of dirty rice. Strike two for this poor guy.
I didn't call to complain. I didn't go back to the store. It's not that big of a deal...since I probably don't need to be eating that much grease anyway.
But it got me to thinking. We are all so clumsy when we start something new. There's so much to learn. You feel awkward at best, or even stupid at times.
Now what does this have to do with trading? Everything. If you have just started trading, then be patient with yourself. You're a newbie. You're still learning where they keep the biscuits! You don't have a system in place yet. You haven't developed the rhythm that comes from performing a task one thousand times, that repetition that makes the whole thing second nature to you.
I remember stating at a trader conference one time, several years ago, that trading was almost boring. You could see the jaws drop. Boring! How could trading be boring? There's so much to look at and figure out! There's so much anxiety!
But, see, that's the difference. When you're first starting any new endeavor, you feel out of place. There is so much to learn. There is anxiety. Boring? Far from it.
But, over time, you get in sync with the market. You get in sync with your system and it all feels very natural.
I say all of this just to say "hang in there, newbie". It gets easier over time. But it doesn't happen quickly. And trading stocks or currencies requires a little more than putting chicken into a box at Bojangles. But, hey, it's worth it.
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The big news today was the acquisition of Whole Foods Market by Amazon. But it you only focused on those two stocks, then you would fail to see the other companies that were hugely impacted by that announcement. For example, KR, WMT and UNFI are all in the grocery business and saw big moves down today.
You can see a short video of these AMZN ripples on my Start Day Trading Facebook page. The link below this paragraph will take you there. Then just scroll down the page of posts until you see that video.
Markets dropped lower today. In the chat room, I posted 7 "high probability" trade set ups. All 7 trades were shorts and all 7 hit their targets. You can see a 1-minute review of those trades in today's link below this text.
But I also wanted to comment on a sad fact: some traders never short the market. They only trade long. Personally, I don't understand this. If the market is going down, then you want to be short. If the market is going down, then your biggest gains and your highest probability trades are going to be in the direction of the market.
So, if you are one of those traders who never shorts the market, I encourage you to get out of your comfort zone and try it out. The water is warm...especially on a day like today!
See today's link to view the short video.
Bob Joiner is a stock analyst and has been leading a day trading chat room for over 8 years. This page contains videos and information about that chat room.
Forex Trade Alerts contains the Sunday videos for swing trading the currency market.
The trending ETF bulls and bears are posted here each Monday.
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Support and Resistance. Free six part video series sign up form.
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When you practice trading stocks, your day trading skills improve on several fronts at once.
It was a great day in the chat room this morning. The link below this paragraph will take you to a short YouTube video that reviews each of today's "high probability" trade set ups.
This page will feature quotes from books that I think are worth reading.
I just revised the page on this site that refers to my book Trading the Afternoon Market. Click the link in today's post to read more about it's content.At the bottom of that page, you'll also see the links to two resources for more free content via Facebook and YouTube.
Even though the overall market is bullish right now, the Consumer Cyclical sector has been hard hit this week. Today's link takes you to a list of the "Top 11" Bear stocks in that sector.
Today's market was very different from yesterday's market. Many traders find it difficult to adjust their trading styles to different market temperaments. Some of these skill sets only come with experience. But, even so, it's important to keep stops in place. We only have ourselves to blame if we allow a difficult day to become a total disaster. That's the hard reality of trading.
Today's link provides a new quote on this topic. You might find the other quotes helpful also. Just click the link below.
I posted 7 trades in the chat room this morning. Some of the stocks traded: MPC, DEPO, MBLY, and IDXG. The blue link below this sentence will take you to a video review of some of those trades.
The Best Trading Book I read in 2016 was Dr. Dayton's Trade Mindfully. Today's link takes you my review of that book and includes a few excerpts from that book.
IONS was one our "high probability long" trades in this morning's chat room. This YouTube video covers the basic analysis of the trade.
BBBY was one of our "high probability" shorts in this morning's chat room. This video covers part of the basis for that trade.
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