This day trading blog directs traders to more information.
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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.
A description of three membership sites.
Bob Joiner's chat room Q and A and trade history
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.
Some of you have heard me use this quote. "If your outgo exceeds your income, then your upkeep is gonna be your downfall." My dad used to quote it and I think he got it from preacher in Atlanta, GA. But I think it originally derives from some WWII poster.Anyhow...the point is that you can't keep spending (or losing) more money than your making, because eventually things will fall apart.Applied to trading, it makes me think of the simple mathematical problem for most traders: while they make some winning trades, their average losing trade outweighs those gains and it makes it very difficult for them to make a profit.Doing some other research, I came across a good article by David Rodriguez that gets into this topic in greater detail. For a good read, click today's link.
TOPS was a great example of a stock finding support at the 23.6% Fibonacci Retracement line. It offered multiple opportunities as a day trade. See today's link for the chart.
annotated charts gives examples of support and resistance for stocks and forex trading
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Today's annotated chart takes a look at the USD/JPY. Japan has several reports being issued this evening, so there is risk on the short trade. But I am expecting USD/JPY to meet overhead resistance and push lower. Click on today's link to see the chart.
I often talk about trading within the market context. This simply means that we keep one eye on the larger market while we execute trades. Knowing the lines of support and resistance can help us make better trades. Follow today's link to see a 30-minute chart of the SP-500.
EXAS was our first trade of the day in the chat room. It's a good example of a gap up and today's annotated chart gives a fuller explanation of the trade. (Just click on the link in this post.)
Today's annotated chart shows a Heat Map of the current bearish ETFs. This is one way to identify trends in the market, even if you don't trade ETFs directly. Follow today's link to see the chart.
One of the values of being in a chat room: other members see things that you don't see. KONE was mentioned by one of the chat members this morning and it wasn't on my watch list. After looking at the chart, I posted several alerts for it being a "high probability long" day trade. You can see the chart in today's link.