Wednesday, April 6, 2011

Day trading course notes to my traders.

[caption id="attachment_3673" align="alignleft" width="183" caption="day trading - falling off my bike"]day trading - falling off my bike[/caption] Hello traders,   have you ever fallen off a bike? Most of us who have ridden a bike have fallen off at least once.  Trading is the same.  Most of us that are long term traders, some times "fall off of the bike" too. Trading is one of the most dynamic environments you will ever be involved in.  It traps the mind in to thinking that there are rules that will work all the time,  That you are making mistakes and don't know what you are doing. It really feels like it accelerates life. I received an email this week from a student that fell off the bike a few years ago, she said that she is willing to get back on and that for some reason, she doesn't have the "self destroying expectations" that she had before.  She went on to tell me that she has been taking some of our system trades at lunch time and is profitable "just a little bit" but she feels more confident this time. Giving yourself the space to "ease into" being a trader sometimes takes a few hard falls on your bike.  Are your expectations of your self keeping your from getting on the bike again?  What if you could relax those a bit, so you can practice pedaling a bit more? Any one else getting back up? I would like to commend her on the first competency of a trader, "Courage".  The courage to get back up after taking a fall. email me if you would like a hand getting back on the bike. Joel PS. this applies to things outside trading too. An outside comment,  Don't trade sick.  I had this driven home this week as I [...]

S&P 500 day trading course

Day trading course S&P500 day trading tips 60 min chart

Day trading course S&P500 day trading tips 60 min chart Price action on the S&P500 emini futures contract. [caption id="attachment_3670" align="alignleft" width="286" caption="Day trading course "]Day trading course S&P500 day trading tips[/caption] The S&P500 emini has moved up on decreasing volume.  When volume decreases after a move up we will normally end up in a consolidated range. The only low volume moves that we experience is in the after hours when many of the supports and resistances have been tested making it easier to move through in Regular trading hours.   The point of control is at 1331.25 and as of now sellers are in control.  Watching for support to come in at the 50MA 1328.50 with more support just under this in a small congestion zone to 1327. Continuing support at the swing low at 1323.75 then 1320 area on the red 200 MA.   More Resistance will come in at the point of control on the way back up and at previous swing high levels around 1336-1338.  If we see a break of this swing high then our next resistance will be coming in at 1341.  After this we are looking at a longer term extreme high of 1356.25 to 1362.50. A quick trading tip for any of you fighting a cold or just feeling down.  Stay out of trading.  It will be an expensive lesson for you until you are better.  Remember 90% of this is the psychology of using your edge in this market place.  If you are sick or feeling down, it is better to get healthy so you can use your edge. Trade what you see. Day trading course in Calgary April 16 - 18 , join us.  

S&P 500 day trading course

Day trading S&P 500 emini futures live trading room and day trading course's Fan Box