Good Morning (or really a continuation of my day from yesterday)! Pre-market futures are up almost 1.5% this morning with a variety of news. China announced a new stimulus package, AIG restructured its debt with the government (i.e. you and me the tax-payers), and McDonald's had sames store sales increase a whopping 5% in October alone. Another bankruptcy also emerged as Circuit City filed amid competition from Best Buy and Wal-Mart.
In addition, the dollar has shown some more weakness this morning, helping oil and gold push to higher levels. I think we are slowing putting in a base in these areas and its time to start buying up great over-sold securities (OIH, GLD, GDX). If we hold the lows of October, we could see a very strong rally through December and into 2009. I still remain sceptical of this possibility with the buffet of bad news out there, but things may already be priced into the market. Let's see how the week goes. Happy Trading!
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November
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- The Week After Turkey
- Below Bear Market Lows of 2002-2003
- The Re-Re-Re Test of October Lows Successful
- Make It or Break It Point
- Same Sad Story, Mid-Day Rally Erased At Close
- NASDAQ Sitting on Fib Support
- Futures Point To Lower Open...Dollar Weakens
- Value Investing - Risk/Reward Starting To Look Good
- A Wild Ending To The Week - Where Do We Go From Here?
- Did That Just Happen All In One Day?
- Goldman Runs The World And Looks Cheap
- Freddie Mac Reports Record Loss, Futures Decline
- Did We Successfully Re-Test The Lows?
- Going Long GBP/USD
- Could Today Be The Break Point?
- Futures Down on Recession Concerns
- Just Pick A Direction Already
- Good Looking Short
- Future Up Modestly To Start The New Week
- Mid-Night FOREX Trading
- Big Swings This Week...TGIF
- GM's Burning Up Cash...Will It Go Bankrupt?
- Jobless Rate Raises to 6.5%
- Markets Continue Slide...How Low Can It Go?
- On The Sidelines in FOREX Market
- Interest Rates Cut....Futures Fall
- Look Out Below! Markets Fall 5% After Election...R...
- Obama Wins Presidency
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Free Trading Updates
Trade Your Plan
Becoming a successful trader means listening to the market at all times. When the market tells you that you’re wrong – sell.
Avoid scenario trading. Scenarios are all around you, trying to make you believe a new trend is starting. Don’t believe it – the trend is about to come to an end.
Set price targets. Not having a profit or loss target is a trading barrier to success. How will you know when to get out? If you don’t set a profit target, raise your stop until price takes you out when the trend changes. Decide what’s more important, being right or making money? Think of those traders who hold on to a stock just to be right.
Don’t be afraid to sell. Losses are the cost of doing business. Don’t trade when you’re emotionally stressed (too excited or too upset). You’re angry and its time for payback. You haven’t had a winning trade in so long you’re sure this one is going to be a big winner – it won’t be.
Avoid scenario trading. Scenarios are all around you, trying to make you believe a new trend is starting. Don’t believe it – the trend is about to come to an end.
Set price targets. Not having a profit or loss target is a trading barrier to success. How will you know when to get out? If you don’t set a profit target, raise your stop until price takes you out when the trend changes. Decide what’s more important, being right or making money? Think of those traders who hold on to a stock just to be right.
Don’t be afraid to sell. Losses are the cost of doing business. Don’t trade when you’re emotionally stressed (too excited or too upset). You’re angry and its time for payback. You haven’t had a winning trade in so long you’re sure this one is going to be a big winner – it won’t be.
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Trading Psychology
Here are some common misconceptions about trading psychology:
1) I can trade without my emotions.
2) I know what I am feeling each time I make a trade.
3) My subconscious beliefs really don't effect my trading.
Trading is 90% emotional and 10% mechanical. Understanding and learning to trade with (not control) your emotions will help you make, and more importantly keep, more profits. That's why it's important to keep a running log of how you feel when you trade. Were you confident or greedy when you lost money? Additionally, it's important to reinforce positive ideas and thoughts into your subconscious mind. Once you understand how you act when your emotions are a particular way, you will be able to adapt and navigate the markets with more consistency while increasing your returns.
1) I can trade without my emotions.
2) I know what I am feeling each time I make a trade.
3) My subconscious beliefs really don't effect my trading.
Trading is 90% emotional and 10% mechanical. Understanding and learning to trade with (not control) your emotions will help you make, and more importantly keep, more profits. That's why it's important to keep a running log of how you feel when you trade. Were you confident or greedy when you lost money? Additionally, it's important to reinforce positive ideas and thoughts into your subconscious mind. Once you understand how you act when your emotions are a particular way, you will be able to adapt and navigate the markets with more consistency while increasing your returns.
From the Author
I hope you find this site helpful and use it as a resource for trading and understanding the markets. I have traded in virtually every market; from Stocks and Options to Futures, FOREX, and Commodities. After many years of studying the markets and my own trading behavior, I finally found a unique and successful trading system based on technical analysis. I am a "swing trader" which means I trade with a longer time horizon as compared to your typical "day trader." As such, I have decided to share my insights and perspective on the markets with others to help them make consistent profits trading the markets. My goal is to create a community of like-minded individuals that will grow in their knowledge and understanding of the financial markets.
CONTACT ME:
trader[at]thebullzandbearz[dot]com
CONTACT ME:
trader[at]thebullzandbearz[dot]com
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