Well, another day of selling off as we near the end of 2008 and say hello to what should be a very interesting 2009. I find it fairly amusing that so many people think these stimulus packages are going to work overnight. The harsh reality is that they are going to take some time to work their way through the system. Just as medicine doesn't offer an instant cure, so too are we in for a long and possibly painful recovery process. I have posted a new Trading Video below and I urge you to watch it as I have explained how I made two very successful day trades using the support and resistance targets I posted on the S&P earlier this morning.
Click the link below to view the Trading Video!
http://www.screencast.com/t/oPBcf6WrEk
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Blog Archive
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2008
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December
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- Oil Raises After Israeli Attacks On Gaza
- Slow Day In The Markets Give Us Time To Think Abou...
- Oil Breaks Below $37 On Supply Forecasts...Markets...
- X-Mas Plunge Continues As Markets Fall Again On US...
- Where's The X-Mas Rally? New S&P Intra-Day Targets...
- Stimulus...What Stimulus? Markets Fall On Weak Eco...
- Central Banks Lower Benchmark Rates Again As Futur...
- Auto-Bailout Sends Markets Down...Get New Trading ...
- EUR/USD Trade Made Over 500 pips! New S&P Targets!
- GE Causes Late Day Sell-Off, Markets Fall 2% But C...
- EUR/USD and USD/CHF Trades...First Blog Video Now Up!
- EURO Going Gang-Busters...So Is The USD/CHF!
- Could Gold Be Turning?
- Shorting The EUR/USD
- Reverse Dead Cat Bounce....Fed Decision Sets In Today
- Free Money! Fed Cuts Rates to 0.25% And Markets Ra...
- Still No Auto Bailout? How To Use My Daily S&P Tar...
- Forex Markets Move Big...Equity Market Weakens
- Auto Industry Has 3 Months To Restructure
- Finally A Close Without Wild Last Second Swing
- Chalk Up Another Bailout...
- Day Two Rally Ends Without Auto Bailout
- Some Short Ideas This Morning
- Can We Keep This Rally Going?
- When Bad News Leads To A Market Rally
- Shorting USD/CHF
- Oil Falling Out of Bed
- Jobs Data Worse Than Expected...Jobless Rate Rises...
- Jobless Claims Decline with Futures
- 400+ Intra Day Swing Leaves Us Confused
- Great Short Idea...FCN
- If The Markets Fall Another 30% From Here Don't Bu...
- GE Keeps Dividend, Futures Rise For Now
- So Long Turkey Rally...Hello Reality
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December
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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.
Social Networking
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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