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lrushing

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  1. News trading

    News should not be a strong component in your evaluating trading opportunities. Yes, you should review several reliable news sources (Investing.com, ForexFactory.com, Finviz.com), however, your focus should be more on the market conditions (trending or not trending) to help determine whether you should trade or sit-on-your-hands. When the markets conditions suggest trending then you can focus on being more aggressive and increasing your position size to maximize profits. When the markets are not trending you should reduce your position size to minimize risk with the uncertainty. Leroy Trading EveryDay Menu - Getting Started - Trading EveryDay Blog
  2. Advice to Begin Trading?

    Determine whether or not FOREX trading can help you achieve your daily financial target/goals, weekly and monthly goals. Most traders easily gravitate to the FOREX because of the 24 hours availability but the Emini Futures might be a better trading instrument to achieve your goals. Leroy Trading EveryDay Menu - Getting Started - Trading EveryDay Blog
  3. Is It True That 90% of Traders Never Make a Dime!

    Most traders ignore the obvious "Dirty Little Secrets" that impede their progress. The markets consistently provide repeatable events, so experience and profitable traders pick one or two events (ie., flags, breakouts) and learn to make money with those. One of the most not-so-obvious lessons for traders is having a great SOH strategy...Sit-On-Hands that is!
  4. Is It True That 90% of Traders Never Make a Dime!

    The percentages fluctuate, but mostly are accurate. As an experienced trader with 15+ years of experience, you have good months and bad months. A few reasons traders struggle: Smart traders have an insurance nest egg (ie., 5-10% of all profits) that they can use to pay themselves during the tough times. Consistent profits can be generated from using consistent chart patterns and formations for chart analysis and execution. (KISS method.) The focus is to master your style of trading and learn to always be humble with the markets. For example, mastering the most repeatable chart pattern (i.e., FLAGS) in all markets can lead to great profits ....weekly! If you can learn to make just a $100 a day consistently with a small account, then you can begin to make a nice monthly living. As you gain experience and success in one style of trading, then you can experiment with small risk in another. This approach will lead a developing trader down the path of multiple streams of profits. Leroy
  5. As technology and software continue to advance, you don't want to be stuck with a crappy video card. At some point you might consider streaming video and TV (i.e., CNBC. Bloomberg) into your monitors also.
  6. I highly recommend DELL precision workstations. I have (7) 20 in. monitors (i.e., 3 DELL workstations with 3, 2 and 2 monitor configurations). If you are going to be a serious, professional day trader, then consider 2 duplicate computers at a minimum. Get the best video graphic card you can afford and maximize memory. Consider older Windows operating systems since they are more stable and lag behind in updates. Trading EveryDay | The Better Way To Learn To Trade
  7. Is Market Profile an Outdated Tool?

    Market profile is effective for intra-day trading and scalp trading. Experienced traders use it as a visual normalizer to identify extreme trading areas. These extreme trading areas enhance entry, stops and target analysis. Leroy
  8. First Post, New Trader, Help Wanted!

    Hello Nick, A small word of advice would be to initially focus on considering a different style of trading (i.e., swing trading or position trading) because the natural course of day trading requires a significant amount of dedication, commitment and time. Based on your available schedule, you can learn to trade one style and gain some success and experience and then migrate your success, hopefully with profits to a different style (i.e., more active day/scalp trading) as your schedule and lifestyle permits. Trying to day trade with other demanding responsibilities could/will lead to some bad habits and unnecessary experiences no matter what markets you trade before or after hours. Professional and experienced traders know that distractions can/will impact your trading psychology and results.
  9. There is so much information available to traders that sometimes I find it overwhelming or even confusing at times. Since the majority of the available and convenient information is in written form, it makes it difficult to ask questions of the author or the website. And if you do, more often than not you never hear back from them, right? And if you do, so much time has passed that you don’t even remember asking the question much less why you asked the question in the first place. Let’s say a trader is not sustaining consistent profits, and his question is “What do I do?” For the answer, you can go to the internet via any number of search engines; you can go to the book store and/or library to find out how to establish consistent profits; you might even go to some seminars and courses to find the answer. If you’re really on top of things, you might even ask your trading mentor. It’s a pretty broad question, but for as many traders that might be asking this question, there’s probably just as many answers. Why? Because there are a number of moving parts that are necessary for sustaining consistent profits, and depending on where you are in your trading development, the answer can be different and vary for each trader. Integral components to the answer may include your trading plan, your trading style, strategies, and more. The point is, you might “kinda sorta” find an answer to your question, but you may also find out relatively quickly that it is not necessarily customized to your current needs. To add to that, the answer to that question today may very well be an entirely different one if you ask the same question a year from now. The truth is, you need an affordable avenue for asking questions and getting direct, immediate feedback customized to your current needs and situation. Well, I’m happy to report that there is a solution to this sometimes “path to nowhere” when it comes to answering your trading questions. Trading Everyday has launched a new FREE mini-series of seminars called "Day Trading Questions Answered”. It is probably only one of very few seminars available without an agenda because the it is determined by you, the trader. Traders send their questions in advance or they can ask them when they join the seminar. The entire 90 minutes is dedicated to answering only those questions that traders bring to the table. Nothing more, nothing less. How refreshing is that? So if you’ve had those nagging trading questions that you can’t seem to find the answer to, you might want to consider registering for one of the sessions. Even if you don’t have any questions, my bet is that you’ll learn from the questions that other traders ask. It’s free. You have nothing to lose and everything to gain.
  10. Whether you’re a doctor, a basketball or tennis player, a musician, or even a cowboy, knowledge and skills are going to determine your status in your “community” of peers. The level of your knowledge and skills can either catapult you to world class status or usher you out the door; create increased (or decreased) demand for your services or performances; provide opportunities to win awards and generate tons of money if you’re the best, or no awards and little money if you’re not. Whatever you choose to do in life, your knowledge and skill level will determine your success level. If you’ve been in the workforce for a while now, you probably already know that how much you know (knowledge) and how well you perform (skills) are major factors in whether or not the company will keep you or fire you. Let’s take a look at how trading knowledge and skills determine your success in trading. While many people believe that the goal of trading is to make money, professional traders know otherwise. Being an active, professional trader, I know that making money is a byproduct of the primary goal of trading, which is to acquire the necessary knowledge and skills to protect your capital. Simply put, it is extremely difficult to make money if you don’t have the capital with which to make the money. Nearly all entrepreneurs would not have been able to start their businesses if they didn’t first have seed money, a line of credit or loan, or investors to do so. Trading is no different. Trading is a business, not an investment. Successful traders know this. It’s all about protecting your capital. If you are still struggling with your trading when it comes to making money consistently, take a look at your level of trading knowledge and skills vs. those who are actually trading successfully. What do they know that you don’t? Why are they doing well while you are not? Where did they get the knowledge and skills to do so well? It could be anything - from your Knowledge (Have you mastered the concept behind candlestick charts, studied up on risk and money management in trading, established an understanding of the stock market price cycle like the back of your hand?), Skills (How good are you at identifying Traps and 3-Bar Candlestick Plays, or how quick are you at responding (vs. reacting) to the trade signals with the proper set up?), Or even your Psychology (Are you too desperate, unable to control your emotions, distracted?), Habits (Do you have the discipline to follow your trading plan no matter what, the tenacity to focus on the charts on your computer screen 8+ hours a day, the determination to get up every morning no matter how bad it was the day before to do it all over again?). Attitude (Are you willing to learn from your mistakes, to get help from experienced traders through coaching or mentoring, to practice patience and a willingness to do what it takes to succeed?). At the end of the day, if you are deficient in your trading knowledge and skills, be prepared to work harder than those who are already successful. Commit to do what it takes to protect your capital and make money. If you don’t, you may well be ushered out the door sooner than you would like.
  11. There’s a wonderful quote that goes something like “Don’t learn the tricks of the trade. Learn the trade.” That rings especially true when it comes to trading. That’s simply because there are no tricks, or shortcuts, when it comes to trading. The trading environment is a very unforgiving one that does not discriminate. Each and every one of us can fall victim to the ways and unpredictability of the market, and the moment you think you beat the system, think again, because chances are you didn’t. Fundamentally, successful trading requires very clear and easily identifiable skills and habits. They must be thoroughly established, constantly and consistently in place. Otherwise, your trading experience will be very short or painful, or both. First and foremost is controlling your emotions. Anybody who knows anything knows there are no shortcuts when it comes to controlling your emotions. You either control them or you don’t. Not being able to control your emotions - whether it’s fear, greed, frustration, confusion, elation, etc. - when trading may very well be the primary reason behind trader failure. Detaching yourself emotionally from your trades is much easier said than done. Something that has helped me tremendously in removing emotion from my trades is gaining a high-level of confidence in my trading strategies and execution, and the only way to do that is NOT to take shortcuts! I’ve worked hard and become very logical with my trading because I had to. I had to develop a trading plan and have the discipline to follow that plan, trusting that all the research, strategies, risk and money management plans in the trading plan are right for me and my trading. Not far behind controlling your emotions might be lack of preparation. Can you imagine not being prepared when it comes to taking off for the moon, cutting your first incision for major surgery, singing and dancing on Broadway, or going to court for your first criminal trial? Imagine it. Pretty frightful sight, yes? I can almost guarantee you that anyone in any of the above situations prepared themselves through many years of education, study sessions, rehearsals, and practice. My guess is that they did not take shortcuts! That’s not to say that people don’t take shortcuts, because obviously they do. I say “obvious” because the standards of those who take shortcuts are usually pretty low, so the quality of their work and/or performances is subpar and pretty obvious. Therefore, it would follow that those who take shortcuts very quickly separate themselves from the pack - from those with potentially long, successful careers. So, why should trading be any different? It shouldn’t. Taking shortcuts when it comes to trading will most certainly shorten your trading career. Take the steps to Trade Smart and develop a trading plan, incrementally add to your arsenal of trading strategies, utilize the proper hardware/software for charts and analytics, acquire the skills and tools to execute your trades, and record everything you do. That way, you will have taken the long road to learning how to trade, but it’ll be the right road to a long trading career.
  12. Most people feel the lure of day trading: seeing the frenzy on the floor of the New York Stock Exchange, grabbing onto the tail of a skyrocketing stock, and earning your millions. They want to start day trading and find the answer to that famous quote from the movie Wall Street: "How many yachts can you water-ski behind?" Unfortunately, the vast majority of these beginner traders want to see results faster than it takes to watch the movie. In fact, about 90% of beginner day traders are knocked out of the game within the first few months. The good news is that this fact can easily be addressed. Just about all of those who crashed and burned did so because they didn't have a plan. If you take the time to develop a plan and learn how to trade, you stand a much better chance of making that top 10% of day traders who go on to successful day trading careers. Here are five things you need to know before you start day trading: 1. Is Day Trading Right For You? - This seems like a basic question, but you should seriously evaluate your trading personality. Will risking that much money make you nervous? Can you afford to lose money in the stock market? Are you financially - and emotionally - prepared to leave your job and co-workers behind you? These and other questions must be answered before you go any further in planning your day trading career. 2. How to Control Your Emotions - What most beginner day traders don't realize is that trading psychology has a huge impact on your success - and the market likes to play with your mind! There are many different emotions that come into play, but it boils down to two main dangers: fear and greed. It is vitally important you learn how to control your emotions before you try to tackle the market. 3. How to Develop a Solid Trading Plan - If you fail to plan, you plan to fail. And yes, it really is that simple. A solid trading plan will include details like determining what type of trader you are, your trading strategies (see below), what products (stocks, e-minis, etc.) you will trade, what software you will use, even your entry points, exit points, and stop loss points. The more detailed your plan, the more likely you are to have day trading success. 4. What Kind of Trading Strategies You Will Use - There are many trading strategies that will help you succeed at day trading. As a beginner trader you will probably be best served learning one or two to start with. For example, the Bull Trap is an easy type of momentum play for beginners to learn that allows you to predict a trend reversal, and cash in by following the momentum. But there are many different trading strategies; the key is finding the right set of strategies for you. 5. How to Develop a Business Plan - You should approach day trading as a business, not a hobby. Even if you plan to trade just part time, make sure you develop a full business plan that covers all the financial basics like how much trading capital you have, what your short-term and long-term financial goals are, developing cash flow statements, etc. You should also decide how you will work: where your office will be, what time you will be in your office in the morning, what daily preparation you will need, etc. Learning these five things won't guarantee that you will become a successful day trader. But if you start day trading before you find out these answers, you most certainly won't get too far.
  13. Trading plan - self psychology

    For swing trading stratgies, I use 65 minute charts, daily charts, and weekly charts in a multiple timeframe approach.
  14. Trading plan - self psychology

    Identify each emotion - postivie or negative that will have a dramatic impact on your daily trading activity. Associate with each emotion, a set of action steps you will take and adhere to once the emotion is identified. Combine your emotions and action steps with your trade execution to assist you with developing new habits while eliminating old or bad ones. For example, if you find that after a losing trade or series of bad trades, you get anxious to get back in the market, i.e., revengeful, set a rule to change and reduce your position size to indirectly assist you in risk management and protecting your capital. Another example, might be to pre-determine how much of your profits you are will to continue to risk in the market after reaching a daily target, hence helping address the emotion of "greed".
  15. Got Skills

    Whether you’re a doctor, a basketball or tennis player, a musician, or even a cowboy, knowledge and skills are going to determine your status in your “community†of peers. The level of your knowledge and skills can either catapult you to world class status or usher you out the door; the demand for your services or performances will either increase or falter; you may even win awards and generate tons of money if you’re the best, or no awards and little money if you’re not. Many people believe that the goal of trading is to make money. This writer believes that making money is a byproduct of the primary goal of trading, which is to acquire the necessary knowledge and skills to protect your capital. You simply cannot make money if you don’t have capital with which to make the money. If you are still struggling with your trading when it comes to making money consistently, take a look at your level of trading knowledge and skills vs. those who are actually making it work. What do they know that you don’t? Why are they doing well while you are not? Where did they get the knowledge and skills to do so well? It could be anything - from your Knowledge (Have you mastered the concept behind candlestick charts, studied up on risk and money management in trading, established an understanding of the stock market price cycle like the back of your hand?), Skills (How good are you at identifying Traps and 3-Bar Candlestick Plays, or how quick are you at responding (vs. reacting) to the trade signals with the proper set up?), Or even your Psychology (Are you too desperate, emotional, distracted?), Habits (Do you have the discipline to follow your trading plan no matter what, the tenacity to focus on the charts on your computer screen 8+ hours a day, the determination to get up every morning no matter how bad it was the day before to do it all over again?). Attitude (Are you willing to learn from your mistakes, to get help from experienced traders through coaching or mentoring, to practice patience and a willingness to do what it takes to succeed?). At the end of the day, if you are deficient in your trading knowledge and skills, be prepared to work harder than those who are already successful. Commit to do what it takes to protect your capital and make money. If you don’t, you may well be ushered out the door sooner than you would like.
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