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In 1981, when I first started day trading, I would get to bed early night, wake up early, and be excited about starting the trading day. I remember on time when it was a cool, sunny day, and I really felt rejuvenated. After a quick exercise session, I couldn't wait for the markets to open, so I could make a few winning trades. I was really hyped. "Today is my lucky day. Today I'm going to make a ...
Early in the trading day, as part of your daily preparation (you do have a daily preparation, don't you?) it's helpful to practice a little to get a "feel" for what you might do and how you might trade. One way to do it is to make a few small trades, using just a small percent of your normal trading size. Putting on a small position usually helps you focus. Once you've entered the market, see how...
Trading is a profession where dare not give up in the face of adversity. You must go into the trading day expecting to have losses. It's not the most optimistic outlook, right? Trading in today's markets isn't like trading in the steadily upward trending markets in the days before the advent of a PC that could let you see charts. In the days when markets trended as opposed to swinging, just about...
I have never been a pivot point trader per se. Pivot Points are those price levels that are most likely to act as levels of so-called support and resistance on any given trading day. As we already know, anything that most people use is liable to work. This is the only reason that theories like Fibonacci trading or Elliott waves appear to be more than just theory. For the same reason, the most inf...