| TraderAide.com The Trader's Assistant |
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| Recommended Reading: Books in addition to those above |
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| Commercail Links The links below all lead to people selling some sort of services to traders and investors. I have no opinion on any of them. |
| The MasterTrader eBook Your complete guide to active trading/day trading. Learn proven strategies and make money consistently! |
| Sure Fire Trading Trading systems, methods and signals. Who else want's to trade like a Pro? |
| The Way To Trade A breakthrough approach to trading in any market |
| Forex Trading Course Learn how to trade EUR/USD, USD/CAD or any other major currency pair. |
| Turn $200 Into $4,630 In 30 Days! Earn money by providing stock research and trading options from your home PC. Step by Step course from a Professional Trader. The Day Trade Forex System The ULTIMATE, Step-By-Step Guide To Online Currency Trading. Online Trading For Financial Freedom Online stock trading, daytrading and short term investing strategy for beginning and experienced traders alike. E-Mini Trading Course Learn how to trade S&P 500 and Nasdaq-100 E-mini contracts. Guide To Profitable Forex Day Trading Learn proven forex strategies currrently used by 2 full time currency traders and make money online consistently. Rapid Fire Swing Trading A Simple But Powerful Overlooked Method of Market Entry and Exit That Has The Highest Probability Of Being Profitable. Day Trading E-Mini S&P Futures Video How To Spot Turning Points in the Market like a Seasoned PRO. |
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| The Bull Market by Will Bullas Paper 15"x14" Image 16"x20" Open Edition Poster Release Price $27.30 TraderAide.com Price $20.00 |
| The Bear Market by Will Bullas Paper 15"x14" Image 16"x20" Open Edition Poster Release Price $27.30 TraderAide.com Price $20.00 |
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| Chasing The High Flyer Of The Day - Don't Do It!! by Floyd Snyder I am not a big fan of chasing the "hottest" play of the day. Too many traders feel they have to be in the "big one", the one that went to the moon, etc., etc. I never felt that way when I was trading and still don't. If you look at recent history, we have seen some, if not all, of the biggest loses reported on those "hotties". There are any number of stocks out there that have unique circumstances surrounding them. When news breaks about those stocks, they are sent up or down with incredible volume, making huge price swings. It is not unusual to see these movers make five or six dollar moves for a total swing of ten to twelve dollars. In the case of a Google [GOOG] or similar stocks, those swings could be much, much wider. I'm not saying you should avoid these plays all together. Yet, sometimes it is better to wait until they settle down a bit before you make that leap of faith. There are literally hundreds of stocks out there that, on any given day, will give you a much better opportunity to make a decent profit with one tenth the risk of trying to get in an out of these mania plays. But all too often, too many traders feel they have to be all over the trade of the day that everyone is going to be talking about tomorrow. Unfortunately, a lot of those talking about the play are going to be talking about being stuck in it because they got in at the high end of one those huge swings. Now they are buried in the stock because they failed to use DTM: Decisive Trade Management (Read: Traders, Defend Against the Dreaded Death Spiral http://www.traderaide.com/Selected_Articles/Articles_on_daytrading.html). Traders need to remember that it is not their job or goal to be right on top everything that is happening on Wall Street or in the markets. Nor is it their job to be right in the middle of things like a mania stock trade triggered by the hottest news story of the day. Jake Berstein says if very well in his book, The Complete Day Trader: http://www.traderaide.com/books "It is not the job of the day trader to understand the whys and/or the wherefores of market movement. The day trader's sole responsibilities are these: First, to end each day "flat," that is, without any positions Second, to make a profit, now matter how large or small Third, to keep all losses small and manageable." Ok, now with that said, a lot of you are still going to try to make that trade. Here are a few suggestions that may help you get in and out with a profit. 1) Always use limit orders. 2) Make sure you are using the fastest broker/trading platform you can get. 3) Always use limit orders. 4) Enter with one half the normal lot size you usually trade with. Five hundred shares if you usually trade with one thousand share lots, one thousand share lots if you usually trade with two, etc., etc. 5) Always use limit orders. 6) Always have a stop loss in mind. 7) Always use limit orders. 8) Be ready to average if the stock turns against you or cut and run. The half lot entry gives you room to average or keeps the loss minimal if you feel you have to cut your losses. 9) Did I mention to always use limit orders? 10) Do not use more then ten to twenty percent of your capital to enter the trade. Even twenty percent may be too high if you are inclined to average. Last piece of advice about making this trade... Don't do it!!! Happy trading! No permission is needed to reproduce an unedited copy of this article as long the About The Author tag is left in tact and hot links included. Questions and comments can be sent to Floyd at floyd@TraderAide.com. Floyd Snyder has been trading and investing in the stock market for three decades. He was on the forefront of the day trading craze that swept the nation back in the late 1990's, both as a trader and as the moderator of one of the Internet's largest real time trading rooms. He is the owner of http://www.TraderAide.com and Strictly Business Magazine at http://www.sbmag.org |