Showing posts from May, 2016

Trade Recap: May 24th, 2016

Doing a quick trade recap today..I know I said I was going to do more of these, will be trying to - sorry for the slacking. Nice day today +3K only 2 small losing trades, will post the charts and some quick commentary below. Here's PnL:

SPEX I missed the morning craziness, but caught it nicely on the secondary push there and had some timely exits for +.45 or so, this is a low float mania play so I don't trust them, they can death drop at any time a la MGT & CLRB, especially on the secondary push, so as soon as it started to get back near the HOD, I was happy to take profits vs. looking for a home run. Next trade for me there would have been a blow thru HOD, sit back, get long on a low vol hold setup on HOD and one more squeeze up for another .30-.50c or so similar to my first trade, but it never got there, so I was done chasing it. No borrows also so couldn't short backside either. Then there at 2pm just put a smaller position on in 3.60s with a 3.50 risk where it had …

An Open Letter to Aspiring Traders: What You're Actually Getting Into & How to Prevail

The beginning stages of this game are brutal. You’re going to be horrible at it. You're going to feel stupid. You’re going to put in endless hours of work, and you’re still going to lose money and make the same mistakes over and over again.
In just about anything else when you are learning…if you put in lots of hard work, you’ll get better at said task at a rate of time relative to the amount of work you put in. The harder you work, the faster you'll get better. Trading is not one of those things, so don’t burn yourself out at the beginning of your journey staying up until 3am every night thinking the answer to all your problems is "I just need to study harder" or it's in some book or DVD or online. It’s not. You just need screen time & experience. 
There are ups and downs. In the beginning, more downs than ups. There will be moments of clarity early on when you're going to feel like you’ve “turned the corner and finally figured it out”…….you haven’t. Do…

A Simple Guide to "Finding your Niche"

I was having a discussion with one of my guys the other day…he saw some others in the room making some really nice trades, and he said to me “Dante, what are they doing that I’m not doing?” Putting in the time outside of market hours…in addition to screen time. Going the extra mile. I told him he needed to be more dedicated and put in more time – and his response was simple, and fairly logical when taken in context, he said: “Put in work how? I don’t know what to do.” And at first I was frustrated with that response…but after contemplating it for a minute, it made perfect sense for him to say that. If you are a newer trader, the market is a very scary, fast moving and overwhelming place. Everyone tells you to “go find your niche” but they don’t really tell you how to do it. Just that you have to do it. "Figure out what you're good at, and then go through charts every night, seeking out your strong setups, and study them. See which ones worked, which ones didn't, and why.…

Trade Recap: May 5th, 2016

It's funny..I was looking at my PnL today and it looked strange, theres way too much green on it, and I don't mean +dollars. 8 out of 9 trades today were longs lol, that's pretty rare for me. I took a bad loss on an FCX swing short about 2 months ago and it changed my thought process entirely. Bias killed me. I used to identify as a "short trader"..but I realized that's pretty foolish. 95% of my trades used to be short, and if I wanted to short something I would just watch it go up and stalk an entry, versus keeping an open mind and participating on the long side. I've been working a lot on having a completely "neutral" bias, and it's helped my trading a lot - thats starting to come to fruition and was very evident today. Here's PnL

So. Many. Longs. If you focus strictly on shorting, you're immediately cutting yourself off at the legs and 50% of all market opportunity you see gets thrown out the window. Don't get me wrong I still…