106 Ticks HUGE Day in the Live Trade Room! Don’t miss Monday!

Today reminded us of why our trading methods are so successful!

We battled tough markets all week this week, and at times, it seemed that there was no light at the end of the tunnel….not so fast!

Tuesday, Wednesday &Thursday and the choppy markets that they delivered were quickly forgotten today when we saw plenty of price movement, lots of good volume, and the perfect patterns that set up over and over again.

Some days it feels like you can’t lose…and today was one of those days!

We took 9 trades today, mostly on Crude Oil Futures, and we did a great job at executing according to our simple trading rules.

From trend-continuation to counter-trend, we took long and short according to our Breaker and 2-Step Patterns.

Tiger Woods got up and spoke around 1030am EST and the market began to slow down, but not before we had already grabbed over 100 ticks out of the market.

After we saw the market begin to take off for an early lunch, we took an hour to answer questions, and we finished up the week with a special webinar on the ‘Discipline Cycle’

Overall, a great way to end a great week in the live trade room!

We took 9 trades today

7 Winners / 2 Losses

TOTAL = +106 ticks / $1,060usd

Only 4 contracts needed to achieve this today!

See you tomorrow @ 745am EST for the live trade room session!

TODAY’S TRADE ROOM QUESTIONS:

JJ@SchoolOfTrade.com

Where can I find today’s news?

http://schooloftrade.com/news

Which brokers do we use?

Sales@SchoolOfTrade.com / 800.381.2084

List of brokers, computer requirements, etc+

How do we define the BRACKETS?

– Starts w/ Auto-Levels Indicator

o Draws all the RED LINES (important) automatically

o Projects those lines on my FAST timeframe so I can use them to take trades

– Bracket = RED Line High, & RED LINE Low

Contract Rollover:

– Crude Oil: Monthly; trade the month with the MOST volume

– Gold: every-other-month: trade the month with the MOST

– Currencies: quarterly

– E-Mini: quarterly

– More info: on the exchange websites

 NYMEX Gold Crude Oil

 CME Group E-mini Currencies

o Google: ‘contract rollover Crude Oil NYMEX’

Dollar Index = DX (don’t trade it, use its correlation)

DAX Futures (Eurex) = FDAX (www.Eurexchange.com)

– Rollover is also quarterly on the DAX, FESX, CAC, FTSE

When does lunch begin?

– Remember….ends early on Friday

– No lunch bell, so we wait for the market to tell us

o Slower Price Action (speed)

 Pace of Tape Indicator

o Sideways Markets

 Flat Trigger Lines

o Fewer BIG Money traders

 Filtered Time & Sales Window

• Filtered for 10+ contracts, shows the big trades only, easier to see.

Does the SIMULATOR give you LIFE-LIKE results?

– Fills? Exits? Targets?

o YES! If you use it correctly

 TUTORIAL: Setting up your Workspace

• Control Center: change the settings on your simulator

o TradeStation SIM = very basic, no reality behind it

o NT SIm is the Best (also like the Market Replay Recorder)

DAX: Volume is too low right now

– Ever since end of 2008 the DAX lost all speculative volume (FESX and ES)

– Rule = 100,000 contracts before 8am EST

o If less, stay away, not enough volume

 DAX = very whippy

 25 euro / point

• 12.50eur / tick

• Avg trading range = 130 points

o ES Avg = 13points

What if I lose control over my charts & im in a trade?

– Go get a change of pants! 

– Be prepared:

o Back-up internet connection

o Back up battery-power

o Know the phone # (two) for your broker’s trade desk

o Your stops and targets will remain in the market until your broker removes them for you.

o If there’s no power…how do you CALL?

 Cell phone, something that can be used without power in your house

Advanced Membership:

– Lifetime access

– Open-code indicators

– No monthly fees

– All future up-dates ( to include automation)

– Free Charts ($150) ($3600 each year you save!!)

– Free Market Data ($150)

– Chart Templates

– 24/7 tech support

– Video chapters, easy to learn this way!

– Ninja Charts have a license fee of $995 for lifetime, we show you how to AVOID that fee (easy)

What are the skills we use as traders?

– Same as other occupations?

o Doctor? Engineer?

o Different: combination of discipline/focus, avoid fear-based decisions, keep our cool, and we need to be risk-takers

Be careful about those BIG BROKERS

– IB good example

– Filtered Tick Data! Pace of Tape Indicator and RANGE charts are going to be DIFFERENT with IB

o Too expensive

 Margins too high ($1,000 on Crude Oil)($500)

 Commissions too high

 All the bells and whistles are not needed for a day trader

o Sales@Schooloftrade.com 800.381.2084

What account size is ideal?

– 1 contract traders = $750 ($500 min)

o Crude Oil =$1,000usd / contract ($1500usd)

– 3 Contract Trader = $2500usd +

o Crude Oil = $3,000 ($3750)

– 6 tick stops, these are tight stops, we can get away with small account

o 20 tick stops….big difference!

Review Our Trades From Yesterday!

See All Of Our Previous Trades

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