More eyes on the market

Having like-minded peers can be a huge asset when trying to scan the market for the best opportunities. Sometimes we or our scanners will miss something happening in the market. And frankly, it’s impossible to watch thousands of stocks on your own. But with hundreds of other eyes out there, there’s a high chance that you’ll get alerted to the biggest movers. Usually these traders will share the news without wanting anything in return. Twitter and Stocktwits are great places where traders call out the hot stocks of the day.

Education

By connecting to other traders there is a huge potential to grow. Stagnation happens when you think you know enough. People are usually more than happy to share their trades, their tools, or the most effective indicators out there. Reach out to some people and you’d be amazed by the feedback you can receive.

Get objective analysis of our trades

We tend to be biased on our decisions and our trades. But guess what? Other people won’t be. Share your trades with others and you will likely receive brutally honest yet crucially vital analysis of your trades. Harsh honesty is more valuable than ego boosting compliments.

Accountability

By being on the hook to share your results with other people, they will be able to blatantly see the truth in your trades. Did you follow your rules or did you break them? Did you become emotionally unstable or remain disciplined? By knowing other people will see your trades it will force you to try to be more disciplined and ultimately improve your overall trade performance.

If you’re not sure of the steps and practices that we’re talking about you can learn them all here at our Bulls Bootcamp. We’re having an exclusive spring time bonus for our intensive 60 day course where we teach you exactly how I trade and why for only $2300. Not only that, our bonus also includes 6 months of free chat access and a Special Live Platform Setup Class on May 1. This deal is only for a limited time so to learn more or signup, email me at kunal@bullsonwallstreet.com today!

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A brokerage account with deposited funds

Ok well let’s get the obvious out of the way, because it still needs to be mentioned. In order to place any trade you need to have a brokerage account that will execute your orders. In order to place trades you need to open a brokerage account with deposited funds. Make sure your account is a margin account, so that you can borrow shares for shorts and trade with higher buying power. You must have all of these set in place so that you can worry about the market on your first day, not the logistics of trading.

A trading plan

A trading plan is one of the most crucial yet overlooked aspects to trading. Without a trading plan, you’re susceptible to randomness and trading based on your emotions. Develop a trading plan while you’re on the simulator to get a good feel of what setups you’re good at and what you’re not. Practice and fine tune your rules so that they accommodate your personality and your lifestyle. If you don’t currently have a concrete plan in place, then you’re not ready to trade live.

A watchlist

What are you planning to trade on your first day? Make sure that before you begin that you have a watchlist or at least a plan to scan for stocks before you trade your first day. Don’t leave anything to chance by jumping into a random or unplanned trade. Having a watchlist lets you focus on the best stocks to trade before the market actually opens.

A charting software

You need real time charting software, because without one you’re practically trading blind. Make sure that whatever software you decide to go with is one that makes you 100% comfortable. Tweak the design, layout and indicators to your liking. Remember, you will be staring at this screen for the next 1000 hours. Make sure appealing to your personal sense of design and functionality. And finally, make sure the data is being sent to you real time. If you are seeing a delay, the software is unreliable.

And there you have it, the most important things you need in place before you take that big first step. If you’re not sure of the steps and practices that we’re talking about you can learn them all here at our Bulls Bootcamp. It’s an intensive 60 day course to teach you exactly how I trade and why. To learn more or signup, email me at kunal@bullsonwallstreet.com today!

The post Checklist Of Things You Need For Your First Day Of Live Trading. appeared first on Bulls on Wall Street.

In today’s video, I discuss our current BITA trade, which is in the midst of a monster gain post earnings and is now a “free ride” trade, SPY analysis, and go over our focus list with 5 stocks to watch the rest of the trading day (GPRO, BABA, WUBA, LULU and TSLA).

My focus list is, market analysis and trade alerts are all featured in the Market Speculator Part-Time Swing Trade Report. If you would like to receive the swing trade report and alerts, sign up for the free trial. Follow me on twitter or email me at SinghJD1@aol.com

The post Free Swing Trade Intra-Day Analysis appeared first on Bulls on Wall Street.

SPY does not follow through yet.  Intra-day video.  Holding $SPXU, $GWPH and $SCTY.  New focus list additions $TSLA and $YELP.  $DGLY, $BLOX, $SCTY, $BIDU, $WFM and $JRJC near entry levels.

Video Analysis (4 minutes):

Intra-day analysis of SPY and focus list stocks.

Key SPY Pivot Levels: Round number $200, Old high 199,  50 dam 197.27, 197.50 and $196.50 gap fill and support levels

Under the Hood and Trading Game Plan:

After yesterday’s break of $200, early morning we got a break below the old $199 high, only to recover mid-day and close above $200.  This market is not going down without a fight.  The tail that printed today is not on strong volume, which lessons the probability of a sustained move off the tail.

The current game plan is to manage the SPY short position.  I continue to look for long setups on momo stocks, but will not chase.

Current Trades

I am still holding SPY short via SPXU, SCTY and GWPH.

The Trade Results Journal/Spreadsheet is up to date.

The Focus List

Finviz link to easily follow the entire focus list.  Most positions entry charts remain as annotated earlier in the week.

DGLY, BLOX, SCTY, BIDU, WFM and JRJC all near entry levels and discussed in recent reports or videos.

New Addition:

YELP is back in play on pullback to recent high.  Entry $80-81.50.  Stop around $79.  Target $85.

TSLA has formed a 20 point trading range post breakout to new highs.  Entry toward bottom with target at top provides good reward to risk.  An entry in the $570-574 range, with a target at $290 offers 3-4:1 reward to risk.

Short Setups:

My focus now is shorting SPY via SPXU

Market Leaders

GMCR bounced strong after a multi-day pullback.  GOOGL printed a hammer/tail after yesterday’s big drop.  CAT gapped down hard.  The rest bounced within trading ranges.

Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way and How to Analyze Your Swing Trade Results  It is important to know these rules if you trade off the Report.

New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter (twitter.com/PaulJSingh).

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Also if you are interested in our trade alert services check them out here.

Follow me on Twitter @szaman and on StockTwits @szaman

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Self-worth is often measured by the sum of accomplishments. This is why failure can burn badly. Not only is a goal or project left unsatisfied, but your sense of self-worth feels compromised as well.

Well beyond the whole glass-half-full/glass-half-empty scenario, failure can actually be the largest impetus to success. Success is fun and safe. Uninterrupted success can also lead to stagnation and risk adversity.In business companies that enjoy years of success and growth–without at least a few years of serious financial trouble–almost always fall victim to their own strengths.  You see companies like Microsoft that come out hot out of the gates with no setbacks they fall victim to their own success and stagnate vs Apple who had some serious trouble in their original business model had to innovate and reinvent themselves.   In the field of day-trading, limiting yourself to safety and avoiding all risk reduces your income potential. Since markets are constantly shifting, this is also not a field where adversity to change is helpful. Failure will often open one up to change better than success.

Understanding the value of failure and, more importantly, not fearing failure, supports personal growth and profit potential. Failure can morph into success if it’s taken in a nonpersonal and productive approach.

Failure ends resistance to change

In times of success, the old ways stay strong. There’s no reason to change because the current methods are working so far, and income is coming in.

In day-trading, proven methods are good but they don’t always remain successful. It’s important to avoid stagnation for that reason. Reviewing strategy and changing methods is part of this trade. At some point, you’ll have to change anyway. But those most resistant will actually not consider change until that point where methods fail. When I started this business in 2008 I strictly traded smallcap stocks. I traded every type of crappy 2-3 dollar stock possible. What I found was that trading that way wasnt scalable for my account or my business. Its hard to have a chatroom where your trading these small junky stocks and its hard for someone who now has a much bigger account to get size in these stocks. During these times I was making 400-500 dollars a day and had 30 subscribers as this style just wasnt a good one for me or my subs. Trading this way limited my results in many ways.  Today I trade mostly momentum Nasdaq type of stocks 20-100 dollar stocks with volume and range. Changing my method allowed me to get more size into my positions but also move faster and more aggressively. This changed my profits 10 fold.

This is where failure becomes helpful. You can no longer resist change, and the recent failure opens the door to further exploration. Any new ideas that you were afraid to try before can be tried now out of necessity. It breaks up your routine and forces you to grow beyond proven methods.

Change not only involves trying the new methods but also involves corrections to stay on target. Long-accepted strategies are now questioned, and after a hard look at what led to failure, you can see where you can improve your approach.

Change is inevitable and, in failure, it becomes necessary. You become less resistant to change, which in the future leads to less risk adversity and a more open-minded approach to your methods.

Failure reveals both strengths and weaknesses

Many successful people failed first before succeeding. From those failures, they learned more about themselves, what they really wanted, and better paths for success.

It may simply be that there are some types of day-trading investments you have a better handle on than others. Or you made an “educated” guess on bad information or require more skills training to reduce the likelihood of bad decision-making. Through failure, you learn your shortcomings, and your strengths also come to the surface through this self-examination.  This is why I have my students trade for sometimes months on a simulator while we grade their trades. So that they can rise and fall! So they can have terrible days and amazing days and feel the ups and downs of trading.  Then after each failure and each disaster we reformulate and learn lessons getting them ready to trade live

The foremost lesson that can come from failure is your ability to survive it. Sometimes knowing that fear is survivable and leads to better accomplishments is the best way to stop fearing it and encourage future risks. When I get up and get ready to attack it in the morning I have such a confidence as I have been on the otherside. Desperate and wondering if I was going to make it in business and in trading. In my younger days I blew up 5 different trading accounts.  I once had 400 people in my chatroom  when my partner left and took them and lost them all down to 20 people! Going all the way to edge and coming back gives me my strength.

Failure means never asking “What if?”

“What if?” is that great unanswerable question that haunts people until death. In it, there are regrets and wonders that will never be answered or satisfied. By its nature it is always unsatisfied.

Failure may result from taking risks. You make a trade with a 50-50 chance of being good, and instead it goes bad and you lose money. At the time this occurs, you may feel devastation and wish you never took the risk.

But imagine if you never took the risk. That question will likely haunt you too. You’ll never know what may have come from that risk. It could have been a very profitable trade, or it could’ve tanked. Either way, you don’t have a strong answer, and you’ll always wonder.

Sometimes, instead of the constant nag of “What if,” the answer of “I tried, but it didn’t work,” is often better for the simple reason that it is an answer. You tried, you did your best, and it wasn’t successful. But at least you know, and you can let it go and move on. It doesn’t haunt you like unanswered questions. You can even feel a certain “badge of honor” that you acted bravely and didn’t hold back due to fear. In trading whether you win or lose money is meaningless. Our jobs is to do the right thing to trade a stock well. That often means that you do the right thing and you lose on a trade. And sometimes you will do the wrong thing and make money. But longterm if you want to make serious money and do it each day your job is to trade each stock well with probabilities and risk irregardless of the dollars or your p&l.

Builds character

This sounds very cliché, but it’s true.

As stated earlier, success often preserves the status quo. It feels good but demands little from you. Failure, on the other hand, makes you examine those uncomfortable questions that lead to growth.

Coming out of failure, you’ll find you’re more resilient and mature. Failure is no longer frightening because you survived. Also, you’ll be more forgiving toward yourself and others in the same position. Perhaps you can even encourage those facing similar failures or shortcomings. Patience will grow, and you’ll no longer take shortcomings as personally.

You’re the sum of a whole picture in which accomplishments are one part. Success or failure doesn’t define you, as they’re merely results of events in your life. Failure can be devastating, or it can be a learning opportunity.

In the light of failure, regroup and remove the personal connection to it. From that place, you can make a new beginning with new risks, new challenges, and new methods of continuing your trade.  Your struggles can define you. Handle it right and it will give you an amazing power to make things happen.
if you guys are having any trouble with your trading or anything else always feel free to email me kunal@bullsonws.

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Join us for a Webinar on April 19 Space is limited. Reserve your Webinar seat now at: https://www3.gotomeeting.com/register/752914358 Bulls On Wall Street and TradeCaddie will be presenting an Introduction to Options.  By the end of this session, you will have a basic understanding of what options are and how you can use them.  We will cover terminology, using options as a tool, and different trading strategies with options. At the end of the webinar we will review your stocks live and look for a viable options strategy to trade.  For this section, we ask that you be prepared with the stock symbol, what type of trade (long/short), what direction you think it will trade and how long you expect it to take.  We will also examine Intraday trades using options. Title: Introduction to Options Date: Tuesday, April 19, 2011 Time: 3:00 PM – 5:00 PM CDT After registering you will receive a confirmation email containing information about joining the Webinar. System Requirements PC-based attendees Required: Windows® 7, Vista, XP or 2003 Server Macintosh®-based attendees Required: Mac OS® X 10.4.11 (Tiger®) or newer

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Join us for a Webinar on April 12 Space is limited. Reserve your Webinar seat now at: https://www3.gotomeeting.com/register/933558342 Members only: Let’s get together go over some charts and talk about the market.  Bring your chart requests. Title: Open Chart Night and Market Talk Date: Tuesday, April 12, 2011 Time: 8:00 PM – 9:00 PM CDT After registering you will receive a confirmation email containing information about joining the Webinar. System Requirements PC-based attendees Required: Windows® 7, Vista, XP or 2003 Server Macintosh®-based attendees Required: Mac OS® X 10.4.11 (Tiger®) or newer

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