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Rick Redmont Bases Trading on Wyckoff Theories
Off-floor trader Rick Redmont gained his first experience trading stocks as a college student during the bull market of 1961. "I had $10,000, which turned into $20,000. I followed the Chartcraft point and figure book-but it didn't really matter what you bought.
Tom DeMark Relies 100% on Market Timing
Trader and consultant Tom DeMark has invented dozens of proprietary technical indicators over the years and relies strictly on the technical principles of market timing for his research and trading. In fact at one point in his career, DeMark went through the CFA program (certified financial analyst), but chose to never complete it.
Tom Bierovic Uses Discretion on Top of His Rules
Off floor trader Tom Bierovic, trades according to a set of rules he has developed over the years, but uses his own discretion on top of these rules. Bierovic believes he was lucky because he was introduced to the futures business at a very young age. His father was a trader at the MidAmerica Exchange and Tom would plot daily and weekly bar charts of the agricultural contracts for his allowance money.
Grant Noble Reads Mass Media for Contrarian Signals
Futures trader and author Grant Noble looks to the mass news media in order to garner signals of major market bottoms or tops. Only, he looks to the media with a contrarian perspective.
Angelo Reynolds Scalps in the Eurodollar Pit
As a trader in the Eurodollar futures pit at the Chicago Mercantile Exchange, Angelo Reynolds cites mental toughness and courage as two of the necessary factors to successful pit trading. "I knew I always wanted to be involved in the markets," Reynolds said.
Glenn Neely Bucks Traditional Elliott Analysis
Glenn Neely locks horns with traditional Elliott wave theoreticians and has developed his own approach to trading the markets, which he calls NEoWave Theory. Neely first encountered the Elliott wave theory back in the early 1980's while he was working off-shore in the oil industry.
Linda Bradfore Raschke Focuses on Technicals
After spending six years trading on the floor, first at the Pacific Coast Stock Exchange and then at the Philadelphia Stock Exchange, Linda Bradford Raschke shifted gears and moved to an off-floor office in 1987. After trading her own money for several years, she moved into the money management side of the business in early 1993. Raschke, along with her partner Rick Genett, manage about $25 million.
George Lane Still Trading Off Stochastics at Age 75
George Lane completed his 47th year of trading in December 1996 and is still going strong. After many years of trading in the grain pits in downtown Chicago, Lane has shifted to screen trading during his "retirement" in a small community about 80 miles south of Chicago.
Key to Day-Trading: Have Your 'Team' in Place
Day-trading is a very serious business; if you don't have all the right ingredients in place before you begin trading, you're dead. One of the most important aspects of the day-trading business is your "team:"
Cynthia Kase Relies on Proprietary Technical Indicators
Trader and consultant Cynthia Kase relies on a series of proprietary technical indicators that has developed for her trading signals. Kase makes her trading decisions strictly based on these technical indicators and doesn't rely on fundamental analysis at all.
George Fontanills Incorporates Options to Lower Risk
Trader George Fontanills first began utilizing options in order to go "delta neutral" on his futures positions, which would allow him to "still sleep well at night." Since he began using options in conjunction with his futures trading, Fontanills believes he has found a way to accelerate his profits while decreasing his risk.
Walter Bressert Reads Market Via Cycles & Oscillators
Walter Bressert earned a college degree in economics, which taught him "economists don't know much about the way the world works." An active trader for many years, Bressert relies on cycles and oscillators in his intraday futures trading, in which he primarily focuses on the S&P 500 contract.
Day-Trading: Not What You Think
The day-trader is a cross between an extrovert and an introvert with both characteristics in balance. The introvert aspect is depicted by the disciplined workaholic with a reclusive concentration. The extrovert aspect is depicted by an aggressive, competitive, self-motivated individual striving to be the best in a selective profession.
George Angell Keys in on Volatility and Liquidity
Volatility and liquidity are the two elements independent trader George Angell looks for in a market to trade. Currently, Angell exclusively trades the S&P 500 futures, putting on intraday trades only, never holding positions overnight. "Liquidity and volatility are the two things you have to have. You can't day-trade something like oats--it wouldn't work" Angell said.
Larry Williams: Training Key for Trading, Running
Trader and marathon runner Larry Williams sees parallels between successful trading and successful marathon running. Williams, who recently completed his sixteenth marathon run, pointed to "pain and agony" as being two of the obvious similarities between trading and long-distance running.
Gary Wagner Uses Candlesticks to Measure Sentiment
Japanese candlesticks offer a "mathematical expression of psychological market sentiment" to trader Gary Wagner, who utilizes these Eastern technical indicators in conjunction with Western tools to actively trade for himself.
Persistence Pays Off for Joe Stowell
According to independent trader Joe Stowell, persistence and courage are two key characteristics necessary for success in trading. Persistence certainly has paid off for Stowell, who traded part time off and on for 20 years, before leaving his job as a school teacher to trade full time.
Ben Warwick's "Event Trading" Keys in on News
While many traders focus either on technicals or fundamentals as they develop their trading strategies, trader Ben Warwick focuses on a market's reaction to news. Warwick has developed his own method of trading, which he calls it "event trading."
Lost in Forex Loss
An email prompted me to consider the significance of taking responsibility in trading. There is a natural tendency for most people, in any area of life, to not take responsibility for results and behaviors that appear negative. We want to see ourselves in a good light and it is tempting to try to avoid responsibility for acts that we consider bad.
How To Nail The Market When Everyone Else Is Wrong
Picture the scene -- you have done your an alysis and have been waiting for the breakout of a range. You might even have identified a head and shoulders or double bottom. So anyway, you have a trade all set up and you are just waiting for the move.
Forex Building Blocks that Works
Day trading the foreign currency market is definitely one of the more challenging endeavors an aspiring trader can pursue. The higher degree of leverage available in this market can increase profits, but it equally accelerates losses as well.
Should I Override the Forex Strategy?
Today was a perfect day to test your discipline: We went long at 1190.00 and the reversing order was placed at 1192.25. Prices moved up to 1192.00 and reversed. One hour later we tried to reverse at 1191.00. Again prices moved up to 1190.75 and reversed.
Maintain Your Perspective
Every minute more than 150 Million Dollars change hands in the electronic index futures markets like the e-mini S&P and e-mini NQ. You can win or lose thousands of dollars in a few minutes; the futures markets can make you rich in a few weeks or months or wipe out your account with no mercy.
Momentum Trading
One of the most basic and widely used indicators is that of momentum. Before I go on to tell you how we can use the momentum indicator to trade with, I want to explain the difference between a leading and a lagging indictor.
Intraday Trading Tactics
In this lesson I want to discuss intraday tactics that you should be aware of when you start to trade intraday. By intraday I mean very short time frames such as 1 minute, 5 minute and 15 minute charts. This will apply to traders who actively trade and probably trade frequently during the course of the day.
Who Trades The Markets
Let's just clarify what is meant by the term trader, sometimes called retail trader or day trader. This is an individual who trades the financial market whatever they may be using their own money. They may or may not be dependent on the results of their trading for their income. This does not include professionals who work for institutions or who manage other people's money.
High Low Breakout Technique
This technique can be used for any market that has a decent daily range. If you look at any chart, what do you see? You should see a succession of bars that are doing one of three things.
Understanding Stochastics
The foreign exchange markets move when some force makes one currency either more or less valuable than another. The cumulative purchase and sales of a currency cause it to move up or down and to become more or less valuable in relation to other currencies.
Where To Place Your Trading Stop
Many traders have a problem defining where they should place their stop loss. They have no problem entering a trade but often have a problem defining where they should take profits or cut their loses. In this lesson we will cover some of the popular methods of choosing a stop loss.
What is Simple Moving Average?
This is the most widely used and is simply calculated by adding up a set of values and dividing the total by the number in the set. This is the average. Movement of this average is effected by adding the next new value of the set and subtracting the first value of the set and again dividing by the same number of values in the set being studied.
Stopping Yourself on Forex
I read on a bulletin board a traders comment that on his first outing trading the E-Mini S&P 500 he lost on each of his trades. He noted though, that had he had a wider stop each of his trades would have been profitable and that therefore he would be trading with a wider stop in future.
What is Support and Resistance
It is very important to understand the concept of support and resistance. In up trends, every time price drops to the up trend line and then resume their advance, the trend line has acted as support to the price up trend. Support can also be found at prices of previous support or resistance.
What is Moving Averages
A market that is trending up should have higher peaks and higher valleys. The majority of bars should also have higher highs and higher lows. In a down trend the market should have lower valleys and lower peaks and the majority of bars should have lower lows and lower highs.
Forex Bid/Offer
Normally when you look at your charts you only see one price and that price is the bid price. Some types of charting software are capable of displaying the offer price but most commonly the price you see is the bid price.
Yin and the Yang of Markets
I am reading a fantastic book on trading, first published in 1924, by Richard D. Wyckoff, titled 'How I Trade and Invest in Stocks & Bonds'. Although most of the examples in the book pertain to stocks, the insights into the nature of trading are relevant no matter what instrument you choose to trade.
Why Does Technical Analysis Work?
Technical analysis describes different ways of predicting the future of the stock/futures market based on its history. Unfortunately, technical analysis is not an exact science. Many prominent scientists label it as "voodoo science".
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