The following is a book review I first published on Amazon for the book “Mastery”. I felt like it was written just for me. I have always enjoyed reading the biographies of successful people that mastered their fields of endeavor like Thomas Edison, Henry Ford, Leonardo Da Vinci and many others. I have read many […]
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The only one capable of answering which trading strategy is “right” or “wrong” is the trader. The answer depends largely on psychology. — Michael Lamothe (@MichaelGLamothe) July 2, 2014 There’s no single “right” or “wrong” trading strategy but there are “right” and “wrong” trading strategies for each trader. — Michael Lamothe (@MichaelGLamothe) July 2,
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For a trader to be successful their intellect must defeat their ego. A trader must use probabilities to overcome their own personal opinions. A trader has to use risk management to overcome the hope that a losing trade will turn around and just take the original stop loss plan. A trader must allow the actual
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You can control when you enter and what will cause you to exit but where price goes in the mean time is up to the market itself. You can decide how big of a position you want to trade but you can’t choose your profit amount that is up to the market. You can’t decide
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Don’t worry, America. If the game is going the wrong way, the Fed is prepared to intervene in the 2nd half. #USAvsPOR — Rudolf E. Havenstein (@RudyHavenstein) June 22, 2014 “@drunkNnaughty: I have CDO. It’s like OCD, but the letters are in alphabetical order. Like they should be.” — Joseph Fahmy (@jfahmy) June 21, 2014
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This market continues to grind higher with tiny pull backs making it difficult for buy the buy the dip traders to even get a good dip to buy. Volatility is very low making it difficult for option sellers to collect enough premium to make it worth their risk while options stay so cheap. Even intra-day
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There is a high probability that volatility continues to rise next week off recent lows with the perceived and expected headline risk in Iraq and the uncertainty about its future. It would create some better set ups for equity traders if the market uses Iraq as an excuse to take profits and bring the $SPY
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Let’s be honest. Today was really not a day to trade anything. Enjoy the weekend and we should get better action next week. Risk management, Discipline, Willingness to pull the trigger. Apply these to a positive expectancy model & I don’t see how you would fail. — Trade Like a Casino (@TradeLikeCasino) June 13,
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How many years of work are you willing to put in to be a successful trader? What percentage of returns on capital is your annual target? What is the maximum percentage of draw down you are willing to endure? How big is the bid/ask spread on your trading vehicle? What percentage of it will make
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$SPY spent 2014 primarily range bound before its recent break out. The 5 day ema has been end of day support for the past 12 days. The 50 day sma has been support since late April. $SPY has broken and closed above the 70 RSI for the second time since year. $SPY is up
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