Today is Tuesday April 20th and the market continued in its reaction rally up from Fridays sell-off.
I did not look at any news that may have drove the market today, but there seemed to be some good reason for the market to drive higher. The pure technical picture said to play the momentum as the market turned higher at 7:40 am West Coast. Just before that it had come under a little pressure as the night trading had follow through from yesterdays close. The move at 7:40 was a clear take off point. I was not trading at that time, but wish I was because the price action was dismal after 9 am (12 noon New York time). A slow grind for the next two hours as volume dried up and traders patience was tested. Unfortunately I was one of them. I did OK but it took forever. Why I say to myself do I even trade that stuff. I guess it is because I did not get prepared for the early open.
I came up a little short of my daily goal. I did basically have it, but gave it one last trade and that put me under. Only trading small but I have time and room to give myself a break after last weeks monster gains from Thursdays session.
To be successful, we most often have to be our own coaches and talk ourselves through difficult situations. All traders should analyze there “Self Talk” to see if it lines up with there trading plan and objectives. If you find yourself not sure what you are looking for, that is a sign that you need to practice more and become familiar with what is going to take you to your goals and objectives. You do not have the luxury to get it wrong. On the job training is very expensive. If you pay for a course or become self taught, it is still going to cost you. If you go the self taught way, it is going to take you a lot longer to learn what you will need to bring it all together. It is possible and it is a option. I am a product of being self taught. I never bought a program, course or any other trading vehicle to get me where I am today. I may have been able to speed that up if I had, but maybe not. All trading courses are not the same, and the ones that don’t teach you how to actually read price action, but be dependent on indicators or any other thing, is going to slow you down.
All traders need to learn how to read supply and demand just by looking at a chart and be crystal clear on what it is saying without any doubt. A trading course that falls short of accomplishing that is not the best route. There are times the market is right in between making up its mind on which direction it wants to go and that is when you need to pay special attention and listen to it.
Being a good trader, is knowing in advance what makes up good price structure and what does not. The stuff that looks like market noise, is what you leave alone. You don’t have to trade every twist and turn. Let the market set itself up to give you the trading edge . If you don’t have it, don’t try and trade it. You need to be at least 80% sure that if you put a trade on, that it is likely to go your way. If you don’t feel that you have that kind of a trading edge, leave it alone until you do. It is not worth it, for those who are trying to figure all of this out.
Often, the market is going to suck you in long, just when you think you got it, only to take you down. At those times, you can not afford or allow yourself to give up a lot of room. You will need to learn where the market is breaking away from you so that you can cut your loses short. If you don’t, you will be looking at 2-3 point loses in moments, which will be the next guys gains. Don’t do that.
Look at a chart and if you are a day trader, I would say a tick chart or volume chart. You will have the benefit of hindsight here, but this is good exercise for those who want to get better at timing. Forget about indicators and just look at the price bars. Since you have the benefit of looking at the chart after the fact, where do you think would be a reasonable spot to go long and short based on what you see. You probably will not want to place your marks at the very highs for short or the very lows for long, but within a reasonable margin, where would you like to have placed your order to capture a piece of the move. Don’t be greedy with the exercise, but be reasonable. Tomorrow I will give you an example of what I mean on the charts.
Ask yourself, how can I know the next time I see this set of price conditions that the movement will be similar? There is a way to do that. It can be done with stocks, for daily price bars, futures emini contract or any trading instrument in any time frame. This is one way of teaching yourself. It will take a lot of practice and you will have to invest a great deal of yourself to find the patterns that will bring it in.
If you can afford it and want to jump start your training, I have just the tools, framework and structure to point you in the right direction to speed up the process. If you want to continue to go it alone, I offer small tips and hint of what you can do here in my blog, but never really get into the technical nuts and bolt of my trading method. You will hear me talk a lot about market psychology and how to overcome one of our biggest obstacles, us. So stay tuned or drop me a line, I am hear to help for those who want it.
If you have 60 to 90 minutes a day, a computer, risk capital, the Internet, mental discipline and “Sniper Day Trading”, I believe you may have what it takes to attain financial and time freedom by Day Trading the E-Mini Futures.
Emini Course and Mentoring Program
In my Emini Trading Course, I show you how to utilize a “Sniper Trading” type approach using my tested method to earn at least 2 points per day from the markets. You could learn how to make consistent profits in good or bad markets. Our method focuses on high probability trading, delivering you your points for the day. Day trading for a living does not have to be hard, if you have the right method, plan, course of action and someone to explain it to you in a live market trading environment.
Price action, is driven by emotional buying and selling decisions for a variety of reasons, all of which are present in the current price at any given moment. Our job, is to find the turning points that exist in each session through precision market timing. These turning points are present every day the markets are open. Sniper Day trading will teach you to clearly spot where these turning points are, using a trading mastery type approach. These points show up like consistent “Sniper” shots on your trading screen and are clearly defined by using the custom tools I have created.
We strive to teach our students to learn price action apart from indicators or tools, but they are helpful to point out what may not be seen in the beginning. I am sure what I have in full is not being taught by anyone and is unique to me and the many years I have spent developing and now clearly defining the “Sniper Day Trading Method”. The signals generated by my method will produce the same signals to anyone who is following it, there is really no gray area, only which trades you decide to take and which you let go by.
Sniper Day Trading Method
We trade with tick data and use multiple time frames in timing our trade entries. I have three different styles I trade and bring them up as the price action dictates. One is a “Scalp Trading Method”, (T-1 Trade) that is very accurate in picking up 2,3 or 4 ticks on the S&P. My stops are such, that this approach averages a one to one risk/reward ratio, but enjoys a very high percentage “Win/Loss” ratio. This is bread and butter for me.
The second style enjoys the benefit of my “Precision Turning Points” model, (T-2 Trade) and is usually traded with multiple contracts. The first part is scaled out around 1 point, which quickly brings me to a no loose position and the second half is usually allowed to run. I have four incredible ways to get out, all of which act independently of each other, but are uncannily similar in their results.
The last, is a “Pyramid Trading Method”, that when conditions are right, you are able to keep your first risk small but scale into the trade, adding positions in the direction of the trend, but only at very low risk entry points, keeping your stops down to 1 S&P point. Each one of these methods are very clearly explained in my 80 page trading manual and followed up in the DVD training part of my course. They will also be gone over in our live trading sessions.
While only needing to pull 2 points after commission per day out of the market, (8 ticks) catching a few scalp trades or a T-2 trade, is really all you need to hit your daily goal. I believe in setting realistic goals, which increase your chances to meet them. By having a clear mind, a solid trading plan, with position sizing risk limits and rock solid money management, you come that much closer to trade your way to financial and time freedom.
Examples of two typical trading days back to back, applying the Sniper Day Trading Method. It only took about 20 minutes to get my daily goal plus on both of these days.
Mental Discipline and Trading Psychology. I have told you what I can offer to you, but this is not all you will need for success. I am convinced that my method, custom indicators and complete approach could make the aspiring trader profitable on a regular basis, but do you have what it takes? Trading psychology plays a huge roll in all traders, whether they know it or not. You have forces constantly working against you. Success is only going to become a reality to you, if you have the qualities needed to pull this off. What you are going to need is * Discipline * Patience * Ability to follow rules * Control your fears * Get a grip on personal greed. Frequently, I talk about this in my daily blog, because they are too often why traders fail to reach their goals.
I offer a lot of support in this area as well, if you are a struggling trader and want to change, I have the tools, method and know how to likely turn you around, so that you can create the consistent income, free up your time and fulfill your dreams in becoming a successful day trader.
Mental Exercises
In my program I address some of these issues in a series of “Mental Training Exercises” that I have put together. They are designed to get your mind thinking and believing that trading for a living and meeting your daily trading goal is normal, natural and the only outcome you will accept. The titles in the first series are; * Financial Freedom * Positive Risk Taking * Holding your concentration while trading * Achieving your Trading Goals. The titles in the second series are; * Overcoming Trading Obstacles * Controlling Emotions while Trading * Overcoming the Fear of Failure * Creating Hope & Success.
These I believe are very powerful and are in, “the first person” and will become personal to you. They are a form of Neuro-Linguistic programming that can take you farther and bring you closer to meeting your trading goals. They are, in written form and in audio CD and created by me. My plans are to continue to expand these in the future and make any new additions available to students who come on board, all at no extra charge. These training series are specific to traders and cover issues they face.
Solutions for traders, Sniper Day Trading
I realize that not everyone is born with all the qualities a successful trader will need, but I feel it can be learned if you want it bad enough. Ask yourself, how much do you want to become a consistent successful trader ? The answer to that is going to make all the difference in the world.
I know personally the things that hold traders back from bringing it all together and I know exactly what to do to help them change. I believe I can help the struggling trader as well as the trader who has never done this before.
I can set you on a course that is tailored to your experience level and walk you through everything needed and expected. The good part is, you won’t have to go it along. If you have any question, I can not only answer it, but help you apply it, to get the results you will need. Our daily goal is not to hard to hit, 2 points + per day. We can take a conservative approach to help you get that goal regularly.
If you are honest and know you need help and are willing to work hard and change what ever you have to, then I am sure I can help. Trading for a living is possible, but you need to do different, be different and think different from the majority of other traders. If you first commit to yourself these things, then I will commit to you, which will bring you one step closer to the success that we all strive for. Lastly, I want to assure anyone with doubts, my method, straight up works. The only question that remains is, will you move forward and decide to make it work for “YOU”.
Price Action Day Trading
“Price Action Day Trading”, is the key to your long term success. The markets do something everyday that is consistent since they began trading, over one hundred years ago. It exists in all time frames and gets played out on trading screens across the globe each day. It is important to understand and learn, “good price structure” and how it is built. That is what I teach and that is what students get when they partner with me at Sniper Day Trading. The key is learning what to do and when to do it and why. If you don’t know the answers to those questions you will eventually fall short. Many traders use indicators to help them and that is OK. I have them and use them also, but I do not base my trading decisions on the indicators. I base it on good price structure and trade setups that happen over and over, day after day. Traders and investors are very predictable, they base many of there trading decisions on emotion. Knowing slightly ahead, how they will react when certain prices are reached and breached, give us the trading edge we look for. With that said, the indicators magically line up with our trading decisions which can give us the added confidence to put our money on the line.
Below is a typical trading day where you will see the trading, “Turning Point”. I have stripped away everything from the screen except two things. There is much more, but I just want to show you that the indicators line up with our turning points. Which came first the chicken or the egg. The chicken and that is price. Price is always first and the indicators are second. That being said, the indicators can help traders see what is already on the trading screen. I hope this explanation helps clarify in the minds of seeking traders that what we have and do is real and works.
What You Get With Sniper Day Trading
My E-Mini Trading Manual (hard copy 80 full pages) with future updates. (very nicely done)
Complete DVD video training package in very nice hard cover locking case / extra: will include method applied to stock trading.
Method explained throughout the week, with full screen video and audio illustration in both the T-1 and T-2 screens, “Turning Points”. Very powerful part of ongoing training. (This service will be included ongoing all at no extra charge)
All custom chart settings to build your trading platform and help by me if needed to set it up.
All of my custom and modified indicators I created, that will unmistakably identify my “TURNING POINTS” for the T-1 and T-2 trades, when applied to the method.
Method checklist work-sheet ( for examining trades against method).
Laminated 8×11 “Method Overview”, to pin up over trading screen. Laminated 8×11 “Mental Exercise Overview” pin up over screen.
Mental Training Exercises: eight titles – audio CD and in written form. On-going future title releases no extra charge.
Leather bound “Trading Journal”, to help you keep your thoughts, progress, questions and answers.
I will personally work with each trader by screen sharing technology and voice of I.P. through SKYPE, in a live trading environment. After you go through the material, we will set appointments for our personal sessions together. We will apply live market data to the method and I will show you exactly what to do and how to do it. The manual and video’s will give you a head start, but working with me personally will undoubtedly bring it all together. I will spend as much time as needed with each trader who comes on board until he or she understands the complete trading method.
If in the future if you have questions, I will always be here to discuss them and go over your charts to help point you in the right direction. I am not just selling my trading method, but offering much more, mentoring and getting you profitable. Traders often face mental barriers that hold them back, but they do not know exactly what it is or why they consistently make the same mistakes over and over again. I can uncover the problems here, find the solutions and set you on your new course.
My goal is to get each trader that joins with Sniper Day Trading to book at least 2 points per day and gradually increasing contract size to a desired income goal. I will do my part as stated above, will you do yours?
Futures Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any e mini trading system or methodology is not necessarily indicative of future results.
Daytrading Involves High Risks and You Can Lose A Lot of Money.
Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over-compensated for the impact, if any, certain market factors, such as lack of liquidity. Simulated e mini trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
Additional Cautions
There are no guarantees or certainties in trading. Reliability of trading signals for mechanical systems are in probabilities only. Trading involves hard work, risk, discipline and the ability to follow rules and trade through any tough periods during the methods off times (and all methods or systems have off times) – If you are looking for guarantees, trading is not for you. Most people lose trading. One of the reasons is that they are not consistent and lack discipline. A method of system can help you become consistent, BUT you have to stick to the method like a formula. The ability to be disciplined and control your emotions is even more important than any technical indicators a trader may use. Worrying about the money aspect of trades (which is an emotion) can contribute to and cause a trader to make errors. It is important to trade only with true risk capital. You can find further information at: www.sec.gov
How Much Does the Sniper Day Trading Course and Mentoring Program Cost?
The cost of my Day Trading and Mentoring Program is only $1495. That is a bargain if you think about the life skills you will be getting. This is a lot less than so many others who do not even begin to offer what is included below.
Click Shopping Cart When Done
I teach because I love the business and it makes me a better trader. Clearly defining my Trading Method and teaching it, is more like a joy than a job. That said, I do value my time and being fairly compensated for it, as well as the many years of market experience and insight is worth something, to me and others.
Success, is largely dependent on each individuals ability to stay focused and exercise discipline . If you can, you will succeed, because what I offer works, that there is no doubt. It will always work in the future as well, because it is based on price action trading, something the market does every trading day.
Take the first step in turning things around, I have the time to pour my knowledge into a few aspiring teachable traders, will you be one of them?
In business you get what you want by giving other people what they want. Business is as much a process of giving as it is of getting.
What You Get With Sniper Day Trading
My E-Mini Trading Manual (hard copy 80 full pages) with future updates. (very nicely done)
Complete DVD video training package in very nice hard cover locking case / extra: will include method applied to stock trading
Method explained throughout the week, with full screen video’s & audio illustration in both the T-1 and T-2 screens, “turning points”. Very powerful part of ongoing training. (This service will be included ongoing all at no extra charge)
All custom chart settings to build your trading platform and help by me if needed to set it up.
All of my custom and modified indicators I created, that will unmistakably identify my “TURNING POINTS” for the T-1 and T-2 trades, when applied to the method.
Method checklist work-sheet ( for examining trades against method).
Laminated 8×11 “Method Overview”, to pin up over trading screen. Laminated 8×11 “Mental Exercise Overview” pin up over screen.
Mental Training Exercises: eight titles – audio CD and in written form. On-going future title releases no extra charge.
Leather bound “Trading Journal”, to help you keep your thoughts, progress, questions and answers.
I will personally work with each trader by screen sharing technology and voice of I.P. through SKYPE, in a live trading environment. After you go through the material, we will set appointments for our personal sessions together. We will apply live market data to the method and I will show you exactly what to do and how to do it. The manual and video’s will give you a head start, but working with me personally will undoubtedly bring it all together. I will spend as much time as needed with each trader who comes on board until he or she understands the complete trading method.
If in the future if you have questions, I will always be here to discuss them and go over your charts to help point you in the right direction. I am not just selling my trading method, but offering much more, mentoring and getting you profitable. Traders often face mental barriers that hold them back, but they do not know exactly what it is or why they consistently make the same mistakes over and over again. I can uncover the problems here, find the solutions and set you on your new course.
My goal is to get each trader that joins with Sniper Day Trading to book at least 2 points per day and gradually increasing contract size to a desired income goal. I will do my part as stated above, will you do yours?
Frequently Asked Questions (Click on the Question to Reveal Answer)
Q. Can I trade more than 30 to 60 minutes a day?
A. Yes. You can break it up into two sessions if you like. Perhaps a morning session and afternoon session-make 2 point each session.
Q. Can I trade for more than two point a day?
A. My E-Mini trading course has advanced material for those who WANT to trade all day and earn more than two point a day. That’s fine to do, as long as you stick to the rules and not deviate from the trading plan. I personally do not advise it. The high side of the daily goal, four points, should be enough for most traders.
Q. Can I use this with Eminis other than the S&P?
A. Yes! my method works great with the NASDAQ Minis and the Dow Minis.
Q. What is a Day Trading School?
A. Many websites offer day trading training where you have to attend a classroom in a school. If you are not near one of these “schools”, you are out of luck. I offer my course as an “at home” learning experience. You learn at home, to earn at home.
Q. Is this a mechanical system?
A. Yes, and no. Yes, it is mechanical. No, it is not a “system”, it is a method. In my opinion, systems don’t work because the markets always change. Sniper Day Trading will give precise entry points that are highly accurate.
Q. How much money do I need to start?
A. Most brokers require a $5000 starting balance to begin. Amp Futures has a lower minimum opening balance of $ 2,000. That is very tight and offers little room for error, but it can be done if you have excellent discipline and really grasp the method. Following the rules for profitability is a must. Daily loss limit a must and may even have to be tightened to 3 points from 4. That is a daily loss limit of $ 150 dollars for the day. The worst you could do on any one day. So with discipline, focus and the right person, it is possible.
Q. Can I really make an income with a $5k balance?
A. Absolutely! Assuming you can follow the rules! If you can’t, then you will not make it, plain and simple. The choice, decision and outcome are up to you. You will have all that you need to make it. My method works, there is no doubt in my mind. The daily “Turning Points” video’s I do will be an incredible help. If you can build your contract size to just 4 contracts in 4 months time. Increasing your size just one contract per month over 4 months, you will be at a annual monthly income equivalent to making 100K per year, with averaging just 2 points per day. Some days you will hit 3-4 because the market will just give it to you, before you close the trade. That will make up for days you may fall behind. So again, yes it is possible.
Q. Can you recommend a good broker?
A. Yes, Tradestation Securities is the data vendor I use and also the broker, two in one. I have found that these guys are one of the best in the industry and have a very easy trading platform to learn. I recommend them also because it is easier and better to build your screen the way that I have it. We will be using the same platform and format.
Q. How much are commissions?
A. Commission are $2 dollars to buy and $2 dollars to sell per contract. It could be a little more or less depending on the volume you trade.
Q. How long will it take to learn this method?
A. I believe if you read the manual and watch the included videos, you will be underway to learning the Sniper Day Trading method within a week or two. You really need to review the daily trade videos and you really need to trade the simulator first. I will not tell you how long to trade the simulator, because everyone is different. You may need more than two weeks of simulated trading or just a couple days. Any experienced trader will be ready in a few day or so. The method is not hard to understand and apply, most people will grasp it quickly.
Q. What kind of support will I receive from you?
A. My undivided attention! I am not a sales man trying to sell 1000 copies here. I am a real day trader who makes his living from day trading-period. I truly want to see you successful. You will have my private cell number and email address and all the consultation you need.
Q. You mention discipline quite a bit. Why?
A. It’s that important. You need to be disciplined to follow the rules to the letter. That’s why I highly recommend listening to my “Mental Exercise Program” often. As mentioned I will be coming out with future releases of this and make them available to partners at no extra cost to them.
Q. Can I skip trading for a few days and still make money?
A. Absolutely. You will be making money every day you decide to trade! Of course you will not make money when you take a day off.
Q. Can I pay for my course in installments?
A. No. A simple one time payment is required. Please read our CFTC Disclaimer linked from the bottom of my home page. You should be well capitalized to trade futures and should not be trading with money you cannot afford to lose. If you cannot make a one time payment, you may not be ready for trading!
Q. How much can I expect to make in a year?
A. Great question. Personally I consider a $100,000 + a year good income for most people. Following my plan and trading 1 contract to start, and adding 1 contract after every $1500 profit,(every three weeks at 2 points a day) you could be earning well over the above amount a year in a very short time. Trading only up-to 4 contracts at 2 points per day would attain this goal. This is a very conservative approach and one that most should consider especially if you are new to futures trading. Everyone is different. If you do not follow the rules and lack discipline, all bets are off.
Q. Do I have to install your software on my computer?
A. No. I do not sell software! I am selling education materials only. If you don’t have a data package and broker, I really recommend Tradestation. They have it all, they are not perfect, but they have all the software you will need. My custom indicator can be set up on your screen without to much trouble and I can help with that if you need it.
Q. What if I lose my connection while I am in a trade?
A. You need to CALL YOUR BROKER IMMEDIATELY. Personally, I always have a back up computer with a Verizon Internet Card ready to go in case my cable modem goes out. It’s very prudent to have a backup and have your broker’s number on speed dial. I have not had this happen to me, but I am certain it could. I also recommend a battery back-up/surge protector in case the power goes out while you are in a trade.
Q. Will I make money if the market keeps going down?
A. Sniper Day Trading method allows you to profit from up and down markets! Go to the beginners page and read about shorting the market!
Q. Do you offer training after market hours?
A. I do offer an after hours market training to those who need it, but cover a lot of material in the daily video’s I put out after each trading session. This is usually a recap of the trading day and signals generated. I will schedule LIVE TRAINING WEBINARS occasionally as needed to help partners better fully understand some advanced features and how to read price action.
Q. Do you offer a live trading room?
A. Not at this time. I will be considering this in the near future, but not yet.
Today is Friday January 22nd, and the sell-off continues.
Well, the only thing I can say is, I am not surprised with today’s price action. The market is doing everything it would normally do after a break in formation, as I layed out in yesterday’s blog post.
There may be a bounce somewhere in here, but time will tell. I know there are people out there that love to buy the dips. Engrained by the media and such, you have the sheep step up to the plate, ”FOR SHEARING”.
I did not see the news, but I can only imagine. I see the market through purely a technical lens and reading moves as they unfold. It is easier than trying to predict far in advance. With the break two days ago, it was not hard to imagine or expect the kind of downward price action we have seen. Institutions, investors and traders have their stops at those key support points for a reason, to protect themselves against a sell-off. Once the first domino was tossed, the next one gets hit and there you go. I am sure we have all seen the domino effect, that is what just happened the last couple of days.
At some point, there will be the brave, to step up and buy, thinking they are getting a good deal and maybe they are, but it is risky. The S&P is now in an area of support. It is the same area that I was looking at, but on the Dow Jones. That index traded below where I thought support would come in today, but the S&P over-road the support by breaking to the similar area where it now may try to find support. If I had called the support for the S&P yesterday, I would have used the area close to where we are now.
The S&P price of 1085 was hit 5 times over the past couple of months which may be a temporary spot for the market to pause. Currently we are at 1091. If we trade past that, you will probably see a whole new wave of selling come in and we could find ourselves down to the S&P 1028 level. The middle of the range as I point out yesterday is Dow 8100 to 8600 and S&P 910 to 855.
Pretty scary stuff, but this is what I was warning about for some time. When the formation breaks, you will see the sell-off, sharp and deep.
When we bounce, where ever that is, what happens after that, is going to tell us how quick all of this may take. A slow gradual process will probably be better for most people.
On, to other topic’s; In todays trading I was only at it, for 10 minutes and picked up my daily goal. I did mark up some trades on the screen after that for a little while and picked up some nice turning points. I may trade for a little higher point return next week, but with this Monday being a holiday and Tuesdays session flat. I wanted to make sure I picked up my net goal for the week safely and I did that. So, next week, I may trade a little more. Also, I needed a little cooling off period for the bad trades I took on Tuesday. It all worked out well and look forward to next week.
Below, I marked up my screen with the turning points as I did yesterday but I took the indicator off. I just have the signals as they were generated. I screened out only a few of the very obvious no trades, but marked up most of the trades generated just by that one indicator as I did yesterday. I look at a lot more than indicators, I look at price action through its structure, to see if the components are there for the trade. The indicators, only confirm what I see already through the price. That is how it works for me. I know others use it the other way around. Using the indicators to confirm price. I don’t teach that or do that. If you learn how good price structure looks like, you will be looking for something very specific. When the indicators confirm your timing, it can give the learning trader a little more confidence to take the trade. But over time, seeing the same patterns again and again, we learn to look for what makes up a good trade just by its structure.
Anyone who wants to learn more, can. I do teach this as the “Sniper Day Trading Method” designed by me.
It is a collection of techniques and repeatable price pattern structures that happen with a great deal of consistency. Using the full spectrum of indicators I have on top of the price as well as under the price, will only make the job easier to see what is already present on the basic clean chart itself. This stuff speaks out its own language as the swings taking place, each and every day.
There is something here for everyone. If you like to scalp trade as I do, trading with the trend and counter trend, I have that. If you prefer to only trade in the direction of the dominant trend we can set that up, if you like to trade higher time frame charts and go for a higher profit loss ratios, we can customize that for you. The principles are all the same. This will work great on Stocks as well as Forex currency pairs. The higher the time frame, the higher the risk, but the higher reward. You also get fewer trades as you go up in the time frame spectrum.
I use a small 1 point stop on most all my trades or less, but that is me. I know some in my group use 5 ticks. That is fine, but I urge all to move there stops up with price as things go your way. I like to scale out and put myself in a no loose situation and I teach that too.
I don’t only offer the trading course, I work with each trader, to not only answer there questions, but to explain it and call it out during the live market, so you can see the same thing on the screen live. I will work with any trader as long as it takes to fully understand how he or she can use the Sniper Day Trading method through screen sharing technology over Skype.
If you have questions, feel free to contact me through Skype, my screen name is SniperDayTrading. Have a great weekend.
This is Thursday, October 29th and I did not post yesterday, got a little behind.
In Tuesdays post, I mentioned that I was a little suspect that the support I identified would give way, because of the divergence present in the Dow. In Mondays post, I had said that if the Tuesday support numbers failed, that the next area of support was around the 1045-46 area in the cash S&P. In yesterdays market, the Tuesday support did break and we went just a few points past my support numbers at 1042-1043, really pretty close.
That support area held beautifully in todays session and as I write this update at 12:03 pm West Coast time, the cash S&P market is up over 23 points off of that support call. The market is likely to drift sideways to slightly up over the next couple of days, but the new very clear line in the sand will be yesterdays pivot low of 1042.56. If we break that, we are going to see some additional selling.
The Dow is still outperforming the other index’s and that still poses a problem. Until the Dow can do its thing and correct to the right balances, it becomes a little harder to get a good read on direction looking out over the next week. I do see the potential for a S&P futures retracement up to 1068+ which is really not that far away from where we are now. Currently we are attempting to break yesterdays high around 1063 in the futures, we will see.
Today was a classic trend day up. They don’t happen that often, but it usually pays to have small targets if trading counter trend. While trading with the dominant trend, you have much more opportunity for multiple points.
Yesterday was a trend day down and today the opposite. This in a way, has created a V bottom and is usually retested sometime later. In addition we did have a gap day as well. I like to look at the symbol “SPY”. This is a tracking stock for the S&P 500. People trade this very heavily. The volume on this today came in at 200 million shares, with the shares being priced at 106.64. If you add a zero to the 4 at the end and move the decimal over to the right by one, you will get a price of 1066.40 and that is the same price as the Index.
The reason why I point that out is because, you can get a better idea what the opening gap was for a day like today. Opening gaps have a whole strategy to themselves, that I won’t go into right now, but it clearly defines the opening and any gaps that are present.
Below, I have a screen shot of a few trades I took late in the session. I have not been trading the open or the slow mid day time, but just the later half of the session. That is going to change pretty soon. This mornings open was pretty clear for some nice scalp trades and often the price action is a lot heavier and faster. I don’t mind the speed of the action, I usually have plenty of time to get the price I want, but the best part is after an entry, the order is filled to the target in a blink. That is because of order placement. If you put the order in the right place, the stop pressure and regular buying or selling pressure pushes it in your direction in a flash.
I prefer scalp trading overall, because you are not in the market for a very long time and it only takes about 3 little trades to get my goal for the day and thats it. I never cry about what I could have had or should have had, that thinking will only take you down, out and left for dead. Every trader needs to keep their expectation under control and not let greed take root. There are a lot of people who talk about greed and lets through in fear to boot. But translate that into something everyday traders can sink their teeth into. Let me do that right now.
First, you need to know that trading and taking profit out of the markets is not natural or easy. You need to do the things that only the very few every find out about. A lot of what I am saying is not the actual trading but the mental side of trading. Being satisfied with hitting your target, what ever that is. If you start second guessing yourself, you only work against you. We trade against other traders, but we often end up beating ourselves. Do not let greed take root. I believe every trader should have an area of profit in mind for the day. If you don’t, you leave yourself open to wanting more and more.
Most traders blow their account up pretty fast, because of two reasons. They don’t manage there losses well and that could be attributed to not finishing the day with a gain, reason being, they did not make enough. Ask yourself, how much is enough for a day’s profits? You will get a lot of different answers to that question I am sure. We may come up with different figures and when we hit that figure during the trading day, somehow, all of the sudden, it no longer seems to be enough. That is where the problem is. Discipline yourself and stay in control. Follow your trading plan. You should be hitting your daily goal 4 out of 5 days at a minimum.
If you are struggling, tell yourself, that you will not take any trades during your session, at all and mean it. But, in the case that you happen to see a trade that is a “screaming buy”, you can take it. That takes the pressure off from feeling that you have to trade. I call this “Trading by Exception”. I talk about it in my trading course and it can bring the trading advantage back on your side of the fence. You end up taking less trades this way which is good and you make them count. vinnie@sniperdaytrading.com
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