Edition 281 Wednesday, January 13, 2010
Edition 281 Wednesday, January 13, 2010 |
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Commentary by Andy Jordan
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On December 13 we told subscribers of our professional daily spreads & position/swing trading newsletter Traders Notebook, "Consider entering an intermarket meats spread: long February Live Cattle and short Lean Hogs (LCG0 – LHG0) at a close above 18.00. Suggested risk is $1,200; suggested first target at 21.00, then higher. Basis is seasonal (11/30 – 1/18) and a 1-2-3 low. Comment: I am recommending this trade only to those who trade over Christmas. No entry for LOD accounts."
Here's how we suggested managing this trade:
12/14 Suggest entering MOO.
12/15 In at approx. 18.00. Suggest exiting at a close below 16.00.
12/21 It was possible to cash in the first lot at approx. 21.00. Suggest exiting on a close below 18.00 (if you want to keep the spread over the Traders Notebook Christmas vacation).
For more information about our daily newsletter, visit our Spread Website to find out more about Traders Notebook.
Student's Question:
"Andy, what do you think are the main mistakes beginning traders make?"
Andy: I’ve been helping traders with my Online Mentoring Program for years now, and I have noticed there are several major mistakes that traders, especially beginning traders, often make. Here is a (for sure not complete) list.
Mistake #1: Because of hype they hear from many sources, beginning traders believe they can learn trading in a couple of days or weeks. The truth is, becoming successful in the trading business takes much longer and is harder to achieve than it seems in the beginning.
Mistake #2: Lack of knowledge concerning Money Management. Beginning traders are mainly focused on the money they can make, and don’t think much about the money they can lose. The truth is, most traders lose money in the beginning, rather then making any profit. Beginning traders need to spend some time and effort to really understand money management, one of the key skills of trading successfully.
Mistake #3: Most beginning traders want to learn short term intraday trading immediately, instead of starting with long term trading. Beginning traders should start looking into long term trading first, and then work their way up to short term trading, not vice versa.
Mistake #4: Many beginning traders start their trading career being undercapitalized. Because of the small size of their trading account, they have to trade with high risk from the very first moment, and they trade the account down in big steps. A much better way is to start learning the basics first, and test what you have learned with a paper trading account. Feeling confident about the trades is a key point in trading.
Mistake #5: Lack of self-discipline. “Make a plan and then follow the plan” sounds very easy. But when money is in the game it gets much harder than most beginning traders can imagine. Especially after a losing streak, it is very hard to keep the discipline and to follow the plan.
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The Spread Scan weekly newsletter is designed to assist you in becoming a better, more complete trader by showing you, within the context of the markets, how to trade spreads.
In this newsletter you will see applications of spreading in the futures and commodity markets. Spreads are applicable to all futures markets including currencies, commodities, financial instruments, and stock indexes. It is even possible to trade spreads in the all-electronic intraday market using day trading techniques.
Spreads are based on seasonality, correlation, backwardation, chart patterns, and simple observation. Spreads follow the Law of Charts™ and can be implemented using the Traders Trick™ entry.
In each issue of Spread Scan, you will find an upcoming spread trade for your consideration in the following week. You will also find a review of an existing or closed spread so you can see and learn how spread trades are managed.
Spreads offer you the most efficient use of your margin account of any other way to trade. Many traders find they like them so much that spreading becomes their primary way of trading.
Each week we present spread trading examples and opportunities to help you become a more professional spread trader, and we provide you with helpful content of interest to traders.
Be sure to "white list" us to receive all your issues of Spread Scan, so that you can continue to enjoy learning through the best free educational trading information available, and so that we can inform you about additional educational services and products to help you grow as a successful and profitable trader.
Educator for Spread Trading and Editor of Traders Notebook & Spread Scan
Andy Jordan made his first option trade at the age of 18. Since then he has been fascinated by the world of trading. In 2002 he met Joe Ross, and became interested in spread trading. Andy was then intensively tutored by Joe Ross and personnel at Trading Educators. Andy is the founder and president of Jordan Trading, S. A. Even though Andy has shown through live chats and in several trading journals that he is able to day trade today's markets, spread trading has always been his preference. In addition to his own spread trading activities, Andy is the editor of Traders Notebook. For those interested in one-on-one personal coaching, Andy has developed and instructs an online course in spread trading, "Trading Mentoring - Trade with a Pro," during which he demonstrates all aspects of trading from choosing the trades on through how and when to enter the trades, manage the trades, and exit the trades.
Andy Jordan was born 1965 in Germany, but is currently living in the Caribbean. He has studied mathematics and business administration in Regensburg and Hagen, and holds a PhD in mathematics.
Joe Ross has been trading and investing since his first trade at the age of 14, and is a well known Master Trader and Investor. He has survived all the up and downs of the markets because of his adaptable trading style, using a low-risk approach that produces consistent profits.
Joe Ross is the discoverer of the Ross hook™, and has set new standards for low-risk trading with his concepts of "The Law of Charts™ " and the "Traders Trick Entry™." Joe was a private trader and investor for much of his life, but a serious health situation in the late 80's caused him to shift his focus, and that is when he decided to share his knowledge. After his recovery, he founded Trading Educators in 1988, to teach aspiring traders how to make profits using his trading approach.
Joe Ross has written twelve major books and countless articles and essays about trading. All his books have become classics, and have been translated into various languages. His students from around the world number in the thousands. His file of letters containing thanks and appreciation from students on every continent (now including Antarctica!) is huge. As one tutoring student, a successful trader, wrote: "You have no idea how much improvement in my life and in my trading efforts have those three days with you brought to me."
Joe Ross holds a Bachelor of Science degree in Business Administration from the University of California at Los Angeles. He did his Masters work in Computer Sciences at the George Washington University extension in Norfolk, Virginia. He is listed in "Who's Who in America." After 5 decades of trading and investing, Joe Ross still tutors, teaches, writes, and trades regularly. Joe is an active and integral part of Trading Educators. He is the primary author and Editor-in-Chief of the company's newsletters: Chart Scan™, Spread Scan™, and Traders Notebook™. He is also the editor of the Traders Money Club™ and the host of the free Traders Live Chat, the free European Chat for Traders, and the moderator of his popular trading forum.
Joe's philosophy for helping traders is:
"Teach our students the truth in trading — teach them how to trade"
Joe sets forth the mission of Trading Educators as follows:
For information about Joe Ross and Trading Educators, please follow this link...
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Spread Scan is a complimentary educational letter.
The information contained in this educational letter has been carefully gathered from sources believed to be reliable, but accuracy cannot be guaranteed. Readers should not assume that anything written here is to be considered as a recommendation, or that any performances shown will equal performances of the past.
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SPREAD TRADING - GET A PROFESSIONAL MENTOR BY YOUR SIDE
SPREAD TRADING is one of the least known and best-kept secrets in the world of trading. It is, in fact, one of the most consistently reliable, potentially profitable, and safest ways to achieve real SUCCESS in trading.
If you need a helping hand to turn your spread trading into a successful business, we encourage you to sign up for our 1-month "Spread Mentoring Program," a complete training experience with our professional spread trader, Andy Jordan.
The training is for all traders - beginning, intermediate, and advanced.
Together, you and Andy Jordan will define the steps necessary to reach your goals, and Andy will give you a detailed plan of how to grow your trading capabilities to a professional level.
How Is It Done?
The Mentoring is done using the internet. We use the Skype platform (www.skype.com) for regular weekly communication, as well as e-mail for all the in-between questions and consultations. You will hear Andy Jordan, and you can talk directly with him (free of telephone charges) without any delays. Please note: we allow only ONE participant at a time, to make sure that the student being mentored receives the full attention he/she deserves.
What Do I Need?
You will need charts of the markets you want to trade. Delayed data is fine. If you don't have charts at the moment, please contact Andy Jordan. He will help you find an inexpensive solution. You will also need the Skype software (it is free at www.skype.com), together with a headset and microphone for communication.
OUR GOAL FOR YOU:
At the end of the one-month mentoring program, you will be able to trade spreads ON YOUR OWN! You will have YOUR OWN trading plan, and you will know precisely how to trade in a profitable and consistent way.
We hope this summary of the program gives you a taste of what to expect, but there is more to know about the program. For further details regarding Andy Jordan’s Futures Spread Mentoring Program, please follow this link to our Spread Trading Website.
"Training was great and Andy's commitment to help go from information to action with his support is excellent. I liked most the flexibility in terms of topics. Andy has a huge amount of experience and was able to go into detail on all my queries, all the while progressing the overall information he wanted to cover. The training was very enjoyable, relaxed but focused atmosphere." -- Chris
Secrets many full-time traders use on a daily basis to
exploit the markets
There are secrets many full-time traders use on a daily basis to exploit the markets for their own financial gain at the expense of the "little guys" — secrets 97% of all traders don't know about! Whether you're a total novice or a seasoned pro, you can start applying these secrets on your very first day!
The best traders find a way of trading the markets that enables them to get in and get out with the greatest probability of profits — time after time after time. That takes experience, usually years and years of it, watching and playing the markets day in and day out — a very expensive education in more ways than one.
How would you like to be able to take advantage of repetitive events to the point of 80% or greater accuracy time after time after time? What would it be like if you could discover trades that trend, and trend, and then trend some more? You'll find out in Joe Ross' Trading Spreads and Seasonals manual. Follow this link to find out more...
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