Edition 283 Wednesday, January 27, 2010
Edition 283 Wednesday, January 27, 2010 |
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If you have problems reading this newsletter, please follow this linkSpread Scan with Commentary
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Commentary by Andy Jordan
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On January 19 we told subscribers of our professional daily spreads & position/swing trading newsletter Traders Notebook, "Consider entering a Lean Hogs calendar spread: long June and short April Lean Hogs (LHM0 – LHJ0) at 7.00 limit (alternative at a close above 7.60). Suggested risk is $400; suggested first target at 8.80, then higher. Basis is a possible support 7.00 and a break of the long term downtrend."
Here's how we suggested managing this trade:
01/20 In at 7.00. Suggest exiting on a close below 6.30.
01/21 Suggest cashing in the first lot at approx. 7.50.
01/25 It was possible to cash in the first lot at 7.50 or better. Suggest exiting on a close below 6.70.
For more information about our daily newsletter, visit our Spread Website to find out more about Traders Notebook.
Getting family support
Article by Joe Ross
If there are people in your life who do not support your efforts to become a successful trader, as much as is possible, avoid them. Avoid those who express negative energy on a regular basis, and vent their hostilities towards you. Wherever possible, terminate unhealthy emotional relationships that cannot be repaired, and if necessary, do it immediately.
Negative energy has a cumulative effect that eventually wears down your positive attitude and energy to be successful. Life is too short to be with those who do not believe in you or your abilities to achieve success. A loving partner takes an interest in your work, encourages your efforts, expresses compassion during difficult times, and always tries to help you grow.
Sometimes it helps to find a trading office where, instead of getting a bunch of flack from those around you, you can find support, encouragement, and perhaps learn a few tricks from successful traders. Just make sure you are indeed working with experienced, successful traders, not a "misery loves company" atmosphere!
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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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Copyright 2010. Published by Trading Educators, Inc.
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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The Life Index™ is a simple concept that, when applied diligently, will guide you into becoming a more successful trader as well as a more successful person. Joe Ross developed it many years ago to help build the right kind of character and to develop the right mindset for trading.
"I truly believe Life Index for Traders is an excellent and very helpful tool in becoming better - a better, smarter trader, but also a better, more fulfilled person. I first found it in Joe Ross' book "Trading Is a Business" which to me is certainly the most valuable book about trading. Life Index for Traders e-book is so nicely done that I have soon notice I have become “addicted” to it. It has rapidly become a pleasant and easy to follow habit. It is not only about constant self-evaluation. I think one of the most important things about the Life Index is that it shows you on every day basis what is important for you to do as a trader. And sooner or later you do it. You implement new good habits in your life, one by one. Excellent tool! Extremely efficient! Thank you Joe!!!"
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Price Chart Movement Behaviors
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