Edition 288 Wednesday, March 3, 2010 |
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Commentary by Andy Jordan
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On February 24 we told subscribers of our professional daily spreads & position/swing trading newsletter Traders Notebook, "Consider buying April Gold at 1109 stop market; suggested stop at 1102; suggested first target at 1116. Comment: No entry whenever the market is trading above (on a buy) or below (on a sell) the suggested entry value during the recommended entry times."
Here's how we suggested managing this trade:
02/25 Long at 1109.
02/26 Trade hit suggested first target; suggested stop at break even.
03/01 Suggested stop at 1111.
Visit our Spread Website for more information about our daily newsletter, Traders Notebook.
Student's Question: "Andy, I almost destroyed my trading account after doing ok all year long. What do you think went wrong?"
Andy: There can be many causes for blowing out an account. The most common are:
- Lack of knowledge of the markets a trader wants to trade. I am not talking about the fundamentals of the product; I am talking about the market basics like the best time to enter or exit a trade, when is a market behaving “normally” and when not, what are the warning signs to not trade a specific market, and so on.
- Lack of knowledge of proper money management. I don’t think it is difficult to learn correct money management, and it is not necessary to become a mathematician. But it is necessary to learn all you have to know as a trader about money and risk management.
- Lack of having a trading plan (or of having the correct trading plan that fits the individual trader). A trader needs a very detailed trading plan that fits his/her personality and environment (account size, full or part time trader …).
- Lack of discipline in following the trading plan. This is very tough for most traders, but possible to achieve. But it becomes impossible to achieve as long as you try to follow the wrong trading plan, a trading plan that doesn’t fit your personality and environment. This is why “just doing what others are doing” will fail most of the time when it comes to trading.
- Lack of having the right mindset. As long as a trader cannot picture himself being successful in trading, he doesn’t have much of a chance of reaching his goal.
All the reasons why a trader can fail interact with one another, and most of the time it is a combination of several of them that cause a trader to blow out his account. Try to investigate in detail what went wrong.
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Joe Ross has been trading the markets, virtually all of them, beginning
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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.
This educational letter is intended solely for purposes of information and does not purport to provide legal, tax, or individual investment or business advice.
Readers should consult with expert legal, tax, business, and financial counsel before considering any action on the information contained in this newsletter. The publisher and its associates, editors or employees may have taken positions in and may from time to time make purchases or sales within markets and market vehicles mentioned herein. Reproductions of this newsletter are prohibited except by permission.
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Be more consistently profitable in the
E-mini S&P 500
We know that many Traders have been looking for a smarter and better way to be more consistently profitable in the E-mini S&P 500 market, and we are happy to let you know that through Joe's "Day Trading the E-mini S&P 500" e-book, they have finally found what they were looking for.
We have received lots of great feedback ever since we released it. We are really excited to know how much our clients have profited from Joe's E-mini S&P 500 book. Here is what some E-mini Traders have to say:
“I have all of Joe's books - logical, accurate trading methodologies, and the E-Mini S&P 500
e-book is another successful extension of Joe's honesty and legacy in helping traders. Thank You Sir. I have successfully used Joe's trading methods in the past.” -- Tim A., U.S.A.
"Full Advise with great emphasis on market dynamics, an essential ingredient to trading success.”
-- J. Torrelles, Spain
“Joe, your e-book "Day Trading the E-mini S&P" was just as expected. Fantastic! Your book has given me a better understanding of what the markets are doing throughout the day and why. Thank you for all that you do." -- Shane K., USA
“This is a fascinating book which explains why the E-mini S&P 500 moves the way it does and how to profit from that knowledge.” -- Thomas C., U.S.A.
“There is a wealth of wisdom and knowledge packed in this E-mini S&P 500 e-book. What is especially outstanding is the abundance of chart illustrations taking the trader through the day trading technique. Joe's years of experience permeate the method from start to finish. Both the experienced and new trader will benefit from the approach to trading the e-mini S&P. I'm most grateful for his sharing what has taken him a lifetime to achieve.” -- Billy A., U.S.A.
"I am very grateful that I purchased Mr. Ross's book on day trading. It was an eye opener to me in how to look at the daily action in the S&P e-mini contract. I position trade and this will give me a better way to enter and add to my positions for my system. In the past I was taking too much risk by entering a position at the end of the day where if I could have entered earlier there would have been better money management. Thank you for a great way to look at day trading." -- Patrick Bayes, USA
“Joe is one of the best traders willing to share his vast experiences with the public. His deep understanding of the reasons for the markets moves, his intuition, compressed into the not so many pages, richly illustrated with numerous real-life charts, his logical reasoning, all make this book into a treasure. As an Academician A.N. Kilmogorov once said, the more compressed the info, the more value per character it contains....And of course this value per character is readily applicable to the other markets (like oil markets for example that I trade). Thanks Joe!.” -- Victor R., U.S.A.
“I thoroughly enjoyed the book and finished it within the first few days of purchase. The information about the insider was an eye opener." -- C. Croeser, South Africa
You'll find more trader testimonials if you visit "Day Trading the
E-mini S&P 500"
e-book
The
truth is simple: the charts of the markets follow a law. Professional
Trader Joe Ross calls that law:
The Law of Charts™
Joe's trading students have told him that once they understood the markets, all they ever needed to trade them profitably is an understanding of the Law of Charts™ along with the dynamics of the market.
This Online Video gives you a presentation of the Law of Charts formations, followed by a very detailed explanation of how to use the Law of Charts to make profits in the markets.
We know you and your trading will benefit greatly from Joe Ross' The Law of Charts.
Take
“The
Law of Charts Online Video Seminar. The Seminar takes you deeper,
and explores the astonishing reality of the Law of Charts in the markets.
The Video Seminar brings you the pure simplicity of what the markets
are all about. Trading does not have to be complicated.
Everything you need to know to make money in the markets is right there
before you when you look at a price chart.
Follow this link for more detailed information about this
online video seminar.
You can learn from Joe Ross from anywhere in the world - his in-depth online seminar The Law of Charts allows you to participate even if you are in your pajamas. You can watch the seminar at any time, at your convenience.
Visit Joe Ross' Online Blog "Trading for a Living"
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