Edition 292 Wednesday, March 31, 2010
Edition 292 Wednesday, March 31, 2010 |
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Commentary by Andy Jordan
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On March 18 we told subscribers of our professional daily spreads & position/swing trading newsletter Traders Notebook, "Consider selling April Gold at 1118 stop market; suggested stop at 1124; suggested first target at 1112. Basis is a TTE in front of a 1-2-3 high."
Here's how we suggested managing this trade:
03/19 Short at 1117 (slippage); hit suggested first target; suggested stop for the second lot at b/e; suggested final target at 1075.
03/22 Suggested stop at 1110.
03/25 Suggested stop at 1097.
03/26 Out at approx. 1097 with the second lot.
Visit our Spread Website for more information about our daily newsletter, Traders Notebook.
© 2010 by Trading Educators, Inc. Re-transmission or reproduction of any part of this material is strictly prohibited without the prior written consent of Trading Educators, Inc
Including Failure in Trading
Because of a random luck factor, it is possible for failure to raise its head at any moment. Consequently, we can’t sidestep or ignore it; we have to find a place for it in our overall system.
This is more profound than it seems. Any trader must be flexible enough to adapt not only to changing events, but also to the vagaries of chance, and the harmony continued in spite of it.
Trading, as it unfolds from the traders perspective, is experienced as an alternating of "in harmony" and "out of harmony" – things going right, things going wrong. These must be bracketed together and contained underneath the larger harmony.
Adapting to random surprise wrenches thrown into your plans, while still remaining in harmony, is the challenge of trading.
Including failure in our trading strategy also has another quality. It brings about humility. Factoring it into our trading means realizing that while we may win 50 percent of the time, we will also lose the other 50 percent – working with this fact rather then fighting it.
Defeats in trading are not really defeats, anyway — they are more like trial balloons we keep sending up, knowing in advance that a certain number of them are going to get shot down. Therefore, trading is really a process of two steps forward and one step back. The one step back part will always seem like a defeat, will always feel like a defeat, but is not a defeat – simply part of the process.
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We created our Trading Community Forum for the purpose of providing positive, uplifting educational material to traders who want to participate. There is much to be gained from the collective wisdom and experiences of those who choose to participate. Let's share what we have learned that has been helpful. Let's all push forward to exchange new ideas and interesting concepts. |
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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 & Swing 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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The "Life Index for Traders™" simplifies the process of tracking, charting, and evaluating your trading and your
life, saving you valuable time.
The Life Index™ is a simple concept that, when diligently applied, 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!!!"
-- Michal Abel, Poland
If you ORDER THE LIFE INDEX FOR TRADERS™ we give you our EQUITY EVALUATOR™ free!
The Equity Evaluator™ lets you see exactly how well you are doing in the markets. But it does even more than that. The Equity Evaluator tells when you need to stop trading long enough to take a serious look at your Life Index. It tells you when you need to paper trade, and it tells you when it's okay to trade with real money. The Life Index for Traders (LIFT) and the Equity Evaluator™ work hand-in-hand to help ensure your trading success. Follow this link to find out more...
Learn Spread Trading from Joe Ross from anywhere in the world. Joe's online Spread Trading Seminar allows you to participate even if you are in your pajamas. You can watch the seminar around the clock, at any time, at your convenience.
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Learn one of the most profitable and relaxed ways to trade!
Spread trading offers the most efficient use of your trading capital that is possible in trading anything. Spread trading has more leverage than any other form of trading, while at the same time having less volatility than any other form of trading.
Do you know why spread trading is hardly mentioned in any book, or on websites, or by exchanges, or by your broker? You need to find out why! You will be amazed.
Follow this link for more detailed information about this online video seminar....
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JOE'S LATEST BLOG ENTRIES:
Cultivating Self-Control and Discipline
When Prices are Getting Ready to Break Out
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