$COF easy money institutional gap play

Capital One $COF easy money gap trade today. $2 gap down on credit card default rise stats. Our play was to wait it out and see if there would be follow up institutionsl selling after the open and we got a nice trade once we broke the lows.

Market is over all choppy today so this .50 trade was actually a good trade for the day.

Capital One Financial gap trade

$GLD setting up for a trade

$GLD is consolidating near a significant reference point of $100. If the $INDU continues it’s agressive selling we witnessed yesterday (9/1/09) look for $GLD to break through the resistance and start building a position.

Gold setting up

Trading Successfully?

Everyone has their own idea of what it means to be a successful trader. Quite often we have individuals call us and tell us that they are indeed successful.  However, when we ask them to email us a documented track record, they either can not produce one or they say they have been generating profits on a demo account.  In our eyes, neither of these people are successful.  Keystone will back traders who have a proven documented profitable track record within the last 6 months.  ( minimum gross profits over that period must be at least $24k). In our eyes this candidate has proven they can make money and perhaps just needs a better trading environment to take their trading to the next level. 

If you are new to this business and are wondering, should i quit my day job to be a trader, you should first understand that there is a learning curve to be successful.  Typically we reccommend that you have 3-6 months of capital put aside to pay your bills.  Very hard to become a good trader if you are trading to make money tomorrow to pay your bills.  It is a process to become successful and you can not skip the process. The job of the mentors at Keystone is to shorten that learning curve as much as possible.  Typically after the learning curve the average trader can generate betwen $300-$500 per day.  Not bad for a business in which you are your own boss and have no weekends or no holidays to work.

If you have a track record of success, please email it to info@keystonetradinggroup.com so that we can analyze it or if you would like to learn more about our mentor programs

 

http://www.keystonetradinggroup.com

day trading: trading with urgency

When day trading for a living it is crucial you understand that you are trading for the month, NOT by the hour. You are not trading time for money with the job market, you are using skills to earn money from the stock market.

It is imperative that you get out of your head the result of any one particular trade. If you manage risk properly (translation: keep small losses small) and internalize the fact that your number one job is to preserve capital for the opportunities that “line up” so you can build a position as it moves in your favor.

GET OVER TRADING TO BE RIGHT! GET OVER IT NOW OR YOU WILL NEVER MAKE IT AS PROFITABLE TRADER. Your job as a trader is to manage risk. Taking losses is a HUGE part of the business. Get comfortable with it.

Whats the big deal about taking a bunch of small losses? Stop whining your timing is off! Small loss, small loss, small profit, then one big trade. thats the reality of trading.  Keep yourself in the game while you are gaining experience. Thats how a professional makes a living. Anyone who tells you they always make money is lying. Trade with a sense of urgency while managing your losses. Trade as if you must pay your bills from the first month of trading profits, that means trying to NET money. That means preserving capital.

Preserving capital is not trading scared. It is smart business. The market offers abundant opportunity for you to make a wonderful living as a trader, your job is to make sure you are in the game long enough to gain experience and an understanding of those opportunities to increase leverage.