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Mentoring: The Key to Developing as a Trader
1 week ago
9 comments:
hi x,
I found this
http://blog.t3live.com/2010/02/meet-trader-x.html
Is that you?
Anyway, I just want to wish you and everybody else hear a merry xmas and Happy new year.
Hector
Hey Hector, I don't know. Sounds like it could be. If it is, I'm honored!
Happy Holidays to you and yours!
Enjoy the holiday X.
are you saying you know the t3 crew?
Joshua, no.
Trader X,
You made a huge difference in my trading career. I am extremely thankful for this blog as I am now experiencing the fruits of my labor. Happy holidays!
X and fellow readers,
How can I avoid stocks that drop over 1% in value in less than a second (literally). I've never seen a stock do this before, EVER. Until today.
MCP came up on my scan, and I eventually went long. Then, at exactly 3:18 pm EST, the rug gets pulled out from under every bid, and in literally ONE second (no exaggeration), the stock was down over 50 cents on NO NEWS. I took a 3R hit when my stop was actually filled.
In that one second, I thought it was a bad print, but the Level 2 and Time & Sales confirmed that a boatload of trades went off, filling every bid all the way down, all categorized under the same one-second period. When the chart's price didn't instantly recover (as occurs after a bad print), I knew I was in trouble.
I suspect this may be end-of-year window dressing by some hedge/mutual fund that may have taken profits with a giant block trade, taking out every bid all the way down to where I was filled.
How can I avoid this in the future? Is it just a matter of avoiding stocks that have wider spreads? Today's spread would be anywhere from 2 cents to 10 cents. Its volume averages 2.5 million shares over the last 100 days, and today, it was trading above that average.
The volume wasn't lacking. The spread is the only thing I could deem as suspect. But MCP exploded last week for the $4 gain one of your readers profited from. That makes me not want to rule out these types of stocks. But how steep is the risk to try and benefit from them? Yeesh. Ouch.
I'd hate to think the answer is, "Just don't trade the last week of the year to avoid funds dumping shares in droves." :[
Any input is appreciated from X and readers.
Hope you all had a Merry Christmas and enjoy your New Year. :]
Chips & Salsa
chips & salsa,
I avoid stocks with spread over 4 cents.
MCP did the same type of a move you describe on the downside to the upside as well so be carefull if you are on the wrong side.
MCP has been trying to break above 50 and has many consecutive failures so this can be an important hint the the up move is over.
HAPPY NEW YEAR to X and every reader.
Two things...avoid stocks with a wide spread. And, be careful trading later in the day. When I started reading X years ago he talked about how setups in the morning worked better than the afternoon, and I raised my profits substantially by cutting back my afternoon trading.
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