What type of trader are you? I was asked this question recently and the first answer that came to mind was “I’m a setup trader.” Now this phrase may be confusing, but it really explains how I look at trading the markets. I teach traders how to identify specific setups in order to validate trades. If the setup validates, then we enter the market. Price has to prove itself in an exact pattern before we consider taking an exact trade with exact rules. How we proceed to manage the trade is equally important. At any given moment, I’m watching price as it plots to see if the pattern matches the rules of the Roadmap Trade, Blueprint Trade, Atlas Line, or any other of my price action trading methods. By having a how, when and why behind each trade, we’re much better off.
Those of you joining me for the next eight week Private Mentorship Program starting on March 22, 2012 will learn 11 unique methods of trading price action. By looking at my live charts during each training session, spotting these setups will become second nature. The first week of training discusses the ATO (At the Open), and like all other courses offered on Day Trade to Win, is included and taught in full detail. Another method learned in later weeks is the Roadmap Trade (available only in Private Mentorship). The Roadmap shows exactly where market manipulation occurs and therefore provides a filtering strategy that works with all other methods in the Mentorship Program.
If you would like to attend this new Group Mentorship Class, it’s not too late. Alternatively, one-on-one lessons are also available for individuals with demanding schedules.
After a weekend attending the Traders Expo in Vegas, it’s nice to be back in Florida at the office. This year’s Traders Expo was held in one of the Bally’s convention areas. Admission was free, although registration at the check-in booth (or online) was required. Private conference rooms, filled with day traders and presenters, lined the hallway leading to the main exhibit area. Exhibit booths were inhabited by industry giants to lesser-known vendors, each looking to make the most out of the Expo experience.
John Paul with friends at NinjaTrader. From left to right: Ryan S., John Paul, John G., and Josh P.
NinjaTrader’s booth was one of the best. Three interactive stations were set up, allowing guests to see the power of NinjaTrader first hand and take the trading platform through its paces using live data. Some of the top NinjaTrader staff members were present. Ryan S. is of frequent assistance to the DTTW team whenever we have a NT question we can’t answer. John G., Vice President of Sales and Marketing, hospitably entertained his staff and guests to the booth using his visionary talents. Josh P., a walking encyclopedia of all things NinjaTrader, gave us the scoop on what’s in the pipeline for upcoming NinjaTrader releases.
Main Exhibit Area
Main Exhibit Area
Entryway to Exhibit Area
If you plan on attending the next Vegas Expo, wear comfortable shoes. Unless you’re at a booth, you’ll find the only public seating in front of slot machines. According to several repeat attendees, the number of booths and overall attendance was less than that of prior years, perhaps due to venue constraints or those opting to attend the next Traders Expo, planned for New York at the Marriott Marquis Hotel in mid-late February.
Who goes to Vegas just for the Traders Expo? Here are some non-day trading tips for making the most out of the experience:
This should go without saying – always have plenty of cash on hand. Everyone expects a tip, from the bathroom attendants to the high rise window cleaners tapping on the pane in the wee hours.
After snagging your belongings at baggage claim and heading out the door at the McCarran Airport, you may have to wait in line for 15 minutes or longer to get a cab. Instead, you might be able to find a limo driver inside the airport to expedite the trip.
If you’re looking for show tickets, try your hotel’s guest services or find one of the discount ticket places on the trip. Try to get your tickets no later than 4:00 p.m.
If the flashing lights, cigarette smoke and street promoters are becoming a bit much, consider renting a vehicle for a trip to the Hoover Dam, Death Valley or Grand Canyon.
Use a site like Kayak.com to book your flight and hotel tickets. Hotel rates can more than double on the weekends. Also, the rates on these third-party sites are often reduced (because the official Hotel sites like to show the “prestige” of higher priced, regular stay costs).
If you’re from the United States (like us), you’re probably aware that Monday is Memorial Day, a federal holiday. Considered the unofficial start of the spring / summer vacation season (while commemorating fallen military service personnel), Memorial Day is always the last Monday of May. Every year, millions of Americans look forward to this three-day weekend. The lucky ones are also able to take off Friday before (today). As traders, we are somewhat dependent upon these lucky individuals who are normally trading with big money, creating volatility in the markets.
Whenever you encounter a trading day before a major U.S. holiday (like today), you can expect to see relatively low volatility for Emini trading. For example, today’s price action trading was bound within a range. Traders collectively decided on the highs and lows of the day, making the same mistakes and assumptions. Days with better price action / volatility are not range-bound. Instead, they show more of a gradual slope in the rise and fall of price instead of the zig-zag choppiness and periods of flat price action. This same behavior occurs on all U.S. based markets, having a great affect on all of futures trading.
Using the Atlas Line®, it’s still possible to make money on days like today (ES – May 27, 2011)
In the chart above, we purposely removed all of the text pointing out the profitable Atlas Line trades so you can see the price action. You can see how the Atlas Line was right on the money calling out the Long Trades and the Short Trades despite the relatively “flat” trading that was offered. If you’re not using a trading tool like the Atlas Line or one of our day trading courses other price action trading systems, then it’s best not to trade on days like today.
If you’re still going to attempt to trade anyway, at least try to stick with the morning session. The morning has traditionally offered the most consistent movement. Some days are really cut out do be traded ONLY the morning session. We refer to these days has “half-day trading.” A day like today offers some good morning trades and no reason to stay in to subject yourself to losses later in the day. Take advantage of the markets and give yourself an early start to the holiday weekend!
You’re invited to see how John Paul uses the Atlas Line and other price action techniques to accurately trade any market.
He’ll go through everything from the E-Mini S&P to T-Notes. Watch how the Atlas Line calls out long and short trades prior to big moves in price.
John always have a few tips to share with attendees so don’t miss out!
In the meantime, here’s how John Paul traded the Euro Currency using the Atlas Line today…
John Paul presents “Price Action Trading Methods to Use Daily” in this 37 minute webinar recorded on August 18, 2010. This is a must-watch as John clearly explains price action trading using slides and the day’s trades on NinjaTrader charts. Also, there are coupon codes for Atlas Line™ discounts – but you’ll have to watch the whole thing so you won’t miss them!
Download the full video here: [smartcounter:1]
The video covers the following:
Price action – how to trade it
Indicators vs. price action – clearly explained
The day’s trades – market performance
Filter trades – learning how to
Atlas Line™ trading tool used for success
Additionally, you can now take the first step to become a trader by attending a single Private Mentorship lesson. Visit eminieducation.com for details on how to purchase a single lesson where you can learn one of DayTradeToWin’s 11 methods of price action trading.
For those of you who missed the webinar, here’s a quick video outline the topics we went over and how the market responded to the Atlas Line. Don’t miss the next one, visit this page – free day trading atlas line webinar.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
GOVERNMENT REGULATIONS REQUIRE DISCLOSURE OF THE FACT THAT WHILE THESE METHODS MAY HAVE WORKED IN THE PAST, PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. WHILE THERE IS A POTENTIAL FOR PROFITS THERE IS ALSO A RISK OF LOSS. A LOSS INCURRED IN CONNECTION WITH TRADING FUTURES CONTRACTS CAN BE SIGNIFICANT. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION SINCE ALL SPECULATIVE TRADING IS INHERENTLY RISKY AND SHOULD ONLY BE UNDERTAKEN BY INDIVIDUALS WITH ADEQUATE RISK CAPITAL.
ANY ADVISORY OR SIGNAL GENERATED BY DAY TRADE TO WIN IS PROVIDED FOR EDUCATIONAL PURPOSED ONLY. ANY TRADES PLACED UPON RELIANCE ON WWW.DAYTRADETOWIN.COM SYSTEMS ARE TAKEN AT YOUR OWN RISK FOR YOUR OWN ACCOUNT. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. WHILE THERE IS GREAT POTENTIAL FOR REWARD TRADING COMMODITY FUTURES, THERE IS ALSO SUBSTANTIAL RISK OF LOSS IN ALL TRADING. YOU MUST DECIDE YOUR OWN SUITABILITY TO TRADE OR NOT. FUTURES RESULTS CAN NEVER BE GUARANTEED. THIS IS NOT AN OFFER TO BUY OR SELL FUTURES OR COMMODITY INTERESTS.
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What type of trader are you? I was asked this question recently and the first answer that came to mind was “I’m a setup trader.” Now this phrase may be confusing, but it really explains how I look at trading the markets. I teach traders how to identify specific setups in order to validate trades. If the setup validates, then we enter the market. Price has to prove itself in an exact pattern before we consider taking an exact trade with exact rules. How we proceed to manage the trade is equally important. At any given moment, I’m watching price as it plots to see if the pattern matches the rules of the Roadmap Trade, Blueprint Trade, Atlas Line, or any other of my price action trading methods. By having a how, when and why behind each trade, we’re much better off.
