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Profit from the Opening 30 Minute Range Break
Voltari Corp (VLTC) I have featured this stock twice in the past and today, it triggered on my favorite strategy – the Opening 30 Minute Range Break. The trigger price came at $9.59 and I called the trade at $9.71 and took profits at $10.27 and $10.17. I will watch VLTC for the next few days because if you look at the daily chart, the pullback may be over and there is a nice gap to fill.
The education of a trader: trading on tilt (video)
Our friends at Tradeciety.com asked:
How do you deal with emotions in your daily trading? What are your tips and suggestions that help you avoid, if possible, making emotional and psychologically caused trading mistakes?
@MikeBellafiore
Trading on tilt is the 8 hundred pound gorilla on every trading station. On our desk today there were a few desk slams in this $FB, Facebook, as it changed direction as fast and frequently as an NFL running back. Managing your emotions as a trader is well.....manageable.
In this video, I outline ways to help manage your emotions:
Taking notes actively in a journal while trading
Focusing on improving everyday and not your PnL
Developing outside interests so trading is not central to your self-worth
Visualization exercises so you are not as hot as often for so long or as frequent
Visualization Guide by Bruce Bower
Taking a walk to cool down for 10 minutes
As Dr. Steenbarger suggests, measuring your heart rate while trading
I hope this video helps you manage your emotions more effectively as a trader.
If you have a trading question, please click the Ask Me Anything tab and ask away.
*no relevant positions
Read these books to become a better trader/investor
I was on the phone last night making an offer to a college student for our desk and the young man let out a loud, “Yeah! Awesome! Awesome! Awesome!”..... And then much more importantly,”What can I do between now and then to prepare.” At our firm, we send out a reading list for incoming traders to best prepare them. Here is that list, with an explanation of how it can help your trading.
1. The Talent Code by Dan Coyle. There are four ingredients for being good at anything, thus trading. Domain knowledge, critical feedback, sustained energy, and purposeful practice. Train with these ingredients to find trading success.
2. Golf if Not a Game of Perfect by Bob Rotella. Confidence trading a $GOOG or $SPY is something built and essential. This book, written by a top sports golf psychologist, helps you learn to build real confidence.
3. The Daily Trading Coach, by Dr. Brett Steenbarger. Dr. Steenbarger is the Coach K of coaching in the trading world. TraderFeed, his daily blog, is a must read for the serious trader and a treasure to the trading community. This book offers 101 tips to help you improve your mental game as a trader, the 800 pound gorilla on every trading station.
4. Bounce by Matthew Syed. This book studies why a small cluster of young lads in England became the best table tennis players in the world. This read emphasizes the importance of great coaching for elite performance. For example, today on our desk we had behind door discussions with some on our desk about missed opportunities in $INTC and $VLTC. Critical feedback from coaches is essential for trading improvement.
5. Drive by Daniel Pink. When we were young our parents preached, “Find something you love and do it. The rest will take care of itself.” Dan offers a better thought, “Do what you do.” If you are not trading, then how can you really love trading? In today’s world the barrier for entry into trading is almost nothing. Paper trade, open a small account, back-test. But you should be trading if you love trading. Do what you do!
6. Flow by Mihaly Csikszentmihalyi. Flow is the state of optimum performance- when you do what you truly love and get lost in the process. When I think of the new trader, I wonder: Can you become a great trader if you do not experience the state of flow while trading?
7. Talent is Overrated by Geoff Colvin. You do need talent to become a successful trader. But there are more important things than talent, like the hours you put in practicing and studying trading after the close.
8. Thinking Fast and Slow by Daniel Kahneman. This is a helpful book to find your best trading time frame. Professor Kahneman argues most of us think either better quickly or slowly. If you are a very fast thinker than scalping high beta names like $NFLX, $TSLA $AMZN and $BIIB might be your game. If you are analytical, then macro trading might be best for you.
9. Mindset by Carol Dweck. The most important attribute for trading success, is improving each day. Markets change. Strategies work and then don’t. Traders must embrace getting better each day over PnL. This is how you become great. This is how you sustain.
10. One Good Trade, Mike Bellafiore. The day I went to City Hall for my marriage license, I met with a prominent managing partner at a large Australian prop desk. He had read One Good Trade and wanted to meet while visiting NYC. He said something I will never forget and perhaps has become the legacy of this book, “I was going to write a book. But then I read One Good Trade and you had already written mine.” One Good Trade has become globally the go-to-book for many prop shops- the book you are encouraged to read when you are beginning your career as a proprietary trader.
11. Technical Analysis on Multiple Time Frames, Brian Shannon. Straightforward advice on how to use technical analysis to gain trading edge.
12. Peak Performance Trading and Investing by Bruce Bower. An experienced, hedge fund trader who has also read everything on trading/investing offers the latest important contribution to the trading community with this new book. Tap into the principles of elite performance to trade/invest better.
*no relevant positions
Voltari Corp Shows What A Play It Again Trade Looks Like
VLTC (Voltari Corporation) This stock was featured 3 days ago as the Trade Of The Day and it was back at it again today. As I said on April 6: “VLTC has been in the news since Wednesday, April 1 when it was disclosed that Carl Icahn had increased his position in the company to greater than 50%. This is a low float stock so that news really propelled it upwards with over 10 Million shares traded.” It was a bit of a chase for me to find an entry but once it broke through $5.00, I decided to take the plunge and called the trade at $5.25. I sold in 3 stages: at $5.40, $5.81 and $5.88. I will continue to watch VLTC over the next few days to see if it can sustain this momentum.
