Recap of Comments – 5/12, 5/15

A small recap of the last 2 trading days, and stocks either I or my partner have traded. There is a general belief in this business that “getting rich” is about buying that one stock which goes from 10 cents to $100, or buying gold because it’s going to the moon, or shorting mortgage derivatives in 2006/7 and watching housing crash. That notion is pure hogwash, and will lead to utter failure. There is no easy path here, except hard work, grinding it out every single day, and not letting the bad trades get out of hand – in other words, surviving. If anyone tells you differently, they are full of it:

5/12:

Stocks – I keep a watchlist with about 200 stocks, and keep up with news, earnings, etc. There are only a couple which actually have potential going into a day, but some more may set up intraday. It’s often the intraday setup which allows the opportunities with small stocks. And it’s the reaction to….NAK was mentioned because it was an active stock, we just need active stocks for the opportunities. And you can see it’s basically a big range trader with the lines drawn in. Also notice the first selling stampede….And there’s ETRM with 2 selling climaxes, and then 2 upthrusts. The selling climaxes are “needed”….

5/15:

Also this morning, the rally in silver continues. I still have a small NUGT position and we’re getting back to…Cyber-security – from a couple weeks ago, a stock with potential. I traded in and out of it, and today it’s moving along with the cyber security group. ETRM was mentioned Friday afternoon and again this morning – selling climaxes (first 2 arrows) are what sets things up….then the move today. These selling climaxes were talked about a couple of weeks ago.

 

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About traderscott 600 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

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