Monday the market confused everyone by gapping up over 1% on the open and then it looked like a gap and go for most of the day. But later the market settled back down to earth a bit. This lead everyone to think here we go to the downside. A very difficult day for swing trading! And then as I type this the market is up .5% two hours before the open.(Yes I get up very early at times)
So where do we go from here this week? I am still convinced that logically we get a nice drop before the Thursday vote which will create an opportunity towards the long side. That is what I am going to trade this week. If it does not happen no loss as I will not have traded except for very short term swings.
Yesterday I picked NVDA for swing trading at 47.69 and selling at 48.03. You really have to just take what the market will give you when doing these short-term trades.
I promised yesterday to do my first review of a site I thought would be beneficial to traders so here it is.
First, my criteria for a good educational site is very clear:
1. The site needs to be understandable and instructive
2. The methods that are taught need to logically at least produce substantial value when trading them
3. The site does not bombard you with sign-ups designed to steer you onto buying services.
That’s an overview of my criteria along with my subjective thoughts in deciding what site is a top 10 for value to traders at any level.
The #1 site of the top 10 is:
I do an incredible amount of reading every day. My view is if you pick up just one idea of value a day you have accomplished a very important goal. It’s very similar to when I played poker full time. When I bought a poker book I never thought it would change my fortune but felt if I picked up one idea that would help my game the price of the book was well worth it. After all, when your winning and losing thousands a day a 29.00 poker book’s price is irrelevant.
So how does this thinking apply to Tradeciety? Not only do you pick up one idea a day but you learn a structure to trading tops and bottoms that you can actually apply in practice. Not only that once you read the material that is put out each day you will gain substantial insight into the thinking that is required to successfully trade these very difficult markets.
Rolf of Tradeciety posts his setups for the markets he trades on the weekend before trading. Then updates throughout the week with a final analysis of the trades and setups pointing out the winning and losing trades. In addition, Rolf points out where his thinking might of gone astray in a trade from time to time. This thought process cannot help but make you a better trader.
Just reading that alone each week would give any level of trader valuable knowledge. But Tradeciety also devotes daily articles and videos to method. Once you read the substantial library that has developed on the site you cannot help but feel a great gratitude to someone that has devoted substantial time and effort to bring the absolute best content to traders. This is a devotion to great content that is rarely seen on other sites.
I am not going to put any star rating on these sites. However as I post my list from the many sites I read right now Tradeciety is #1!
The next 9 sites will be put out and reviewed as I have the time to get to it. But it’s on the top of my list of things to get done before the NFL season starts.
Also as an aside since I know people will be thinking about this, I have no connection with any of the sites that I review and recommend. For those of you that know me either from the poker world or my handicapping my integrity is impeccable.
I am back to getting ready for the open of the markets and will be posting any trades I make on @rick_swings.It’s my private twitter feed and is free and will be until I can devote as much time to posting trading as I do to handicapping. Might be awhile:)
Good Luck Today
RickJ’s Handicapping Picks