Monday, September 7, 2009
Range Play
So above is a edited video of what SMB refers to as the OGT or One Good Trade. They treat trading as a sport and you are required to record the open and close and periodically submit to them edited video with commentary on what you define as a good trade. A good trade does not have to be a profitable trade, as long as the risk/reward was there and you were following the fundamentals that they lay out in the program. I plan to continue to record my trading so that I can review my strengths and weaknesses. I will periodically post video to share with you guys.
Just a caveat, this video is from the beginning of my training. Video's in the future should have more discussion about what I am seeing related to my tape reading skills.
Thanks
Friday, September 4, 2009
Thursday, September 3, 2009
Skype Morning Call....
So this morning we had our first live morning call, where we shared ideas of what we were looking at and trading. I think we all benefited from listening in and contributing.
I think this is the kind of sharing that you wanted to get to Mark. Let me know what you thought and if you think this is something you would want to do on a regular basis. I know that Steve is game for it.
I think also in addition to those files that I am sharing with you in the drop box, you may be able to pick up on the tape reading just from listening to me call things out and watching the same stocks that I am trading. One thing that you may want to consider is getting either a lightspeed demo account or a live account so that you know that you are looking at exactly what I am looking at.
In the near future I will start to add video of my screen that I will edit and add audio too so that you can all see what I see when I am in the trade and what the tape looks like. I think that AUY would had been a perfect example today, but I did not have my screen recorder on.
Let me know what you guys think.
I think this is the kind of sharing that you wanted to get to Mark. Let me know what you thought and if you think this is something you would want to do on a regular basis. I know that Steve is game for it.
I think also in addition to those files that I am sharing with you in the drop box, you may be able to pick up on the tape reading just from listening to me call things out and watching the same stocks that I am trading. One thing that you may want to consider is getting either a lightspeed demo account or a live account so that you know that you are looking at exactly what I am looking at.
In the near future I will start to add video of my screen that I will edit and add audio too so that you can all see what I see when I am in the trade and what the tape looks like. I think that AUY would had been a perfect example today, but I did not have my screen recorder on.
Let me know what you guys think.
Wednesday, September 2, 2009
AMZN: Buy right here right now?
If support is confirmed and holds will look to initiate a small position with a tight stop right below support. Natural first line of resistance is $80.
See chart for details.
See chart for details.
AIG: Where do we go from here?
Well it looks like AIG is still in an overall downtrend. If you look at the chart below you will see the clearly defined downward trajectory of the last few days... however this could also be a bull flag in the making watch out for a confirmed breakout or a reversal of the current trend around $40... Some key areas of support are $38, $40, $42 $44, $48, $50, & $52.... no surprise that they're whole numbers in 2 point increments. If you see it falling or racing look to these levels as support and resistance.
Right now I'm about flat with all the covered calls and buys and sells with this stock... but I have a plan to continue bringing in cash flow while managing my 200 share position.
Right now I'm about flat with all the covered calls and buys and sells with this stock... but I have a plan to continue bringing in cash flow while managing my 200 share position.
Twitter Feeds?
Hey Dom,
I am bummed that we still don't have any means of sharing stock picks and watchlists... I'm been more consistent and active with my tweets about picks and I would love to see what you're watching or shorting or making money on. More specific what SMB is feeding you.
Do you have a twitter account? If so lemme know. Maybe you could incorporate that into the blog? I added a twitter "gadget" to my blog.
Otherwise we're not really helping each other's trades just reflections.
Let me know what you think...
I am bummed that we still don't have any means of sharing stock picks and watchlists... I'm been more consistent and active with my tweets about picks and I would love to see what you're watching or shorting or making money on. More specific what SMB is feeding you.
Do you have a twitter account? If so lemme know. Maybe you could incorporate that into the blog? I added a twitter "gadget" to my blog.
Otherwise we're not really helping each other's trades just reflections.
Let me know what you think...
Tuesday, September 1, 2009
Going Live...SMB vs Ocean View Capital
So this morning I was talking to Mark about going Live. I am scheduled to go live with SMB next week. But I have really been doing a lot of thinking of whether I want to go live with SMB or with my buddies firm over at Ocean View Capital in La Jolla.
Remember with SMB, I paid $5k for the training program, which was not only worth it but is also tax deductable. But in order to trade with firm capital you have to contribute antoher $5k which is not a capital contribution to your account, but rather a payment for the 6 month mentoring process and to help absorb some of your early on losses. They only require their remote traders to do this. After reveiwing the payout structure it was not as good as I thought. Your % payout is determined on your Ticket average or your average profit per 1000 shares traded. The max payout is 80%, but it is not available until year 3. In the 1st year or until you make $150k your max payout is 75% and as low as 20% during your fisrt 6 months. After this the rest of the 1st year your max payout is 55% with as little as 0%. And so on and so forth.
So in a nutshell If I paid them the additional $5k and decide to leave tomorrow I am now out $5k as it is not a capital contribution.
OceanView on the other hand has a minimum $10k contribution with a flat 90% payout. Most competitive I can find. They also have the same commissions as SMB Capital. My friend Mike is the owner and I know that he is more than fare. And the thing with the contribution is if you decide to leave you take your money with you, assuming losses have not eaten in to it. This is your skin in the game.
So to make a long story short I called Mike today and let him know what I was contemplating. And he was very happy that I took the training course in Tape reading as this is how he started out when he was trading on the floor. He said that he would let me come in with just the $5k.
So this is really a no brainer for me. Go somewhere to get a higher payout and contribute the same amount of money, while at the same time if I decide to leave I get my contribution back.
Don't get me wrong, I do not regret taking the course at SMB, as if I did not take this course I would not be contemplating this decision. I just think this is the best desicion for me in order to reach my goal of trading live in a timely manner.
Mark - You said you wanted to set up an appointment to go the the La Jolla office to meet with Mike. I think I am going to schedule to go in and fill out the paperwork on Tuesday next week if you want to meet up there. Let me know.
Jason - If you are back in town you are more than welcome to come as well.
I will send you guys a copy of the Payout tables for SMB.
Dom
Remember with SMB, I paid $5k for the training program, which was not only worth it but is also tax deductable. But in order to trade with firm capital you have to contribute antoher $5k which is not a capital contribution to your account, but rather a payment for the 6 month mentoring process and to help absorb some of your early on losses. They only require their remote traders to do this. After reveiwing the payout structure it was not as good as I thought. Your % payout is determined on your Ticket average or your average profit per 1000 shares traded. The max payout is 80%, but it is not available until year 3. In the 1st year or until you make $150k your max payout is 75% and as low as 20% during your fisrt 6 months. After this the rest of the 1st year your max payout is 55% with as little as 0%. And so on and so forth.
So in a nutshell If I paid them the additional $5k and decide to leave tomorrow I am now out $5k as it is not a capital contribution.
OceanView on the other hand has a minimum $10k contribution with a flat 90% payout. Most competitive I can find. They also have the same commissions as SMB Capital. My friend Mike is the owner and I know that he is more than fare. And the thing with the contribution is if you decide to leave you take your money with you, assuming losses have not eaten in to it. This is your skin in the game.
So to make a long story short I called Mike today and let him know what I was contemplating. And he was very happy that I took the training course in Tape reading as this is how he started out when he was trading on the floor. He said that he would let me come in with just the $5k.
So this is really a no brainer for me. Go somewhere to get a higher payout and contribute the same amount of money, while at the same time if I decide to leave I get my contribution back.
Don't get me wrong, I do not regret taking the course at SMB, as if I did not take this course I would not be contemplating this decision. I just think this is the best desicion for me in order to reach my goal of trading live in a timely manner.
Mark - You said you wanted to set up an appointment to go the the La Jolla office to meet with Mike. I think I am going to schedule to go in and fill out the paperwork on Tuesday next week if you want to meet up there. Let me know.
Jason - If you are back in town you are more than welcome to come as well.
I will send you guys a copy of the Payout tables for SMB.
Dom
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