This is My Stock Trading Journey

Tips

All of the posts under the "Tips" category.

Meet Featured Trader Tracey

If you’re looking to hear from someone who taught themselves to trade after only attending NVOWS Seminar 1 then look no further because Tracey has done just that.  This couple has worked so hard and learned so much through books, great internet sources and trial and error.

Q: How long have you been trading?

A: Since June 2014. Took several months off and have only now recently begun trading again.

Q: How many trades do you think you average per month or year?

A:  Since starting back about 3 per month.  Before I took a break,  I had over traded.

Q: Why did you decide to start stock trading?

A: I’m tired of having the majority of my time spent on making someone else wealthy when I can spend that time with my family.

Q: Have you been to any NVOWS seminars?  If so, which ones and what were your thoughts on them?

A: I went to Seminar 1.  They are very good at creating the vision of being your own boss.  There was way too much sale’s pitch and not enough time spent on the basics.  I wish they would spend less time on selling and more time on trader psychology and basics.
Q: Is stock trading what you expected?

A: No.  If they had spent more time on trader psychology I would have been better prepared to handle my emotions in a trade.
Q: What strategy do you prefer? (i.e. spreads, stocks, options, etc)

A: Buying calls and puts.
Q: Would you recommend someone join Top Gun?  Why or why not?

A: Can’t really comment because I’ve never been to Top Gun.

Q: Besides NVOWS materials what other resources (books, websites, people, etc) do you use?

A: Michael Sincere has a good beginner’s book on options.  I follow a few folks on Twitter to check my opinions against theirs.  Jeremy Newsome has a decent website www.reallifetrading.com/.  Almost all of his stuff is free (videos,
e-books, etc.)

Q: Anything else you’d want to add?

A: The information NVOWS teaches is good, but it is not top secret.  The motivated individual who can’t afford their advanced seminars can get educated themselves if they will persevere, not give up, and keep their hand to the plough.

Trader December 16, 2015 Leave A Comment Permalink

What’s going with this crazy market?

I ran across this video yesterday (Friday) and thought I’d share it in case others might find it helpful.  It’s just a quick overview of what’s going on in the markets and where we could be heading in the coming weeks.

You can also click here to view the video.

Trader September 5, 2015 Leave A Comment Permalink

$4.95! Here’s Your Chance!

Update: This offer from TSU has expired.

In several comments throughout my blog I’ve recommended people check out Trade Smart University as another great way to learn trading.  I know I’m long over due for a post about TSU.  I owe it all to you to outline the pros and cons of learning with their program along with a comparison between them and NVOWS.  That will come soon, but that is not what this post is about.  This post is to let you know that I just discovered they are having a sale until Monday where you can try their highest level membership for 30 days for $4.95!  This includes over 13 online on demand trading courses on things like options, credit spreads, gaps, candlesticks, etc. amounting in over 200 hours of training.  There are also 3 live online trading labs a week and Power Trader Live on Sunday nights.  They recently added a weekly ‘Trade Ideas’ that you’ll have access to as well.  $4.95!  Seriously!  I just didn’t want you to miss this price.  After you check them out make sure you comment below and tell everyone your thoughts.  We’re all in this together!

Some Questions To Ask Yourself When Considering Trading

After 3 years of trading I took a hiatus from trading to redo a house, move in and have a baby. During that time my husband asked me, “Do you miss it?”

I quickly answered (maybe a little too quickly), “No.” He looked at me a little surprised. I didn’t even have to think about it so I felt the need to explain to him and now you why I answered so quickly and in the process give you something to think about when considering if trading is for you. First I’ll ask you a few questions.

Do you enjoy unemployment numbers?

Do you look forward with interest to the upcoming government reports?

Do you enjoy following the economic and political situations and policies of Europe?

Do you operate well with your attention completely divided?

Can you give 100% of your effort to something and have it not pay off perhaps for years or perhaps ever and not become discouraged?

The reason I ask these questions is because I answer no to every single one and that is why I did not miss trading. It was WONDERFUL not knowing or caring when unemployment numbers came out or any other stupid number like durable goods, retail sales or housing starts. I loved ignoring Greece and bailout talk for a few months. It was so nice to not have to listen to everyone talk about how this is just such a ‘squirrelly’ market right now and trading will get easier. I’ve been hearing that same story for 4 years now by the way. No discouragement snuck in. When I wasn’t trading I didn’t have to second-guess myself.

But the best part was not having my attention divided. I didn’t have to try to sneak in chances to look through charts while my child was content for 5 no make that 3 minutes. I didn’t have to sneak glances at my phone when we’re on walks and stop my friend in mid sentence because a possible sell alert just went off. I was FREE!

Here is the honest truth. I don’t know any successful trader whose life doesn’t basically revolve around the markets and the news and reports. One must be on top of it  in order to make a go at it. That is why if you are considering trading you need to ask yourself the questions above because if you answer no to most of them, you might find yourself pretty miserable focusing so much attention on things you couldn’t care less about. Maybe it would be better to pursue something you love and are passionate about. Contrary to what you might hear, trading is not easy. You don’t learn a simple system in a weekend and become a success right away or at least not long-term anyway. Anyone can have a few trades go their way but to be successful through all sorts of markets takes YEARS of learning skills and practicing those skills all while paying close attention to markets and news and reports. If you answer yes to the above questions then even if you struggle to succeed at least you’ll be enjoying yourself and what you have immersed yourself in and that will help you immensely get through those hard years of learning.

Trader June 9, 2015 6 Comments Permalink

Pre-Trading Couseling-What I Wish I Had Known When I First Started Trading

Before I got married my husband and I sat through weeks of pre-marital counseling with our Pastor and weeks more in a class setting. We learned so much and it helped get our marriage off to a great start.  As I celebrate my 3 year trading anniversary and think back to when I started perhaps that would have been helpful before I started trading. You know, Pre-Trading Counseling. Someone to sit down with me 1 on 1 and say,

“This isn’t always going to be easy.”

“This is going to take a lot of hard work.”

“This will stretch you and make you uncomfortable at times.”

“This will make you grow and refine you.”

“There will be times when you will second guess yourself and wonder if you have what it takes.”

Well I’ve put together just 4 of the things I wish someone had told me when I started trading and perhaps they can be helpful to someone else who is starting out particularly if trading with Neuventure on Wall Street.

  1. 300% returns are not the norm. Yes, that is what is used in the seminar examples giving me dollar signs in my eyes and thinking I’m going to always get the perfect buy and sell point. Doesn’t work that way. 300% returns come along but they are NOT the norm.
  2. It’s okay to get trading information from a variety of sources besides just NVOWS. At fist I was told I would just get more confused if I learned trading from anyone/anywhere else. This closed me off for maybe over a year of learning from outside sources and to be honest I just didn’t get enough information from only NVOWS to make me a great trader because I couldn’t afford all their programs that make up a well-rounded trader. I mean, I didn’t even learn historic horizontal lines from them and we all know those are a really big deal. It’s simply okay and even important to take advantage of some of the great information available through books, websites (here are some of my go to websites)  and other traders.
  3. Being an NVOWS “Insider” is not an excuse to casually look at the market and not do much while waiting for Market Alerts and Stock Calendar updates. For more time than I would like to admit I was extremely passive and would hardly glance at the markets until I got a Market Alert telling me it’s time to trade and here are some stocks to look at. Well by the time I looked into all of them they were past good buy points and I had missed the move…again. This is such an important lesson to learn early on. You must do the work yourself. Look through charts everyday. Set price alerts on stocks nearing good buy points. Check earnings. Be ready with stocks so when the market lines up you are ready to pull the trigger quickly.
  4. And the number 1 thing I wish I had known when I started is that trading is a ton of work.  I got the impression at my first seminars that trading was simple, anyone could do it and I could easily make a bunch of money. NOT THE CASE! It is hard work and involves sacrifice.  Sacrifice of free time is the main one. Instead of reading a nice recreational feel good novel or watching TV, evenings after the kids go to bed are spent pouring through charts, past trades and continuing to learn how to become a better trader.

Had I known some of these tidbits I could have probably learned more quickly and saved myself some disappointment. Other tools you can use are my questions to ask yourself when considering trading and my top 10 things to know before attending Seminar 1.  I know my pre marital counseling helped me learn some realistic expectations of marriage, my spouse and the effort it would take to have a wonderful marriage. So there was my attempt at a little Pre-Trading Counseling.

How ‘bout you?

What do you know now that you didn’t know then? Or what would you tell someone at Pre-Trading Counseling?

Trader August 15, 2014 19 Comments Permalink

Excuses Excuses and Other Stock Trading Lessons from Proverbs

Proverbs is probably my husbands’ favorite book of the Bible. He’s never actually said that and I haven’t asked but I see him reading at least a few Proverbs everyday and often while I’m cooking or in the evening when we’re taking it easy after the baby goes down he’ll just pick up his Bible and start reading Proverbs to me. I love that he does this. It fills us and our home and air with such Truth.

Two verses in particular jumped out to me in regard to their application to stock trading. The first was Proverbs 21:5.

The plans of the diligent lead to profit as surely as haste leads to poverty.

Plans of the diligent: Getting a stock trading education which may look different to different people. Some will pay for a course, others will read books by trusted traders or find great resources on the internet and many will find a great mentor. Most will do all of these. Then building a trading plan that works and sticking with it. This contrasts with ‘haste leads to poverty.’ This would be quickly funding an account and trading before taking the time to learn the trade (haha play on words 🙂 ). It could also include trying to take large positions before proving to ones self that you can follow your trading plan/rules and be consistently profitable.

The other verse was Proverbs 22:13.

The sluggard says, ‘There is a lion outside!’ or, ‘I will be murdered in the streets!’

Okay now you might be thinking I’m crazy but I think this verse can definitely be applied to my stock trading journey. Stock trading is full of uncertainties but we can’t let those uncertainties become excuses. This proverb is all about finding excuses instead of taking a step of faith and doing something. A sluggard finds an excuse for everything and I pray that doesn’t become me in stock trading.

Proverbs is filled with many other helpful verses for the stock trader, especially ones about pride and greed, which as we all know are huge enemies of the stock trader. How ‘bout you? As you find verses that help you in your stock trading journey please share them. I think it will be an encouragement and helpful tool for all of us.

Update: Since posting this, one reader sent me another Proverb I thought I would share.  Proverbs 28:20

A faithful man will be richly blessed, but one eager to get rich will not go unpunished.

Cramer’s Get Rich Carefully Book Review


I’d like to share with you my thoughts on Cramer’s new book, Get Rich Carefully, but first a little background.
When I started trading I was told many times over not to listen to programs about trading or read books/websites about trading, etc. I was told it would just confuse me and too much information would be way less beneficial than a few bits of good information. While I see the potential benefit of that advice I must admit it froze me in a way. During at least my first year of trading I was afraid to read anything besides what I was given from Neuventure on Wall Street and if I happened to come across a show like “Mad Money” I would peek at it for a second, then after feeling completely guilty and ashamed I would quickly look away or change the channel if the remote was in my control (a little tongue in cheek there :))  Around year two I slowly started to peek my head out and read websites and books about trading.

So that brings us to a few months ago when my dad put Cramer’s new book in my hands. We were at Costco and he said he would buy it for me if I would read it. He also trades stocks but a bit longer term than I do. I think he has grown weary at times trying to convince me it’s okay to take my head out of the NVOWS rock and look around a bit. There’s a whole trading world out there. Well I hesitantly said I would at least attempt to give it a go. So there I was on an 8-hour trip home from Colorado with nothing to do but read my new book and boy am I glad I did.

Cramer nails it in the first few pages when he acknowledges the affect politics have had on the market as of late and vows to spend the rest of the book helping all to navigate this new world of trading. The first part of the book was the most helpful with a great overview of the 6 things that move a stock followed by a crash course in market cycles and how to react in each. He talks about what to listen for in conference calls and which ones will give the best information about the world and U.S. economies.   The middle section of the book consists of several chapters of time sensitive material where Cramer goes over in detail many MANY companies and why he thinks they are a good or bad investment. In fact he spends an entire chapter just going over which companies should split into 2 companies. I just can’t see how that would be useful. Seems like a talk he could have with the CEOs. After getting through that middle section however the book begins to pick up again with all kinds of useful information including charting, checking your emotions at the door and when and how to sell in this tougher trading environment.

I think any book where I can get even a few tidbits of great information that can be applied to my trading and help me make some money is worth the read and this book certainly fits the bill. It’s an easy read and each chapter has a great summary so it’s a piece of cake to skip to the chapters of interest and just read the summaries of the others. Oh, and if you’re a NVOWS trader wondering if Get Rich Carefully will just confuse you let me reassure you that it doesn’t contradict what you’ve learned thus far but does add too it. Some of the principles are more geared toward long-term investing but it’s not hard to decipher which ones.

The Stock Alarm is Your Friend

Perhaps even your best friend, especially if you are working another job while trading.  Let’s be realistic, for most of us sitting directly in front of our computer all day looking at stocks is probably not realistic.  I say probably because I know there are those that can but for the rest of us with jobs, children or other obligations it’s nice to have a little help when we are away from the computer so we don’t miss that perfect buy point we have been waiting for.  They are also a great tool to use once in a play.  Instead of watching a stock all day one can set an alarm to alert them when a stock is almost to their sell point and one to alert if a stock gets into serious trouble and may need attention.

So what is a stock alarm?  Simply put it’s an alert that will notify the user if a particular stock passes through a specific price point.  Stock alarms are available from charting software, websites and phone apps.

Smart Stock is a great Android app.  It allows you to not only set stock alerts but much more including real-time stock data, financial and stock related news, transaction records and a currency rates converter just to name a few.
stock smart alert
For the iPhone, Real Time Stock Tracker + Alerts is a helpful app for setting stock alarms.  It is a free app but be aware that you must pay to have unlimited alerts.
stock tracker photo
Stock Alerts Pro is a highly rated iPhone app for $2.99.  This app allows you to set alerts based on price, percentages or even volume.  They also have 20 custom alert sounds with anything from the Jeopardy theme to the Wall Street Closing Bell.
stock alerts pro
My favorite place to set a stock alarm is using TC2000.  It’s a real-time stock charting software with a monthly subscription fee.  It is simple to set an alert with TC2000.  There is a little symbol that looks like a red alarm clock above any stock or index.  Just click that and scroll down to “Create Price Alert.”  A box will pop up with several fields to customize.  First enter an alert price followed by a choice of whether you want to be alerted just the first time it passes through that price or once every minute, 5 minutes, 15 minutes, hour or day.   You then have the option to enter a description.  The next part is my favorite because I get to decide what notification setting I want including any cell phones or emails I want to receive the alert but the best part about this is if I have my computer alert me then I get to pick a sound.  Anything from a door bell to a car honk to a whistle.  Who said traders can’t have a little fun?

I’d be embarrassed to say how long I traded before I discovered the freedom and peace of mind stock alarms can give.  I used to be glued to my laptop or phone all day until I realized how easy it is to set a simple alert.  If you haven’t tried it yet don’t go another session without them!

How ‘bout you?  Do you set stock alarms?  What do you use to set them?

Trader April 5, 2014 2 Comments Permalink

It All Comes Down to This

The Stock Market.  THE STOCK MARKET.  It’s big that’s why I wrote it in all caps.  What I mean by big is there is so much to learn and know and just when you think you’ve started to wrap your mind around it, it can change. There are stocks, options, ETFs, spreads, bulls, bears, retracements, laggards, head and shoulders, sectors, ratios, candlesticks, supply, demand, indices, futures, ‘the fed’, earnings, gaps, stochastics, bases, volume, support, macd, moving averages, corrections, blue chips…I’m running out of breath. You get the idea and I could go on and on for pages and could spend a great amount of time learning the details of each that I just listed.  If I read one book each day from Amazons’ “stock trading” book results page it would take me 44 years to read all 16,322 stock trading books.  Do you see what I’m saying?  The stock market is a huge ocean of information and it’s easy to drown in it!

So what does it all come down to?  I’m glad you asked.  I believe it all comes down to this.

Where is support?  Where is resistance?  What is the market doing?

The. Best. Place. To. Start. Period.

Get great at drawing those lines and finding the right support and resistance but then not stopping there.  Taking it a step further and paying close attention to what the market as a whole is doing.  It’s a lot easier to trade a short position when the market is perfectly poised for a retracement and negative news is making the headlines or a long position when the S&P has just bounced off support and the news in general is cheery and positive.  It’s much more challenging to go against the market…against the tide so to speak.

So that’s it.  That’s what is all comes down to.  With such an amazing amount of information about stock trading in books, the internet, magazines, seminars, movies and television it can be tempting to try to learn it all and while there is benefit to learning much, I would like to suggest that there may be a more profitable benefit to first learning and perfecting the basics.  Here is a link to a great crash course in support and resistance. http://stockcharts.com/help/doku.php?id=chart_school:chart_analysis:support_and_resistan

So, how ‘bout you?  What do you think it all comes down to?

Trader March 5, 2014 3 Comments Permalink

My ‘Go To’ Websites

The first thing I look at in the morning (after my husbands obnoxious bed head of course) are futures on http://finance.yahoo.com/.  It is also a great place to find market news, earning dates, economic reports coming out and of course news on specific stocks.

Another site I like to use for futures is http://money.cnn.com.  What I like most about this site though is the speed at which they post economic reports, major news and statements from fed meetings.  This is a must ‘go to’ when there are numbers coming out or the fed is going to issue a statement at a certain time.  They seem to post a quick summary in red at the top of the screen where with other sites I seem to have to search for that same news/report.

For a great FREE customizable stock chart check out www.freestockcharts.com.  This site is amazing.  At first glance and looks and feels just like Telechart.  In fact it’s run by the same company it’s just their free version.  It gives you a chance to get a feel for Telechart before deciding if you’d like to use the paid premium version.

For a simple quick run down of what’s to come that day http://thestreet.com has a summary posted in the morning that gives a run down on futures and what news items are driving them, what the foreign markets did over night, any economic reports coming out and any major companies that have earnings.

A while ago a fellow NVOWS trader who stopped by stocktradingjourney suggested I check out 1option.com.  Every trading day Pete Stolcers writes a market summary that is usually dead on.  It’s timely and will save you at times from having to wait for Market Alerts in your email that sometimes never come.

How ‘bout you?  What websites do you find yourself visiting again and again?

Trader February 20, 2014 6 Comments Permalink

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