Archive for May, 2006
CyberTrader Client Summit
May 12, 2006 at 7:34 pm
I just wanted to send a big THANKS to the great folks at CyberTrader for inviting me to participate in the first-ever CyberTrader Client Summit recently. It was a great time of interaction with a handful of other traders as well as a wonderful opportunity to get the full tour of the CyberTrader facility and a behind-the-scenes look at their entire operation. I’ve never seen so many safety nets in place for staffing, data, order routing venues, and so much more. They’ve really thought of everything, and they even test their backup plans regularly!
Simply the fact that CyberTrader was interested in inviting a handful of traders in for feedback reinforces to me that they care about the ongoing improvement of their product and services. I’ve seen this over the past few years in the enhancements they’ve added to the platform, but last week was confirmation of that. Because trading is my job and I’m a CyberTrader client, I was quite delighted to be reminded of just how important client feedback is to them.
The Road Map
May 10, 2006 at 10:17 am
(This is Part 4 of the Great Expectations Series for traders. In case you missed them, check out Part 1, Part 2, and Part 3!)
The cat’s out of the bag. You’re fully aware that it might take some time to become a great trader. Does that mean you just sit back and wait for time to elapse? Of course not! Your job now is to set up your trading plan by implementing a strategy that will suit your needs and serve as your road map, so let’s get to it.
The two most basic active trading strategies are day trading and swing trading. Each one has its own benefits and drawbacks, so we’ll look at them both. When it comes to your own trading plan, consider your own situation and which strategy will cater to your needs best.
A day trading strategy has a number of benefits over other trading styles during certain market conditions. Day trading offers up to 4-to-1 intraday buying power ($25,000 account minimum), which allows the aggressive trader higher leverage in order to generate big profits in short-term price moves. Day trading also requires less homework outside of market hours than other strategies, because a good real time streaming alerts program can generate trading signals for you based on your criteria intraday.
WSJ Online Quote
May 8, 2006 at 10:48 pm
I sure appreciate The Wall Street Journal Online quoting me in tonight’s article, What to Expect From Another Decade Of Investing Online.
I believe strongly that the internet will continue to evolve somewhat, but that the biggest change we’ll see moving forward as it relates to trading will be the way we use it, most notably via wireless trading. It’s already common to have wireless access for a laptop computer, and I’ve had the ability to trade wirelessly via my PalmOne Treo for a couple of years now through CyberTrader. I think that kind of technology will become more widespread and improve by leaps and bounds in the next decade, and it could very well impact how trading is done around the globe.
Exciting stuff! I can’t wait to see how it evolves.
By the way, The Wall Street Journal Online still has a few days left for their Open House as they celebrate 10 years of being online. Congratulations to them as they continue to put forth only the highest-quality content!
Jeff White
President, The Stock Bandit, Inc.
www.TheStockBandit.com
The Edge of Greatness
May 8, 2006 at 11:52 am
(This is Part 3 of the Great Expectations Series for traders. Be sure to read Part 1 and Part 2!)
Your expectations of success are rising now that you’re going about it systematically. You’re aware of your resources. You’ve decided on a timeframe. You’re even keeping tabs on what’s working on your timeframe (as well as what isn’t).
SO, how much longer until you make that first million?
Blending Your Style With the Current Environment
May 4, 2006 at 7:19 pm
(This is Part 2 of the Great Expectations Series for traders. Part 1 can be read here.)
So you’ve taken a personal inventory in Part 1 and looked at your resources (time, money, personality and tolerance for risk). Now let’s move a step further and look at how you can blend your resources and style with the existing trading environment.
[Note: The phrase “day trading” is often used to replace what should be described as “active trading.” For the purposes of this blog, “day trading” will simply be used to refer to a timeframe of trading, meaning any trade which is opened and closed in the same day is a ‘day trade.’ Many would-be traders expect that merely having time available to trade actively each day must mean they should day trade. I disagree. Just because you have all the time in the world doesn’t necessarily mean you should become a day trader!]
Once you’ve determined the timeframe you ought to be trading, get connected with other traders. Networking with other traders to find out what seems to be working is a great way to stay focused on blending your style with what the market is currently offering. More importantly,
Personal Inventory
May 3, 2006 at 10:21 am
As we begin this Great Expectations Series, I think it’s important to start out with a look at your own trading resources. At first glance, we think only of money available for trading, but it goes far deeper than that.
All traders can benefit by taking a personal inventory of not just their capital available for trading, but their time, their personality, and their tolerance for risk. Even veteran traders are wise to periodically check their situation to confirm that their current methodology is best for them. After all, it’s difficult to set (or adjust) expectations for yourself unless you’ve examined your resources closely.
Great Expectations Series – Introduction
May 2, 2006 at 8:38 am
Welcome to my Great Expectations Series on trading!
Whether you’re a beginning trader or a veteran, there’s something every trader has in common – an expectation of where we are headed. Yes, goals are certainly part of our expectations, but there is much more to it than merely goals. Working toward meeting your expectations will require that you take stock of where you are right now, structure the proper trading plan of attack for you, and then setting up the details and goals as you navigate your way down the path toward profits.
So in the coming days, we’ll take a closer look at topics that relate to our expectations when it comes to trading. We’ll do more than scratch the surface of each one, hopefully, without getting so deep that we lose our focus,
