FLAG PATTERN BREAKOUT ON $SCTY – SOLAR CITY

Trading is one of the hardest things to learn. In the beginning you will make numerous mistakes, and without making mistakes and having losing trades you will not progress and learn as a trader. It took me a while to start recognizing different patterns in the market each day. After a while you will start to see some of the same setups repeat and you will start to learn how to trade those patterns. Here is a video that I  put together for the flag pattern breakout. This is a live trading video, I recorded my desktop live for the first hour of trading while I was trading $SCTY or Solarcity.

I edited the video to help you see how I made the trade from point A to Z,, the entry to the exit and the profit I made. This video will help you see what a Flag pattern breakout is. This is a very common pattern in the market that you see over and over each day. The key is to start recognizing the pattern and understanding when to take the trade. I hope this helps.

My Camtasia trial is running out, does anyone have a desktop screen recorder that I can use for free??!!

 

 

 

 

 

FROM PROP FIRM TO HEDGE FUND

Whats up America! Hope everyone is having a amazing summer and getting ready for the last half of the year. Time is flying and 2014 will be here in no time. I wanted to give everyone a update on whats been going on for the past month (August).

If you read my my past post then you know that I am trading with a Prop firm.  This prop firm is off shore and based out of the Bahamas. I am sure a lot of you have heard of SureTrader the very popular broker based in Bahamas that offers traders amazing borrows for shorting penny stocks. I personally do not have a account with SureTrader but my prop firm is also based in the same city, Nassau, Bahamas. The reason my prop firm is based out of Bahamas is because the SEC cannot regulate or have not been able to regulate companies based there. Since Bahamas is not part of the US its hard for the SEC to implement their laws there.  Hence giving traders the freedom to day trade as much as they want. Some of the benefits that these off shore firms offer are:

No PDT rule

Freedom to day trade as much as you want

High margin, up to 10x the buying power or more

Low profit split between firm and trader, I used to have 99 to 1 ; 99% I keep: 1% the firm keeps

Great trading platform: I believe the best day trader platform is DAS Trader , Lighting quick executions!

Over the last few months the SEC has been trying to get a hold of the off shore firms and crack down on them because they are contracting US traders and giving them the power to by-pass SEC rules. Obviously the SEC doesn’t like that, and they want everyone to know who’s boss so eventually they want to stop these dealings and possibly shut down these firms who contract US traders. I received this information from my prop firm and a industry insider. They personally have not been approached by the SEC yet, but they do know of other firms that the SEC has gone after. So in order to continue to do business with US traders they are being proactive and moved their offices to New York City and started a hedge fund.

A hedge fund works completely different. There are specific rules and processes to follow and doing things the right way or the SEC way is what its all about.  Once I am setup I will be able to trade the funds money, the more profitable I am the better advantages I will have in the future. For the past month that’s all I have been doing, waiting for paperwork, studying, learning,  and getting educated. I should be ready to go by next week. I can’t wait…. I am ready for some ACTION!

In the meantime I’ve had some time to chill and actually do some work at my real job as a Corporate Recruiter. Also caught up on some TV shows, Dexter, Breaking Bad, Ray Donovan and Walking Dead…. right boo! lol

Audio Book Review- “Trading in the Zone” By Mark Douglas

 

 

I just finished a audio book by Mark Douglas called “Trading in the Zone”. I signed up with Audible through Amazon, which gives you a wide selection in many different categories. Audible is $7.95 a month, I think its well worth it if you read a lot or in this case listen!

I went with a audio book because I like to listen while I drive to and back from work…. and sometimes during work, or while sitting on the couch, riding shotgun or at lunch… you get the point. Its very convenient since you can download it on your iPhone and you can listen anytime you  have a free moment. Trading in the Zone was 8 hours and 7 minutes long and it took me about three weeks to finish.

This book is not about trading strategies and its not going to teach you how to trade. This book is about the psychological aspect of a trader. It will give you insight on how a trader needs to think and understand the psychology of the market to be successful trader. The beginning chapters were kind of slow but it picked up towards the middle and end. There is some great information and analogies to help you understand how a trader thinks. Since trading is very challenging mentally this book will help you understand on how to develop a strong mind and the way you need to think as a individual trader and market as a whole. I would recommend this book just so you can get more knowledge of the psychology aspect of trading. Its a easy read and should be part of your arsenal.