Mike's E-Book: "Read the Greed-Take the Money: 2nd Edition"
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This E-book graphically demonstrates, in detail, Mike's personal trade setups.
This book contains secrets
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stack the odds in your favor.
Learn when to enter the market and just as important, when *not* to enter.
Secrets of a 27 Year Veteran Trader now!
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Mike answers more than 80 of the TOP asked questions by traders just like you!
Listen to the audio and follow along with the transcript -
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Day trading the eminis takes a combination of discipline, caution,
aggressiveness, fortitude, and willingness to take small losses quickly. I
doubt that anyone is born with all these traits. Instead, the majority of
traders day trading the eminis start this business with the wrong instincts.
They’re naturally willing to give up control of a losing position. When the market heads towards a rookie’s stops, he/she waits, hoping things will turn around. When they don’t, there’s often a temptation to loosen the stop and increase the potential for loss. This makes no logical sense, but it’s human nature. When day trading the eminis you have to learn to take small losses quickly to succeed.
We naturally get excited when the market starts making a big move. The new trader feels anxious about being “left behind,” and chases the market, usually getting on board near the end of the trend or just before the next pullback. By doing this, he/she has to suffer through the pullbacks as they approach their hard stops, often stopping out for a loss. A trader day trading the eminis needs to develop the discipline to wait for the pullbacks that end at high-probability setups before entering a position.
Sometimes a monster trend will falter at a key support and resistance zone with a high TICK spike, looking like a great scalp setup or a possible trend reversal. Those inexperienced in day trading the eminis will jump all over this setup and too often get run over by the continuation of the strong trend. This is where caution is important. A very strong trend cancels a classic reversal entry setup.
After a losing trade or two, a new trader will be apprehensive to enter the next setup. The market may pop up to a key moving average during a strong down trend, and the Tick may record an emotional extreme, but this trader hesitates to enter. The market will often move quickly and the edge that this classic RBI setup had a few seconds ago is now gone. This is where aggressiveness is key.
Everyone who has ever considered day trading the eminis for a living has been told something like this, “Are you kidding, the game’s rigged.” “It’s impossible to time the markets.” “My cousin tried that and lost $15,000.” “I read that 95 % of traders blow up their accounts.” “Better keep your day job.” No matter what you try to do, it’s going to be tough to get beyond your own doubts and especially the doubts of your family members and close friends. This is where true grit, perseverance, and an intelligent, well-informed approach are essential if you want to make a living day trading the eminis.
Next, if you don’t use support and resistance in your trading, you absolutely should. Accurate support and resistance is the only unchangeable part of the markets that I know of, and in my opinion, any trading strategy must include it to survive. I should know, I’ve been trading for more than 30 years, and for the past 16 years my support and resistance numbers have been published and subscribed to by traders of various degrees of experience. My RBI Trader’s Updates have the most accurate support and resistance levels you will find anywhere. Looking for consistency in your trading? Subscribe Now!
If you’d like to follow along for awhile for FREE, try our “delayed” trial version. You’ll get the same updates as our subscribers, but you will receive your updates *after* market close. Track my percentage of accuracy for as long as you like, no strings attached.
Better yet, subscribe to my RBI Updates in “Real Time" … and see how my support and resistance levels and market analysis will help your trading - no matter what method you’re using.
There’s never been a better opportunity to turn the corner and become a consistent trader.
The financial markets are risky. Investing is risky. Past performance does not guarantee future performance. The foregoing has been prepared solely for informational purposes and is not a solicitation, or an offer to buy or sell any security. Opinions are based on historical research and data believed reliable, but there is no guarantee that future results will be profitable.
We are not advocating trading futures. The prices and contracts in the TradeStalker's RBI Updates specify a manner in which you could trade. We occasionally mention the SP500 and Nasdaq futures markets because it is extremely liquid and tends to lead the other markets. This is not an endorsement or recommendation of the SP500 and Nasdaq futures markets. The risk of loss in futures is substantial. You can lose more than your original investment. We are not Registered Investment Advisors or Commodity Trading Advisors.
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