tag:blogger.com,1999:blog-11811682215080683962024-02-08T05:16:05.194-08:00Base EquityBase Equityhttp://www.blogger.com/profile/10479859038786438455noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1181168221508068396.post-25139126955506314532013-04-11T00:06:00.001-07:002013-04-11T00:06:34.442-07:00TOP 10 TRAITS OF SUCCESSFUL OPTION TRADERS<div dir="ltr" style="text-align: left;" trbidi="on">
Have you ever wondered what sets the best options traders apart from
the amateurs? Why is it that certain traders can consistently outperform
no matter what the market cycle? Below is a list of the Top 10 Traits
Of Successful Option Traders.<br />
<div style="text-align: left;">
<strong><span style="text-decoration: underline;">They Are Properly Capitalized</span></strong>
– A very common mistake for beginner traders is not being properly
capitalized. Beginners see the power of leverage option trading offers
and think they can turn $2,000 into $20,000 in a matter of weeks. Before
they know it, a couple of losing trades have completely wiped out their
capital. I must admit I was also guilty of this. I was living in Grand
Cayman and had just started options trading. I think in my first 6
months I broke just about every trading rule possible. I had a couple of
small positions in the Australian stock market, one a utilities company
and the other a REIT (real estate investment trust). Both of these
positions had a low beta, meaning that the stocks did not move as much
as the general market. So, through lack of knowledge and understanding I
thought I would sell some call options on the main ASX index to hedge
and protect my long positions. I obviously didn’t understand my net
exposure was now hugely short as the short calls easily outweighed my
stock holdings. Sure enough the market rallied, I refused to admit my
mistake and take my losses and hoped and prayed that the position would
come back my way. Next thing you know my capital has been completely
wiped out and I had to send money via Western Union and have my brother
deposit the money in my account the next day. Not a great experience for
me, but one that I certainly learnt from!</div>
<div style="text-align: left;">
<strong><span style="text-decoration: underline;">They Have A Low Tolerance For Risk</span></strong>
– Another important aspect of successful options trading is having a
low tolerance for risk. The best options traders will only trade when
there is a low risk high reward scenario. They want to have the odds
skewed in their favor as far as possible. The best option traders will
not try to hit home runs with every trade.</div>
<strong><span style="text-decoration: underline;">They Trade Only When The Market Provides An Opportunity</span></strong>
– One quality all great traders have is patience. Successful investors
will only enter into trades when the odds are stacked in their favor.
They would much rather be the house rather than the average guy on the
street trying to win big. They are focused on the bigger picture and are
willing to wait and have the patience to only trade when the right
opportunity presents itself. Some of the best traders often talk about
sitting idle and just watching the markets, waiting for the perfect time
to make a trade. Amateur investors find it very hard to not trade and
are captivated by all the red and green numbers on their screen and feel
like they are missing out on the action. Can you think of times in your
trading when you have experienced this? Are you able to sit on the
sidelines and just watch the market without jumping in?<br />
Knowing what cycle the market is in, is key to knowing when to trade
and which trades to make. The best resource if have found for knowing
what cycle the market is in is Investor’s Business Daily. Each day they
publish a Big Picture article which states whether the market is in a
confirmed uptrend, the uptrend is under pressure or if he market is in
correction. I have found them to be incredibly insightful and you would
do well to follow their advice. Their advice is to only buy strong
stocks when the market is in a confirmed uptrend and this has been a
time tested method for market outperformance. While it’s still possible
to make money on the long side while the market is in correction, the
odds are stacked against you and you would only want to be buying
leading stocks such as those in the IBD 100.<br />
<strong><span style="text-decoration: underline;">They Have A Trading Plan</span></strong>
– Before opening an account, everyone should have a trading plan. This
shouldn’t just be something in your head either, you need to <strong>write it down!</strong>
By writing it down, it is clearly defined and you can refer back to it
at any time. It will also be more real if you write it down and you’ll
be much more likely to stick to it. Like anything in life, in order to
be successful you need to have a plan and think things through rather
than just flying by the seat of your pants. When I first started trading
I would just place random trades based on how I was feeling at the
time. I’d put on a bull call spread, then I’d try shorting stocks I
thought were over valued and then I’d be making volatility trades.
Needless to say I was not very successful during this time. While some
of my trades were winners it was like I was taking 1 step forward and 2
steps back. All the great traders have a clearly defined trading plan.
This is crucial to your success as a beginner options trader.<br />
<div style="text-align: left;">
<strong><span style="text-decoration: underline;">They Have A Risk Management Plan</span></strong>
– Only trade what you can afford, don’t risk money you can’t afford to
lose. Trade defensively, rather than think of what you can make, every
time you make a trade you should be thinking about the worst case
scenario. What could you lose and how you are going to handle the
position if things go badly? Beginner traders have trouble getting a
handle on how much to risk on each trade. When starting out you do not
want to have 90% of your capital tied up in one trade. One thing for
beginner traders to consider is to split your trading capital in half,
place half in an interest bearing account and use the rest to trade.
This way, no matter what happens, you will never lose all of your
capital. Another good risk management rule is to set a fixed percentage
of you capital as your risk per trade. A common method would be to set
5% as the maximum capital to risk per trade, but for beginners you could
even make that lower. Once a trade is placed you need to continue to
monitor risk levels, you can’t just have a set and forget policy, you
have to stay on top of your positions and your total portfolio risk.
Having a risk management plan is crucial to success as a trader and
something that should be done before you start trading. Everyone wants
to make a great trade and make lots of money, but you should never take
risk management too lightly. What risk management rules fo you have in
your trading plan?</div>
<strong><span style="text-decoration: underline;">They Can Control Emotions</span></strong>
– Options trading is an incredibly emotional journey and one that you
cannot fully appreciate until you have your own hard earned money on the
line. The best traders are able to control their emotions not just when
times are bad, but probably even more importantly when times are good.
In my experience, and I’m sure this is the same for most traders
starting out, some of my biggest losses have come when my confidence has
been high. The best traders can keep their ego out of the equation and
are able to stay grounded even in the midst of tremendous winning
streaks. Also, when one of their trades turns out to be a loser, they
are able to admit they were wrong and close out the trade. Great traders
never get attached to a trade or a particular stock. A bad trade could
turn out to be ok, but sticking to your pre-defined trading rules is
crucial. You can be 100% right on a particular trade, but you also need
to have the right timing. If your timing is off and your trade breaks
your stop-loss you should always stick to your trading rules and keep
your emotions out of it.<br />
<strong><span style="text-decoration: underline;">They Are Incredibly Disciplined</span></strong>
– Successful option trading takes a great deal of discipline. Beginner
option traders may find it incredibly difficult to just sit and wait for
a good opportunity to trade. Waiting for the right opportunities may
mean you don’t trade for a while, but trading out of boredom or
excitement is one of the worst things you can do.<br />
Having a money management and a risk management plan is one thing,
but in order to be a successful trader, you need to have the discipline
to stick to it. You also need discipline to stick to the types of trades
you are successful with and not start trading strategies that you are
not an expert in.<br />
<strong><span style="text-decoration: underline;">They Are Focused</span></strong>
– For beginner options traders it is very easy to get carried away and
get excited by all the green P&L numbers on their account statement.
Keeping a level head is essential. Staying focused can also be hard
when there is so much news on the markets and so many experts, each with
a different opinion. The most important thing is to stay focused on
your goals, your trading strategy and your rules. Don’t try to copy
someone else’s trades or go against your trading rules just because of
something Jim Cramer said. Get to know yourself as a trader as well, I
have had a few periods when I wasn’t focused and that led to some big
losses. I now can recognize those periods and I know those are the times
when I really need to refocus my energies and review my trading plan.
If you find yourself losing focus, or getting too distracted and
stressed with everything going on, it can be a wise move to close out
all of your positions and take break for a while. Sometimes that is the
best medicine and will allow you to come back with a clear head, more
relaxed and more focused.<br />
<strong><span style="text-decoration: underline;">They Are Committed</span></strong>
– Options trading takes a great deal of commitment. Any time you have
your hard earned money at risk, you should be trying to get the most out
of your investment strategies and controlling your risk. You need to be
on top of your game all the time. Any time you stop paying attention to
the market, you will get burned. Not only do you need to keep an eye on
your trading performance, you need to be staying abreast of the current
news, market cycles and investment outlook. Some of the great resources
I use, that allow me to keep up to date on the markets and take up the
least amount of my time include:<br />
<ul>
<li><strong>Alpha Trends</strong> – Brain Shannon from <a href="http://www.alphatrends.net/">Alphatrends.net</a>
is a market guru and author of one of the top 10 trading books ever
written – “Technical Analysis using Multiple Timeframes”. Brian does a
free video analysis of the markets a couple of times a week. In the
first 5-10 minutes he goes through the current state of the general
stock market and the various market indices. Watching this video only
takes a few minutes each week, but you will receive expert analysis on
the market from a trader with 17 years experience. Later in the video
Brian goes through examples of specific stocks of interest which can be a
great source of trading ideas.</li>
<li><div style="text-align: center;">
<a href="http://www.optionstradingiq.com//wp-content/uploads/2010/12/Alpha-Trends.jpg"><img alt="" class="size-medium wp-image-68 aligncenter" height="300" src="http://www.optionstradingiq.com//wp-content/uploads/2010/12/Alpha-Trends-248x300.jpg" title="Alpha Trends - Stock Market Analysis" width="248" /></a></div>
</li>
<li><strong>IBD</strong> – <a href="http://www.investors.com/">Investor’s Business Daily</a>
is the news service the market pros use. It only takes a minute each
day to read their Big Picture article to see what cycle the market is in
as well as how the some of the market leading stocks have been
performing lately. IBD is listed as the 4<sup>th</sup> most visited site by Charles Kirk of <a href="http://www.kirkreport.com/">The Kirk Report</a>.</li>
</ul>
<div style="text-align: center;">
<a href="http://www.optionstradingiq.com//wp-content/uploads/2010/12/Big-Picture.jpg"><img alt="" class="size-full wp-image-69 aligncenter" height="239" src="http://www.optionstradingiq.com//wp-content/uploads/2010/12/Big-Picture.jpg" title="IBD - Big Picture Stock Market Analysis" width="187" /></a></div>
<ul>
<li><strong>Fast Money Review</strong> – This is another great site,
that only takes 1 minute to review each day. While a lot of the actually
show is just hot air coming from the “market gurus”, the <a href="http://www.fastmoneyreview.com/forum/forum_topics.asp?FID=2&SID=f3f7c4574218536b767fa18292969bb3">Fast Money Review</a>
site, gives a very quick overview of what was discussed on the show, by
the simple method of placing a smiley face or a frowning face next to
the stocks that were discussed and who was discussing them.</li>
</ul>
<div style="text-align: center;">
<a href="http://www.optionstradingiq.com//wp-content/uploads/2010/12/Fast-Money.jpg"><img alt="" class="size-medium wp-image-70 aligncenter" height="300" src="http://www.optionstradingiq.com//wp-content/uploads/2010/12/Fast-Money-287x300.jpg" title="Fast Money Review - Stock Trading News" width="287" /></a></div>
If you’re a beginner options trader and find you’re struggling with
the commitment required to keep up to date with the market, or find you
are suffering from information overload, try these 3 sites out. You will
be able to get opinions from multiple experts and it will take you less
than 10 minutes a day!<br />
<strong><span style="text-decoration: underline;">They Have Back Tested Their Strategy</span></strong>
– Backtesting is a key part of developing your trading plan. This
involves evaluating your trading strategy against the historical
performance of the market to check the past performance. Of course past
performance does not guarantee future performance, but it will at least
give you an idea of how your strategy has performed in different time
periods and market conditions. The average investor may not have the
capabilities to run these calculations on their own but there are a
number of software providers out there that will be able to perform
backtesting. In addition, most brokers such as TD Ameritrade have
backtesting software that is free to account holders. Backtesting allows
you to evaluate the pros and cons of your strategy and also provides
scope for improvement or tweaking of the strategy. However, a few things
to consider are:<br />
<ul>
<li>Make sure you are using an appropriate time period – If you are
testing a long only strategy between 1995 and 2000, you are likely to
get some very favorable results. The same strategy may not have
performed so well between 2007 and 2009. It’s a good idea to test a
strategy over a long time period.</li>
</ul>
<ul>
<li>Take into account sectors – If your trading strategy is solely
focused on a particular sector, your backtest sample should be taken
from that sector. However, in all other cases it is best to use a large
sample size from all sectors.</li>
</ul>
<ul>
<li>Take into account commissions – commissions can seriously erode your
returns, so you need to adjust for this expense, especially if your
strategy involves frequent trading.</li>
</ul>
<ul>
<li>Past performance may not be a good guide to the future – While your
chosen strategy may have worked in the past, there is no guarantee it
will work in the future. A good idea is to paper trade for a month or
two, just to make sure your strategy still works in the current
environment.</li>
</ul>
Some great resources for backtesting can be found at <a href="http://www.tradecision.com/">http://www.tradecision.com</a> and <a href="http://www.amibroker.com/">http://www.amibroker.com</a>. While I have not used these resources personally, they come highly recommended from other industry professionals.<br />
So, those are my Top 10 Traits For Successful Options Trading, what
do you think? Can you think of any other important traits required for
successful investing?</div>
Base Equityhttp://www.blogger.com/profile/10479859038786438455noreply@blogger.com0tag:blogger.com,1999:blog-1181168221508068396.post-19176278197706700982013-04-11T00:04:00.001-07:002013-04-11T00:04:20.006-07:00Day Trading Strategies For Beginners <div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="content-body box">
<div class="content-section one box">
<div class="content">
<span>When people use the term "day trading", they mean the act of
buying and selling a stock within the same day. Day traders seek to make
profits by <a href="http://www.investopedia.com/terms/l/leverage.asp">leveraging</a> large amounts of capital to take advantage of small price movements in highly liquid stocks or <a href="http://www.investopedia.com/terms/i/index.asp">indexes</a>. Here we look at some common day trading strategies that can be used by retail traders.<br /><br /><strong><strong>Tutorial</strong>: <a href="http://www.investopedia.com/university/technical/">An Introduction To Technical Analysis</a></strong><br /></span><strong><span>Entry Strategies</span></strong><span>Certain
stocks are ideal candidates for day trading. A typical day trader looks
for two things in a stock: liquidity and volatility. Liquidity allows
you to enter and exit a stock at a good price (i.e. tight <a href="http://www.investopedia.com/terms/s/spread.asp">spreads</a> and low <a href="http://www.investopedia.com/terms/s/slippage.asp">slippage</a>).
Volatility is simply a measure of the expected daily price range - the
range in which a day trader operates. More volatility means greater
profit or loss. (To learn more, see <a href="http://www.investopedia.com/articles/trading/05/011705.asp"><em>Day Trading: An Introduction</em></a><em> or <a href="http://www.investopedia.com/walkthrough/forex/beginner/level3/trading-currencies.aspx">Forex Trading Walkthrough</a></em>.)<br /></span><span><span><br /></span></span><span>Once
you know what kinds of stocks you are looking for, you need to learn
how to identify possible entry points. There are three tools you can use
to do this:</span> <br /><br /><ul type="disc">
<li><span><strong>Intraday Candlestick Charts</strong> - <a href="http://www.investopedia.com/terms/c/candlestick.asp">Candles</a> provide a raw analysis of price action.</span>
</li>
<li><span><strong>Level II Quotes/ECN</strong> - <a href="http://www.investopedia.com/terms/l/level2.asp">Level II</a> and <a href="http://www.investopedia.com/terms/e/ecn.asp">ECN</a> provide a look at orders as they happen.</span>
</li>
<li><span><strong>Real-Time News Service</strong> - News moves stocks. This tells you when news comes out.</span> </li>
</ul>
<span>We will look at the <a href="http://www.investopedia.com/terms/i/intraday.asp">intraday</a> candlestick charts and focus on the following three factors:</span><br /><br /><ul type="disc">
<li><span><strong>Candlestick Patterns</strong> - Engulfings and <a href="http://www.investopedia.com/terms/d/doji.asp">dojis</a></span>
</li>
<li><span><strong>Technical Analysis</strong> - <a href="http://www.investopedia.com/terms/t/trendline.asp">Trendlines</a> and <a href="http://www.investopedia.com/terms/t/triangle.asp">triangles</a></span>
</li>
<li><span><strong>Volume</strong> - Increasing or decreasing volume</span> </li>
</ul>
<span>There are many candlestick setups that we can look for to find an entry point. If properly used, the doji <a href="http://www.investopedia.com/terms/r/reversal.asp">reversal</a> pattern (highlighted in yellow in Figure 1) is one of the most reliable ones.<br /><br /><table align="center" border="0" cellpadding="3" cellspacing="0" style="border-collapse: collapse; height: 266px; width: 241px;" summary="" title=""><tbody>
<tr><td><img align="bottom" height="220" hspace="5" src="http://i.investopedia.com/inv/articles/site/AT_RetailStrategies_1r.gif" width="226" /><br /><span class="font1"><span class="font1"><span class="font1"><span class="font1"><span class="font1"><span class="font1"><span class="font1">Figure 1: Looking at candlesticks - the highlighted doji signals a reversal.</span></span></span></span></span></span></span></td>
</tr>
</tbody></table>
</span><span>Typically, we will look for a pattern like this with several confirmations: </span><br /><br /><div class="ad-textlink">
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<br />
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</div>
</div>
<ul>
<li><span><span>First, we look for a volume <a href="http://www.investopedia.com/terms/s/spike.asp">spike</a>,
which will show us whether traders are supporting the price at this
level. Note that this can be either on the doji candle, or on the
candles immediately following it. </span></span>
</li>
<li><span><span><span><span>Second, we look for prior <a href="http://www.investopedia.com/terms/s/support.asp">support</a> at this price level. For example, the prior low of day (LOD) or high of day (HOD).</span> </span></span></span>
</li>
<li><span><span><span><span>Finally, we look at the Level II situation, which will show us all the open orders and order sizes.</span></span> </span></span></li>
</ul>
<span><span><span><span>If we follow these three steps, we can
determine whether the doji is likely to produce an actual turnaround,
and we can take a position if the conditions are favorable. Typically,
entry points are found using a combination of these three tools. (For
more see the <a href="http://www.investopedia.com/walkthrough/forex/beginner/level3/candlestick.aspx"><em>Charting Section</em></a> of the Forex Walkthrough.)</span><br /><br /><strong><span>Finding a Target</span></strong><span>Identifying
a price target will depend largely on your trading style. Here is a
brief overview of some common day trading strategies:</span><br /><br /><br /><br /><table align="center" border="1" cellpadding="2" cellspacing="0" style="width: 60%;" summary="" title=""><tbody>
<tr align="center" bgcolor="#cccccc" title="" width=""><td valign="top" width="103"><strong><span>Strategy</span></strong></td>
<td valign="top" width="487"><strong><span>Description</span></strong></td>
</tr>
<tr><td align="center" bgcolor="#cccccc" title="" valign="top" width="103"><strong><span>Scalping</span></strong></td>
<td valign="top" width="487"><span><a href="http://www.investopedia.com/terms/s/scalping.asp"><span>Scalping</span></a> is one of the most popular strategies, which involves selling almost immediately after a trade becomes profitable. <em>Here the price target is obviously just after profitability is attained.</em></span></td>
</tr>
<tr><td align="center" bgcolor="#cccccc" title="" valign="top" width="103"><strong><span>Fading</span></strong></td>
<td valign="top" width="487"><span><a href="http://www.investopedia.com/terms/f/fade.asp"><span>Fading</span></a>
involves shorting stocks after rapid moves upwards. This is based on
the assumption that (1) they are overbought, (2) early buyers are ready
to begin taking profits and (3) existing buyers may be scared out.
Although risky, this strategy can be extremely rewarding. <em>Here the price target is when buyers begin stepping in again.</em></span></td>
</tr>
<tr><td align="center" bgcolor="#cccccc" title="" valign="top" width="103"><strong><span>Daily Pivots</span></strong></td>
<td valign="top" width="487"><span>This strategy involves profiting from
a stock\'s daily volatility. This is done by attempting to buy at the
low of the day (LOD) and sell at the high of the day (HOD). <em>Here the price target is simply at the next sign of a reversal, using the same patterns as above.</em></span></td>
</tr>
<tr><td align="center" bgcolor="#cccccc" title="" valign="top" width="103"><strong><span>Momentum</span></strong></td>
<td valign="top" width="487"><span>This strategy usually involves
trading on news releases or finding strong trending moves supported by
high volume. One type of momentum trader will buy on news releases and
ride a trend until it exhibits signs of reversal. The other type will
fade the price surge. <em>Here the price target is when volume begins to decrease and bearish candles start appearing.</em></span></td>
</tr>
</tbody></table>
<br /><span>You can see that, although the entries in
day trading strategies typically rely on the same tools used in normal
trading, the exits are where the differences occur. In most cases,
however, you will be looking to exit when there is decreased interest in
the stock (indicated by the Level II/ECN and volume). (For further
reading, see <em><a href="http://www.investopedia.com/articles/trading/02/090302.asp"><em>Introduction To Types Of Trading: Momentum Traders</em></a></em> and <a href="http://www.investopedia.com/articles/trading/02/081902.asp"><em>Introduction To Types Of Trading: Scalpers</em></a>.)</span><strong><span><br />Determining a Stop-Loss</span></strong><span>When you trade on <a href="http://www.investopedia.com/terms/m/margin.asp">margin</a>, you are far more vulnerable to sharp price movements than regular traders. Therefore, using <a href="http://www.investopedia.com/terms/s/stop-lossorder.asp">stop-losses</a> is crucial when day trading. One strategy is to set two stop losses:<br /><br />1. <span>A
physical stop-loss order placed at a certain price level that suits
your risk tolerance. Essentially, this is the most you want to lose.</span> <br />2. <span>A
mental stop-loss set at the point where your entry criteria are
violated. This means that if the trade makes an unexpected turn, you'll
immediately exit your position.</span><br /></span><span>Retail day
traders usually also have another rule: set a maximum loss per day that
you can afford (both financially and mentally) to withstand. Whenever
you hit this point, take the rest of the day off. Inexperienced traders
often feel the need to make up losses before the day is over and end up
taking unnecessary risks as a result. (To learn more, see <em><a href="http://www.investopedia.com/articles/02/050802.asp"><em>The Stop-Loss Order - Make Sure You Use It</em></a></em>.)<br /><strong><span><br /></span></strong></span><strong><span>Evaluating and Tweaking Performance</span></strong><span>Many
people get into day trading expecting to make triple digit returns
every year with minimal effort. In reality, many day traders <em>lose</em> money. </span><span><span><span>However, by using a well-defined strategy that you are comfortable trading, you can improve your chances of beating the odds.<br /></span><span>How
do you evaluate performance? Most day traders evaluate performance not
so much by a percentage of gain or loss, but rather by how closely they
adhere to their individual strategies. In fact, it is far more important
to follow your strategy closely than to try to chase profits. By
keeping this mindset, you make it easier to identify where problems
exist and how to solve them. <br /></span><strong><span>The Bottom Line</span></strong><span>Day
trading is a difficult skill to master. As a result, many of those who
try it fail. But the techniques described above can help you create a
profitable strategy and, with enough practice and consistent performance
evaluation, you can greatly improve your chances of beating the odds.</span></span></span></span></span></span>
</div>
</div>
</div>
</div>
Base Equityhttp://www.blogger.com/profile/10479859038786438455noreply@blogger.com0