Are Trading Markets getting ready ?
Today is Tuesday, June 8th and the markets tried to rally again, but no go. NOT YET !
Well, it’s only a matter of time until the indexes get going again. I see the market marking a little time by moving sideways. As I said yesterday, the momentum is still up and you have to give it to the bulls. If there is one big down day, that may change things, but it still looks good for a continued move up That is just how I see it at this time.
The day’s trading went well with over 3 times daily goal, not too bad for a couple of hours. Not many losses at all. I will have to say, that I need to work on my first trade of the day. It looks like I am a little off on the open. I think I am still adjusting to the new schedule – or I may never get used to it. I am not a morning person! I guess it will work itself out, but I do have to give this some thought. It is much better to have your first trade right. It sets the stage for a smoother morning.
One thing I did a little differently today was pick the top of the market just right and still only work with a 1 point stop. I had three ticks of heat, but not 4. Still alive and made it to the other side where I picked up 5 solid points. I closed up the computer after I placed the trade and said that if my stop holds, great. When I opened it back up an hour later, I may have a nice surprise. Well I did, with a 5 point gain right to the bottom of range on the close.
I like it when that happens. I only put one contract on so it was not a huge $ gain but it still counts. My stop will cover me even if the computor is off. Again, I don’t do this often but I felt I saw the very top of today’s market and did not have time to sit and wait for it to do its thing. So that’s why I went the way I did on that.
Quick post today, I will return tomorrow with the latest !
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About
My name is Vince Tarantino and I am the originator of www.SniperDayTrading.com Below is a little about myself and how I got started in the business.
I started following the markets in the early 1980’s. I was young and just getting started in raising a family, so my capital to trade or even invest was very limited or non-existent. This did not stop my interest in trading. I started to read a lot and observe what was happening in the financial markets. I remember in the early 80’s the Dow trading up to a new milestone of 1500. Many thought it would never last, but it just kept going higher from there.
The 1987 stock market crash did not surprise me. I saw the over exuberance and euphoria that I had learned about, but not personally experienced, until that time. Even back then I always looked at market psychology and how it relates to trading.
We were in October and the market was waving a big RED FLAG to me, saying sell, sell, sell. Within one week, the market sold off in a large way. I had a small put option position in Phillip Morris. It worked out well as the market dropped and I made a very nice return.
In the early 90’s, I saw the recession coming and the subsequent market drop from that. Market sentiment was so bullish it only told me another big drop was at hand. Within a week, the market broke support and the sell off was underway.
Just after the early 90’s recession , I was laid up with a back injury and had a lot of time on my hands. Thinking what to do for a new career. What better field than a stock broker, I thought. I found a small brokerage company who sponsored me and became a licensed stock broker passing the series 7 & 63 tests. This was something I thought I wanted, until I realized that I would have to be pushing stock to clients that might not be the very best for them in their situation. In that business, it happens. So I canned that idea, but never stopped learning and dreaming of the day that it would all come together.
What I regret most of all was missing the big move of 1995. I was not in a position to take advantage of the move of the century. My professional career had taken a different direction and I did not have the luxury to take advantage of that market action. I did still follow it, because that’s my passion. I saw all the “would be” day traders try their hand at making a lot of money in the markets and many of them did. The problem is, unless you are equipped to handle all of the other factors that I will be mentioning in this site, you will lose, plain and simple and most of them did.
These new hopeful traders only saw one side of the market – UP. They did not educate themselves on how to handle a dropping market. They had been hypnotized into thinking that there was only one direction. Many people, on paper, had become wealthy, but it did not take long to show them that they were not worthy to hold onto their newly found gains because of the attitude that “this is easy”. It’s never easy and not without sacrifice.
Let me tell you from personal experience. Most people who are very successful in day trading have gotten beat up pretty badly, almost without exception. Their pride gets in the way, with them saying, “I can do this.” It doesn’t take long for them and others to realize that it is not easy, especially without mentoring or some professional training. *
The year was 1995 and market was trading sideways to slightly up, with a lot of resistance overhead, and then it happened. One of the most explosive moves in stock market history and I was only able to watch it go by without me. It lasted uninterrupted for roughly 5 years, with a big hiccup in 1998, but back to new highs through the year 2000.
During this time I started my own little business of trading commodities. This was the actual products. Buying and selling. I had partners who put up the money and did the shipping. It worked out well. This was at the high of the market in 2000. The dot com bubble had burst and the whole market was coming with it because it to had become so overvalued by historical standards.
Again, I saw this one coming from a mile away. It was waving flags in front of me, saying again, “sell, sell.” I tried to warn those who would listen. At least I did what I could. During this big market sell off I was trading high volatility stocks and was doing very nicely. I was able to put together a long string of winning days, over a month and half straight. Things were going well and I was content with my method and results, when I was rudely interrupted. I suffered some medical problems that made it impossible for me to continue. I never gave up on my dream, though, through many difficult times and set backs.
That day has finally come and I am very thankful to my family, who has been very supportive, and to God who was there with me through all my trials. As I continue to move forward in life, I will be sharing my trading ideas and experience with a select few who also have a desire and passion to succeed in this business.
I love to teach this stuff. I believe this is a time of abundance and blessing. Sharing and teaching is a way of giving back some of those blessings. It could not have come at a better time. The world financial situation is not getting any better. I will be keeping my readers abreast of the real economic situation on my daily blog.
Trading the market is not everything in life and I have come to know that. I have learned to see things differently as I have gotten older and that’s good. Knowing who you are as a person is so very important before you begin trading. I take time each day and thank God for my current good health, my family who loves me, friendships that I have built up over the years, and my involvement in my local community. This, I believe, is true wealth.
I live in a small town in Northern California. It is in a valley surrounded by mountains on all sides. Elevation is about 2,500 feet, so we get snow in the winter and I love it. I moved here from the San Francisco bay area after my two children were grown, over 3 years ago now. It was the best thing I could have done.
I live with my wife on a 5 acre parcel of land with a nice house. I do enjoy a little gardening and my new Australian Shepard dog, “Buddy,” who has just been great. I always wanted a dog and now have the perfect place for one. He keeps me in shape. I do a lot of hiking, exploring, and some fishing with my free time. I live between two small towns of about 7oo people each, but have a bigger town of 7,000 just 20 minutes away. I and my wife Angela like to go to Ashland, Oregon just over the border for a variety of activities and cultural experiences.
It’s a different life, but I love it and again thank God for it. I am spiritually minded and it has served me well. It gives me hope in so much more than we are able to see in the world around us. I believe it is my destiny to help others and I feel God has given me a gift of giving. I need to be faithful and continue to pursue the gift He has given me so that I may be able to bless others in the coming days ahead. This site is a part of that. I pray that God will also bless you with what I write here and on my website to fulfill your dreams, and that you too will take the blessing and share with others your resources and talents. We can all do our part to make a difference.
May you be richly blessed all of your days,
Vince
for more information you can email me at vinnie@sniperdaytrading.com
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