Trader Mike

I want to share & expand upon the answer I gave to an email about position sizing the other day. Justin wrote:
[SNIP] After reading your article on 100 R i can now see that it would benefit me to daytrade and use 1 R per trade instead of my old 2 R per trade [...]

It’s come to my attention that some newer Trade-Ideas users don’t know about Trade-Ideas Pro, the version that you download and run on your PC (Get a Free Trial):
Trade-Ideas Pro is a front end for Trade-Ideas data which is specifically designed for the power user who demands more than the web based font end can [...]

I guess I need to keep the “how I trade” post at the top of the site and put in in flashing lights or something. I wrote that post to answer 95% of the email I recieve yet I still get the same questions over & over. I ‘d better hurry up and [...]

Vince had the following questions about how I trail my stop loss orders and take partial profits:

Mike - it is great to see your trades - it helps many of us - great job. Question - you seem to acknowledge that at 2R you take partial profit and also at the same time you raise [...]

What a day! If only they could all be like this. This kind of action, a nice steady trend for the whole session, is perfect for my style of trading. I would have had a record R-multiple and dollar day today if not for the partial profits I took along the [...]

I thought I’d answer these questions on the site since I get asked some of these often…
Mike, if there is a better method for me to ask you these questions, please let me know. You may choose not to answer any or all of them or not reply to this email at all. [...]

SD Trader wanted to know:

Mike, I was hoping you could look at SBUX for today’s trading session and show me how you would trade this stock. I got in today at the $36.25 breakout but my stop was too tight (ts.05) and I got stopped at $36.38. Specifically, provide when you would change [...]

We’ve had a pretty wild morning so far with a furious rally followed by a quick fade. That kind of action is why I make use of the moving averages on the NDX chart. (as I described the other day) It felt like a strong move but my rules kept me [...]

I’ve had several people ask me for more details about my trading process and the software that I use. Hopefully this post will answer those questions. Please leave any other questions n the comments section. I’m going to run through the hardware and software that I use as well as how I manage [...]

I just noticed that for the second time in about a week Ugly posted about not getting filled on an order to short an NYSE stock. Last week he missed an entry on AMR and today he missed TIE. Today he pointed out that:

I was way ahead of this one and I tried [...]