Trader Mike

Michelle B submits:

Having read a few comments at trading blogs—OK, I have read zillions—I have encountered more often than not, a frenzied, harried, stressful approach to time when one is trading. Some feel the demonic pressure crushing them as soon as the market opens; others feel enervated by its demands needling and pinpricking them throughout the trading day. Regard time, instead, as a wonderful and gracious friend, accommodating your need to focus and execute successful trades.

Specifically, I rely upon my friend, time, in three concrete ways:

I. Using Time frames

All time frames are useful and valuable–monthly, weekly, daily, hourly, thirty minute, fifteen minute, five minute, and last, but not least, one minute. My motto is: …

I’ve had this rule taped to my monitor for the past 3 years: On gap-up openings, buy above the 10:00 high. That rule has saved be a lot of money. When I started trading, I’d get all excited when I saw the futures flying pre-market. I’d rush in to buy at the open, thinking I’d get in before the market ran away from me. Almost invariably I’d buy near the high of the day. Somewhere in my reading I came across that 10:00 rule (for some it’s 10:30), and I’ve followed it ever since. (The opposite of this rule holds true for downside gaps.) The market …