.
open gaps upStochastics and RSI,sector strength,$TRING/$TICKICOMPOand nas futures/spoosBreakout chart patternsond, 2,36 and/or 15minute charts,Momentum runs, egIPOs and breakoutsearly in the day (@-40,sell at 10; 10:30, sell at11, 3:40 eod shortcovers etc)...
Must have a 550-+Mhz PCwat least 256 megs ram.Minirnurn 128K ISP internetconnection, egISOMADSL’cablernodervT1/T3.Must have a pay data feedservice (ag asignal orquote.com or RTM)
Must have Level 2 and time &sales access
« Must have a OAT brokerNote if you do not have thisequipment setup than pleasedo not daytrade, it's financialsuicide. Don't race aganet myFerrari with your 7 Pinto. Itdoesn work, Really. Don'tthrow your money at themarket by not having theproper tools to do the job.
Daytraders thinkDo | BUY here this minute? or, Do! SELL here this minute?Over and over and over, several times each day.
TIPS FOR MAKING THE TRANSITION FROM ONE TRADING STYLE TO ANOTHER:
Here's a few more tips I'd thought might be helpful in guiding you te make a successful transition if you wantto try a different trading style:
I's a good idea to have a brief written-out trade plan to refer to as you try a new trading style. See the worksheetsand activities in Modules 1-4 for handouts and fill-in-the-blanks type resources you can use.
Paper trade your plan at first to work out the details and gain consistency
¥ou must decide for yourself which type of trading is best for you; give it a month or so to see how it goes.
Whatever you do, do Not switch trading styles mid stream, unless you have a significant profit in the position. If you buyoff 40 support locking to exit 43:sh, don't sell st 40 1/2 just because you have an open profit, instead just put in a loosetrailing stop per your trade plan and stick with it.
Recognize that any transition is siressful and takes patience and discipline on your part, You should make a brief ist of yourpersonal trading strengths and weaknesses, based on the information in the two sections above, and work chhigently toimprove the areas you feel need work. Hangin there, it just takes time, Preserve your capital and be persistent in yourefforts.
Whatever you do, do not let the market take hig money from you- fight ike hell for every 1/4 point and make sure to not beafraid to take small losses, no matter what your trading style is. Keeping your money in Your pocket is your primary goal,using yout trading techniques and plan to minmuze losses and take gains from the marketplace. It's a tough, competitivegame and you need to he on the tight side of "the street" and pros, not with the the paper/dumh money.
I find that the financial news twis generally worthless to watch and avoid it this year. Instead, I focus my energy on playingstocks whose price movements I hesome faniliar with (like DCLK) and uae out the "noise" that ty shows tend to generateThe tv show information is usually a contrary indicator, you should be suspicious, as its paid for by the pro money- theizgoalis to take your money, so avoid listening to it, in my opinion Listen to the charts, the time & sales, the breakouts andgaps - that's what you need to pay attention to
‘You may find that you did better at your old trading style, that's fine too - the main thing is to keep an open mind andattstude towards your trading from 4 leaning persepectave - you should always he trying and testing new trading methods
to develop a style that works for you personally most of the time for the shert list of stocks that you like to play,
“Balls of steal" and “irondiscipline" are helpfulDecisive, knowledgeable,willing to cut a stack loose man instant is needed
Peogle with attention-deficitdisorder are probably at anadvantage in daytrading.Extreme impatience is avirtue.
Believe it or not, experiencedvideo game players (ikemyself) do well at trading, aswe are accustomed to rapidlyresponding to signals we seeon computer screens. Thinkabout playing rapicefiregames on your pe.. | evenlike games like Tetris, buildsquick decision-makingreflexes
If you have to mull averdecisions, like what to orderoffthe menu when you'e at arastaurant, you probablywont do well as a daytrader.You can leam to be fast anddecisive, it takes practice.Module Swing Trading Strategies ies waneFourBack to* How to Make a Living by Swing Trading Stocks: a Professional MODULE 4Traders" Advice@ Main Points:«Eventually, you may get to a point where @ No, you cant become a professional trader in &
you wish to trade stocks professionally, for aliving.
As with any career change, becoming atrader takes a lot of training & education,practice and commitment. It 1s not easy.This lesson gives you @ step-by-step plan formaking a transition into trading as a career,It is recommended that you establish yourtrading skills as a swing trader prior tomoving to day trading, particularly if youwish to make a cereer change. it's likebecoming a race car driver by starting with asports car before jumping into a pro racecar‘on the circuit
Those who are impulsive and unskilled willlcse their money to those who have ¢ tradeplan that is skilifully and professionallyexecuted The difference between "playingthe market like a gambler for fun" (andmostly losing over time) versus tradingprofessionally requires your hard work anddisciplined trading skills, executed withoutemotions, since it is your business that youuse to pay the rent and support your familyThose of us who trade for a living honestlylook at it as our livelihood - we cannot affordto trade ignorantly, foolishly, in anuninformed manner. Leatning professionaltechnical analysis and tradeériskmanagement skills is crilical. Being deadlyserious about our trades is what gives us theability to succeed where others fall.
In transitioning to trading as a career, you'llwant to start by mapping out a timeline foreach phase ofthe change. This should be a24-month calendar outlining your goals andexpectations for each quarters' @ months)progress
months. Any career change, Including trading,requires a thoughtful plan with resources,timing and milestones. If you were to changeinto any other career, how long would youexpect it to take? Probably at least @ year ortwo, right? Trading Is no different. In fact, tt Isouch more difficult than other career choices.Based on conversations with hundreds oftraders, I can tell you that most are woefullyunderprepared to be trading with real moneyFor example: Are you still using a 56KIntemet connection? Do you want to raceagainst my Formula 1 with your hyundai? |hope not (well at least for daytrading....you canswing trade with aoVdatek | suppose) Howmany trading books do you read per month?You should be reading at least 3-4 books permonth, just like @ college degree program.What's your net P&L average per trade? What'syour average stop loss over your last 10trades? Your average profit? | hope you arekeeping track cf this. It's your businesses’ profitand loss/balance sheet.
Why do most traders fail? They are not seriousbusinesspeople who expect to make a living atIt. They treat it like garnbling and guessing. |hope all the things we¥e covered in these 4modules gives you some insight into thediscipline and hard work it takes 10 trade.Money is not free - you rust earn it,particularly in the markets. | get frustrated atthe amatuetish expectations of traders whowant to “win money" without work This is aserious, deep game that takes a lot of skill andtime to get good at. Anycne who tells youdifferently is trying to sell you something. lol.Let's take a look at a transition plan Ive puttogether to help give you same specific,actionable ideas for how you might want toapproach making a transition into trading for aliving. Sure, it can be done. Expect it to take @couple of years. No big deal, if you want to doit, then get serious and Do It.
 
There are 10 major phases that I'd recommend you consider planning for when making the transiticn toprofessional trading. If you were working as a floor broker at one of the rnajor firms they would have a similarprocess, with the significant added benefit of having on-the-job mertors and training to help you and correctyour errors
These steps should take roughly two years to progress through:
Phase One - MARKET BASICS: Trading Education & Financial Market Awareness
Phase Two - METRICS: Learn all the financial measures related to trading (dozens of metrics)e Phase Three - PRICE PATTERNS: Leaming Technical Analysis of Charts
* Phase Four - TRADING SKILLS: Order entry types, managing trades, risk managementPhase Five - PAPERTRADING: Using a trading plan to simulate trades, build skills
Phase Six - LIVE SWING TRADING: Limited-tisk Ive swing trades, 15 stocks at a time.Phase Seven - INITIAL EVALUATION: Use cf metrics to assess progress in trading to date© Phase Fight - START-UP BUSINESS PLAN DEVELOPMENT: After the education and jnitial (pilot)trading has been done, it's time to develop a business plan w/capital rqmts & goals
« Phase Nine - CONSISTENT TRADE IMPLEMENTATION: Make a defined number of trades eachweek, using metncs and trading skills developed to date for a six-month period
« Phase Ten - QUITTING YOUR DAY JOB: If and when you can consistently trade profitably for atleast spc months of part-time trading, you can make a choice to leave your ‘day job’ Since you willhave developed a healthy egg nest (at least 4-6 months’ living expenses) from your six months’ parttime successful trading at this point, you will be ready to trade full time at this point
Yes, this is the degree of detail and work that's needed to even consider trading for a living. It's not a "I gotlucky in a bull market gambling for a couple months let me go trade fulltime now" type of thing. | hope someof you will consider putting the detailed workplan into place that's needed to trade the markets professionallyI never said it would be easy, did |?
For each phase, you need to allocate resources and timing, along with developing specific measurable goals
DTU's "ROADMAP TO TRADING FOR A LIVING" (c) 2000:
Understanding how the matkets work is useful for your trading. A good example is arbitrage
<=> plays, eg when a company buys another company (egaf WMT buys KM), then the acquinngcompany's stock will decrease due to lower earmmgs mn the following quarter due to acquisitioncosts ete. Many people do not know the difference hetween the vatious market indexes andfutures, even though you need to know this stuff. A good overview of the fundamentals 1sneeded to help you understand financial forces at work, and how to profit from them. It's nctthe most important thing for short-term traders to know, but st should not be overlooked. It'sone of the prerequisites to do wellin your trading
Tobe able to trace for a lring, you must develop a detaded plan with key measures, or metnes,attached to each step in the process. These measures mclude your personal trading outcomes,eg profit and loss, stops, average profit per trade ete., as well as market measutes that areimportant, such as 52 week hv/lows, the float for specific stacks, option overhang, volumepattems, fito numbers and other TA-related metnes, far value and the impact on openngbuying vs selling ete etc. These metrics ate core to your understanding of the market, dorittrade without knowing key financial metnes & thei ampact on short-term trades.
Pattern recognition is probably the single most important skill to leam in short-termirades. By this, I mean both chart pattems, market pattems, timeg:sales and level 2pattems and mote. You are buying and selling pecples' reactions and beliefs in themarket, youre playing people, so you need to know the 'crawd psychology’ as reflectedin peitems that you see. Learning price and momentum pattems, pullbacks, averagetrading ranges, time-of- day effects and other market pattems will help you spot high-potential trading opportunities that you should be mvolved in Technical analysis isimporlant, I do not use all of the indicators, but knowing several key ones well helps.
3; ‘You must remember that your goalis to hecome a good trader. Whats a trader?
er Someone who buys at one ptice and sells at a more favorable price, pocketing a profit.
% Take some time to think about what this means, other than ‘buy low sell hugh’...there's
Dp more to tt than that. A trader knows bluffs, when to hold and fold, and more. In stocktrading, we need to master how to use different order entry types, how to managetrades, handle risks and run our trading like any successful business
The next step in your development as a professional trade: involves practice trading,
>> called paper trading This is not enough - you don't get the emotions of real trading withpaper trades, 30 instead use time popertrading to mostly leam how you would take smellstops. This is the most important skill you need as atrades, in addition to technicalanalysis and stock pattem recognition. An extension of this is to trade with very smallshares (50-100 shares at a time) to get a feel for how to enter anc ext tradesPapattrading is a useful activity, to help you figure out how you would trade withoutrisking capital Its ues is limited, though, since it misese mach of the excitement andgenuine trading reactions you get from real trading,
Ss After papertrading, you'll want to do some live swing trading, again with small
shares in relatively mexpensive stocks, sro $15.850/share. Avoid cheap
stocks, under $15, and the expensive ones for now. Live suing trading shouldbe done for around three months, with en average of 35 lrades per week, to
get the mutual expenence you need to hegin considenng trading for alringThis 1s all preparatory actrty, by the way.
  
After live trading (aad after your initial papertrades too, for that matter), youneedto evaluate your irading progress. Did you 4) make money orb) lose money?That's the bottom line, Also evaluate your trade skills, such as tisk management,percentage of stops and profits taken comectly, and other measures. At this point,i#fyou are not making et least 20% retun on investment in 3 months of trading youshould go back to the first steps and repeat. Do not progress past this point untilyou are at least 20% ROI in 3 months. Example: you started with §20K on July Istive swing trading, i's now Oct. 1, you should have et least $24K.
Atthis point, with some consistent trade skills under your belt, youre teacky tostart looking at tracing like « business. You will now put together a busmess plan
like any business would, except instead of marketing, labor and other costs youhave costs such as traning and education (books/videos etc), high-speed internetaccess, higher commissions for direct access brokers (if you're daytrading),equipment such as multiple monitors and a fast PC, perhaps a larger apartment orhouse so you can dedicate a rcom to trading, ete. Your business plan must includestart-up costs, metrics for profit and loss expectations, and other areas asepplicable. Developing a written business plan for your trading will help you ireatitlike a husiness. Keep the plan visible in your work area once it!s been developed.Especially the measures.
‘Your goal in becoming a professional trader is to make consistent profits. That's zt.Homenin trades and favorable gaps ate nice, but professionals make their moneyby shorting, playing long, and all the other trading skills thet are available out thereto get favoreble psices. Your goal at this point should be to make consistent profitsin your swing trades while still maintaining a primary occupation for a six monthtime period. If you can eam 40% in 6 months on your capital by swing trading (andnot just in a bull market either!), then you may he prepared to trade for a living Youalone must make the decision and accept the responsibility involved in such amajor life event If you can ttade "pretty well most of the time, and lose only a littlewhen you lose", and you feel that you want to do this 5 days a week for years, thenyou may be ready to trade. Cx, you may stay part-time - the choice is yours
With corporate downsizings and mergers, personnel problems and office politics always athreat, it seems that at least being able to take care of yourself financially If you have to is anittportaat skill to develop. Let's say that you have an 'okay" job but youlre making more tradingstocks, and you have been for the last 6 montis, in a choppy market (like the first helf of 2000).If you feel ready, then you may be able to resign from your full-time cutrent job to trade for a
living,
Any major decision requires careful thought, I'd encourage you to prove to yourself and yourfamily that you can make a consistent living at trading before giving up a steady paycheckAnd, you need to ask yourself if you can work by yourself ...thatis my biggest personalchallenge, I am used to heing a trainer and consultant and Like people. The financial freedom tolive where you want and to spend more tine with your family is great, though itis true that“nobody ever got tich working for someone else" and if you remember the amway and tonyrobbins presentations there's a lot of truth to that. Being financially self-secure is still hard work,but of a different nature. You do get more freedom and resoutces, but a lot mote responsibility.‘The best parallelss running your own small business - f you've ever been a small businessowne: you know the hours and dedication that's needed, trading is the same, but probably moredifficult.
Thave heen self employed for over 5 years in Hawaii and am having the best time of my life. 1miss my co-workers in my corporate life at Ford, Rockwell and McDonnell Douglas, (those staffmeetings and coffee) but] enjoy the time with my family and the ability to travel and Lve inHawaii much more
Thope you find the results you ate looking for in your trading aad professional life, and thet thispage has given you some "food for thought" regarding trading lifestyles and indegendence.Bogue Swing Trading Strategies ute «
Module Four: Worksheet 1- Trading Sectors and Market Indexes: SwingTrading Big Patterns
« The Powerpoint worksheet below can help you learn how toa select and enter/exit stocks for Swing Trading based onwy Relative Sector Strength and Weakness using sector indexcharts« You should complete this whenever you are consideringentering a new Swing Trade position
An important thing to keep in mind is the relative sector strength of a group of stocks before buying or selling. Forexample, on one day the internets (SGLN sector) may be up and the retailers (SRLX) may be down Use the relatvestrength to help you sell into strength and buy off of bottom bounces and into new breakout plays
Look at these examples The averall markethas sold off a bit and is consolidating, asyou can tell from the black charts to theright. §COMPGLNasdagq Composite and§SPX S&P.
Now, look at the bcttom three sector greencharts below, $GIN - Intemet, $RLX,Retailers, $IXBT, Biotechs. Which of thesethree is the strangest? ($IXBT) Which isweakest? (SRLX)
How do you trade them? ¥¥ell, I'd look forstrength in a biotech stock (eg MLNM HGS!DNA GENE) to see if there's any moremornenturn left. |wouldn! be tradinginternets or retailers today.
 
fem e]Peevaree =] P| Vila ar)
 
You should use this worksheet (or a similar one you make yourself) to help you map.out a game plan to enter and/or exit swing trades based on relative sector strength.
Directions:
4. Print out a copy of the worksheet below and fill it out for 3 different sectors you wantto trade. A good first activity would be to go research and find all the sector indexes,then 2-3 stocks within each sector that you are interested in trading.
2. Use this worksheet to help you identify relative strength patterns and when you shouldenter/exit your positions:f Swing Trading Major Sectors Worksheet | ‘Goat Be skis ty capitalize on ditkerent sector otrengit
h.
 
Blop One: |dentify Three Sectorg Voss Want i Play
Inthe space below, tas a minute to deline three sectors fegintemels, semis, retafers, telecom, saftwara etc) that youwill be playing stodes within. ¥Wrile down ihe symbel of each sactor so you can Irak tLon your charts (note there's a link
to elistng of all indexes on ihe members home page)
SECTOR Symbat: SECTOR
‘Symbol:
‘Symbol
 
 
 
 
 
Now. Meulily 2-5 cuneke yathin each secnur hac #04 sillfapmbol SG) 4), vox agit want ke walk a HOD EBAY DOLM CnGt
 
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Soecks Ealvanetvirade ai thleeecier fester oymibek fs
 
 
 
 
Teor lative Stren atinNeve Ihet youve Genel The sectors and SLCCkS vali each seC0Or yOuWerte pay, made a check Mark ned to the bype ol pane you wall beweiching lor to haip you enieryour treda. Lise asheet like this onedaly cr weelty to help you map out 6 qane play fer entries and exts.Remembar ta sell into strangth when you have a dacent profit, andta
Which of tha thrae sectors Is strongestToday? Whal's my play within this,sector? [check one}
“Bottom Fist Bourne
*__Ina Trading Flange
exit qulelty wien your steck laaes a key Suppo level
ModuleFour
 
Swing Trading Strategies
+__ Buying Beakeut
Back toMODULE 4
<> Module Four: Worksheet 2-5 Day and 10-Day Swing Trading Patterns
© The Powerpoint worksheet below is designed to help you track
ad
successfully.
and trade 5- and 10-day swing trading patterns more
e Complete it as either a ‘papertrading’ exercise or whenever youenter and exit actual trades.
One of the things I want to encourage you todevelop is a mental “library of chartpatterns" that you use to help figure outwhen to buy and sell stocks for swingtrades. Once you've established that, youneed to then keep track of wich of these aremore effective for you than others
For example, you may be great at buyingbreakouts above trading ranges but not sogood at correctly buying ‘bottoms’ You needto trade at what you do a good job of, souse this worksheet to identify which tradingpatterns you're currently using and whichones youre good at
You must stop trading chart patterns that youhave mixed or unsuccesstul results with. If you'rebad at picking bottoms, then con't do it aryrnore,for instance (or do it less)
Go where you're getting the best results. It takesdiscipline to stop trading like you have in thepast, but if it's costing you money then look atsome alternative ways to trade...
Explore with new stacks, new strategies until youfind something that works for you consistently.Each trader must develop their own style, basedon their individual temperament and skills.Here's the three patterns we've been stressing in
find that the Battom "Dead Cat" bounce swing trading as the rnost effective ones to play:
works bestin a 6-day cycle, where the othertwa take a bit longer to consolidate and arebest for up to 10-day swing trading cycles
Bottom ‘Dead Cat’ Bounce Trading the Channel:Support & Resistance
Breakout Above Resistance
‘Support/Stop Loss
 
Please note where "stop loss" appears in each diagram, Discipline to keep this is the most important skill you cen develop as a trader.
You should use this worksheet (or a similar one you make yourself) to help you track and capitalizeon which of these three patterns you are most effective at using for your swing trades. Note that thetimeframe for swing trades is 2 days to several weeks.
Directions:
1. Print out a copy of the worksheet below and use it whenever you are deciding on which stocks toswing trade. Which of the three patterns are you best at, with the stocks you trade? It varies for eachperson. Personally, | am best at the middle one (channel), 2nd best at bottom fishing and 3rd at buying breakouts.
2. Use this worksheet to help you identify where your strengths are in playing the patterns. Do 80% of your newtrades with the pattern you're mast consistently profitable at.
5- and 10-Day Swing Trading Patterns Worksheet | ee oe
 
Identify Which Type OF Pattern Yau're Playing fer each of 5-10 atecks in swing trades, Lise the worksheet todecide Which of the three pattems you're best at trading.
Stock Symbols: Pattern Youre Trading: Entry Price Exit Price (orofivstap) Net Profit (lors)
imtoe 9 ineck akc He GOBanosBousew
   
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 ModuleFour
> Module Four: Worksheet 3- Timing Your Buys for Swing Trades
« The Powerpoint worksheet below can help you learn how todecide when to buy a stock for a swing trade, to develop bettertiming skills.
« You should complete this worksheet when you are consideringentering anew Swing Trade position.
« Aprevious worksheet helped you decide on sectors and type ofplay, this one will help you decide on number of shares to buyand the timeframe and profit targetistop loss you will plan forthis swing trade.
Swing Trading Strategies tes
 
One thing you need to get in the habit of doing regularly 1s to develop a trade plan prior toentering any trade. This should be brief, easy to use notes to yourself that you use to helpyou define the parameters of your trades.
For some reason, having things written down in front of me always gives me a lot morediscipline to keep stops and take decent profits than | would have if | were just trying tokeep everything in my memory.
Also, if you are playing several stocks at once {I currently have 14 open swing positions, forexample), it becomes next to impossible to keep everything straight from memory alone.
A few well-placed notes, whether done on a spreadsheet or the simple Windowsnotepad.exe (my favorite, just put a shortcut to notepad.exe on your desktop), cansignificantly help your tracing results.
Gaining a good sense of timing is a key trading skill. I'd encourage anyone who's new totrading, or those trying to get backin the game after losing, to swing trade 100 shares at atime for a 2-day to 10-day timeframe. tn fact, | think everyone should have at least oneactive swing trade open at all times, so you know the emotions of being ‘in a trade’. Also, I'ddiscourage people to do short swing trades until after you're experienced and consistent inyour trading
You should use this worksheet (or a similar one you make yourself) to help youdevelop specific trade entry timing information for swing trades.
Directions:
41. Print out a copy of the worksheet below and use it to help you define better timingfor your swing trades.
2. You can also use this worksheet for your day trades, adjusting the timing down to intradayperiods vs days.ng Worksheet emaneatan ot
   
ig Trading Ti
Complete this worketed for cach new position you ara syving trading.
 
 
Stop Loz: andBreck Symbol: Trading Range Analysis: Profit Target:1-Day Mish for thls stock: $month High for this stoke | (Pure nigelTine "Stop Loos”: Mow <>Jong willl you wai ora]bofors salling this stack ifSite Lom igh
khan notreached your 10 eDhay Low for this stock: $month Low for this stcck: | untarpredumbw mc
parol kargit’? (rod. © 9 vites| coo
TIMING SWING TRADE IMPROVEMENT P LON
 
Lats pet gether oplon ts decprvecer Timing Entries : Stout bs based on ore of ihe 3 paliame were boled alee te Foe each of your rend 3 itades, iderdy whad fhe naseon wat, Bom ailingpris is ging inks suing trade Penepecive, Fer yeu! ib entaribe irsie st mhetine yeu ceMainfactors: .+ hin dvax Time in Trade Timing Estits : Stout be based on the dock tehing cul trailing sion iat+4 Shares Traded y0UW4 pieced on ha iret, of ite dock hast giopped advancing in ihe ama+ Profit'Loss Per Trade Farid yearra iding eg Burin Fier 20 42 i 24 and has aedsyed at For 3 doy]+ Optimum Trade Entry a Se Wha apats bebe* Optimum Trade Exit esModule j i i Back toFour Swing Trading Strategies MODULE 4
Module Four: Worksheet 4. Portfolio Management: Balancing YourSwing Positions
« The Powerpoint worksheet below Is designed to help youbalance multiple open swing trade positions.
You should complete this worksheet when you are consideringseveral open swing trades at a time.
« After trading for awhile, you will see multiple swing tradeopportunities present themselves. You will not want to limityourself to single trades at this point, and will want to manage asmall portfolio of open swing trades simuitaneously, as yourcapital and experience grow.
Note that this is different from the bad habit of keeping a'"dogpound” of losing trades that tie up capital and energy. Make sureto have ‘time stops" on all your trades and exit positions thataren't performing within a reasonable time frame.
You can (and should) eventually use a combined trading style inwhich you have a percentage of your portfolio in low-risk longterm growth mutual funds/index funds, a percentage allocated toswing trading, and a percentage allocated for day trading.
 
 During your first couple of years trading, you'll want to experiment constantly, working ondeveloping a trading style that works best for you. This also means you should discipline yourselfto try new ways of