
Friday Feature: How I am surviving in the markets for so long
The answer is pretty simple.
Slawek J
Born and raised in Poland.
Came to the U.S. in 2002.
Started Trading in 2008.
First teacher Noah Davidson.
Currently a professional day trader.
Contributor for wallstreet.io: running trading room there “Passport to Wall Street”, making videos and writing articles about NYSE (in Polish).
The answer is pretty simple.
Buy and hold times are over. Whether you like it or not.
Traders, today I have a special Christmas message for you all.
In my estimation, there are three types of traders participating in markets. Continue reading.
First of all, is the market treating me or am I the one who’s treating the market? Or, let me rephrase, how am I treating the money that I put into the market? Continue reading.
The way I quit my job was… well, let’s just say I burned the bridge behind me.
What a relief. I felt like a newborn baby. All of my problems disappeared.
I sat in the front row. My level of excitement was through the roof. I kept on thinking to myself that these guys have the answer to what to do with my account loss.
The luckiest and most awesome day could’ve turned into the last day of my life. But it didn’t, so I continued my journey to a pro trader status.
[…] Immersed in euphoria, I don’t know how I managed to close that position, locking in some $12,000 in profits. Now try to imagine what was going on in my head. A couple of months worth of salary in one day!! I was hooked!!
Mike Tyson once said: “Everyone has a plan until they get hit.”
[…] The rule of thumb when I was learning this craft was to double my paper trading account before going live. But is this the end of the learning curve?
Just like last week, the market ended in the same spot as far as patterns are going. The difference this week is that we are a few points higher. The SPY (ETF that follows the S&P 500), printed a three-day high base.
On Thursday, the SPY (ETF that follows the S&P 500) closed at all-time highs yet again and printed a hangman candle. On Friday, it opened lower and sold-off slightly. It looks like the great sell-off of 2020 could be over. Or maybe I am wrong? It will be interesting to watch and see what it will do next. In the video, I am going over a few scenarios of what could happen next as far as price action goes.
For the past few weeks, I was asking out loud in my room if this is it as far as the market top? We’ve been “printing” all-time highs virtually every single day for a long time.
This past week we got more of the same, meaning new all-time highs for SPY (ETF that follows the S&P 500). This Friday’s high happened on over average volume.
The overall market this past week was just like a roller coaster ride. We began with a sharp drop on Monday and gap lower on Tuesday, and then swiftly reversed to an upside recovery for the rest of the week. It looks like we are trying to establish a new channel support in SPY (the S&P 500 ETF). I’ll explain more in the video.
The SPY (ETF that follows S&P 500) closed at all-time highs on Friday. There was a lot of “backfilling” as far as all up gaps for this week meaning many of the higher openings saw intraday selling that created a choppier environment than buyers would have liked.
So, as many of us anticipated, the SPY (the ETF that follows the S&P 500) did break out. For those that want solid confirmation, as I was saying in last week’s report you don’t necessarily have to trade the break. You could wait for a break retest of support and then enter your long positions then. In my mind, that kind of break and retest can take a few weeks to happen.
“Spider” (Ticker Symbol: SPY) is about to break through all-time highs. QQQ already “printed” new highs and is outperforming SPY slightly.
After a two day sell-off, short term price action was oversold by shorter-term measurement methods like a fast stochastic and nearing the most recent significant support zone/trend zone on the daily time frame as the price action approached the 280 neighborhood… Then snap!
I see small cracks forming for SPY (ETF that follows the S&P500). A small rising wedge is resolving itself to the downside as expected. The high base that was forming for a few days is now breaking down.
The Spider (SPY, ETF that follows S&P500) reached an all-time high on Thursday intraday. It appeared to me that the move was caused by tariffs news. It “got smacked down” immediately and went sideways till the end of the week.
Last week I was pretty bearish, advising everyone to sit the week out in case of a breakdown. This week we ended at the top of the range. It looks like someone did fix the situation with a magic wand.
If you missed today’s Lounge with Coach Slawek J or would like to watch it again, check it out in the video below.
If you missed last night’s meeting where Coach Slawek J presented how he prepares for the trading day and how he approaches the daily market conditions or would like to watch it again, check it out here.
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