Tackle Today: Exit light
October 15, 2019
« Enter night. »
Today is going to be different. I’ll be making money. Why can’t I have a serious winning trade?
“Say your prayers little one”
I’ve been trading the worst strategies. Too conservative. Cushion/safety bull****.
“Don’t forget, my son”
People are always talking about their winning trades. That is aggravating.
“To include everyone”
The naked call. Resistance @ 2.7/2.8, I am trading the 3.0 strike 30 DTE.
“Something’s wrong, shut the light”
That’s $500 on a $900 margin, 55% return. Sell two contracts.
“Heavy thoughts tonight”
Gonna trade the 30 DTE and the 60 days out. That is $1400 on a $1200 margin. Holy crap!, 116% return. Sell two contracts.
“Sleep with one eye open”
Prepare. Click. Done.
“Exit, light”
$3,800 credit.
“Enter night”
OK, now I need some rest. Tomorrow will be great to see those positions profiting. The chart is tilting bearish again.
“Now I lay me down to sleep”
What if it goes wrong? The max loss will blow my account. But that won’t happen, the chart is the chart. It’s been solid since January. Nah!, go to sleep. Bye.
“I pray the Lord my soul to keep”
(Futures chart gaps up)
“If I die before I wake
I pray the Lord my soul to take”
Chart of the Day
Natural Gas Futures
“Natural Gas Futures can’t get past the 9, the 20 and the 200 MAs. Tomorrow I will add to the positions.”
Video of the day
Trading Concept Check: Position sizing to stop loss
Position sizing is an important facet of disciplined trading and when used in conjunction with sound technical stop losses, a trader creates a powerful one-two risk management punch.
Today’s line up
Traders Lounge 11 PM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
The Coaches Show 8:30 PM EST
This is our weekly MasterMind group. Join coaches Noah Davidson and Slawek J tonight, 8:30pm EST to discuss Short Strangles from the new Tackle Trading Playbook and help you prepare for the earnings season.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
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