≈ .. and trade your plan! ≈
You will hear coaches at Tackle Trading talk endlessly about trading rules and your trading plan. This is for good reason as trading rules help guide the decisions we make as traders and help keep emotions from taking over. If you have not yet developed trading rules, then make a goal this week to do just that. Here are a few (out of many possible choices) areas for you to think about as you develop these rules this week:
- Will you ever trade against the trend of a stock?
- How will you incorporate support and resistance into your decision-making process?
- What technical indicators will you use?
- What are you exit signals for a winning and losing trade?
- Will you have different entry signals for different strategies (For example will your entry signal for a covered call be different from a bull-put spread)?
A great trading plan is comprised of rules that you methodically follow. Put some time in this week to develop a few rules and if you have any questions on rules email us, visit the Clubhouse or the Coaches Lounge to get feedback on your developing trading plan and the rules that it is comprised of.
Chart of the Day
RUSSEL 2000 (RUT)
The markets have shown signs of life recently but still have run into resistance in the form of weekly moving averages on nearly every major index. How price movement responds to these resistance levels this week could help determine the trend for the remainder of the year.
Video of the Day
What is Rho
Rho is the rate at which the price of an option changes relative to a change in the risk-free interest rate.
Today’s Lineup
Coaches Lounge 11am EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Halftime Report 12:30pm 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.
Market Recap 4:30pm EST
The Market Recap is designed to give you a quick overview of the day that was. While brief, this report is designed to cover all of the major events that drove the markets that day and help you plan for the trading day ahead.
