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Spend as much time as you can in front of a screen learning how to read price action. If you can't pick that up and catch on the sometimes subtle natures of the market you will lose consistently. Reading price action is probably as close as you get to the holy grail, even though such a thing...

The biggest advantage to getting trader status is being able to deduct more than 3k per year. To qualify your trading has to be substantial and continuous, and it must be your sole source of income. Even a part time job will probably trigger a denial from the IRS. Typically, a 2 member LP is...

The fact that debt stems from Jews is irrelevant but think about the big picture for a minute. Debt is created out of thin air from absolutely nothing. No work is needed to create this money but in return the borrower must repay the debt in the form of "work." Work that is taxed and the debt...

There's nothing wrong with averaging into a trade provided you stay within your predetermined risk limits. Timing the market is tough and there are times when averaging is necessary. Either that or nibble on the first trigger, stop out, and increase your size ifr you get a better look. Again...

Bingo! MSFT doesn't make the best OS but they are Marketing Champions. Same goes for trading OPM. You can be an average trader but if you're top shelf at marketing yourself you'll be very successful.

The tax code is going to stay intact because of heavy lobbying by the Corps that benefit the most from it and it also gives Congress a lot of power to control human behavior. Offer a tax break on Widgets and all of a sudden folks will be buying widgets. Congress will never give that up.

Precisely. Even if the debt ceiling isn't raised the US will not default. The worst that could happen is a downgrade of the debt rating, which means higher rates but I have a feeling the government will lean on Moodys to stop that from happening. 8-2 will come and go just like any other day...

Agreed. I've taught in the past but the majority of the services out there aren't worth the prices they charge and the reason they try to teach is because they can't make money trading their own capital. You get vague instructions on when to buy and sell and the topic being taught is generally...

Those who can do. Those who can't teach.

The problem with a mean reversion strategy is sometimes the mean reverts to the price leaving you holding the bag.

LOL. They are already pumping the blow up/draw down http://www.tradethemarkets.com/public/Learn_from_Pros.cfm

Their "secret" indicators are something you can duplicate in TradeStation and they try and sell them for something crazy like 2k. I guess the buyer is the bigger idiot.

I bet that was the LOD. I wish I had been watching the TF that day. I rarely trade it but my guess it would have made a great long once those 852 were gone.

If HFT is front running orders -- and it seems they are -- then it's highly illegal but to say the market has changed because of HFT is false. The market is the same as it has always been. For every HFT going long there's a HFT going short. The markets behave like they've always behaved.

The next bubble we need to worry about is the student loan bubble. Nearly everone with a college degree has some sort of lingering debt, depending on their age. When this bubble pops it could get ugly.....again.

Until proven otherwise, surf's still up. QEIII will get stocks heading much higher as will the raising of the debt ceiling. The US isn't going to default -- simple as that.

I agree. Getting in and out of the CL requires different tactics than say, the ES. If you're trading the QM it's even worse. Getting in and out of a 5 lot on the CL isn't difficult. If you are going long you need to buy on down ticks, which will get you a good, fast fill. I typically exit...

Not necessarily. I have an algo running that gives buy and sell signals for the CL but I have slippage programmed into the code. It's a very robust app but far from perfect. The thing with algo trading is you can't develop a black box and expect it to work indefinitely. You have to...

So true! I've seen a lot of guys blow up with 10+ years of experience. They generally get back in the game after a short while to shake off the experience. I've been lucky. I've never blown a futures account but I've definitely blown a few equity accounts.

I use 90% of my cash for position trading and long-term investments in equities and 10% for futures. The biggest daily loss in the futures market that I will take is 2%. I have a circuit breaker set at that amount. I also trade for clients through linked accounts and the same 2% applies to...