How Rob Outperformed In Today’s Live Real-Money Trading Competition Event

Welcome back everyone!  Let’s talk about today first and foremost!  Thanks to everyone who came out and cheered me on during our exhibition trading competition.   I was glad to perform the best that I could.  Let’s talk about how we got to that point today.

We walked in the door and looked at the Stock Index Markets.  We are below resistance on the S&P, RUSSELL, DOW, and the DAX.  We are above support on the NASDAQ though.  Everything is near resistance.  They are very close to the speed lines making it more neutral grounds.  At least two or three of the indices had Doji Stars this morning.  Those are periods of indecision.

We just had a mixed market because they were all near the speed lines.  That led me to look at other things like Gold, Crude Oil, and Bonds.  We were starting to fire off signals with green bars.  We were breaking above some previous sell signals.  This is the kind of thing that I usually look for with trade selection.

We want to do trade selection when we walk through the door.  I always ask if I should be looking at a certain market.  A lot of people focus on one market, one market only.  That can get people in a lot of trouble.  If the market happens to be one of the days where it is a destructive pattern, there is a lot of chop that can take place before the market breaks into trades again.

When we walk in and see Doji Stars and that there is not much room to grow, I usually expect fat chop fest.  That is where I tend to go away and look at other markets.  That is where I look at things like Bonds.  It is the same thing as when we look at stocks and the overall market is going down.  I am going to look for stocks to trade that are sell side.  If the market is going up overall then I will look for more bullish stocks.  I want to see consistency between the direction I am looking to trade and the instruments I am looking to trade.  It is the same thing on the Options and Forex side as well.

This is a general concept or general strategy.  It proved to work very well in this morning’s trading competition.  That allowed me to do the best today.  I focus on trading with your indicators and with your strategies.  That is the best thing you could do for yourself.  I usually encourage people to have a handful of instruments.  Then they can rotate through things if they are in that situation.

Great stuff everyone!  I look forward to seeing all of you in the Live Trading Room.  Thanks again for all the congratulations during today’s event!

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