That is some cool stuff

Is anybody on ORBC that guy is on a tear

kmx may do a re test. What do you think?

Nice set-up Susan. Looks like the trading desk at Goldman Sachs. Best of Luck with your new office.

Take a look at MCD. A great entry here right near support. I am targeting a 7 point move over 8-10 weeks. Sept 52.5's are nice and cheap.

Brett, good luck. Thanks for your help. I am getting closer and it is you and Jeff that are making it possible. Maybe I'll watch "Shawschank Redemption" tonight...it's only a few more feet to daylight...

Jamie

You guys are putting too much pressure on Brett, It sounds like he is traveling to the moon or something.

Just kidding, Brett your are the man

Keep an eye on Lufk

David S.,

I am in KMX, surrently it looks like a bear flag, I'll stay in for another half point or so.

Susan...nice..very nice..setup. are you using a Matrox video card?

Glenn

Pressure? I have a Jewish wife. This is nothing.

C'mon guys, the monitors Sue has are not the only thing in there that looks good!! And Jeff, I don't dare send a pic now..Sue has me beat....


Brett....once again caught me off guard. Your killing me. Yet in need of another keyboard...

sweet set up Susan! mine is a laptop and my PDA :( but it does the job!


PENN is killing it check out HOG.
Nice call on JEF ... Jeff hahah JK win some lose some. I can see your inbox now "Should I exit!!" lol

Great call on X

Susan must be related to Eben Miller.
HA HA...

Phillip

Nah,

She can't be related to Eben...

Susan is cool.

:)

What is really cool about this photo, is the website she has pulled up on the upper right hand monitor.

An addict in true form.

You going to pipe in Susan?

You guys are all chicken to say it... (me too) LOL

Sue YOU ROCK!

Between JK and Susan...how do the rest of us get a "little helper"?

Okay, I have to take exception to the picture. I work for an office furniture maker and that sure looks like a kitchen table. C'mon, a trader deserves a good desk and an AERON office chair. Where you guys gonna eat?

;-)

Is that what trading fulltime looks like? I have a lot to learn about trading and technology...

Way to go Susan!

Thoughts on ERTS as a bearish trade, bouncing off a descending trendline and a congestion area around 49? It hasn't obeyed the trendline perfectly, but it looks like it could continue to fall to test lows at 44 or even maybe 41.

Brett has the career I want. Congratulations!

Susan has the setup I want. Nice, real nice!

Both are on my list of goals. Cheers to you two, dreams and future realities.

Now that I am back from Mexico, I have one full week of blogging to catch up on… it will be a full night.

Nice setup. Giving me some ideas about the monitor. I only have two :( but I'd never go back to only one!

I like the new marketcast interface, Jeff! When are they going to put your face on the front page!? It was clear from Master Talk last night that you are very proud of the 'cast and you should be! I love it.

and I thought having two 23 inch screens. was alot. but now susan has raised the bar for me. Love having lots of space to spread out.

Susan - Nice Shorts!!! There's something Jeff can learn from you!

Brett - WOW there's probably a million funny things I could say (what did you say about your wife??) - BUT, since it's the end of the day and I'm spent - hat's off to you!

Jeff, just remind everyone that position size and diversify is sometimes the lesson that you disguise as trade of the week - who knew that Wachovia would take out AG Edwards - That's some take over in my book! How many emails did you get about jumping into AG Edwards as a call or put play??

Again, sorry my contribution has been limited. I have no cash to spend on new trades so I haven't been very active lately...been following those beloved RED SOX!

No shout outs to A-Rod from my Yankee Universe fan???

Gary

Nice set up Susan that sure puts my 20 inch flat screen and 17 inch lap top to shame, but then I set on the couch to trade.

My good man Gary, A-Rod is tolerable as long as he hits the ball and catches enough so that his offense outweighs his defense. In a way he kind of reminds me of Manny. A-Rod is dreadful to listen to while Manny is dreadful to look at.

One day in my life I could relate with you about following my team’s every breath. Then one day last November when baseball was dormant, was introduced to the world of trading. By the time spring training came along, I was addicted to trading and baseball, for once in my life took a backseat to something. Don’t get me wrong, I still follow the daily boxscores and game recaps. But the NY and Boston media and fans are nauseating in the way they follow the lives of the teams and over analyze every little play in each game. They treat reporting like one play of one game or one night out on the town by a player or one missed practice makes a difference come October. I liken this behavior to the individual that overanalyzes the intraday and daily movement of the trade they are in. Having learned to be more patient in my trading has made me more tolerable with inevitable ups and downs of the 162 game baseball schedule. Although the Yankees might not be a good bullish trade right now (unfortunately you can’t by put options on the Yanks) and the Red Sox may be a good bullish trade, I am patiently waiting for a triple bottom (or is that quadruple right now) trend reversal for my entry point.

As I wait, I am holding the following close to my heart, my next 200% gainer and reminiscences of the 1978 14 game comeback capped by Bucky Bleeping Dent’s corked bat long ball. Oh, I almost forgot… Bill Buckner’s glove or lack there of…

Hey that setup is awesome! I have been trying to figure out how to drive multiple external monitors from a laptop. I saw someone else's suggestion for a "Matrox card" below which I will check out presently. Any additional insight into what I need specifically to have my laptop drive multiple external screens is appreciated!

Bottom Feeder,
You must work for a Herman Miller dealer. I have been in the installation business in Chicago for the last 24 years. They say you can never get out of this business but I'm getting closer as a trader. I know you are thinking 24 years is a long time to try and change careers but I've only been trading for approx 18 months. It has become a passion. I love learning about the market, different strategies and trading but most of all I love making money. Jeff and all his bloggers have helped me reach a new level.
I still trade using a single lap top. I am impressed with Susan's set up.

Dave S

Hi Everyone!!! I am so sorry, sorry, sorry I missed your comments earlier today. I received a furniture delivery after I sent the photo to Jeff. I cant wait until all is settled here. By the way, have you all met Michelle? I first met her at an Investools Options class and then we realized we lived in the same building and traded all day!! A partnership was born. Crazy world, aint it!

Jeff you are the dude man. Anyway, this computer set up is easy to create and came in under $1800 from Jordan at CustomTradingComputers.com in Utah. Hope its ok to give that shameless plug. The 19" monitors came from a sale Best Buy. For all the hours we spend trading, it makes life a little easier. And when your stocks are going up you can watch it 4 ways and smile as your eyes turn into pinwheels.

I have so much respect for all the traders on this blog. This is quite a fun community. And if any of you come to NYC, please come trade with Michelle and I.

Long: AAPL, POT, X and you
Short: Unpacking

Susan and Michelle From Manhattan

JEFF.....how do you feel about your "kids" getting all grown up?? you are the mac daddy, right

Congrats and a big hug for Brett, Susan, and Michelle....you guys are awesome !!!

Brett,

Good luck. It is ok to leave the nest but not ok to leave the blog. Have fun on your journey but be sure to stay in touch.....Remember your roots.

I am in route to Arizona I love BIDU today and PENN. I seem to do better when I leave my computer and travel. Maybe I will incorporate travel into my trading rules. I am moving my first born from CA to AZ tomorrow. Losing money is easy compared to launching a child. Life moves too fast.

Thanks again for all the wonderful comments. This really feels like a tight-knit community and I'm lucky to know all of you, but especially the grand Puba. Hopefully sometime relatively soon he'll be able to drop the shackles and be able to spend some more time here with us.

I don't know where these ridiculous comments about me leaving the blog are coming from. You guys are like family to me. And I not only get some great ideas from you, I really enjoy the banter.

Hey all, do any of you buy puts or other bearish plays in a strong bull market like we have?

I started to do this, and it worked well. However, a few days ago, I found myself in 7 bearish plays out of 15 positions (all down trending and either resistance bounces or breakouts). This level of bearish plays has REALLY hurt my account in the past few days. So I am convinced there needs to be a limit on the number of plays that go against the market.

I talked to my Investools coach, and he asked me what my account global Delta rating was. In TOS I could see it was actually negative. Even though I had more bullish positions, I actually had a bearish posture.

So now I am looking to add a rule to my system to control the number of contrarian positions I have open. Do any of you have this? If so, can you post your rule?

Brett,
I like the many others in this blogg are so proud of you and want to follow you in making the transition to trading for a living. Can you help us with how you first started the transition, what were teh first steps you took. I think there are many here who would do whatever it took but just don't know the first practical steps or milestones to aim for along the way. This is my passion This is what I love to do. Could you outline what steps you took to get from this being a passion to being a career that could support your family and perhaps make a real difference in the lives of others.
Anu

Eric, during fairly violent pull backs in this current bullish market, my puts have saved my account. I have generally tried to find a balance around 60/40, favoring the current market trend at the time.

The trick is finding bearish trades that will actually stay bearish in this crazy bull market. Most of my puts are creeping the wrong way which is why I'm finding myself mostly bullish. I have 13 contracts long and 6 short.

I'm a little worried about this and keep hunting for the bearish trades.

I don't use TOS so don't know my delta.

The really tough part is the retirement account where I can't short unless I short the whole market using something like DOG. So I just keep my stops tight. MikeH

Eric, yes I think that most of us here trade some bearish plays even in strong trending bull markets. And, I would agree that there needs to be some reasonable limit to how many bearish trades you take compared to bullish ones.

However, I think the more important issue is not the day to day fluctuation caused by how many bearish vs. bullish trades you have. I mean, naturally on strong up days bearish trades will usually lose money. But the question is, do they go up so much that they tell you to exit? If not, stay in and one day they will most likely go the right way.

If you think about it in terms of how much your account made or lost on one particular day, then they will be frustrating, but if you think of the full course of the trade, you can actually do well with both, and be hedged against a major correction at the same time.

Good example -- KMX. It's been going up with the market the last few days, but hasn't passed its break point. More than likely, it'll turn around. You have to give it that chance.

Brett, Congratulations and good luck. I would like to make a request. Give us an update once in awhile on whats working or not working so well in your "new career" strategy. Many of us have that secret desire to trade for a living and a real world example from this community would be enlightening. MikeH

Eric,

It's a market of stocks that you evaluate individually. Call the ones that are riding higher and put the ones that are heading down. Come on take the money and run (I think those are the words to the tune).

Honestly the more I learn from JEff and others on this blog the less use I seem to have for investools (have I just cmomitted heresy?). There are some good functions there, but it's all about the stock doing what you predicted and managing risk.

Don't get caught up in the minutia of things like global delta rating).

Gary

Anu,

I think i outlined my progression about a month ago on a post, but basically this is my patented 3-step program:

1) lose money

2) study why and learn

3) repeat

it sounds funny, but that's what has worked for me. You don't learn anything from the winners except how to get overconfident and trade stupid. During my 3 step program, you will experience the following thoughts:

1) I'm not cut out for this

2) It takes a natural gift to trade successfully

The nice thing about trading is that unlike pro basketball you don't need to have freakish athletic ability or God-given height. You need a burning desire, dedication, time-managment, humility, and the right education.

I don't think there's a person here who can't fill all those requirements. One more thing: I work harder today than i did yesterday. And tomorrow I will work harder than today. I work on the weekends when I can squeeze it in. I never stop improving myself. And one day I will be a great trader, but I'm not there yet.

From my interactions with many of you, I have determined that one of the great limitations you face is the lack of time to dedicate to this. And I feel that you will constantly make psychologically devastating mistakes when you can't devote the proper time to this. So make sure you're trading a strategy that fits your level of awareness of the markets. Don't take on positions that force you to be half-assed at your job. And if you simply cannot imagine doing your job while there's a market going on, you just might turn out to be a trader!

And I think what's getting lost in all of this is the fact that I'm still learning, just like all of you. I still email Jeff multiple times a day with questions(and actually receive answers to about half of them ;)

Does any of this help?

Brett,

I like your philosophy, but I like even more when you throw down a burritto and a mocha..my trades seem to do better when u do that...

I cannot imagine having a real job and wondering what goes on in the market and not being a part of it live all day. An addict...well, this blog has had a hand in that....as well as a huge improvement not so much in my trades, but in my discipline of trades and rules.

And that thanks goes to everyone here on the blog, regardless of their experience level.

Thanks everyone.

Something just skyrocketed into orbit, was there a space shuttle launching today, or was that X.....??

Brett,
Well said. I have to agree, you have to suffer some losses to really learn. It makes you evaluate why you took the trade, what went wrong, what you could have done differently, etc. On my winners, I just celebrate and don't often analyze as much. But get hit with a few thousand dollars worth of losers and you have to pull from deep within to continue and figure out where to go from there.

I look forward to being in your position.

Randall and Michelle

VIP is setting up for a mother of a breakout. Coiling tighter and tigher.

I am either a loser or a true addict....I have been reading through the archives from day 1 (I assume day 1 anyway). It is amazing to see the community that has been built by Jeff here!
I see Bob Raimo is one of the first ever to post a comment (some of the other first time posters I have not seen on the blog).
What is amazing is that on any given string there may be well over 100 comments.
Keep it up addicts, this is very valuable.
Thanks
Ladd

Brett,

U looking for VIP to $115...??

to me it does, Brett, and I have been using your patented system for a while now. However I let you guys all ask the questions and just bother Jeff when he forgets something on the marketcast. Dont ask about the crystal ball.

Brett you are also so right about time and dedication. You can do it Anu, Sounds like you have the dedication.

That was the second comment from me. SusanFromManhattan. Technical difficulties....

CME..interesting, at resistance, but the recent higher low...??

Bob, CME...I may have to get my 10 meter cattle prod out
Ladd

Brett,
Yes what you have written has helped alot. I guess there is a lot of times where one feels like you described in the second emotion that some how there is magic in this.

Really I think what you have written confirms that the gift great traders comes not from birth but from dedication, hard work, the willingness to lose and yet get back in the game but most of all from the passion that makes all of the above possible.

I spend essentially my life around trading. ( Other then the time with my children and husband) From about 5:00 in the morning until an hour after the market closes market closes, in the weekends and thinking time while doing other chores I am thinking about the trades and the movements that underly the market.

I was afraid to be completely open with everyone on this blog about how much time and money I have and do invest into this because I felt that maybe despite my passion I may not have that gift you talked about to make trading for a living a reality.

Your comment just showed me and reminded me that the only magic and gift out there is the one created by passion and hard work.

Thanks Brett. I will keep working on it.

Anu

Anybody take my low risk entry on MCD yesterday ? Great confirmation today. Sept 52.5's up nicely.

Some of the new traders might want to follow this. It's not as volatile as X, TSO, MLM and some of the other stuff everybody is long here.

John Logan

I just read an article on Bloomberg about the Yankees. Craig Nettles says this years comeback is easier than the 1978 teams because of the wild card. I am going to Yankee Stadium next Saturday. I love going to a game there. I went to a game in both Yankee-Red Sox series a couple of years ago....just magical.

But not as magical as this bull run for your account. Not a bear to be seen anywhere invited to Brett's opening day party.

Jamie

I missed the breakout on HOT...add it to the bullish watch list.

Jamie

John,

I did not, but MCD at a great entry point, I agree.....

Houston, we have a problem. X afterburners not turning off.....

Off the calls and on the puts as CME bounces lower from reistance.... AGAIN !...this has been like clock work.

This thing keeps marching toward the apex of a big descending triangle.

Jamie

Bob,
that was me on MCD. I was writing the Yankees message to John Logan.

Anyway, as you say...MICC cleared for take-off....
Warning...this stock may not be suitable for young children. Do not try trading this stock from home...Dealer Prep charge may apply...MPG may vary depending on your entry point.

Jamie

BIDU!

Ladd

Good Morning Option Addicts!

Love those afterburners on X.

Kids slept late today so I had a few hours of just me and the market. That was nice!

liz
pasadena, ca

VIP looks like it's making an ascending triangle. A little wonky but it looks like it's setting up again.

liz
pasadena, ca

Is that how they talk in Pasadena? Actually I think Wonky was the Florida State QB. You're thinking of Booty.

I just really like that word. It seems to describe things very well. If you could see me, I'd be sticking out my tongue at you. Yes, after children I've reverted back to that. C'mon... wonky. Say it a few times. It sounds good. Right? ;-)

liz
pasadena, ca

p.s. My husband would shake his head at my lack of knowledge when it comes to football (he played in college) so I'm not sure about Booty though my children like to say that word when they're dancing.

wow these blogs are getting long.

keep an eye on KDN if it breaks resistance at new 52 week high it is bound to go higher

I am thinking to jump in on BTU during lunch hour,flagging and close to diagonal support, if you guys didnt notice but during lunch some stocks will retreat giving you an opportunity to get a better price.

just an observation, I sometimes wait until 12 to 1230 if I want to trade before the end of the day.

I realize this one is not really in the vein of stocks discussed on this blog, but thought I'd point out SCEY for it's recent volume, growth, and good news. Nonoptionable.

Peter V.

What a great week, and it is already Friday. I love seeing green in the portfolio (TOS) but fear exiting.

From what I see and hear I should already have an exit in mind...I do if the stock is heading down but I'm not good in exiting with a profit.

I'm getting better at holding through some rough bumps and not acting emotional. Who would have thought trading could teach me how to control my emotions. Nice.

Anyway, when I exit and take a profit it seems like I do it too early. What single piece of advice does anyone have on exiting a profitable trade. I've probably heard it but need to hear it again.

CYNO
check it out.
Ladd

VIP

BNI

Tick...Tick...Tick...

boom?

Brett,
question on VIP. I agree on the analysis. I entered June 100's on a support bounce on 5/2. Now the proverbial ice cube will be melting since Op-Ex is in 2 weeks. Would you look to roll-out to a later month to buy more time ? OR sit with these and then buy a new option on the breakout ?

Thanks
Jamie

Monica,

Your exit has something to do with what type of a trade you are taking, pattern breakout, bounce etc...and how much time you are buying. As long as your trade is moving in the direction you expect, and making higher highs or lower lows, you let it run...how long depends on time bought, price action, volume etc...

Jamie,

tough question to answer since i'm in julys, but i'd probably roll em up.

Hi guys and gals.
Susan - SWEEEET set up!
David S - you mentioned ORBC a couple of days ago, I looked but didn't leap...my loss.

JBX traders - where do you have your stops? I'm looking for that sweet spot to lock in some profits while still giving it room to run.

I feel like the blog and the cast have been really helping me fine tune some of my trades. Thank you all very much.

Long - low risk entry points and working from home on Fridays

Short - morning overcast (let there be sun!)

Later,
JD

Has anyone who attended the Orlando conference received their DVD’s yet?

JD;

I just exited my JBX trade but I had a June call option and felt it was time to take my profits.

Looks like some consolidation happening so I figure if it starts to move up again I can get back in with more time.

Joe

Haven't received my DVD's yet. When I called Investools they told me it was going to take between 10 and 12 weeks. So... who knows?

liz
pasadena, ca

Bob,
I got out of GOOG today. It is struggling to break higher than 500. I don't think it has it. Anyway, I feel better about just taking my profits and playing another day.

Randall and Michelle

R&M,

What will you be saying when GOOG shoots past $510 en route to $550?

This comment has been removed by the author.

Hi Fellow Option Addicts, This is my first comment on the blog. I have been an IVS student since March 06.
I have been reading the blog for about 3 months. It has been very helpful and I hope to be able to contribute something helpful in the near future. Question for Brett re: VIP and BNI. Do you wait for a Resistance breakout at the end of the day with good volume before entering?
Thanks to everyone for all your help.
Judy from Florida

USNA broke down 38 support with big volume. A price channel/Desc. triangle breakout, $5 move.

Henry

Thanks for the advice.

Actually you can download investools DVD video at
http://investoolsdvd.veevideo.com

All 4 investools video available
- basic options
- adv options
- adv technical analysis
- currency trader

sample video here
http://rapidshare.com/files/194074847/InvestoolsBasicOptionsDVD.avi
http://rapidshare.com/files/194074905/InvestoolsAdvancedOptionsDVD.avi

else email me vicuob@yahoo.com

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