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Updated 06-12-2017 Price Action Chart

In my haste to get the chart out this morning, I forgot about the roll over, so I posted the wrong chart. I’m not trading today due to jet lag and being behind, but it might make a difference for you guys, so I’m posting another one.

Still looks to be a range day, but a bit more volume now.

Mack’s Mid Day ES Chart for 06-12-2017. Updated!

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Live Trade Example

I recorded this trade on Friday, but did not get a chance to upload it until today. A lot of you ask to see these, but honestly, it really makes trading more difficult to try and record while also trying to concentrate on your job of making money. I will continue to do some of these on rare occasions, but it is too much work and a bit of a distraction, so I will not be doing them on a regular basis for that reason.

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Day Trading Tools and Peripherals

Necessary Day Trading Tools.

Many of the questions I get on a regular basis revolve around our day trading tools. Most of these questions are based around my computer, my computer screen, my trading platform and my data provider. While I don’t believe that you need a really expensive computer or a bank of computer screens to be a successful day trader, one area that I am a stickler about when it comes to our trading tools are the following:

– Make sure you have a solid and reliable trading platform. There are some good and free trading platforms out there, but do not skimp with your trading platform.

– Make sure you have a reliable high speed Internet connection. You can not afford for your internet to go down or bog down to a snails pace during the middle of a live trade.

– On a similar note, you also need a solid data provider. I get comments from traders who are trying to use free data rather often, and that is a concern. A big mistake here is when traders try and use the free data from Interactive Brokers. You can not trade consistently with that type of data, so do not try it.

Before we move on, make sure that you understand that your trading platform, your internet connection and your data provider must all be reliable products from reputable providers with a proven track record. If you have these areas squared away, your day trading results will not suffer in areas that you can least afford to have problems. I have heard some real horror stories from traders that have tried to skimp in these important areas. Do not be another statistical trader that was wiped out trying to save a few dollars. If you want to be a professional day trader, you must have professional tools or you will pay dearly in the end.

For those that are interested, I have ATT Uverse for my internet connection, using the fastest version they offer. I use NinjaTrader software for my trading platform and CQG for my data provider. I have used Rithmic, TT and Real Tick in the past, and I could not tell much difference between any of them. All were reliable and solid data providers for tick charts, which is important. Make sure your data provider offers good tick data if you plan to use tick charts. This is where some providers will come up short.

When it comes to your trading computer, my suggestion is that you buy a basic tower unit. It doesn’t have to be super fancy, nor does it need to be loaded with a ton of expensive options. A relatively new processor and as much memory as you can afford is really all that is necessary. You might want it to have a CD bay in case you need to load your trading platform from disks, but even most of those can be downloaded today. I can not remember the last time I had to use my CD or load any software from it. Everything I need for trading is online and down loadable.

I also suggest that your trading computer is just that, your trading computer. Do not surf or download anything unnecessary to your trading computer. You do not want a virus, nor do you want to download something that can interfere with your ability to trade quickly and efficiently. It simply is not worth the risk. Something like this computer is all you really need, and this is exactly the unit that I use. Historically I bought my computer items at Tiger Direct or Best Buy, but it is hard to beat buying from Amazon these days, particularly if you are a prime member. You order from your screen and it shows up at your front door in a day or two, and that is hard to beat for the money.

Finally, I recommend that you use a wide screen monitor, as they allow you to see more of your chart on the screen. The wide screen version LCD monitors are perfect for us as day traders and I would not use any other type of monitor. Here is the exact model trading screen that I use. I must admit that I have a bank of three monitors, but I purchased the extra two screens long before I realized I did not need them. I now use one as a TV monitor and the other I will occasionally put up a stock chart I might be watching, but rarely do I ever look at more than one trading screen at a time. It is simply a distraction in my opinion, so I avoid it.

As you can see, for a little over $300.00, you can have a nice trading computer and trading screen. There is no need to spend a small fortune on something that simply is not needed. Once you start making money consistently, if you want to invest in a more powerful computer or a larger screen, you can do that easily, but for starters, these two items are more than sufficient to be successful. I am a creature of habit, so I will continue to use this same computer and monitor as long as it continues to meet my needs. When the day comes that they are not sufficient or they go out, I will make the change. Also, just for the record, I still use windows 7. I will not upgrade until necessary. No special reason, I just do not like change or surprises when I am trading.

I hope this information was helpful. When it comes to requirements for our day trading tools, if you have further questions or concerns, I will be happy to answer those where I can. In the end, there are some necessary tools that we do not want to skimp on, and those our trading platform, internet and data provider. This is where we need to start at the top from day one. In regards to our trading computer and trading screen, something along the lines of what I use and showed you is more than adequate for our needs.

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Trend Line Lesson

This video is going to go over a few tips on drawing trend lines. There has been a lot of talk about trend lines being subjective lately, so this video is in response to that. Trend lines are not subjective and the ability to find and draw them is a skill that must be learned and honed. I have over 15 years experience drawing trend lines and in this video I will show you how I do it.

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Vacation Time

Just a heads up that I am on vacation all this week, September 5th thru 9th, 2016. There will be no mid day chart updates this week. I will also have limited email access, so I will be slower than normal to answer and I will not be addressing any trading questions this week. Thanks in advance for holding your questions until I return! If you have an emergency need, I will respond, so no worries, but just be patient.

I hope everyone has a great holiday today and a good trading week while I am out!

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Website Problem Resolved

The problem with the website has been resolved. You should be able to view all premium content again. Sorry for the problems.

Helpful HINT: A lot of times people ask me about an easy way to organize the materials on the website. If you go to the bottom of any page, there is a link titled “sitemap.” Just click on that link and it will give you a list of everything published on our website. The materials are in the order in which they were added to the website, starting at the top, from oldest to the newest.

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Login Issues For Premium Members

Important Login Information!

Important Login Information!

We recently did an upgrade to the premium section of the website, and afterwards we had login issues with a few of the members accounts. If you are an active premium member and you can not log in, then drop us a reply and give us your email address and user name and we will correct the problem for you.

Note that you will no longer see any of the articles or lessons that are in the premium section until you actually log in. This was an unexpected consequence, and we are working on that to see if we can restore it to the way it originally worked. Prior to the upgrade, you could see the locked articles with excerpts when not logged in. For now though, do not worry if you can not see any of the premium materials, as once you log in to the site, you will indeed see them.

PLEASE NOTE: Send me an email to correct the issues. Do not post your information in the comments section!

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Passing Interest or Total Commitment

Which describes you when it comes to Day Trading?

Which describes you when it comes to Day Trading?

 

I saw the following motivational post today and it struck a real nerve with me, so I thought I would share it with the rest of you. How would you describe your interest in day trading? Do you simply have a passing interest, or are you totally committed 100%? When I say totally committed, I mean will you put in the time and the work that is required every single day, even on days when you had a bad trading day or days when you would rather be doing something more fun? For you personally, is it a passing interest or total commitment? Only you know the correct answer!

Remember, the real work does not start each day until after your trading day is over. Anyone can sit at the screen on a simulator and take trades for a few hours or even all day, but are you willing to put in another couple of hours afterwards studying those trades and your chart? That is what separates the winners from the losers in this game. To take that a step further, are you willing to make a total commitment for a year or maybe even two, three or four years if that’s what it takes?

After all, even five years of studying and sacrificing to learn to trade profitably is really nothing when you look at the rewards that come from success. This profession pays better than being a doctor or a lawyer, and those guys put in many years of study and schooling and then they have to put in even more years while they build their practice before the real rewards start to come to them. So yes, even five years is really a short commitment for the rewards that will come to a trader that learns to read a price chart like he does a first grade starter book!

Ask yourself if you are doing this as a passing interest or as a hobby? Does it seem like it would be fun or an easy way to make money? Do you really understand that day trading must become a boring job after many years of difficult and total commitment? Ask yourself those questions and think about them for a while before you answer.  In the end, you must decide if this is just a passing interest or total commitment for you?

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Web Site Issues

I am very sorry that we had some multiple day website outages the past couple of days. It seems that we had a database issue and it was causing some massive problems on our host server, so they limited our site until that was corrected, and his taken some time to work out the bugs.

As long as I have been doing this, we have only been down a few times and then it was only for a few minutes to an hour at most, so this was a bit hectic and stressful to say the least. I hope that we have it completely corrected and that we do not have any further issues going forward.

Thanks for bearing with us through this issue!

Mack

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