Tuesday, June 12, 2007

Trade Like TraderMike

TraderInterviews.com discusses strategies and techniques with Trader Mike, one of the best known traders and commentators out there.

Just some of the gems from this interview (Specs: 15 mins, 01 secs):
  1. Why he likes shorting stocks more than going long
  2. Thoughts about how blogging helps him be a better trader
  3. What are the minimum filters and alerts used in his Trade-Ideas scans!
  4. How he uses his own blog to prevent second-guessing and overthinking
TraderMike Interview


Related articles:
  • TraderMike's been instrumental in developing a few of Trade-Ideas' alerts and filters in the past (why wouldn't we listen to him?). He is responsible for our development of the NR7 alert. Here is a strategy that uses this alert and a link to TraderMike's comments.
  • Another trader, Wall St. Warrior, uses Trade-Ideas effectively. Read the articles where Trade-Ideas is mentioned and you'll get a feel for how he uses the scanner.
  • Trader-X is another trader using Trade-Ideas to find good gap candidates. Here is his technique explained.

9 comments:

Vlada, Czech Republic said...

Hi, nice blog. Are you interested in link exchange with my blog ( www.stockweb.blogspot.com ) ?

Have a good time,

Vlada

STOCKY Irishman said...

TraderMike...

I have 6 different trade-ideas open on my scottrade elite all day long. CMTL was up basically all day until about 2.

Today was relatively slow in all my open windows because of the down market so I know I didn't miss it. [CMTL]

Based on the behavior of this stock can you recommend a preset I may have missed or some custom settings that could have helped me find this stock by say 10:00 or even 10:30 this morning.

I have seen several stocks lately steadily going up in this manner yet I never seem to get them to be triggered in my trade ideas.

Thanks for any tips,

StockyIrishman

D TradeIdeas said...

Stocky Irishman,

You may have some filter settings that are excluding CMTL from your scans. Make sure the simple filters like price and especially Min Current Volume are not eliminating your look at CMTL. You could always make a symbol list of just CMTL and a few others you must see and just use TI alerts against them - no filters.

If you can right click in the alert window and select 'Collaborate' you'll see a text string that represents your strategy set-up. Copy and paste it in here or to david"at"trade-ideas.com and I'll take a look at it and give you suggestions.

Best,

David on behalf of TraderMike

Michael said...

Thanks for the plug David. The check is in the mail. ;-)

STOCKY Irishman said...

I have viewed all of the online video tutorials but I am new at configuring custom filters. http://www.trade-ideas.com/View.php?O=100_1D_0&QCAO=60&MinFCP=2&MinFOP=1&MinMA200P=1&MinPrice=5&MinUp=1&MinVol=200000

CMTL was up 1% from open until just before 10:00 a.m. then hit congestion and then basically kept going up continuously until about 2:00 p.m. Is there a sample filter that you know of that would have noticed a movement like this? MNKD was similar in it's trend yesterday as well.

Today I used about all the sample BULL alerts but 1 or 2. These may have been the ones that would have found this stock.

Thanks for the quick response,

Brendan A.
Stocky Irishman

D TradeIdeas said...

Dear Stocky,

As I suspected you have many filters that are discriminating alot of stocks - rightly so if you are trying to manage the flow of information.

Remember that ALL the filters must first be satisfied before ANY of the alerts are triggered. In your case you've got a good mix of filters that would seem to show CMTL but the flaw is in your choice of alert or trigger event: the crossing of the open.

On a day like today CMTL open and never dipped below it to cross it again.

I might suggest using the 25% pullback from high alert - it gives you a nice entry point with the pullback before (hopefully continuing on its larger trend direction. Another is the crossing daily high resistance: as previous day's resistance are tested and passed, you'll be alerted.

Here are the two alerts as described by our Help section:

http://www.trade-ideas.com/ProductHelp.html#PFH25

and

http://www.trade-ideas.com/ProductHelp.html#CDHR

STOCKY Irishman said...

good tips.

thanks for the help.

STOCKY Irishman said...

I just noticed that one of the triggers in my alert wasn't shown in the link I sent you. Min up days: http://www.trade-ideas.com/ProductHelp.html#wsf_MinUp

Because I am with Scottrade I don't have a TI acct. I would like to share filters with other traders. Is there a forum for filters and the software? [Besides your very informative blog :) ] Do you have a filter you might suggest for stocks on a steady bullish trend [intraday] or daily?

Thanks again

D TradeIdeas said...

Dear Stocky Irishman,

Thanks for your message. There is a support forum we maintain to answer questions (we get many ST ELITE questions there as well). Here is the link. You can do a a search for Scottrade and see all the relevant posts. This blog is a good place too. Check out the posts under the category Strategy session on the right.

One good intra-day up trending alert to use is the crossing daily high resistance alert.