HOW Do You Defeat The FAILURE/FEAR BEAST

One thing that is for sure is, as you learn to trade, you will be introduced to the Voice Of The BEAST!!! It's not very big, not very loud (at times, you can hardly hear it) and it’s hard for you to see, as well. Unfortunately, the power it has is overwhelming and staggering. Some of you are probably wondering what on EARTH is he (me) talking about? Some of you know exactly what I'm talking about. It's that little voice in the back of your head that tells you that you can't do this or do that, or do anything else that is out of the ordinary, for that matter. You go to work and put in your hours and get your paycheck – and that’s where you stop, because you either can’t or won’t take that extra step, and go from being afraid to being a lion! Any kind of action, such as trading, is treated like such an arcane component of our culture, and something that so few of us understand (and are afraid of, as well), that we don’t bother to learn how to do it, or, if we are interested in learning, allow fear of the unknown to stop us from exercising our imagination. When you couple out of the ordinary, mass marketing (which is a sales technique, for example, such as telling and showing people just how easy it is to trade), and the people that you’re trying to teach don’t follow the lessons exactly, it’s no wonder that most of the people that try to become traders end up failing, and failing BIG time. If you start out with the proper structure in place, you can do very well. For example, I'm self-taught, and I believe that if I can teach myself how to do it, then anyone that wants to learn badly enough, and who isn’t afraid of learning and applying what has been learned to master a new skill can do it. Just don't drink the marketing kool-aid that so many companies try to shove down your throat while they take your money at the same time, and do NOT listen when they tell you that you’re a failure because you can’t do what they tell you to do – when they don’t really TELL you the right way to do it to begin with. On top of the marketing propoganda coming at you like a volcano that just erupted, you are competing against professionals that love to take your money and are very good at it. Remember when a trader makes a billion that means that someone lost a billion. Most marketing companies that are in the “business” of teaching people how to trade in commodities, equities, and currencies aren’t interested in anything except taking your money. There are companies out there that actually want you to be a success at trading, and who will help you and teach you – but they are few and far between. So, how do you defeat the BEAST? By learning – and the first thing that you learn how to do is quit being afraid of failure. FEAR is the key that opens The Beast’s cage. I share this because I learned the hard way and it was and is a constant battle.

UNG (Nat Gas ETF) +50%

Natural Gas has held up like a champion in the midst of all the volatility in the market place... I'm getting long as it stays in this trading range, I bought the July 7 call options for .70. If the price moves to 7.90 I should make 50% on the trade... Hope it helps

Buy/Sell Alerts

I send buy/sell alerts to traders all over the world. Anyone that wants to be added to my group of buy/sell alerts just email your address to jimolie@gmail.com...

BP

Nice setup with a target of 52 fairly quick for those of you that like to buy stocks... Hope it helps

Quickie setup

It seems to me, that the new short term setup is to wait for the European markets to close and then get long for end of the day trade for a QUICKIE... Hope it helps

Buy and hold days are Going! Going! GONE!!

I believe we are in the early stages of the greatest trading period of the markets history. “Buy and hold” has been dying for a long time. The final nail in the coffin has been hammered. It’s finally dead. Investors don’t want to hear that because people fear change. Investors run to mutual funds because they think they’re safe and will profit. Wrong! They’re only being raped financially. It’s only the people that recognize change in the beginning that are in a position to lead the herd. If you’re an investor, you'd better go to all-cash positions, or learn how to trade, so that you can actively and intelligently participate and profit from the trading environment that we are currently in. I believe this trading period will last for a LONG period of time. I’m strictly a technical pattern recognition/trader, even though I devour market data. The bull market appears to be over and the bear market is beginning. How long the market will consolidate inside the flash/crash day (May,6), high and low remains to be seen. Volatility = profits… but only for those bold enough and adventurous enough to take advantage of it!

Definition of trading, buying and selling securities or commodities on a short-term basis, for the purpose making quick profits. Hope it helps

Now that gold has bounced off support it may be time to start buying gold. I will post later when I get to my office... Hope it helps

SPY

I'm posting this particular chart for those of you that trade or would like to trade ETF's (exchange traded funds). As a technical analyst, this is a very telling pattern. Look at how the 5-21 candle (line on chart pointing to candle) opened low (did not create a new low) but closed very close to the day's high. This represents a a very strong reversal pattern which means that we should get a rally to 117 to 118. Remember when there are violent moves to the down side, the moves to the upside can be very violent as well. A consolidation at this price level will be good and then a breakout should provide a setup for a profitable trade. I will trade very light and cautiously up to resisitance... Hope it helps

FXE (ETF for Euro)

Many of you don't trade futures. On 5-17 I posted to get long on the Euro futures (see archive +122 pips), which I did when the setup confirmed. Now I'm posting the chart for FXE which looks like it may be setting up for a long position. It's definitely worth a look.
See chart for my entry and stop Target 129.59... For those of you that are more conservative or cautious, you may want to wait for a pullback to 123 or 123.50... Hope it helps

CORN FUTURES -2 POINTS

Long corn @ 361 STOP @ 357 TARGET ONE @ 366
MOVED STOP TO 359

STOPPED OUT - 2 POINTS

Soy Futures (/ZS)

Here's a nice setup for tomorrow's open. I will get long at the open for a quickie (4 to 7 points)
Hope it helps...

QQQQ -.40

Long @ 47.13 stop @ 46.73 target 47.84

Stopped out - .40

Gold & S&P

The next short term target for gold should be 1260. Then I will watch how the price action reacts in this area. I will wait for a breakout or a pullback for another entry point... I continue to wait patiently for a shorting opportunity on the S&P as I day trade my way up to the resisitance area (white lines on the chart). Hope it helps

For those who don't trade futures you can trade the spxu etf...

http://ping.fm/tn6Zj
Gold dispensing machine!!!

Day Trading vs Swing Trading

Now that the volatility has returned in a MAJOR way, I will not put on any swing trades until the markets return to what I consider normal, if there is such a thing. I'm only willing to day trade my way up to 1180 on the S&P futures (ES) in the present market conditions My trade of the decade is very close to confirming. Last weeks plunge was merely a fake out. Finally we are seeing that when times are good, corruption an in-competence can be hidden as we are witnessing what is happening in Greece... Gold has hit 1227 as I started writing about 9-13-09 (gold strategy). For those of you that followed my gold trade I'm sure that you are doing quite well... Stay tuned for what could be my trade of the decade. This trade could and should last for months and the potential return should be PHENOMENAL! Much bigger than my gold trade... Hope it helps

Prime minister Bown resigns...

GOLD

TARGET HIT @ 1227 NEXT TARGET 1240...

TARGET HIT

QQQQ + .61

Long @ 47.61 Target one @ 48.34
STOPPED OUT @ 48.22 +.61

EUR/GBP

Long @ .8697 Target one @ .8807

EUR/CAD

Long @ 1.3383 Target one @ 1.3433

Long USD/CAD 1.0334

10 year treas futures

Short @ 118'040

AUD/CAD Target hit @ jamesolivertrades.blogspot.com