Friday, March 21, 2014, 04:42PM ET
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At InTheMoneyStocks, our Pro Traders and Chief Market Strategists, Gareth Soloway and Nick Santiago are firm believers in giving back, helping others and making a difference in peoples lives. That is the main reason they created this company over 6 years ago after personally profiting from the markets for over 2 decades combined. Maybe you had the privilege of meeting them at our trading floor in Tampa, FL (if not, come join us now). Or you have been one of their multiple thousand members from around the world who have followed their guidance (view member videos). Either way, one thing is certain within minutes of speaking with them, their passion for helping others cannot be denied, and it is contagious.
In keeping with their goals of helping as many people as possible, around the world. Gareth has taken to the radio waves to not only help educated the masses on the markets and help the public take control of their financial future, but also benefit charity organizations that are in need of help.
In this show, Gareth welcomes Patrick Byrne, CEO of Overstock.com to talk markets and gain his expert insight into where the markets and economy is headed. Don't miss our next scheduled guests; Jim Rogers and many more incredible people!
Listen to the show, gain the expert insight, control your financial future and join the Charity Trading Challenge... It is your money, take it seriously!
Friday, March 21, 2014, 04:40PM ET
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How often have you heard someone say that they just bought a stock because they have a "feeling" that it is going to move higher? Personally, I hear someone tell me that every single trading day. When I ask them how do they know the stock is going to move higher, they answer by saying its a hunch or they heard someone talk about it. Well, in the trading world it is not prudent to take tips or trade on a hunch. There needs to be a sound methodology for taking a trade, otherwise it is just gambling. It is important to note, a good trader has the odds in his favor while a gambler does not. Just think about it, how can a Las Vegas casino stay in business if they do not have the odds in their favor? The answer is they can't. A casino knows that the odds are always in their favor and the longer a gambler plays in the casino the more likely the casino will take their money. As a trader you want to be Steve Wynn, not the guy at the roulette wheel placing bets.
Here is five reasons why a good trader is not a gambler, but more like a Las Vegas casino owner:
1. A good trader takes a position when the odds are in his favor, not when the odds are against him. An educated trader will accomplish this task by using charts and understanding the human emotion that is being displayed on a chart. That is why certain breakout and breakdown patterns continue to reoccur throughout history. The chart pattern is simply recording the human emotion that is taking place in that particular equity. Learn to read the charts and you will look at the markets in an entirely different way.
2. A good trader will know when to cut his loss when he is wrong. The legendary trader Jesse Livermore used to say that a trader should never take more than a 10 percent loss on any position. Even a Las Vegas casino will cut off a hot gambler if they win too much money. When a trader can admit they are wrong on a trade and limit the loss, it is much easier to come back from that error. Traders must always use a stop loss.
3. A good trader does not need constant action in the market. A trader only enters a trade when the chart setup favors that he will make money. If the chart setup does not overwhelmingly support a pattern then the trader does not want to be in the position. A gambler constantly needs action; they continuously need to have some type of bet in place at all times. This gambler mentality is one of the reasons why so many people over-trade and lose money. A good trader patiently stalks out a stock or equity waiting for the right chart setup to appear. One thing I have learned over the years is that the worst thing you can do as a trader or investor is to force your will on the market. Chart patterns make money and you must patiently seek the good charts out.
4. A good trader does not trade will with capital they cannot afford to lose. It is so important to be calm and keep all of your senses when trading. I have seen traders enter a position hoping that it is going to work out and their heart rate jumps up like they are running a marathon, this is usually a sign that they are trading too much money. A trader should not use capital that makes them feel uncomfortable. A gambler will usually bet the farm on a single bet, a good trader will not. Gamblers are always doubling down after they lose; this is a recipe for disaster, especially if you are a trader. I have seen traders blow up their entire accounts by doubling down and averaging in.
5. A good trader does not take tips from others, but looks at the chart and decides whether the pattern is bullish or bearish. Have you ever been to a horse track? Half of the bets in a horse race are because someone has given someone else a tip. Good traders do their own due diligence and never listen to the public. Remember, when everyone is looking at the same thing it will rarely happen. Never take tips. Even the legendary Jesse Livermore admitted this to be one of his biggest mistakes as it was usually one of the main reasons for his trading losses.
Follow these steps, put them in practice every single day and on every position you take. By doing so, you will become the casino, with the odds in your favor, not the gambler.
Monday, February 24, 2014, 05:34PM ET
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Take special note of this webinar as it will be the last time it is offered at this price!
Due to the high demand for this course and the considerable amount of time it commands from our Chief Market Strategist, the Proprietary Keys Webinar will be increasing in price by $100.00 after this class on March 1st. If you have yet to take this webinar, now is the time.The stock market is presenting those with the proper tools plentiful opportunity for profiting. This will continue to be a great year for those who know how to properly take advantage of it.If you are serious about placing your financial destiny in your hands, you must attend this course. It is time to step up and take control, now...
(we have limited room in this course and do not want to deny any members from attending; we will be restricting attendance so we ask that you please act fast if you want to attend this course)
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.