The market shot out of the gate in one bad mood and stayed there for most of the day. It was interesting however, to see the mass program buying flooding in during the last 20 minutes, and the last 5 minutes in particular.
The NASDAQ seems to want to close the gap from Monday before moving higher, and we could see that happen by the end of this week. To summarize our day-trade today in SPY there was a potential 1.6:1 return for the amount risked or 1.6R if you got out at the day’s lows. Realistically, you should have been able to pull off at least 1R. We’ll continue to scour the market for trades and post them in the morning and no later than 1pm.
If there is further weakness tomorrow, use the opportunity to get in any positions that you may have missed prior to Monday’s breakout.
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
In this podcast episode, Ryan turns his attention to surviving a stock market crash as well as the actions that he has taken to be profitable during the down turn with his trading, and doing so without a heavy emphasis on shorting stocks.
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.