Pattern Day Trader

Traders who make 3 or more day trades within a 5 day period will be labeled pattern day traders. Traders who are labeled Pattern Day Traders must maintain at least $25,000 in equity in their account on any day that they place a day trade. For anyone who does not already know, a day trade is referred to as any trade that is opened and closed within the same trading day. As a side note here, if a trader opens a…

Get Out Of The Maze & Finding Your Edge

I think the hardest part for new traders is finding their edge. (A trading method that works for them, time and time again) lots of things come it to play that makes it hard. And it is like a maze. Psychology is one. But the flood of other peoples opinions of what you should and should not do, makes if difficult as well. (when you are a new trader, your hungry for knowledge) One person says, you don’t need this…

Trusting My edge so I can trade in the Zone

As I continue to read and listen to Mark Douglas, I am truly coming to understand the importance of trusting my edge. My edge is trusting the obvious, the moving average of close of the charts that I’m trading when I’m in the market. With macd harmony AKA MACD Simple (never trading against the 60 min MACK!) For some people having moving average line on your charts can be very distracting. Hay! I can understand that. It’s not what works…