The Day Trading Authority Podcast Episode 4: Trade While You Travel Transcript Part 2
To listen to The Day Trading Authority Podcast and learn how you can transform from
an average trader to a day trading authority, visit us at http://thedaytradingauthoritypodcast.comBrian Short: All right, very good. So again, my favorites are futures again, like Mark, specifically trading gold and silver. We start that around 8:00 a.m., Eastern Standard Time, and trade for a couple of hours on those markets. Like Mark mentioned, if I have to leave towards one of the metals or the other, I think gold is probably for that newer trader, maybe a market that you might want to consider. Silver has -- its a great market to trade, but it doesnt have the same liquidity. There arent as many contracts on each side, so you got to be a little careful there. Slippage becomes an issue and you got to have that built into your trade plan. So just some things to be aware up there. And then also trade the Russell. Big fan of the Russell and we trade that for an hour and a half in the morning, part of the markets and have had some really, really good success with that market.
Now volatility finally has kind of woken up just yesterday and our good friend, Fed Chairman Bernanke, you know, spewed his speak to the markets yesterday and both the silver market and the gold markets were just crazy. In fact, on the call yesterday, I was just like, I was bursting out with what was going on here because the markets were just flying and it was a good time to participate in some of those moves. So activity has definitely picked up and its a good time if you have a strategy that gives you an edge to engage the markets because, you know, that activity is picking up again. So Mark, those are a few of the things I do in my everyday trading.
Mark Soberman: Yeah, one little tip that Ill give because you talked about like the market has gone a little crazy after news which has been what weve been seeing or something like that. Two minutes is kind of like the golden number I found in day trading if you can -- when your charts go nuts, youll know. You can wait about two full minutes and then reassess. Thats the time typically when you can get in. Actually you get some really nice additional trades, be very careful when that news announcement comes out. Those first two minutes, its very hard to execute. It almost goes too quickly. I dont care what trading system youre using. I cant even think fast enough to keep up with all the bars, so just a little suggestion as we -- if we see the volatility pick up and stay may just be a little, you know, aberration for a day or two, but thats really served us very well in the past. You know, Im not starting right out of the straight hour like, you know, when Brian mentioned here, it started 10 Eastern, its actually more like 10:02, you know, if were doing the markets there. Were just trying to weigh those things on a little bit.
So, yeah, great thats all good information, so, you know, something that comes up a lot is, you know, you guys day trade and, you know, I like to travel or I travel for work, you know, how can I trade when I travel. So Ive got some little tips for you. This will not be some long winded topic, but this is something that Ive been doing for probably as long as a lot of people have, you know, this one we started NetPicks back in 1996. I mean it was dial-up modem. So thats literally how you access the internet if you are even on the internet and actually originally, we did everything via fax, so you can only imagine how things were back in the early days.
So going -- things are now, is amazing, you know, so whenever I think to complain for a moment about technology or something going down, I remind myself of what it was like back in 1998 and Im like, Okay, yeah. Were really lucky to be living, you know, and here we are at least when it comes to these things, but I prefer swing trading to day trading. If Im gonna travel, its definitely more challenging to maintain your day trading on the road. I do think it is possible. The thing thats worked for me has been when I travel with, lets say a laptop or an iPad and well talk about that in a moment. I do much better when I dont try to stuff my laptop and of course cant even do this on like an iPad or a tablet with lets say Trade Station and My Broker and my, you know, all those kind of things. I much prefer to just count on my internet connection through -- to go MyPC or LogMeIn or to zoom in something called that Ive never used but a lot of people swear by, its called SplashTop, splashtop.com. And most of these are for Android, you know, for iPhone, iPad or whatever, and you can access your home computer whether to Mac or Windows-based. It doesnt matter.
I personally find -- rely on the power of the system in your home or office and not, you know, use your local for trading too many things go wrong. Of course, you are counting on your internet staying constant with your iPad or your notebook, but I personally have had much better success in doing that and try to replicate everything on my laptop. So for me, go to MyPC, LogMeIn or Splashtop would be what I would highly recommend. And then you have to have of course a way to get to the home trading computer or your office trading computer, and of course, you know, you can use an iPad. The problem with an iPad is even when it has mouse control, its very hard to day trade without a mouse. You know, the touch screen is slightly being -- it just doesnt cut it. You can be fine in swing trading, but I think if youre gonna day trade, you really have to have a laptop.
So a laptop with one of those applications can work very well. Just kind of bear in mind a few things. I personally like the MacBook Air, but I tie it directly back into my Windows computer back at my home office, so I just like because of the size, the durability, the fact that it always works. It comes up quickly, but you have to have a stable internet connection.
So a lot of people count on their hotel having like a great Wi-Fi or a great internet and sometimes its good, but youre sharing that with dozens or hundreds of people and it can definitely have problems, so I always recommend it if youre gonna trade from the road, just make sure that you have a hotspot. You know, get one of those Verizon Wi-Fis. Get one from AT&T or whomever, have it beamed on external. A lot of times, you get 4G these days which is awesome. You can even with your Android phone or your iPhone, you could turn those typically into a hotspot and that could work well as, you know, as well. I kind of like to have a separate one and kind of keep the phone separate. I always worry about battery and that sort of thing. You cannot go wrong with, you know, a separate external modem, but I realize its an additional expense, but you know, 50 bucks a month, if you travel a lot its definitely well worth it. And theres other cards available out there as well and you might be listening and, you know, youre up and elsewhere and they have different options available to you, but to me, a laptop, go to MyPC, LogMeIn, Splashtop, a good modem can actually -- can definitely do it. Id probably steer you towards swing trading, but you know, if youre gonna be gone for awhile and you can day trade, you know, its definitely possible. Just to kind of realize its not gonna be nowhere, you know, near replicating the environment when in your home or office, so be careful, you know, overall. So, I dont know, Brian anything to add to that?
Brian Short: Thats all really, really good information Mark, and I reiterate what you said already. The only thing Ill add is that if you are away and youre on vacation, take a vacation. Dont feel like you have to trade. I know that its a temptation, but take a break from it. The worst thing you could do is try to trade remotely especially during active inter-day trading, and what if you have a bad day? They happen. Right? Its gonna ruin the rest of your day on your vacation.
So my point there is, you know, take a break away. We did a break away from whatever our jobs are whether its trading or any other job that you might be involved in. So just, you know, take that time away. Take a break and the markets will be there when you get back.
Mark Soberman: Yeah, its a good point and I for a number of years, I would travel and I would wake up early ahead of the family and I would, you know, go out to the, you know, little kitchen area or the desk or wherever we where, fire up the laptop, and I would trade, and, you know, obviously if things went well, you know, I mean for uplifting day, but you know, when it didnt, you would obsess over a little bit and, you know, and its possible you make an extra mistake, you would have made it home, and like Brian mentioned, you dont wanna come if, you know, ruin the application because the ideas to come back from that fresh and rejuvenated. So, you know, its kind of hard when youre day trading. Were all a little crazy. Youre gonna think about it on vacation, but, you know, certainly at some point you got to just shut it down, and turn it off and move away. You know, if you can at least for a period of time.
So anyway, thats kind of our recommendations, you know, on trading when traveling. Its one of -- maybe the downsides to being a day trader, you only make money when youre in the markets and active. You may just need to realize that when youre figuring out your profits, you cant multiply it by 52. You know, if youre like, Hey, I average this per week because nobody can maintain those 52 weeks in a year, and, you know, things are gonna come up along the way. All right. So now lets go ahead and move on to a section that we call Tales From the Stupid.
All right, so you kind of heard the little audio there and this is a section that we do call, Tales from the Stupid For those of you from there with that TV show, Tales from the Crypt from a number of years back. Its kind of where we got this from. Its our own personal trading nightmares, the things that weve done over the last, you know, since the last podcast that, you know, really was just kind of stupid, and we kind of wanna pass that along to you, not our stupidness, but actually hoping the things that weve done, we can kind of share our experiences with you, because trading is all about experience. You cant really learn in the book. You got to learn it through experience. And so for me, the one that stands out the most is being premature ,right? Theres never anything good about being premature, but what Im referring to here is stopping too early in a trade series. And what I mean by this is, you know, we mentioned earlier how we may be trading, you know, the metals, and then were trading some crude, and then we move into the DAX or the Russell, and, you know, were having a good day.
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