Welcome to the TTO Members' Area

Welcome, new members!  This resource area is mainly for video downloads of live room sessions, plus other materials.

Step 1: Be sure to join our live gotowebinar 9am-10:30am ET webinars; this is 99% of the training.

Step 2: Be sure to carefully study the videos in the learning center page:  https://tradingtheopen.com/learn-day-trading/

Step 3: If you are new to day trading, you may want to order one or more of my bestselling courses (available separately) such as my online course (featured in theStreet), day trading success, how to trade gaps and tape reading mastery.

The live room is aimed at experienced day traders, because we “hit the ground running” with professional-level training each morning.  New traders are welcome to join as well, though we highly recommend getting our courses to help you learn the foundations first (or in addition to live room access).

SMALL STOPS like this are vital:

Combined with bigger wins:

video coming soon

LESSONS LEARNED & TRADING RULES

updated 11/5/2018

Successes I’ve Made, to Follow

  • trail tight stops once it’s ran strong 9:30 – 9:50
  • cancel/close any morning ORB trades that don’t fill by 10:15
  • no new directional trades after 2pm (scale-ins only)
  • use whole number s/r levels
  • use mid-dime entries eg 46.35 vs 46.3
  • no chasing, no jumping in too fast either
  • look at color of SPY & your ticker: only buy when both green (red spy for inverse etfs)

Mistakes I’ve Made, to Avoid

#1 Mistake = overtrading bounce attempts (LABD)

FIXES: 3 strikes rule, progressive downsizing, no new bounce trading after 10:30am;
“4:1 Ratio” 2-day high breakout & gap continuation vs bounces rule

#2 Mistake = failing to focus on Simple Intraday swingtrades (LABU)

FIXES: ID 2-3 candidates premarket; enter initial trade orders by 9:30;
no overnight holds to fix;
LIMIT 7 trades per day if your P&L is red at the end of your first 7; no new trades 10:30am – 3pm; scale-ins & tightening stops only; end of day new swing entries ok

TRADING RULES

  • Enter .30 – .50 above current high of day 9:30 – 10am
  • 50 shares for bounces/inside days; 100 shares for 2-day highs & minor gap continuations
  • Initial stop = .30 – .50 under low of day for gap/2dh entries only; for lower-odds bounce/inside range charts move stop to breakeven asap; max .40 initial stop
  • Trail close stop on ½ position as it reaches whole numbers and 11am-noon, use breakeven stop on remaining shares
  • Trail close stop after 3pm
  • Maximum 3 tries per ticker; do not overtrade
  • (Optional) add more shares .30 above whole number resistance to scale in
  • If you scale in later in the day, tighten in trailing stop to breakeven; scale in/add on no later than 1pmET
  • no entries after wide range days; remember wide/flat alternating rule
  • downsize bounce attempts after initial stops; only upsize once profitable; 3 tries max; do not overtrade; stick to 3 strikes per ticker rule
  • LIMIT 7 trades per day unless up > $200 or more minimum; no trading after 10:30am
  • 20% bounce attempts maximum, 80% 2-day high rule; 4:1 ratio breakouts vs bounces ; max 2 bounce attempts total per day
  • MAIN goal is 2-day high intraday swing long trades = foundation (LABU vs LABD)
  • overnight holds for those closing near high of day only