Category: Trading Wisdom
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Trading in Nashville, First Time There
Trading in Nashville seemed like an appropriate post to kick off this section of our blog. I started this section to help drive home the message that the Backpack Trader is anyone who is portable with their trading. Why? Because being portable is just another way of saying, being free. Free to come and go…
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Proven Tradeplans Make Money, Random Trades Don’t
Proven Tradeplans make money. Random trades do not. That’s one of the great secrets to successful trading. It’s all about proven tradeplans. That’s what gets you to becoming your own version of the Backpack Trader. Freedom, lifestyle, all the good stuff. There were some good lessons to learn from yesterday’s session pertaining to our theme.…
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Dynamic Trade Setups are Powerful
The Power of Dynamic Trade Setups is one of the essential ‘12 Powers to Successful Trading.’ Dynamic trade setups are able to self adjust to real time market conditions. This is important for several key reasons: Price action — price is always moving, ever changing in volatility, velocity and intensity Static trade setups don’t work…
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The Best Trade of My Life
The best trade of my life also happened in my early years of trading, when I was just starting out. It happened about 27 years ago actually. You would think that after all the years of trading that followed, I would have made a better trade. Nope! As you will shortly see, that would be…
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Worst Trade of my Life
The worst trade of my life happened when I was just starting out. Like so many others, I was rather clueless as to what I was doing. I knew the desired outcome of course, and the obvious truisms like buy low and sell high, bank the profits, type of thing. And on the surface, that…
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Special OptionsStationPro Training for our Netpicks Trading Memberships
The OptionStation Pro platform has become an excellent platform for options traders. Our friends at Tradestation, just held a special training for our membership yesterday. Below is the replay video. Tradestation loves Netpicks Trading members! So much so that they will host special private training sessions for our members. Why do they love our members…
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Fun with Moving Averages — Examples in the Russell eMini (RTY)
This video is a new episode in our Fun with Moving Averages approach. You will see how it did throughout yesterday’s Russell eMini session. I will be showing more and more examples as time passes. A picture is worth a thousand words and a video even more, so here’s the video. To learn more about…
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Winning Crude Oil Inventory Report Session — Explained in Great Detail
We had another winning Crude Oil Inventory Report Session today. I had actually recorded the live session but the video projector from our traderoom froze up on my recording computer and it didn’t turn out. So instead, I thought I would take the opportunity to walk you through the session, step by step, and explain…
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The Crude Oil Session Tradeplan Won Again, But I Didn’t
The Crude Oil session today had real lousy price action. The early morning sessions for us in the traderoom were quite successful though, hitting their tradeplan goals with the very first trade of our tradeplan, which is always good. That’s not what I’m referring to though with the title of this post. Today was our…
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Failed Breakouts Often Lead to Strong Moves in the Opposing Direction
I often talk about my favorite trade setups. A setup that I find to be incredibly reliable is the move in the opposite direction that occurs after a failed breakout. The way today’s Crude Oil Inventory session worked out was a great example of that. Failed Breakouts Clear support or resistance level The price breaks…