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The Qs are testing critical
uptrend supports as we approach midday, following
a morning characterized by rangebound trading just north of hourly support. And
while the market continues to appear primed for a pullback of its own weight,
respecting key supports on the lesser time frames until violated remains the low-risk
trade.
The three-minute trend has been particularly
useful in triggering intraday entries and stops over the last week or so, and
staying on its correct side has been highly effective in capturing intraday
profits as well as staying out of trouble on the short side. At these levels, my
recent intraday continues to be trading more heavily from the short side upon
appropriate triggers to catch the dimes and quarters until the longer-term
retracement is upon us, which has allowed for consistent profits as of late.
Reflections
As I wash down the rest of my 41st birthday cake amidst hand-made gifts by my
two daughters, I’m reminded of my decision years ago to forego the corporate
executive safety net to pursue the ultimate in entrepreneurial challenge and
independence. For those that don’t know the full story as told at one of the
TM2001 kick-off presentations in Vegas, suffice it to say what began as a
carefully considered, rational decision based on a history of proven trading
performance evolved into a one-month nightmare which I wouldn’t wish upon my
worst enemy — one which tested the very depths of my soul. Fast forward to
March 2002, and while it’s easy now for me to say I’d do it all over again (and
there’s no question I would), I would give just about anything to replay the
initial transition period with the knowledge I’ve gained in the years since.
Several folks have asked me in recent months why I’ve chosen to spend time
sharing my thoughts and insights in my columns and tapes rather than solely
trade. It’s a great question and one that I’ve asked many times over the years.
First, I’m a trader and always will be (anything else would be like asking Tom
Brady to take a knee in an on-the-line Super Bowl drive), yet I can still
vividly remember the pain of the early transition and other bumps along the way
which constantly drives me in two ways: (1) diligently working every day to
improve my own performance and potential, and (2) giving back to an industry
which has provided me with more than I ever could have asked for.
As a trader, you’ve probably heard me talk more about my mess-ups than successes
because I firmly believe a trader can choose to either be humble or humbled.
Yet as I mentioned to Larry Connors last week, I’m currently paranoid as heck
because of a recent documented success “zone” I’ve been in, and have
been around long enough to know they’re typically finite in nature and can end
abruptly (as emotional humans, most of us have a tendency to press the
accelerator when things aren’t going well, when we should be doing
exactly the opposite until the zone breaks). In that regard, a slight draw
on Friday actually prompted a bit of a healthy exhale at this end as I mentally
began preparing for the week ahead. At least I finally got to change my socks.*
QQQ Trading School Goes
Live!
I mentioned earlier that I would give almost anything to replay my early
transition period. If I could somehow retroactively incorporate what I know now
to my performance (or lack thereof) during that period, there is no question
that I would have saved myself tens of thousands of dollars. Yet since time
travel doesn’t exist, we’re proceeding with the next best alternative by
launching “Don
Miller’s QQQ Trading School” which combines the preliminary
content included in the best-selling “How
I Make a Living Trading the QQQs” video with in-depth trading
simulations using a new technology which enables you to train realistically and
safely. Just as a pilot would use simulations to avoid damage to pilot and
craft, you’ll have the opportunity to trade and get inside my head without
unnecessary damage to your capital, and more importantly, your confidence.
For those choosing to sign up immediately, you’ll also receive access to a
small-group teleconference with me where you can further probe my mind on my
trading strategies. Plus, for those of you who already own the QQQ video, you
can apply your video payment toward the cost of the QQQ Trading School by
calling (888) 484-8220, ext. 208 and asking for Michelle Pilch.
Good Trading and I’ll See
You in the Cockpit!
*Modest attempt at humor … my wife would never stand for it.