TraderTalk Workshop: What It Takes To Make A Living Trading the QQQs, Part 2
Part 2 of an edited
transcript of the live audio TraderTalk workshop held for TM subscribers by QQQ
trader Don Miller and Eddie Kwong, on Thursday March 21, 2002. Click
here for the audio version. Click here for
Part 1.
Eddie Kwong:
Well,
you don’t always see the kind of price action that you want to see. I know that
in the past couple of days or so, you know, as we were talking earlier, with
volatility really, really dried up, there is a temptation to say: “Hey,
I gotta get in there and do something.” Why don’t you talk a little
bit about you know, this whole process of just sitting
on your hands when there’s nothing going on.
Don Miller: Well,
I think that one of the concepts — and you know when online trading got
real big, there are so many darned myths in this industry that got promulgated
and propaganda out there — I mean it’s really too bad because you get the excitement
and the hype and all that kind of stuff and you have this urge to be doing
something all the time.
Well… I care about one thing. I care
about my annual income. Doing this as a business, I care about my quarterly
income and I care about my monthly income. I don’t care about my trade by trade
results. I don’t care about my day by day. Are they important? Yes. It’s like
learning how to golf. You have to know the micro. You have to focus on the
micro, but your objective is a low score. OK, and the objective in golf is
a low score after 18 holes or after 36 holes or after 72 holes. It’s not on a
stroke-by-stroke basis. So you are
going to focus on the micro, but this whole concept of time… I mean when you
do some really simple math… You know, a lot of people go in this business
thinking, “Oh Jeez, I’ve got to make thousands of dollars a day to make a
living.”
Kwong: Yup.
| “Income in this business can be ‘lumpy’… You don’t expect to make money every single day — and you don’t need to do that.” |
Miller: You
know, $200 a day x 250 trading days in a year is $50,000 a year, and depending
upon what your abilities are, coupled with what your needs may be, you know,
this is a very doable business. But people ought to understand though, and I’ve
learned this the hard way in some cases, that the key is smoothing out your
income all the time. I mentioned in my column the other day that a real
estate broker doesn’t sell a house every day. You know, income in this business can
be what I call “lumpy.” It can be sporadic. You don’t go into the
trading office every day — and any top trader will tell you this — and expect
to make money every single day. It doesn’t happen and you don’t need to do that.
Again, I care about this concept of time. So if a market is providing
environment — I think the last week or so has been a good example. I mean
we’ve had very little volatility up until yesterday (3/20/02), intraday, and now
we go back again. And I think that the ability not only just to sit and watch —
and for some people that’s a lot more work than pushing buttons, frankly — but
not only the ability to sit and watch but the ability to be comfortable in
sitting and watching, and recognizing that OK, (I mentioned this in the column)
even if you didn’t trade for two weeks, that’s less than 4% of the trading year.
Kwong: Yeah.
Miller: I
know it’s easy for me to say because well, I can go back through records I know
that the opportunities will be there and know the income performance will be,
and it’s very difficult for a beginning trader — for someone that’s first
getting into this business as a business as I did — to recognize this. I
couldn’t see that when I made the switch but it’s so, so clear and I really try
to get traders to be comfortable with the fact that, OK, this isn’t about
getting all lathered up at 9:30 a.m. ET every morning. This is about, you know,
picking your spots. Anybody can have good trades. They are offset by
poor trades. Anybody. But few people can have good trades and have the
discipline to stay out of the market.
Kwong: I
think it’s really important for people to recognize this. What you’re
conveying to people is that there’s an ideal time to be trading and there’s
an ideal time to be staying out of a trade. And it’s the discipline to know
when to be in and the discipline to stay out that is one of the major keys to
your success as a trader.
Miller: Right.
Another point along those lines is that this is a business where you can mess
up. You can make mistakes in this business and be comfortable making
mistakes and if you keep them to a minimum, you’re going to be fine. Even
if that means you’re not quite sitting out when you’re supposed to be sitting
out, but if you just get dinged up a little bit… I’m not a big fan of win/loss
percentage. I couldn’t care less … I can’t even tell you what my career
win/loss percentage is. It’s irrelevant. I care about bottom line.
And I know it’s an old trader axiom
that’s overused: “Cut your losses and let your winners run,” but
in terms of staying out of as much trouble as possible, and being somewhat of a
sniper or someone who is really disciplined enough to trade… I mean I’ve
made mistakes. There’s not a day that goes by when I don’t make mistakes. But
it’s minimizing them and managing them. I remember the best year I had, I had
three days I would love to forget about. (Laughs.) You
know, because of system problems and some other things… I would like to do
them over. But they happen.
Kwong: Can
you tell me — maybe in a summary sort of way — are there any mental tricks
that you use to avoid focusing on individual trades because what runs through my
mind right now is that there is a natural tendency to get emotionally crushed
when you have a losing trade.
Miller: Well
again, I know what happens when you get emotionally crushed: You have the worst
trade of your life. That doesn’t
do anybody any good.
Kwong: How
do you keep yourself from thinking that way?
Miller: Well,
I think this whole idea of trying to gain mental closure — and I’ll tell you a
few silly things that I do. One day, I had a relatively rough morning (that’s
putting it nicely). I basically closed up shop. At that time I was actually
booking my results daily, which was a mistake — you know, on my Quicken
software. Just the totals, not the trade-by-trade stuff. I don’t think I had
enough memory for that. But in terms of this morning, I said, “Well,
I’m not in rhythm. Something’s wrong, I’ve got to get out of here.” And I
closed up. Now, this wasn’t like the other close ups where I never planned on
returning. This was: “Let’s pretend the day’s over. Get out. Get a breath
of fresh air, go grab some lunch. Come back and start the day over. New
day.” That was the day I ended green — after a really rough start.
Again, trying to do anything you
can… Let’s say you blew a stop. Let’s say you’re in a trade. Something
happened. I tell you this afternoon was a great example. I saw a short squeeze
running up. Let’s say you blew your stop. One of the things I might do is close
my position. Let’s say you have five, ten cent stops and the thing runs against
you and you’re thirty, thirty-five cents in the hole. You
close out your position. Get yourself clear because you don’t want to have a
mental bias based on a position that you have. That can kill you sometimes.
OK, close the position. Look around.
Hmm, stochastics are showing weakening divergence. We’ve got a trend change
going south there. OK, let’s get back in. Let’s go short. New trade. That trade
moves two cents in your direction and you’re profitable. I
will sometimes — and I’ve done this — when I’m in that situation, I will
go ahead and raise the two commissions, even if it means get out of the position
— OK, look around, OK I should be in the position and get right back in.
I think ideally if you can do that
without having to go through the mechanics, that’s the best. We’re all human.
That’s another little trick, if you will, and it sounds silly but I’ve
used it or sometimes — and now I’m in a position where I can go without closing
the position. I can really look back and say, OK, that’s it. I can’t do anything
about what just happened. It’s a sunk cost. It’s like we have a building, Eddie,
and we just built an addition to sell more goods and it went over budget on that
addition, what are we going to do now? Trash it? You know… we’re going to use
it to produce income. So those are a few things anyway.
Kwong: Now
we’re going to get into some of the questions that we’ve been receiving. I have
a question myself: If you wanted to start in this business today, and basically
trade the QQQs for a living the way Don Miller does, what do you need to be
adequately capitalized? Can I start with $2,000? Do I need $100,000? What
do you think the minimum account size is, let’s say using your methodology, for
example?
Miller: Well,
I think a lot of that is going to depend upon: a) what the trader’s skill level
is and b) what the income need is.
Kwong: Let’s
say I take your course and I learn how to trade the way that you do, and
I’m a fast learner.
Miller: Well,
I know you’re a fast learner.
(Laughter.) Assuming a scale… I don’t believe in these ridiculous
percentages that I see get thrown out every now and then. In fact, I believe an
effective trader can run 100% on his or her capital all the time. Using
effective risk/reward management, that’s not getting yourself highly leveraged.
It’s just going after this day after day. I look back at my own performance and
I look back at other traders that I really respect and I look at the businesses
and I think that’s very achievable and perhaps beyond that but I think that’s a
good benchmark to have. So to use that as a benchmark if you will, if someone is
trying to make $50,000.. again, once this skill has been acquired… you know, a
$50,000 capital balance might be sufficient in that case.
I keep adding a caveat though here
because I think that initially there has to
be a drawdown budget. There has to be a
tuition budget. Whether you’re learning my methods or someone else’s methods,
there’s going to be costs incurred in learning. You know, learning is like
going to the golf driving range. You’ve got to hit the bucket of balls and
the balls are going to cost a little bit. And you are going to slice some
every now and then and you are going to hit some windows.
And so, when I made the change, I had
three to six months of living expenses taken care of, in the bank, plus a
budget that I knew — I didn’t expect to rely on it in three days — but a
budget to rely on for living expenses. That’s I think a very important caveat.
As far as how quickly one can acquire the skill, that’s going to vary by person.
And you and I both know that the majority of people who go into this business in
general — and many of them who don’t have the right tools are going to fail.
Kwong: I
have another question. Tell me a little bit about what your day is like from the
moment you turn on your computer monitor. What are you looking at? Are you
looking at what happened in overnight trading? Let’s talk about what you look
for as the market opens, what you’re listening for as you’re monitoring the
news, etc. Go through an entire day until the end of the day. And then after the
market closes, what are you doing at that point?
Miller: Well,
it’s interesting because really my day starts before the market closes the
preceding day. So for example what I was doing to a large extent between 3:00
p.m. and 4:00 p.m ET when the market was closing was focusing, yes, on trading
that, as much as “OK, what is this telling me for tomorrow morning?”
I’m a big believer in not trying to squeeze all your trading into the last hour
or the first hour, late on a Friday, last day of the month…
This is, again, about income over time and it’s about taking high-probability
entries. So my preparation for the next day begins I would say as early as — I
mean it’s always ongoing because this is a never-ending river, if you will, in
the market but in terms of preparing for the next day, I’m watching
to see how the market closes. So that’s step number 1. I don’t really do a
whole lot in the evenings other than just kind of stare at…
Kwong: Before
you go on, when you’re watching how the market closes — are you looking
for when the market closes really strong, are you looking for momentum carrying
through into the next day?
Miller: Or
maybe… I mean today was a good example — we had a short squeeze going on.
There’s no doubt about it. I mean, as we’re talking, I see the futures pulling
up significantly from the close. (Laughs.) So
this is important to me in terms of looking for reversals, in terms of
trying to trade the other side of emotion. In terms of looking for triggers.
Before triggers set up, I have to expect them to set
up, so that I don’t just sit there waiting for them. So, sure, you know, seeing
if the momentum is going to carry over — are there some things that might have
triggered on a longer-term time frame? Is there excessive
momentum like in this case that may… you know, if we were to
gap up tomorrow, it might be a very good short on an appropriate trigger. So
those are some of the things I look at.
I do look at the Nasdaq charts in
general a little bit in the evening but I don’t spend much time on it. One of
the benefits I think of trading one market and I don’t want to get into this too
much — but this jumping from stock to stock stuff… I don’t want to get
on my soapbox on that…
Kwong: You’re
going to get a lot of emails about that.
Miller: Sorry,
I did it for years — it’s great. But I’ll tell you one of the benefits I really
have now is the focus on one market. So that cuts my preparation time down a
lot. I’m going to pick up tomorrow morning the Nasdaq market, in my case
the Qs, just as I left it today. It’s a similar market — I don’t have to worry
about news, other than general economic news and Microsoft
(
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PowerRating) of course, which is more than 10% of the Qs, last I
checked. So I am able to come in the next day without really doing a whole lot
of work the night before because I was trading the market just 3:00 p.m. to 4:00
p.m. the previous day.
The prime opportunities in the market, typically, I find, are between 10:00 a.m.
and 11:00 a.m. in the morning, arguably, and 2:00 p.m. to 4:00 p.m. in the
afternoon. I’m not a big believer in just jumping into a trade right away. If I
do trade, I’m doing it with light shares to get my feet wet. I’ve often
said that you can feel the current better if you’re swimming in it, rather than
just watching it from the shore and there might be a little bit of that going
on. But those are the hours I would really look to maximize any activity that
might be going on. I do very little during the middle part of the day and
you know at the end of the day I’m kind of looking ahead.
I really believe in anticipating. I
think one of the reasons is when I traded stocks for years, I was a pretty heavy
shorter. As you know, with the uptick rule, you have to anticipate very
effectively in order to be able to short. And that’s just part of my nature so
I’m kind of constantly — like a chess game — trying to look two steps ahead. That’s
why in my column I’m always trying to look… you know, “OK, this is what
I’m looking for.” It’s not a prediction — because nobody can predict the
market. It’s trying to anticipate what might set up so that you can be ready for
it. And that’s pretty much it — I eat lunch, and… I need to get away
from this more in the evenings. I mean…
Kwong: Just
to help everybody understand — including myself — so when you’re going into
positions and you say you’re going light, does that mean you’re scaling in?
Miller: No,
that probably means I’m probably trading with less… I’m not a big fan of
scaling in. I like… this is just my own personal style. There are so many
schools of thought on this. Adding to positions when it’s going your way… I
don’t do it a whole lot. I like to find a trigger that’s effective and then
manage out of that. It keeps it cleaner for me, OK? Personal preference — but I
don’t do much scaling in.
Kwong: I
see. We have some listener questions for you here. Let me start with the
first one: Do
you find that the Qs trend better later in the day?
Miller: Oh
I don’t think that’s necessarily a rule of thumb. I think the market is varied
enough where you can see some strong trends during the day, and you can really
see some trends in the middle of the day that are running on low volume — and
they’re very reversible — but I’m not sure I would make that general statement.
Kwong: OK.
Another listener asks: How do you exit a trade?
| “I am a huge believer in scaling out of positions… based on natural resistance points in the markets” |
Miller: I
mentioned earlier that I don’t scale into positions but I am a huge believer in
scaling out of positions. I believe strongly in the concept of what I call
paring or scaling out and doing so based on the natural resistance points in the
markets. And this is one of my pet peeves in this industry, honestly, is that
nobody wants to tell you when to exit. I don’t care if it’s
broker/analysts…(laughs) how many
“Sell” lists do we have… or just people in the trading world. They
don’t want to talk about it either because they have no clue and I said this in
the column the other day again, or maybe because they have some vested position.
I don’t know.
But I’m a big believer in knowing if
you’re trading a 3-minute uptrend, is the 13-minute downtrending? Are you
running into any support for that downtrend which is resistance on your trade?
Are you running even into some extremes
in terms of momentum in Bollinger bands which I set at a very extreme ranges —
the 2.6 band standard deviation is much wider
than most folks use. There might even be Fib targets out… I mean scaling out
and trying to get yourself into what I call “no-risk” position — you
know, trade moves in your direction, scaling out some, getting your stop raised
to a safety stop which is your entry point.
The worst thing that’s going to happen
is you’re going to you have a small, profitable trade if it turns against you.
The best-case scenario is if that you’ve
scaled some out and you get positions left if there’s more expectation… One of
the reasons I do that Eddie, is that I used to be a very strong scalper in the
fractional world. And one of the ways that I found I could satisfy that scalping
urge, if you will, was to lock in — heck, even if it’s just 10% of your
position — you know. Lock some in. Satisfy that urge. Raise your stop and let
the rest go, if the conditions warrant. There are times when getting in and
out is very appropriate, you know… but that’s going to depend on the market.
Kwong: A
question your trading-execution mechanics: How
do you go into a trade? And also, what kind of slippage are you encountering
while you are trading the Qs?
Miller: Slippage
in terms of spreads, I would imagine in terms of slippage with the Qs, it’s
basically zero. Honestly, no hype at all, this is the most liquid
mechanism on the planet right now. You have fund managers who are trading tens
of thousands of shares at a clip during certain times. Today was a prime
example. I mean there were legitimate bona fide 40-,
50,000-share bids on these things that were getting executed, not just bogus
bids or asks. These were serious trades. All my trades are 100% on the Island
ECN, OK, and I don’t care if you’re trading 200 shares of the Qs or 10,000
shares of the Qs, they are very executable, unlike any stock.
Kwong: That’s
probably going to be one of the most powerful advantages of trading the Qs,
because you can have a great strategy and you can probably predict the exact
moment when, you know,
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PowerRating) or some lesser-known stock is going to,
you know, hit an intraday top but if you can’t, you know, get the right price…
Miller: Yes,
and the spread’s a double edged sword too. I mean you can certainly say — and I
traded this way for years — especially with the fractions… I believe this has
changed now, but you have wider spreads and if you are effective, you can gain a
spread and play that to your advantage. So I certainly don’t mean to say
that there aren’t benefits to stocks because, again, I did that for years
and it still is a very effective way to trade.
I’ve just found that the Qs are much
more liquid and I don’t have to fight with the darn uptick rule any more. As a
derivative, as is the case with the futures, there’s no need to protect the
equity from the bear raids with the uptick rule. Therefore, if you get a
13-minute downtrend and you get a lower uptrend and you correct on the
shorter time frame, you can get yourself in on the Qs very easily. You
can’t do that on a stock unless you get real lucky and catch it before it starts
falling. Because once it turns, forget it.
Kwong: By
the way, some of us were talking here at the office about just the tremendous
interest and phenomenal trading volume we’re seeing in E-minis. Why
do you trade the Qs vs. the Nasdaq E-minis?
Miller: There
are benefits to both. The benefits of the futures would include tax benefits,
you get 60% which is long term, automatic, in the futures market. There are a
couple of things though, in terms of the Qs. In essence, you are a futures
trader. No uptick rule. The liquidity is arguable. I have traded both and am
familiar with both. I would argue that the Qs with the penny spreads are a
little bit easier to get in and out of vs. NQ which is a 50 basis point spread.
You’re first in line, you’re either at
the whole number or the half number and to me, it just has a little bit of a
better feel on the Qs because you can get a little bit better fills. Now, again,
some may challenge that, but I’ve traded both and that’s one of the benefits I
see with the Qs. I initially started trading futures because I had an equity
platform that I’m very comfortable with, very happy with. It just made logical
sense. I am not a proponent of huge leverage. If you want leverage, you can
trade the futures to your heart’s content. My 100% rate of return — I think
that’s doable without incurring leverage.
Kwong: Do
you think you’d feel differently about leverage and be a little more aggressive
if you didn’t have a family to support?
| “In this business, your capital is your shovel. If you lose the shovel, you can’t dig the holes.” |
Miller: Well,
I don’t know. I look at this as a business. I wouldn’t ever want to put my
business in a situation where I was risking more than I could afford to keep
that business running. In this business, your capital is your shovel. If you
lose the shovel, you can’t dig the holes.
So I wouldn’t say it’s as much because
of those issues as it is I hope I recognize that you can survive missed
opportunities but you can’t survive very long if you’re throwing risk around. If
you’re throwing margin around, before you know it, emotion is going to take
over. The inner demon is going to take over and before you know it… it’s easy
to add up losses real quickly with the futures. It may sound corny but I’ve been
there and it can get away from you.
Kwong: Another
question from a listener: Do
you ever hold your positions overnight?
Miller: In
my trading account, I am flat every day, every night. I do have long-term
accounts which I dabble in and I use similar strategies… I’m not as focused on
it because I want to be focused intraday. If I have a position longer term, it’s
probably going to bug me and affect my trading skill — it has in the past.
Kwong: Sure.
One of the key components that you use, or trading indicators, are the moving
averages. By my count, you are using three moving averages and a listener asks: Why
did you choose the parameter settings that you chose (the 5, 15 and I forget
what the other one is)? Was it just through trial and error?
Miller: Yes
it was. I’ve been exposed over the years to many, many ways to look at that —
simple vs. exponential, shift vs. no shift. A lot of people use 3- and 13-period
moving averages and oddly enough, 5 and 15-minute charts and I’ve reversed that
a little bit. It’s been trial and error. Everybody in this industry is exposed
to different things and I’ve been one of those guys who just likes to get in and
figure things out and get banged up a little bit. Just find something that works
good enough to skew probability to my side in the long run.
Is it OK to use 3- and 13-period rather than 5 and 15? You bet. Is my using 3
and 13-minute charts… you can use 5 and 15 –which a lot of traders do — I’ve
just found it to work well enough and you can back test it. The hourly time
frame — back test that to your heart’s content. Look at all the times that
trendline has been very nice protection for us and the 13 minute trendline.
The other reason real quick is that the 13-minute 15-MA is analogous to the
200 (13×15=195). And the 3-minute 15-MA is analogous to the 50 (3×15-45). Close
enough. So because a lot of traders focus on the 50 and 200, in terms of the
minute — the swings would look at that in terms of days
— the two time frames that I have settled on happen to affect those
trendlines as well so it works very well.
Kwong: Another
questioner would like you to take a look at the first chart and wants to know: Which
of those four entries, A, B, C or
D, are you most usually inclined to take? I
know you’ve mentioned before that it depends on the circumstances, but maybe
there’s one that’s more of a standard rule of thumb?
Miller: Well
for me, it’s typically B. And will I get in
on A at times, yes, but if I do so there’d
better be another reason, another trendline perhaps.
Kwong:
B is the price cross?
Miller: B
is the price cross. There is a bit of a paradox here because when you want to
get in vs. when you can get in…
(laughs) are not always the same thing. The reason that you see
candlebars or bar heights the way you do on some of these crossovers is because
the whole world is watching. This is not rocket science — the whole world is
watching for them. This is a good example, See, if you took that initial price
cross, you are jeopardizing chasing.
Kwong: Yeah,
sure.
Miller: Actually,
if you’d waited for the 5-MA cross, you would get a better price or close to it.
So, I would like to say price cross as a rule, however, this is going to depend
on one’s style. If one is able to grasp that mental closure that we talked
about… meaning everything falls back and you stop yourself out because your
premise broke, you can’t be afraid to get let back in. As opposed to if you are
using C or D,
you’re going to have a lot less trades, but you’re going to be paying price
premiums for those confirmations and which is right, there really isn’t an
answer to that. I use all four at different times. It really depends on market
conditions.
Kwong: It’s
a common process that a lot of traders go through, which is the proverbial
second entry.
Miller: Let
me touch on the other two charts real quickly because I know that time is short.
This middle chart — and this a myth that I really try to destroy in my school
and my columns and things — but this business about stochastics being under 20
as a buy and over 80 is a sell indicator, please forget all that stuff! And I
really mean that. Stochastics are only relevant when they are used along with
other items such as trend support.
The middle two charts show you times when the stochastics were nowhere close
to the 20 band, but they were oversold. They were oversold because they were
sitting on trend support and they were sitting and sitting and sitting, and if
the selling has stopped for the moment, there is only one thing that can happen.
You see this time and time again, OK? So that’s one point I wanted to make.
Kwong: Sure.
Thursday March
21, 2002 12:00 P.M. ET
Miller: On
the last chart, which was in today’s
column — that’s just an example of the divergence that we were talking
about earlier. It actually helped set up this morning quite nicely — not that
you’d jump in on that low because you’re not quite sure that trend has
reversed… but there were some other triggers that got you in and that was a
nice heads up for the day.
Kwong: Here
is a really interesting question and I know this is going through the minds of a
lot of people, you’ve got a strategy here that seems to work very well on the
QQQs, you make a living off of it: Have you actually
tried applying your QQQ strategy to individual stocks?
Miller: I
have used it with stocks over the years and yes, it works. I really think that
whatever method you use and there are lots of methods out there, every method is
going to skew probability to your advantage. If you have a liquid market, if you
are trading the futures, I would use the exact same… In terms of stocks, sure.
When I traded stocks, I used the futures as a leading indicator. So I was
watching the futures movement to trigger off my entries, along with the stock to
make sure it was diverging — providing some more information. Absolutely.
And just another quick point too, why
are there so many methods out there that skew probability in your favor, yet why
do most people fail at this business? We can talk technicals until the cows come
home, but it’s the psychology, it’s the order entry, these are really three legs
of a stool and one of the things that you and I have talked about has been the
methods being great, but it’s really getting at some of these other issues and
trying to overcome some personal deficiencies that we all have — including me
— that make this a make or break.
Kwong: What’s
very typical — and you can see it when you attend trading workshops and
conferences — is that people are pretty much fixated on the strategy or the
technique. And what you’re saying is that one of the major factors of your
success is the discipline and psychology of it.
Miller: Well, I
know when I haven’t been successful — why that has been, and that just
reinforces it even more.
Kwong: Sure,
sure. Well we’re just about out of time. I want to thank you for joining us
today. It’s been a lot of fun and I learned a few things myself, even though you
and I have talked for many hours, it seems, over the past several months.
Miller: You
never stop learning, Eddie. Until you’re out of here.
(Laughs.)
Kwong: Really.
For those who want to find out a little bit more about Don Miller’s methodology,
go to www.donmillerqqq.com for details
about his new course. We’ll be talking to you soon. Good luck.
Miller: Thanks,
Eddie. Thanks, everybody.
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Don Miller is a
professional daytrader whose main expertise is in adapting to changing market
conditions and applying the optimal strategy for the moment. Using the QQQs as
his main vehicle, he specializes in trading intraday pullbacks and fading
extreme unsustainable price moves using a combination of momentum, price
patterns, Nasdaq futures movement, stochastic divergence, and Bollinger Band
spikes.