How You Can Build True Confidence as a Trader
The T3 Braintrust sits down to discuss how you can develop confidence as a trader. Derrick Oldensmith explains why trading is more difficult than many people think, and the mentality you need to increase your odds of success. JR Romero explains the importance of an edge, and the problems that come with starting during an easy market like 2020. And Sami Abusaad shares how he came back from a large loss at the start of his career to build a sustainable career in the markets. Derrick’s positions as of 10/10/2024 at 11:29 am ET: Was long BYON, JOBY, QRTEA, TELO, TSE, UVXY, CVX, PATH, SOFI, TRSG, U, UVXY calls; Was short NVDA, TSLA, TQQQ
Continue Reading -->The Key SPX Level Right Now
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. Yesterday, Scott Redler appeared on Fox Business’ The Claman Countdown alongside BlackRock’s Tony Espirito: Watch the latest video at foxbusiness.com Scott goes over: Why the SPX 5781 level is key right now The importance of the Equal-Weight S&P 500 index catching up The impact of last Friday’s jobs report Where the SPX can go from here And MORE! Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. *Scott Redler Positions Disclosure as of 2024-10-07 at 7.44.44 AM
Continue Reading -->Why SPX Will Hit 6000+
On September 25, JR Romero issued a $200 price target on Nvidia (NVDA). And since then it’s run from $123 to $134+. Now he argues that the SPX will soon exceed 6000: JR shares: The simple reason JR can’t be bearish right now – even when he’s uncomfortable Why he’s so bullish on Palo Alto Networks (PANW) going back to $380 His shocking price target on Microstrategy (MSTR) The bullish technical pattern in Starbucks (SBUX) Carnival’s (CCL) “beautiful” technical breakout, which could mean a 35%+ move Why Robinhood (HOOD) looks to fantastic And more! Yes, JR delivers even more great ideas in this 3 minute video — including a chemical name that could rally $100, and his #1 pick of the week.
Continue Reading -->My 2 Favorite Dip Buy Names
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. SPX futures are -30 as Fed expectations needed to change after Friday’s jobs report. Markets went from 72bps of cuts down to 50bps of cuts, so the market needs to prove it can absorb that. QQQ: a few key names caught downgrades this morning as we see if tech can stay constructive. QQQ need to hold the $482 area. Otherwise, it gets sloppier. Now let’s dig into some individual names, starting with 2 dip buying candidates: DASH has been a great focus and Power Play from the $128 area. It’s had multiple upgrades and hit a high of $146+ to reduce. It’s a little extended, but I will look to buy dips as this name can be a leader for months to come. I’d think $141 is a good opportunity if it can see it. RDDT is still building a huge base from the IPO. The last time it tried to break out, it failed. It has a decent base now. I am long vs. the $62 area and added through the $70 area on Friday. I’d stay with this and buy dips as it seems on its way to the old $74-$76 resistance area, then $85+. TSLA: Let’s hope the Robotaxi event isn’t as overhyped as the deliveries number which turned into a buying opportunity. $237 is the recent low. It’s not down much on the cautious Barron’s article. Maybe it goes red to green and tries to clear $250. NVDA isn’t leading but gives us targeted trades. Today we’ll see if it can hold $121.90 and try to go green. I’m long stock and calls for Friday. $125.02 is pivot resistance. AVGO: Some were long vs. $165. Now it needs to hold $171ish. It can be the first semi to make new highs on the year again. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. Your Tip for This Week: Tune Out the Noise The most productive part of my trading day is when I sit at my desk, turn on my music, and start checking charts. The TV is off, and I’m not talking to other traders. I’m left alone with the price action, which is what we need to focus on. If you are serious about becoming a successful technician and trader, set aside some time to tune out the noise and just drill down on your charts. You may be surprised at how differently you operate when you’re not distracted by headlines and chatter with other traders. Don’t assume you are immune to the influence of outside forces. Many technical analysts fail because they ignore their own analysis as soon as they hear a conflicting message from the outside. This Week’s Calendar It’s a huge week with CPI, bank earnings, plus the Tesla & AMD events. P.S. Don’t forget to check out Scott Redler’s Power Plays! *Scott Redler Positions Disclosure as of 2024-10-07 at 7.44.44 AM
Continue Reading -->I’m Bullish on This SLOPPY Market
Sami Abusaad’s take for this week – this market is SLOPPY but still looking good. Sami explains: Why you can’t be bearish with Apple (AAPL), Nvidia (NVDA), and Meta (META) leading the market The one thing traders can’t argue with Why Affirm’s (AFRM) monthly chart is special right now The controversial ETF that has bottomed – and why we can’t wait for it to move His favorite Bitcoin stocks and ETFs The reason he likes Ethereum here, and the leveraged ETF to watch 2 semiconductor names poised to rally big His ideal entry price for a long-term play on Disney (DIS) and Lyft (LYFT) 3 stocks he does not like here And MORE!
Continue Reading -->12 Stocks We LOVE For Q4
Sami Abusaad and JR Romero were asked about their favorite stocks for Q4. And they came up with 12 names which they share here: Learn about A small-cap energy name that can skyrocket Why Core Scientific (CORZ) is Sami’s favorite Bitcoin name A boring telecom stock with big upside potential Sami’s outrageous upside price target on Tesla Why General Electric (GE) can rally 40%+ The stock that makes JR want to buy every last dip JR’s favorite Bitcoin name A fast food stock with a gorgeous monthly chart And a LOT MORE! Sami and JR deliver an entire portfolio’s worth of info here, so get your notepad out!
Continue Reading -->Why David Prince Likes VKTX
David Prince remains bullish the biotech space headed into the end of the year… specifically Viking Therapeutics (VKTX). Watch the video below to hear why he says the addressable market of the weight loss drug space is “bigger than most things we’ve ever witnessed”: David also discusses: Expectations for VKTX ahead of key data being released in November How the end of year setup in XBI is similar to 2023 How small caps should perform in Q4 How he’s finding alpha with Chinese stocks Want to trade with David? Apply to join the Inner Circle now!
Continue Reading -->A Pro Trader’s Survival Guide – 6 Rules to Live By
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. Trade the Market in Front of You, Not the One You Want The #1 reason traders blow up is that they fight the trend. They see Nvidia (NVDA) rally and ask, “How could this blow up right now?” Instead, ask, “is there an entry here?” If you always assume doom is coming, you always miss the upside. Or you blow up by shorting too early. Trade the market in front of you, not the one you want. Over time, the bull market wins, so you need to ride the up moves. Saying “this won’t end well” over and over again is not a trading strategy! Stop trying to predict the end of the world. Instead, look for smart entries. Use stops to keep you safe. That’s what really matters. Work Hard, Work Smart There are about 250 trading days a year. One hour a day is 250 hours. Two hours a day is 500 hours. The more work you put in, the faster you develop an inner voice that keeps you on the right path. But if you’ve been going for 10+ years without making money, you must pivot. Take a deep dive into your P&L so the numbers tell you what you’re good at. This is not a fun exercise, so be ready for a rude awakening. Develop a Process and Routine I could talk to you all day about Red Dog Reversals, relative strength, trend lines, and moving averages. These concepts all help me find profitable trades. But the #1 reason I’ve survived is that I put them all together as part of a process and routine I enjoy. If you don’t enjoy your routine, you’ll never do it. I’m up at 4:45 am ET, then it’s 30 minutes in the sauna, 5 minutes in the ice barrel, followed by the #630club. From there, I put on music (not TV) while I mark up 40-50 charts. This process gets me ready to take action when setups trigger. Treat Every Day Like a New Day We’ve all heard the saying, “don’t trade your P&L.” Treat every day as a new start and every setup as a fresh opportunity. If you lose $5,000 on Monday, don’t try to make it all back on Tuesday. You’ll trade out of desperation instead of looking for the right trade at the right time. Emotional traders don’t last. Follow your process so you can make smart decisions at the time of execution. On the flip side, if you win big, don’t let your process break down. Stick to your routine and hunt for the next good setup. Don’t Live Your P&L 2020 was my best year ever. But I did not make any big lifestyle upgrades. Why? Trading is cyclical, and we all have losing months or quarters. You don’t want to double your monthly expenses right before a rough patch. You can’t trade with a clear head when you need $15,000 by Friday to pay the mortgage on a house you regret buying. Treat yourself every so often, but don’t turn windfall profits into permanent financial obligations. You’re better off paying down debt than picking up a new Ferrari. Don’t Go It Alone One reason I love social media is the sense of community I get. Every day I interact with like-minded traders who work hard, play hard, and live healthy. There is real strength in numbers. Five hundred eyeballs are better than two. We all have weaknesses that a community can help us overcome. The market feels cruel at times, so don’t go it alone. Lean on your friends, and let them lean on you. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. *Scott Redler Positions Disclosure as of 2024-10-01 at 2.29.31 PM
Continue Reading -->Sami’s Beautiful Bitcoin Secret
Sami Abusaad does a major crypto breakdown in his weekly swing trading strategy video: Sami goes over: Why Bitcoin is interesting, even with a sloppy daily chart The beautiful secret within Bitcoin’s monthly chart that could mean much higher prices Why Bitcoin probably won’t give Sami the entry he wants The trigger that could send Ethereum higher from here Why Solana is sloppy What he’s watching in QQQ to keep the bullish stock market intact Why Sami is bullish on mortgage reits like AGNC 4 names he is bearish on A quick lesson in support & resistance using TSLA And a LOT MORE! This is one of the deepest videos Sami has done, so we hope you watch the whole thing!
Continue Reading -->FXI Is up 37% – Here’s Where It’s Going Next
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. SPX futures are -8 as we see if it can hold 5690ish this week, or if they shake the tree lower. Semis lost momentum Friday and are lower today as China wants their companies to buy Huawei’s new chip. But the big story is FXI up another 2.5% today, putting it up over 37% on the year. I said many times that China was having its 2007-2008 moment, and I talked about accumulating FXI many times. Last week was huge if you targeted it actively. Resistance is in the $32-$33 area, but it can see $37 to $39 this year. Now let’s dig into some individual names: TSLA gave us a nice buyable active sequence from $235 up to $261+. Deliveries are Tuesday, so that’s important. I’ll have some calls on, but I did sell my stock pre-market as it hit $262 with the market seeming vulnerable. $257ish is some active support, then $251.50 is key. MU gapped up post-earnings to help the semis last week. It’s in that post-earnings gap. See if it gives a 5-15-30 minute low to hold a portion, or if it reclaims $107.03 to relieve pressure. NVDA gave a nice move from the $118 area up to $127 last Thursday and then failed to hold $121.80. This morning, there’s talk China wants Huawei’s new chip instead of. NVDA’s. $118-$118.50 is active support. $119.26 is Friday’s low. If this area fails, $115ish is key. VKTX was a nice trade from $50 to $70 for many. Some late November or December calls might make sense into this pullback. DASH was a big mover from $127ish up to $146 to get us smaller. It gets very interesting again into the $139-$140 area. Friday’s low is $142.12. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. Your Tip for This Week: Don’t Fall in Love with Your Opinions Fall in love with a process that helps you succeed. Not your opinions. Some traders go into every situation with a preconceived notion about what should happen. For example, some traders are in love with a particular name. And no matter what happens in the price action, they find a way to be bullish on that stock. That’s why I take an ‘if-then’ approach to trading. I have opinions like anyone else, but my respect for what the action tells me what really matters. This Week’s Calendar We have some big earnings reports this week from PAYX and NKE, but the real focus will be all the jobs data – especially the Friday nonfarm payrolls repot. P.S. Don’t forget to check out Scott Redler’s Power Plays! *Scott Redler Positions Disclosure as of 2024-09-30 at 8.20.37 AM
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