I wanted to touch base with everyone as we start off the New Year. DayTradingRadio is entering its 6th year of broadcasting the markets live and my 17th year of trading full time, 22 years in total. The site has grown by leaps and bounds. There have been many great moments this past year that I want to mention as I look back on 2012.
We have introduced the High Probability Setup (HPS) trading method which has defined the levels in the market with the best risk/reward. This has led to a +75% win/loss percentage in trades. If you’re not familiar with HPS, then check out http://highprobabilitysetups.com/ or many of the YouTube videos on DayTraderRockstar’s page http://www.youtube.com/user/DayTraderRockStar
We have also established a great relationship with MultiCharts and TradingView. They are charting service that I moved over to this year after IQ charts started failing me. The HPS portion of the site is run with TradingView. You can follow different members of Day Trading Radio on their social charting site and exchange information on charts and setups. This has been a great find and the service has been unbelievable. http://tradingview.com You can sign up for free and use their pro version where you can integrate with your broker. You can also automate your trading by using http://multicharts.com
Speaking of automated trading. Another big development at Day Trading Radio was the introduction of the GasBot. This could be the leading story of 2013 as it just got released late in December. Jim Frasier, a long standing member here at Day Trading Radio has been working on automated trading for the last 7 years and approached me with his automated strategy. I have been using it for the last 3 weeks and now have incorporated into the site as a “track and trade” app. The GasBot, with a theoretical success rate over 95%, will alert you to where it is going to take a trade (both long and short) and you can follow and see the results live. This is usually connected to a live account. I use this both as a automated system, but also as a confirmation on my own trade entries. It has a high percentage success rate on scalps and if my analysis lines up with its buy or sell zone I have further confirmation of a great trade set up and usually a very high percentage of success. You will be hear a lot more about the GASBOT in 2013. You can read more about it here http://benefits.daytradingradio.com/gasbot-cheat-sheet/
Here is one you would not expect, but I feel it is one of the biggest developments of 2012. The introduction to SureTrader. SureTrader is a trading firm that basically has even the playing field for traders trading with under $25,000 in funds. When you trade with less than $25k, then you fall under the FINRA pattern day trading rule which applies to any customer who buys and sells a particular security in the same trading day (day trades), and does this four or more times in any five consecutive business day period. A pattern day trader is subject to special rules. The main rule is that in order to engage in pattern day trading you must maintain an equity balance of at least $25,000 in a margin account.
In my opinion this why a lot of newer traders never succeed in the market because the pattern day trading rule will cause you more risk. It will take your focus away from making money, to juggling trades and trying hard to figure out how to keep a trade in the holster. I see it all the time. If the markets or trade does something different than you expected and starts to go against you, the decision should be clear, get out of your trade. But with the rule, it switches to “I don’t want to burn a trade” or “should I hold on one more day so I can trade again tomorrow.” Tomorrow comes and their first instincts proved true and they end up getting out at a bigger loss.
SureTrader’s best feature is that their clients are not subject to the Pattern Day Trader Rule. This is an SEC rule that disallows people with under $25,000 from executing more than 3 day trades in any 5-day rolling period
This should be it, case closed. The truth is SureTrader has pretty good commissions and the margin is unbeatable for a small account.
Here are some more key features of SureTrader:
· Commissions are $4.95/trade up to 1000 shares $1.00/option contract (continue to review Item #1. Still can’t beat it.)
· SureTrader offers 6-1 margin. That’s pretty great. Meaning you open an account with $5,000 you buying power is $30,000 intra-day. With $500.00 it’s $3,000. With margin, there is great risk in trading above your means and you must be aware of this at all times. I am not recommending you to trade using the margin. Just stating the facts.
I have opened a Suretrader account to test it out and it has lived up to expectations. This week I will be putting more money into the account and bringing it into the spotlight. If you’re trading with less than $25K, then you need to take a serious look at the advantages of this SureTrader. Here is my original review and my process of opening an account with them.
I was waiting to hear back from SureTrader to see if they could offer members any specials for the New Year and I just got word “To assist you with this new promotion, we would like to offer new and existing accounts, 30 free trades when they fund their account with a minimum of $2,000.00.”
So if you sign up be sure to mention the DTR Discount . You can set up an account quickly here
Well that’s a wrap see you in the markets
But not before I thank all those behind the scene at DayTradingRadio. The New shows that members have started, The talented traders that have joined the site, The tech issues that we run across on occasion but are tackled by Paul (RPM) and talented members who have dedicated there time and service to improve the site for others. Too many to mention by name in fear of leaving someone out, but you know who you are and I thank you so much.
And last to all the members of DTR thank you for your support and Happy New Year