Posted July 27, 2020
By Alan Knuckman
Use These Trader Tips to Survive the Shutdown
Post-shutdown Chicago is no fun.
Chicago has been called the best city in the world during the summer. Since I grew up near the Great White North, I have no complaints about the long winter, either. But staying in the city has become mundane and monotonous during this shutdown. The energy and excitement are gone
Semi-closed restaurants and bars combined with all of the cancelled outdoor events have taken away the rewards of making it through the winter woes. A legendary local watering hole near the trading exchanges has seen the clientele dry up with only a few stragglers sticking it out.The CBOE has built barriers to keep traders six feet apart and the CME Group isnt starting again until Aug. 10. At least we can now watch baseball on TV just not in the stands!
Its going to take discipline to get through 2020 with our heads on straight. Luckily, our trading mindset should help keep our minds in the game. After all, the process of trading is glorified more than it should be. IDENTIFY, EXECUTE, MANAGE, our plays to MAXIMIZE profits is methodical and tedious if you are disciplined and remove emotion from the equation.
The trading isnt always fun. But making money is a rush!
Yet here we are, adapting to the new normal every single day. Adapt and innovate is the mantra of great traders! Technology has changed the game almost completely from when I first started.The skills to trade in a pit just dont translate to the present world of opportunity. The tens of thousands of ex-floor traders found a new way or were out of the business because they had no edge over everyday investors.
Technology has empowered Main Street investors just like you! Even a pandemic shutdown cant stop you from booking profits
Keep it In the Money,
Alan KnuckmanEditor, In-The-Money
Chart of the Day: Is Tesla in trouble?TeslaInc. (NASDAQ:TSLA)is easily one of the most polarizing stocks on the market. Any mention of Tesla or Elon Musk by the financial media will attract hordes of Tesla fans and detractors to the comments section to fight over the latest revelations.To be fair, the bulls have been the clear winners so far. Tesla has captured investors imaginations and become one of Wall Streets darling tech stocks, rising more than 350% off its March lows.As I noted the last time Tesla posted new all-time highs the electric car pioneers move hasnt been that surprising as the company begins to top everyones expectations. Teslas revelation last week that the company had posted a surprise second-quarter profit created even more hysteria.Teslas blowout earnings prompt bulls and bears to boost price targets, reads one of the more over-the-top headlines.But as analysts and Tesla bulls threw an impromptu parade for the high-flying stock, price was telling us a different story.Tesla was unable to hold onto its post-earnings gains last week, dropping more than 5% Thursday after opening near all-time highs. Thats one ugly reversal
It would be fitting for Tesla to finally correct here as even the bearish pundits throw in the towel. No, the Tesla story isnt over just yet. But in the short-term, prepare for some turbulence in this popular stock.
Trading Tip of the DayTechs hard reset caught many traders off guard last week.Thats why its paramount to always go into your trades with a plan. What is your timeframe? Are you buying a stock for a trade or an investment? What are you profit targets? At what price will you be cutting your losses? Answering these questions before you buy then having the discipline to stick to your plan separates the profitable traders from those who end up churning their accounts.It doesnt take a trading master to buy a stock. Anyone can click a mouse. But selling at the appropriate time is an entirely different story. Master selling and youll see a huge improvement in your profits.-- Greg Guenthner