Futures Video Also Has Great Advice For Stock Traders
As I was doing my run-thru of the RSS feeds and various blogs I follow (yes, I do have my eye on you), I followed a link from Ugly’s del.icio.us list and ended up watching this video from Oscar at futurestraders.com.
After discussing his S&P and Nasdaq futures plan for the next day, Oscar jumps on a soapbox and gives some of the best advice you’ll ever hear. It’s the normal things we know and write about (mind your stops, don’t average down, etc), but his energy is infectious, which drives the points home. He mentions things like:
- If the S&P runs up to its previous high and rolls over, it’s “gonna go down so big your pants are gonna fall off”
- “I say we’re going up. If your work says down, and you don’t like what I say, don’t take the trade.”
- Do your work… do your own homework!
- Don’t average (down)…
- Get out when you’re supposed to get out, and immediately. Never ride errors.
- Never expect the market to get you out of a bad trade. Get yourself out.
- “I’m a man. When I place my stops and my stops get hit, I get out.”
This is my first encounter with Oscar, but it won’t be my last. I like this guy.
Now to get Ugly to start a futures tutoring service…
Ugly said,
April 6, 2007 @ 9:14 am
Yeah I really like Oscar’s video - I got the link from movethemarkets.com
As for a futures tutoring service - I have to finish tutoring myself first and that could take a while.
Oscar said,
April 18, 2007 @ 10:15 pm
Wow!
What a compliment. I graciously thank you.
I hope my show has a positive effect or your trading approach
and mentality. These markets are very difficult to Navigate and require nerves of steal.
Good luck trading
Oscar
Will said,
April 19, 2007 @ 6:22 am
Oscar - Thanks for dropping by! I enjoy the videos and watch them almost every day. I especially like the “second half” where we get to hear all those tidbits of wisdom.