• Weekly Top 5: Meaty Trading Advice from Market Technicians

    by  • April 12, 2013 6:30 am • Broad Market Analysis, Weekly Top 5 • 0 Comments

    Last week, I was in New York to attend the annual MTA Symposium.  This was an awesome event with one of the best lineups of speakers I’ve ever seen.

    One of the perks of going to events like this is getting to know other guys who live and breathe the stock market like I do.

    In this week’s Weekly Top 5, I’ll share with you five guys I had the honor of eating steaks with at Spark’s Steakhouse.  Nothing forms a bond between traders like steak.

    * Jon Boorman is new to blogging, but he has 25 years of trading experience.  In this article, he points out why it can be important to ignore short-term signals in order to catch big trends.  He is so right, as so many times I get cute trying to pick the perfect entry, when sometimes just one look at the bigger trend is all I needed to do.

    * Joe Fahmy has been trading for over 17 years and is one of the most respected technicians on Wall Street.  In this article, he notes the big challenges traders face.  The Fed and QE have changed things and if you don’t adapt you are in trouble.  He stresses to be flexible and be open-minded.  Fully agree with him.  Biases will kill you.  Many times I find myself ‘wanting’ something to happen.  Mr. Market doesn’t care what I want.  Trade what is in front of you.

    * Greg Harmon is a fellow Ohio-based trader.  Us Ohio boys have to stick together, but Greg is one of the very few guys I know of who has been bullish this whole year.  Lots of guys (myself included) have seen the ‘warning signs’ and lighted up some along the way.  Greg has been dead right.  He lists the trading books that have shaped his process here.  A great list and worth making sure you’ve read them all.

    * Phil Pearlman is the executive editor at StockTwits.  If you don’t use StockTwits yet, my only question is what are you waiting for?  Phil is simply the man.  No one has a bad word to say about him and he is a true genius when it comes to melding psychology and trading.  In this post, he examines what the individual investor is thinking.  Why they’re an emotional wreck and why that could be very bullish.  Totally agree with him here.

    * JC Parets runs the very popular AllStarCharts blog.  He just started up his own hedge fund and his site is one that is a must read.  I like JC because he is very upfront and honest, also very open to sharing others’ ideas on his blog.  In this post, he gives an absolutely perfect summary of the MTA Symposium.  If you read anything today, make it this one.  Great job JC.

    Lastly, here’s a pic JC took of our dinner.  I had a lot of fun last week doing the media rounds and seeing the MTA Symposium, but hanging out with these guys was probably the highlight of my week.

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