Spy on the Market
Current Newsetter
DayTradeSPY Mottos
I never set out to coin mottos; they just presented themselves with our trades. I also borrowed some from others, but here are a few favorites:
“A dime at a time is just fine!” In the options world, if you’re up a dime, take it and wait for the next setup.
“Knowledge is knowing how to trade. Wisdom is knowing when to trade. Experience is knowing when not to trade.” Not all setups are good; you have to be able to identify the true high-potential trades.
“I’d rather not be in a trade wishing I was than be in a trade wishing I wasn’t.” I customized this from the aviation world… so true!
“If you want what I have, you gotta do what I do!”… sage advice for those who ask how I became successful.
“If you got the time, you should be fine.” Time is insurance; make sure you have ample time to expiration for a low theta loss.
“It’s not where the stock is or has been, it is where it is going that is important.”… borrowed from “The Great One,” hockey player Wayne Gretzky’s playbook.
“When our indicators unite, our trades ignite!” This is in reference to my Trading Room partner Jon and myself, coming from different angles to find high probability trades.
“When in doubt, stay out.” Ensure you have a real reason to be in a trade, not just because you can.
“If it’s meant to be, it’s up to me.” No one will hand you a winner; you need to pull the trigger yourself.
“The stock market is not the enemy; your adversary is the person in the mirror.” Review the day’s charts to see the many opportunities the market provided on any given day.
“Some days you’re the dog, other days, you’re the hydrant.” Losses are inevitable; accept them gracefully and move on.
“There are old traders and there are bold traders, but there are no old, bold traders.”… another twist from an aviation maxim.
“Good traders know how, smart traders know why.” Remove the mystery by understanding how options work.
“Sometimes you have to go out on the limb as that’s where the fruit is.” The greater the risk, the greater the reward.
“Dig what you do, do what you dig, that’s what life’s about.”
“Plan your trade and trade your plan.”
“Cash is a position.”
There is no shortage of sayings, but I never realized how popular they are in the trading world. Fellow Eagle Financial Publications guru, Dr. Mark Skousen, just released his 12th edition of “The Maxims of Wall Street.” I am humbled and honored to be mentioned in his latest edition with a few of my quotes, alongside some of the greatest traders and investors of all time. The first time I read Dr. Skousen’s “Maxims,” I simply could not put it down. I rarely, if ever, promote others, but this book is definitely worth the read, and I highly recommend it. Click to order ‘Maxims’ and other books by Mark Skousen.
Day trading options on SPY has worked extremely well for me. I have found a career that is exciting, fun and profitable with unlimited upside potential and controllable risk. I can work just an hour a day and earn an executive’s pay. Nothing else comes close. And, if I follow these sayings, my profits soar.
Catapult your success and learn well these adages. They may well improve your score. And if you find struggles along the way, don’t be troubled thereby. Go back and find your error, learn from it and endeavor to not do it again. When you stop doing those things that don’t work, the only things left are those that do work. Imagine the possibilities!
Find out more, this Sunday at 8 p.m., ET, as we present our weekly Intro to Trading/Week in Review. Click here to join this Sunday at 8 p.m., ET.
Meanwhile, join our Trading Room, hosted by Jon Johnson and myself, 9:20 to 10:30 a.m., ET, daily.
For details on our ever-popular DTS Signal for a 5% gain, click here. This is a great morning market tool to execute a trade, especially if you are unable to watch the charts.
Looking for a simple pre-market Pick? Let us do the heavy lifting. Click here. Both the Signal and Pick offer excellent success rates.
Still undecided? Click to join the Inner Circle for an easy entry into what we do.
Create great trades!
