Here at the Chart Report, we’re going to begin covering the Fintech Industry on a broader scale in addition to Technical Analysis-related news and events. We’ll be writing about the latest tools and product innovations from some of our favorite charting and media platforms such as Koyfin’s credit spreads, TrendSpider’s Raindrop Candles, and StockTwits’ expanded character count. We’ll also be covering industry-specific events such as the CMT Symposium and chapter meetings as well as other conferences. The idea is simple… we want to provide our readers with a variety of valuable content that is relevant to the world of Technical Analysis.
Becoming a superior Technician these days requires more than simply being able to interpret price action on a chart. The information age and rise of the internet in the last two decades has changed the landscape of many industries and Technical Analysis has undergone somewhat of a renaissance for these reasons.
The best Technicians are constantly finding ways to work smarter and more efficiently. Experimenting with the latest tools and technologies to help streamline and improve our process is vital. If you’re not doing this, you will eventually be at a competitive disadvantage to those who are. Learning and leveraging the latest and greatest technical tools available is one simple way to gain an edge over other investors. I see Technicians who still draw charts on graphing paper and flaunt it on Twitter. While that might be a cool hobby, you aren’t helping yourself if you’re not embracing and employing the swath of new and helpful innovations in the field of Technical Analysis.
Another thing I believe is important for any new Trader or Technician is to get outside of their comfort zone and meet other people in the Technical Analysis and Investment community. Go to industry events and conferences, listen to the presentations, ask questions and meet new colleagues that share the same interests as you. This is an easy way to expand your professional network and make powerful connections. I’ve also made some great friends this way.
Last week I attended the Benzinga Trading Summit which brought together some of the top traders on Wall Street for a day of live education and training. Here are some of the key takeaways and highlights from the presentations on the main stage.
- Mike Bellafiore stressed the importance of proactively planning trades, waiting for confirmation and then executing effectively and according to plan. He gave a quick run-down of the trading philosophy he coaches at SMB Capital:
- 1. Have a thesis.
- 2. Craft a favorable reward/risk setup to express it.
- 3. “See-it” – The change in character or confirmation you’re looking for.
- 4. Fight for the best price to maximize your returns.
- Forex.com Analyst, Matt Weller discussed how we’re in a great environment for Gold due to low and negative real interest rates around the world as well as the economic overhang of global trade uncertainty. He also discussed the EUR/USD which has been trading in a tight range and the end to the “crypto-winter” as he believes Facebook’s launch of new stable-coin, Libra could be the latest catalyst for the crypto space.
- Trade Station’s Nick Lamaina also talked about the new uptrend in crypto-currencies and explained why he is bullish on digital assets.
- A recurring theme and something that was echoed by a number of speakers was the importance of a regulated exchange for crypto markets.
- TD Ameritrade Chief Strategist, JJ Kinahan talked about the importance of knowing the implied volatility, or expected moves of the stocks you’re trading.
- Social Arb Investor, Chris Camillo explained how he uses sentiment as his main investing strategy and finds the most lucrative opportunities in stocks where sentiment is positioned at extremes.
- Sean McLaughlin of Trade Ideas and All Star Charts discussed the importance of backtesting and using automation to avoid “strategy drift” and to make sure emotions don’t get in the way of your plan. Sean talked about the value of system trading to eliminate the behavioral flaws of investors: “if you could turn your greatest weakness into a strength, everything changes,” he said.
- Peter Schiff made some very bearish comments about the US economy, suggesting the Federal Reserve is now “tripling down” on the same policy errors that led to the 2001 and 2008 crashes. He believes we’re headed for a more severe recession than the Financial Crisis, one which will be accompanied by stagflation.
- Sarah Potter of YouCanTrade.com hit on a range of topics including her options trading strategy, how she uses Technical Analysis to plan and execute trades, the dangers of overtrading and time decay and the benefits of trading in the direction of the underlying trend.
Here are some highlights from the Trading Lounge where Industry Experts provided training and traded live in front of conference members throughout the day.
- Hosts Joel Elconin and Dennis Dick kicked off the day in regular fashion with one of my favorite daily financial shows, PreMarket Prep which aired live from the conference in Times Square. The guys were joined by two special guests, Author and Trading Coach, Anne-Marie Baiynd and Jeremy Newsome of Real Life Trading.
- The show is a great resource for traders as Joel and Dennis prepare you for the day by covering the action in futures markets as well as the biggest pre-market movers with live charts and commentary. They also interview a variety of interesting guests. You can watch PreMarket Prep live any day from 8-9AM or catch it anytime on YouTube.
- Jeremy Newsome started the day with a nice catch-up trade and long setup in Schlumberger, $SLB.
- Anne-Marie Baiynd shorted S&P futures into the strong open and gave her rationale for doing so as well as an explanation for how she determines her stops and entries.
- Veteran Trader, Dennis Dick gave an insightful presentation whereby he shared his process for after-hours and pre-market trading. On the main stage, he also gave one of my favorite presentations of the day where he discussed the dynamics of high-frequency trading and their impact on modern markets.
- Todd Gordon of Trading Analysis walked attendees through some complex options strategies.
- Kenny Glick educated attendees about the Volume-Weighted Average Price (VWAP) indicator and how he and others use it as a powerful trading tool.
- Christian Fromhertz of Tribeca Trade Group discussed some of the criteria and methods he uses in his trend following strategy.
I hope some of the information in this post was as valuable as I found the conference to be. Please send any questions or comments to firstname.lastname@example.org.