Daily Morning Report
World stock markets were mixed in lackluster overnight trading. Some disappointing corporate earnings reports limited the upside. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. A big miss to the downside in Snap earnings is helping to pressure U.S. equities.
A day trader is a cross between an extrovert and an introvert, with both characteristics in balance, according to Mark Cook, a veteran trader from East Sparta, Ohio.
“The introvert aspect is depicted by the disciplined workaholic with a reclusive concentration. The extrovert aspect is depicted by an aggressive, competitive, self-motivated individual striving to be the best in a selective profession,” said Cook.
The formula for trading success, according to Robert Deel, is: Self-Discipline + Knowledge + Experience + Skill = Success. Success = Profits.
Risk management and money management are key to achieving any success in a market, said Robert Deel, a registered investment adviser and portfolio manager for Strategic Management Decisions, based in Duarte, Calif. He was speaking at the Dow Jones Telerate Technical Analysis Group (TAG XVIII) meeting in New Orleans, held late last week.
“My work has gotten better due to simplifying my approach,” John J. Murphy, the veteran technical analyst, author and CNBC resident technical analyst, told a group of equities and futures traders attending the Technical Analysis Group (TAG) XVIII trading conference sponsored by Dow Jones Telerate in New Orleans.
Murphy said he relies heavily on five or six “useful” technical indicators, including relative strength indicators, trendlines, moving averages, Bollinger bands, classic chart patterns such as triangles and double tops, and Fibonacci retracement levels.