I have been away for awhile tending to other business, but my trading continues to be very active. I have been spending my summer days within 12631, and the guys in there have really helped me protect my portfolio in this current rough patch in the market. I am currently following chessNwine’s swing trades with a couple of my own.

Summer provides me with the opportunity to take on the markets full time. I am a perfectionist at heart, and thus constantly attempt to micromanage my positions. In order to ease this need, I decided to find a disciplined approach that will allow me to day trade.

My first attempt at being a day trader was horrific. A couple of years ago, I was cocky (still in my teens) and given egregious amounts of leverage from a prop firm. The combination only spelled disaster. I made it out alright, but the psychological aspect of it made me never want to do it again. I would bounce around from being king of the market one day, to being the slave of the market the next. It was dumb, and no one could make a living doing what I was doing. I knew one day that my account would hit zero, so I closed it out and left. I began to manage my own swing portfolio, which had a decent degree of success (and a lot of luck).

So here I am again with some spare time, wanting to constantly participate in the market throughout the trading day. Over the course of the past year, I have been reading and re-reading The Logical Trader by Mark Fisher. The book outlines the ACD method that can be applied to all trading time frames. It uses the opening range of an instrument, and applies aspects of volatility and time to increase the probability of a trade working in a certain manner. I have finally coded (with the help of others) the indicators necessary for the method to work within the thinkorswim platform. I am very interested in this method, and I want to start blogging about it here on iBankCoin. Look for some material on that to come your way, and if you want the indicators, just comment below.

Finally, I will leave you with two trading ideas. The market is extremely volatile here, and I don’t know if we have bottomed yet or not. No one does. But I feel these two ideas have prime entry points at the moment. First off, I like SLCA here. I blogged about why I liked the company a couple months ago. The company is fundamentally poised for growth, and there are shorts piled in the name. Jeffries reiterated a buy rating on the stock today. I think this thing can get squeezing soon. The other idea is UNG or natural gas. I think natural gas is ready for a bounce, and it broke the most recent downtrend in today’s session. This is a purely technical trade.

Good luck trading the rest of the week, and give this market some space!

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