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Neil Weintraub

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You cant master the market unless you can master yourself D">forexcashreb forexrebatesecussion Topics The Importance of Stop Orders The Importance of Motivation Trading Objectives Keeping a Trading Journal to Improve Trading Performance Health Forex rebate for Exness Wealth Types of Traders Neil Weintraub is a floor trader and an off-exchange computer trader. Weintraub has lectured at DePaul University and the Chicago Mercantile Exchange, and has been responsible for the presentation of the U.S. bond option contract at the Chicago Board of Trade. Weintraubs students come from all over the United States and the world, and are mostly exchange professionals and professional traders. In fact, Neil has recently released the Weintraub Short Trader software with Tradewind Publishing, which includes pivot point analysis techniques. He is currently working on a book, Chicago Trading Style, to be published in 1998. In arranging the interview with Neil Weintraub, I visited his office, his clearing firm and health club, and even attended a cashback forex seminar he gave to a group of Thai students at DePaul University. The content of this chapter is based on the events of the day and the information Neil gave me. In addition, I also referenced Neils book, "Trading Tricks on the Futures Floor," a long overdue book that allows off-exchange traders to explore what goes on on the floor. Neil discusses the use of stop orders in a variety of different situations, few people really know what he is talking about. Stop levels provided by newsletter publications Publishing trading newsletters is a very lucrative business ---- so the number of such publications is so high. They have clerks go through the library and record these stop levels and then the floor trader enters through these stop levels ---- instead of exiting. Using Stop Orders to Enter on a Down Market Neil explains how to enter through stop orders July 20, 1966 At 7:43 a.m., the September Deutsche Mark contract was at a record high, and some traders got their fingers burned trying to capture the high When the Deutsche Mark was at 6823, in Neils judgment, if the price fell below the 6800 support point, the Deutsche Mark could plummet So, he set 6803 as the stop sell order for the September Deutsche Mark contract As a result, the Deutsche Mark fell and Neils order was placed at The market continues to decline at 6800 and Neil fills the position at 10:48am at 6680. There are a few things traders must be aware of when using stop orders to enter a position: Only for markets with high price volatility where a breakout is expected to occur.  Neil notes that in his experience, one of the reasons for trading losses is that after a stop loss is triggered, the market then moves in the direction originally expected. In principle, when a commodity trader cashbackforexexnesss a futures contract, you buy a buy option, and when a commodity trader is short futures, you buy a sell option. In this respect, options are superior to futures because futures trading requires not only judging the correct direction of the market, but also catching the right entry price (otherwise you must take the risk of a margin call). Therefore, option trading is relatively free of precise entry points and manipulation of stop-losses. Large institutions often attack the buy quotes of floor traders and then force them to cover. (What is the buy offer? (Large institution asks floor trader) Buy offer 60, sell you 10, what is the buy offer now?  Buy offer 55, sell you 20, what is the buy offer now?  What is the current bid price for buying 50 and selling 30?  Buy offer 45, sell you 40, what is the current buy offer?  Buy offer 40, sell you 50, what is the buy offer now?  So, the large trading institutions continue to sell, the floor traders are forced to buy, the market continues to decline now, the original stand on the sell side of the large institutions began to buy, buy quotes 45, then buy quotes 50 those who sold at 45 and 40 floor traders began to panic, anxious to get out of the market at the same time the computer screen display of the stock price plunge may trigger your sell signal this huge ups and downs of the market to hurt you The importance of motivation is often overlooked by novice traders because motivation induces and guides behavior, and is often described as the trigger to get to the target What is the target and why is the motivation worse than a lack of motivation? In the trading process, if we know our motivation, we are more likely to develop a trading system that works. For example, if you favor long-term investing and use a short-term trading system, then motivation can be a problem. Address one question: Do you know your motivation for trading and for continuing to trade? Some people are motivated by the desire to control their own destiny and to take ownership. These people are not interested in stable employment opportunities.
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