Option Investor
Trader's Corner

My Faves

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After analyzing our cell phone usage recently, my husband and I made a change in carriers, choosing one that allows us to call our five "fave" numbers without them counting against our allotted anytime minutes. We're allowed to change our "faves" once a month, a helpful tool when our contact list might change from time to time.

"Fave" websites for technical traders might change from time to time, too, and mine have. What might my current "fave" sites be?

Through the years, I've tended to simplify the indicators that I use, narrowing them down to a few indicators that I trust, but now and then, new information impresses me. That brings me to the first of my faves, the experts from www.tradeguider.com.

This site promotes an expensive subscription service that offers automatic indicators. I am not a subscriber and have not tested their automatic indicators, but I do go to the free part of the website at least every couple of weeks and listen to any free webinar I can find that's offered by Todd Krueger or Tom Williams. Listening to those webinars requires a free registration on their site. Krueger and his cohorts promote a style of trading that they call volume spread analysis. The use of the word "volume" indicates that this style of trading would be most useful for those who trade a security whose volume can be measured, such as individual equities and futures. Their methodology examines both the volume that accompanies a particular bar or candle and the price spread. As examples, they include charts on equities, futures and currencies.

Listening to their webinars and clicking on their free "chart of the week" sessions proved a revelation when I first discovered it. They teach traders to see the footprints of the big-money institutions and funds. As they often suggest, individual traders do not want to be buying if those big-money people are selling, or vice versa. Several of their statements run counter to the supposed truisms we traders have always been taught--for example, it is not always a good thing when an upside breakout is accompanied by huge volume as we've been taught in the past--but prove so logical when explained that I'll never forget the information I've learned on those webinars.

Their privacy policy states that they will only use the information you provide when registering for the free portions of their site within their own organization and that it will never be passed on to anyone else. However, if you don't want to register at their site, you can often find them providing a webinar in cooperation with the Chicago Board of Trade. That leads to another of my faves for updating information and improving my performance as a trader: the webinars and educational information provided at www.cbot.com.

As this article was being roughed out, upcoming webinars included "Surviving a Trading Blow-Up," "Developing an Annual Trading Plan," and "Exploiting Order Flow and Liquidation Pressures." As should be apparent, the webinars range from those addressing the necessary business of trading to those introducing specific trading ideas. Webinars address ideas appropriate for such diverse markets as the grain markets, metal markets, options, and the good old Dow. Some are appropriate for the beginning trader; some discuss tools that only the experienced trader would be ready to use. Presenters discuss technical trading tools such as ADX, volatility indices, candlesticks, order flow, and many others.

The webinars require a broadband or high-speed Internet connection, but even computer klutzes can figure out the setup and attend these webinars. The site offers more than webinars. It offers simulators and tutorials on trading agricultural markets, argricultural options markets and Dow futures.

For those who want information that's focused on options, www.cboe.com offers that focus and is another of my faves. The "Learning Center" of the CBOE's site offers important help to newbies, and the "Products" portion educates newbies and refreshes the memories of experienced traders who can't quite remember the settlement date on the index options they're considering trading. The CBOE has just developed a new Virtual Trading Tool that allows traders to try out new strategies.

Screenshot of the CBOE's New Virtual Trading Tool:

A perennial fave for me when I'm looking for information on a technical trading tool that I haven't yet investigated is www.stockcharts.com. Although it's a bit lower tech, without the bells and whistles in the form of webinars and virtual trading platforms, this site's "Chart School" is often the first place I visit when I want to review an indicator. For example, do you want to know how the Aroon indicator system is calculated? Chart School provides the formula as well as a history of the indicator's development and a short course on the basics of using the indicator.

When I set up my five faves on my new cell phone, I left one empty in case my calling patterns changed. Other than the information provided on our site and our sister publications such as Mike Parnos' Couch Potato site, I don't have a current fifth fave to list in this article. I thought I'd found a fifth fave, but there turns out to be a problem: cost.

I discovered that STOCKS and COMMODITIES magazine provided a list of webinars, seminars and videos, found at this link.

Among the webinars, seminars and videos listed there, I found a video titled "Advanced Candlestick Charting Techniques Video" by Steve Nison's Candlecharts.com Inc. I'd love to review this video. It is not free, however, costing $379.00. Want to learn about Gann forecasting techniques? You can find a seminar for that, too, but it's even more costly. I did locate some as low as $99.00, but when the CBOT offers more webinars than I can finish and offers them for free, I think I'll leave that fifth fave free for now.

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