So far the Nasdaq is up over 26% this year…
But stocks hit some selling resistance yesterday afternoon, dragging the Nasdaq and the tech momentum names into the red.
It’s still earnings season we have a good amount of headline risk, pandemic developments, new stimulus, etc.
What that means is we’re going to see a fair share of false moves this month.
Volatility is still elevated with the fear gauge for the S&P 500, known as the CBOE Market Volatility Index (VIX) is holding at 25.
Right now we’re holding:
Now we wait and let the market come to us.
And I’ll be keeping you updated every step of the way.
Your Questions, Answered!
The mailbag is full, so let’s get to your most pressing questions
“I just joined the Hot Money Trader, and I’m new to investing and looking forward to learning how to trade. I was told that I need a broker to trade. Do I really need to have a broker place the trades for me? -Robert E.”
Welcome!
Yes, you will need to work with a broker.
But it's not the way that you may be thinking.
When I started working at the Chicago Merchantile Exchange (CME), you had to call your broker on the phone to place a trade.
The broker then would relay that order to a trader in the pit, then would execute your trade at the price you wanted.
That process was known as open outcry.
Technology has made it easier, faster, and cheaper.
Now you're able to use an online brokerage trading platform to place a trade by yourself.
Each of my recommendations will give you everything you need to trade on your own.
My goal is to help you get rich and learn a thing or two along the way.
In other words, I'm going to give you fish to eat, but you're also going to learn how to fish as well.
After talking to them, you’ll be up and running in no time!
I provide you instructions on how to find the call option I recommend buying.
Once you've located the correct option, you can set your limit price (which I also specify) and execute the trade.
And you’re done! No phone calls to your broker required.
But if you’d rather speak to a broker or need help.
You can call the trading desk of the brokerage you have your account with and they can execute on your behalf as well.
The “Here’s What to Do” section at the bottom of each new trade email is very specific.
These are the exact instructions a full-service broker needs to know to execute the trade on your behalf.
I started trading in the pits over 15 years ago and have worked with many brokers throughout my career.
I know exactly what they need to hear to get your account open without any issues and how to get the best commissions.
I put these insider tips in this free special report for every new member.
If you haven’t already, check out your free report “How to Choose the Right Broker for You” which provides you my insider tips on finding the best broker and getting the best commissions.
With that said, I look forward to answering more next week.
If you want your questions answered next week, make sure you email it in today at [email protected]
Talk with you on Friday.
Sincerely,
Joshua M. Belanger