Latoya Smith on tips for busy traders, support & resistance, stop losses & more


Latoya Smith on tips for busy traders, support & resistance, stop losses & more day trading day trader support levels resistance levels tutorial for beginners basics david moadel welcome to looking at the markets with
David Modell today I’ve got a very special guest she is Miss Latoya Smith
Miss Smith is a mother a mentor and a stock trader
she runs trades and tykes and that’s ti ke s trades antiques.com link is in the
description as always which is not just for moms but is for anybody who wishes
to improve their trading skills and cut down on their learning curve
expeditiously Latoya welcome to looking at the markets thank you David I
appreciate it thanks for having me well thanks for coming on it’s great to have
you now let’s start at the beginning to start off how did you first get into
finance and trading and are there any mentors you’d like to give a shout out
to all right well first in terms of Finance I’ve always been a financial
type of person I went to college I majored in business with a our
concentration and finance and how I got started with trading I was approached by
a friend we wanted to form an investment club so we formed the club together and
that’s how it all started so this dates back probably in like 2006 2007 we
formed the club we gathered other people that were interested and I started
looking at stocks just based on the participation of the members coming
together I was pooling our monies as well as
coming up with different stock picks analyzing and deciding what we may buy
as an investment group I was a treasurer so I was responsible for
actually placing the trade within the brokers account I became a little
obsessed because at the time I did work for State Street bank and since I had
access to a computer 20 you basically at the job I did that on the side in terms
of watching the stocks find the stocks placing the trays in the broker account
so I was able to really see the movements everyday in the markets just
watching the stocks be picked go up and down up and down and then eventually I
opened my own account and I started to dabble just a little bit and then a lot
and then it just took off from there great all right now busy parents such as
yourself might think that they just don’t have time or the knowledge to be
able to trade like you do what would be your message to them I would say there’s
definitely time you have to make time I am a mother of two little ones um I
would say before I had the kids I found trading definitely enjoyable
I love to analyze and just in terms of searching for different picks since I
had my daughter’s I skilled back in terms on analyzing and research and
different picks a more of a technical trader so I believe in um parents
mothers fathers with busy schedule if you learn the technical aspect of
trading is much much more easier less time-consuming than the actual
fundamental part of trading now I sounds like a calls coming in I totally
agree with you there fundamentals researching it
that means researching the company a learning all about them their balance
sheets you know whether they be or miss earnings reports things like that
whereas the technicals I think you can do more quickly if you’re if you’re
strapped for time would you agree with that
exactly exactly yep so I would say to the parents to focus more on the
technical aspect of things and you can make time definitely because it’s much
easier it’s faster to analyze a chart rather than digging through all the data
of the financial aspects within the companies so just bypassed that part and
jump right into technicals yep now speaking of technicals you believe
in rural base trading what are some of your unbreakable rules that you would
never break alright since I am a day trader I take advantage of the inter de
parts of the market but specifically the market open one of my major rules that I
will not break I must wait at least four minutes before entering any trade that’s
a must according to my strategy so I wait the
four minutes and I see how the 2 minute candles form and then I move on from
there and I’ll make my assessment based off of the first opening of the four
minutes basically to two minute candle bars yeah that’s really interesting you
know I hear some people have told me don’t trade at all in the first half
hour the trading day it’s too volatile too crazy you can’t get a sense of the
direction of the markets um what would you it is that the same type of thinking
we’re talking about I so there I disagree in a sense but I understand in
a way so the first half an hour the market very very volatile and I
capitalize on that volatility I trade basically momentum you could call them
gaps or whatever gaps up gaps down is very strategic
– the way I trade so something gaps down depending on what it is depending on the
support and resistant levels I can pretty much 90% say hey this thing is
going to either trade in a direction of the gap or it’s going to bounce off a
support and hit resistance I already analyzed and pretty much know exactly
where my price levels are so that’s how I’m able to make that quick judgment
within the first half an hour to market now another thing is within the first
half an hour the market that’s what I generally we make that pretty much the
most money taken advantage of the first trade and that’s pretty much it I like
the sound of that so you mean it’s possible to make some trades early in
the day take your profits and enjoy the rest of the day that’s what it sounds
like that’s exactly what it is exactly what it is
I train no later than 12:00 p.m. every day so generally will be the first
morning trade sometimes one or two depending on the timeframe take
advantage of the morning volatility by like 10:30 the latest I should be done
with just two traits and I usually walk away after that now I’m I know a lot of
people would have a strategy where they have to wait the first half an hour due
to the volatility probably due to not understanding exactly how those arm gaps
or the momentum trades move they may wait that extra half an hour so that
30-minute candle can produce and they’ll probably find a direction from there but
by that time I’m already out and enjoying like as we like to say yeah and
that sounds like a pretty good plan I’m talking with miss latoya smith from
trades and Tikes TI ke s trades and Tikes comm link in the description of
the video check it out for sure I’m looking at the website you’ve got a blog
that I like to read a lot you’ve got other information and you
have standard services and premium services what can you tell me about
those well the standard services are basically the basics in terms of really
helping beginners get their feet wet in the market taking them to a twosie so
they can understand how to place their first trades I know a lot of must say
beginners they’ll probably jump into the market without really understanding the
market structure so I break that down in each of those basic courses I take them
from the beginning so they can understand the concepts and why they may
be placed in certain type of trades I go into the technical aspects so they could
be well prepared to take their first trade properly now in terms of the
premium service is for more of advanced traders that already may be in the
market struggling a little bit can’t find a great solid strategy so basically
I share my strategy um I help them with technical analysis because I’m unfair
I’m a firm believer of technical now it says all my trades every single one of
them are based off of support and resistant levels I trade futures I trade
Forex as trade stocks and the same logic and principle applies to each and every
one of those markets so I try to share my vision the knowledge and everything
they need in order to be a more successful trader yeah and I like the
way you you offer the premium service with that that personalized service
where you’re really helping them you’re not just giving out you know oh here are
my trades good luck now you’re actually helping people learn to do this on their
own which i think is fantastic well anything automated so they get direct
access to me yeah everything is one-on-one we go through Skype sessions
or Google Hangouts depending also another thing as we advance in the
course we actually have live trading so they can see my screen they can see how
I enter I explain as I do it they see how I exit
they see everything that they was taught throughout the course by live examples
today that is not bluff this is real this is what I do yep yep now you talked
about support and resistance levels that’s so important now can you give us
a little preview of how you find those support and resistance levels sure I
start off by using a larger picture time frame so I’ll give an example like a
weekly chart I would like to find weekly support and persistent levels on a
larger picture time frame and I then break it down into finding daily so
depending on let’s say if is a swing trade we need a larger picture I need to
understand what’s weekly resistance or what’s weekly support and then I’ll go
from there I can use one example I’ll give to you which is when W y and n I
don’t have the chart up in front of me as we speak
but I just remember the chart because a few people who took my swing training
course I always use that as the number one example because during the time when
was still in a weekly Channel it was consolidating ready to break out the
range and go higher so if you were to take a look when out when today you’ll
see that it broke out at a range and went higher so swing trade analysis such
as that understanding the weekly chart and looking at the larger picture
channels such as when that’s how I usually base my analysis now in terms of
day trading I look at the daily levels for support and resistance and then I’ll
probably move on to a one-hour time frame and do the same looking at
different time frames that’s a recipe for success you’re not just looking at
one indicator you’re looking at many now if we can look at the bigger picture
here what companies this is the million dollar question I like to ask that I
like to ask everybody looking at the big picture what companies or stocks or even
sectors are you bullish on for the remainder of 2017 and are there any that
you’re bearish on hey sectors I could give individual
stocks not necessarily on a sector type of person I generally pin picking shoes
I don’t really trade like within sectors I’m bullish on Tesla Tesla broke that
large range on a monthly I’m probably like within this month actually so I’m
bullish on Tesla not necessarily Apple Apple looks like it’s pulling back a
little bit and the casino so when Las Vegas from the arm bullish on those two
companies I happen to actually agree with you especially on Tesla people who
have attempted to short Tesla have not done well for themselves so you know I
believe in don’t be a hero don’t fight the trend definitely that 180 dollar
bounced right off the bottom of larger pitches support yes I’m with you on that
one and just a quick disclaimer to everybody this video is not a
recommendation to buy or sell anything and I am NOT a licensed or registered
investment adviser so please check with a license investment advisor before
making any financial decisions now let’s say a trade goes against you because it
happens to everybody I assume you stop losses and how do you
set those yes I have stop losses so Ford for a day trade for example if something
goes against me I already have that calculation in terms of how much am I
willing to lose so generally depending on the stock the price of stock so if
it’s a large cap something like a hundred dollars or something because
they’re large in price I’m willing to let that trade probably go against me 60
to $1 60 cents to a dollar if it’s something like a fifty dollar stock is
there’s a little bit different I have a little differently way so let’s say
something goes against me and I did not set my stop and it is above a point
where I’m comfortable with I have to get out to trade so generally I use my stops
definitely stops takes the emotion out of the trade but let’s say I’m stubborn
and don’t use a stop I have to eat that loss market order out
the position and that’s how I get out I generally would never let something run
against me just to be right if I’m wrong I’m wrong just let it go because you
don’t want to take that small loss and then turn it into a bigger loss just to
stroke your ego I don’t believe that just take the loss
keep it moving move on to a next trade so true ego is one of the biggest
enemies for any trader or investor and we’re talking here about cutting your
losses short letting your winners run and I’ve found that successful traders
always do that this has been really informative to me now if people want to
I’ll actually you know what here’s a phrase I’ve heard you use before social
media traders whoa yeah social media traders so what we’re
talking about people I’ve heard you use that phrase in your blog and I assume
you’re talking about people to go on Twitter or stock twits or Facebook they
make all kinds of trades crazy trades that you know don’t really have a
foundation in logic or support and resistance levels they brag about it you
know when when they win if they get lucky why do why are there so many of
these and why do they why are they such failures in the markets that’s a great
question I wish I knew the answer to be honest with you but I can just make
assumptions I could just assume because I don’t know these people personally or
what they’re thinking behind it but I can assume that you know like we spoke
about it may be an ego thing like they feel they need to be right all the time
and I feel that many of them do feel because they probably don’t have a solid
strategy I find that a lot of people that’s online they’re looking for a
strategy or they’re they’re trying this or feeling this person out and they
don’t really have anything solid themselves and it just kind of gets out
of whack like when you have a solid strategy you really like like for
example I don’t have a Twitter I don’t have a Twitter
I don’t tweet I just I will have a chart I’d give my analysis
here this is it and and that’s pretty much it but I don’t go anything beyond
that like I don’t have a need to prove that I’m right or or anything like that
and the most important part I will say is have a strategy focus on yourself
first make sure your analysis is good before for yourself don’t try to impress
the masses of traders out there it is for what right I totally agree with that
let the results speak for themselves you don’t have to go on Twitter or stock
twits and brag about your gains but I do know that you’re on Facebook that’s
where I found you and I’m glad I did where can people find you on Facebook
and how can they contact you I’m on Facebook my name on Facebook is LaToya M
as in Mary trading I also have an Instagram which is trades and Tikes or
you can go to my website and just shoot me an email I respond within 24 hours
and I can I can agree with that Miss Smith responds very promptly very
helpful always willing to answer questions and I recommend people check
out trades and Tikes com that link is in the description Miss Smith I learned a
lot today and I really appreciate you coming on my show you’re welcome back
anytime thank you David have a great rest of
your day thanks for having me thank you for watching please like comment and
subscribe and I’ll see you next time

3 Replies to “Latoya Smith on tips for busy traders, support & resistance, stop losses & more”

  1. Can you make a video of what you need before you start trading ?? Like how you get a broker or what that means? What kind of computer or laptop….etc.

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