Guide for New Members

Welcome! My name is k1, and I'm a member of PSW just like you. I've taken it upon myself to update the New Members Guide to include a number of information resources you are likely to find yourself needing very soon. The original Guide follows just a few short paragraphs down this page.

Remember - on this site and in our virtual portfolios ALL trades that are discussed are VIRTUAL trades and all virtual portfolios kept are VIRTUAL portfolios.  While we do our best to track the performance of various trade ideas in order to better understand the results over time - it is for educational purposes only, in no way, shape or form should you consider these to be actual results and you should never execute any trade idea that is discussed here without consulting a professional financial adviser.

Many new members join PSW without a solid background in options, which is often discussed during member chat. This is not a problem (that was me when I joined) but it does mean you have some extra homework ahead of you to start to understand the discussion in the daily comments. If you are new to options, you will want to start out with the OptionSage's book, and also dig into two helpful websites:

Sage's book provides a fast, succinct background in option fundamentals and describes in great detail a number of different option trade structures, how they work, and when to use them. Especially if you are new to options, you will find it to be very useful. You can download the PDF to your machine and keep it handy at all times.  For additonal options education, we strongly recommend Sage's web site "MarketTamer," where they have low-cost training courses and 3 free lessons for our members (use the link).

Investopedia is a great all-purpose encyclopedia for many of the arcane trading terms you will encounter here. iVolatility is a specialized site providing HV and IV for stocks and options. It requires you to sign up for a free membership, but is worth it. There are other sites that also provide good tools, but the three recommendations above are important for getting started.

Your second assignment is to recognize that Phil's core trading strategy is unlike strategies you might have seen in other places, and will require some study even if you are a seasoned options trader. In daily conversations, the experienced traders on the site talk about investing significant time each day and weekend to reading, studying, and preparing. It is not unusual for traders to put in an extra 20 or more hours a week. What this means for new members is that you need to plan on and allocate some time and energy to studying up on what Phil does, how and why he does it, and who the other members of the PSW community are and what they have to share.

The standard assignments:

  • Read 1 full month of posts, both Phil's twice-daily articles as well as all of the comments
  • Read Option Sage's articles under his tab, many were co-authored by Phil and highlight various option stratgies with real-world examples.
  • Watch The Man Who Planted Trees, a short video about that Phil often refers to to characterize a proper investing mindset.  Warning:  The more impatient you are watching it, the more you need to watch it! 

Reading a full month of posts is important for a couple of reasons. Not only will it introduce you to who the rest of us are, but it will introduce you to the questions other new members are asking, and give you a chance to see the different kinds of market action that happen over a month.

It is extremely important that your month of comments include an options expiration day (opX). And if you don't know what opX day is, you can ask Investopedia.

This may seem really tedious, because after all, you didn't join this website to be given homework! But there are two key factors at work here. First of all, Phil teaches that trading is a job, and a profession. As such, it has its own jargon, its own nuance, and its own complexity. The only way to become familiar with the profession is to advance through the stages of mastery. So for your own success, study is key.

The second point is even more significant, because it defines why all of us are here. Phil's goal is to teach the members to trade, and build up a community of sharp traders capable of taking on the markets. In Phil's vision, we become a high performance team, working together to spot trends, identify opportunities, and avoid, hedge, or avert failures.

Phil: There’s a lot of hard work involved in trading normal markets and that’s what I want us to have - a world class team of traders who work like a family because we can learn to trust each other and play off each other’s strengths.

In addition to these homework assignments, there are some smaller details that help keep order in the comments action, serving as "ground rules" for the daily action.

  • During market hours, please restrict comments and questions to market-specific topics. These include trade-specific clarifications and suggestions, broker issues, virtual portfolio-impacting or market-driven events. Phil also tends to discourage multiple-part essay questions, especially when things are hopping.
  • After market hours there is much more room for broader questions, revisiting complex trade setups or strategies, and political discussions. And though this should probably go without saying, even in heated political discussions, there is no place for attacks on other members or their views.
  • Often you will want to share something you found on the web with other PSW members. The comment box at the bottom of the page has a special Add Hyperlink function for doing this. Please link us all to items you find rather than copy/paste dumping them into the daily comment flow.

Finally, even though you're excited to have joined and chomping at the bit to get trading, we would recommend that you consider spending a little time getting oriented to the action during the day, and not jump right in and put actual money into a position or trade. Especially if you are learning, you could end up quite confused if you tried to follow every trade. A demo account with a broker is a great way to get acquainted with Phil's strategy, the PSW community, the flow of the market, and your broker's platform capabilities for placing trades, rolling options, and managing your virtual portfolio.

One last thing to consider is posting a small bio about yourself on our Introductions page. It's not required, but a chance to tell us a little about yourself.

That's all from me for now, you'll be getting your fill in the k1 project. Now back to your regularly-scheduled introduction to PSW. - k1


Thanks for joining. To make the most of your subscription, you should know the following things:

  1. There is a virtual portfolios Tab.  Phil does not keep a running virtual portfolio. Optrader does under his tab for short-term trades.  Phil generally keeps a buy list where one trade per month is made on each of the key stocks we are following.  During intra-day chat and through alerts (free to Premium Members) over 100 additional trade ideas are put up for members each month by both Phil and Optrader as well as some of our key members.
  2. Every morning Phil writes an article including market analysis and trades for the day (if any), and he posts it here before the market opens. The morning post includes picks and commentary that aren't provided on our free blog, and posts at the members-only site appear several hours before they're available on our free blog or at Seeking Alpha. Read the post through carefully (especially the latter half where the picks are) to know what the trades are. Phil usually posts picks in this format: Ticker - Expiration - Strike Price - Entry Price. For example: XYZ May 30s for $1.10 or better. Note: unless a pick indicates to buy puts, then by default it is recommending calls.
  3. Trades and adjustments are always made first in the comment thread to the most current post.  The Intraday tab is only updated at our convenience, often after the market close or later, and is for recording purposes.  At the end of each post, you'll see a link to the comment thread for that post (just click where it says "Comments"). In the comment thread to each day's morning post, Phil often posts trade ideas and analysis of that day's market action. Our active members also post their own analysis and trade ideas, and questions or comments from new members are always welcome. You can follow along throughout the day by scrolling to the end of the comment thread. New comments should appear automatically without needing to refresh.
  4. If you're not big on things like community and camaraderie, and just want the tradable intraday goodness, you can sign up for Alerts from Phil, Optrader or the Oxen Group to see the trade ideas and virtual portfolio moves they decide to send out during market hours that day.  For the most recent and complete real-time trade ideas and watch levels, always consult the comment sections - do not just rely on Phil's Alerts as they are only a small selection of his daily trade ideas.
  5. Be sure to read through our Strategy section at your leisure to get a sense for how best to trade Phil's picks.
  6. Also, don't miss our Education section, which features a spectacular ebook, Secrets to Explosive Stock Market Profits, that is sure to help you hone your investing/trading skills.
  7. Our Virtual Portfolio section has our famous "Buy List," where we track longer-term trades and major articles on trade ideas can be found there as well as in the "Education" Section.
  8. Peter D has put together a link guide for following his "short strangle strategy" - more advanced but well worth considering!
  9. JRW is our resident day trader and specialized in trading the Russell (IWM, TNA, TZA) utilizing his patented Pivot Point Strategy.  
  10. Finally, you may login from our free site in the form titled 'Members Login,' or by going directly to http://www.philstockworld.com/members/. To make changes to your account information, update your email address or password, or to view or edit your subscription status, just go to http://www.philstockworld.com/amember/member.php.

Again, welcome, and if you have any questions don't hesitate to ask.

 
 
 

Kimble Charting Solutions

Gold is Knocking on a Key Breakout Level

Courtesy of Chris Kimble.

For the past 5 years, Gold prices have traded sideways. There were plenty of “trades” to be made, but that type of price action tends to grind out long-term bulls and bears.

You can see this in today’s “monthly” closing chart for Gold (shown below).

Gold bulls caught a break recently when Gold broke out above its multi-year downtrend line at (1) and (2). This spurred a big advance in metals & mining stocks.

Can Gold bugs and bulls keep the momentum going? We should find out shortly.

Gold is currently knocking on a key breakout resistance level (3). A bullish message will be sent to bulls if Gold can breakout above the 2017 m...



more from Kimble C.S.

Zero Hedge

Trump: "I Want 5G, Or Even 6G, Tech In The US As Soon As Possible"

Courtesy of ZeroHedge. View original post here.

President Trump has finally hit upon the real issue at the center of the US government's battle with Huawei: It's all about the technology. To wit, one reason why US allies and the UK and Germany have been so hesitant to cut ties with the Chinese telecoms giant is that, as its founder pointed out in a recent interview with Western media, there is no real alternative. US telecoms like Verizon still lag their Chinese rivals when it comes to 5G.

So, in a series of tweets sent Thursday morning, President Trump exclaimed that "I want 5G, and even 6G technology in the United States as soon as ...



more from Tyler

Phil's Favorites

Honda closure: Brexit is tipping the UK's car industry over the edge

 

Honda closure: Brexit is tipping the UK's car industry over the edge

Pajor Pawel / Shutterstock.com

Courtesy of Jim Saker, Loughborough University

Britain’s car industry has faced a barrage of bad news in 2019. Honda is the latest casualty, announcing it will close its Swindon car plant, which employs 3,500 people, in 2021. It follows ...



more from Ilene

ValueWalk

It's Your Lucky Day - Whitney Tilson Has A Job Offer And A New Stock Idea

By Jacob Wolinsky. Originally published at ValueWalk.

Whitney Tilson’s email to investors discussing him hiring an analyst; his Stock Idea of the Day: Thor Industries; Tesla; KIPP Casino Night.

1) A final reminder that I’m looking to hire an analyst, based in Baltimore, for my new investment newsletter business, Empire Financial Research. The ideal candidate will have a passion for investing, a nose for cheap stocks and great writing skills. One of the analyst’s jobs will be helping me put together daily emails like this one, whic...



more from ValueWalk

Insider Scoop

3 Texas Roadhouse Analysts Agree: Wait For A Better Entry Point In Stock

Courtesy of Benzinga.

Related TXRH Texas Roadhouse's Q4 Earnings Preview Earnings Scheduled For February 19, 2019 ...

http://www.insidercow.com/ more from Insider

Chart School

RTT browsing latest..

Courtesy of Read the Ticker.

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Thursday, 02 August 2018, 07:48:20 PM

Click for popup. Clear your browser cache if image is not showing.


Comment: $600 BN interest payments for US gov, print baby print



Date Found: Sunday, 05 August 2018, 09:22:26 PM

Click for popup. Clear your browser cache if image is not showing.


Comment: Hire FED interest rates always brings double trouble



Date Found: Monday, 06 August ...

more from Chart School

Digital Currencies

Cryptos Are Surging: Bitcoin, Ethereum Hit One-Month Highs As Institutions Dip Toes

Courtesy of Zero Hedge

Cryptocurrencies are surging while the US equity markets take the day off. Ethereum is up over 18% from Friday's 'close' and the rest of the crypto space is a sea of green. While no immediate catalyst (headline or technical level) is clear, increasing chatter over institutional investors dipping their toes in the space have prompted an extension of the positive trend.

A sea of green...

Source: Coin360

Ethereum is leading the charge follow...



more from Bitcoin

Biotech

Cancer: new DNA sequencing technique analyses tumours cell by cell to fight disease

Reminder: We are available to chat with Members, comments are found below each post.

 

Cancer: new DNA sequencing technique analyses tumours cell by cell to fight disease

Illustration of acute lymphoblastic leukaemia, showing lymphoblasts in blood. Kateryna Kon/Shutterstock

Courtesy of Alba Rodriguez-Meira, University of Oxford and Adam Mead, University of Oxford

...

more from Biotech

Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



more from Our Members

Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



more from M.T.M.

OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



more from OpTrader

Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

...

more from Promotions





About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

Learn more About Phil >>


As Seen On:




About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>