The Warlock – Kenny Glick – here.
First things first…Make sure you join me in the BIG ROOM today at 1 p.m. ET for more me, more LIVE trading, and more VWAP goodness!
Now – ahem – as I was about to say…
Fools rush in.
It’s not only the name of a dreadful 1997 romcom starring the dreadful Matthew Perry…
But it can be viewed as a great lesson when learning the ways of trading VWAP in Warlock’s World.
I know, I know – I’m so enigmatic and excited, that I inspire traders just like you to jump in feet first and start trading.
But how often do I start my day on Money Morning LIVE saying that I’m hands off, not trading anything quite yet?
It’s pretty often, Blanche.
That’s because I know to take what the market gives me.
Maybe it’s because I’ve been trading for a long time, but I’m never anxious to put on a trade.
Because fools rush in, but mama didn’t raise no fool.
You may be wondering…
But Kenny, how can I apply this to my own trading?
Let me break it down for you…
I often trade stocks in the premarket. This is an aspect of trading that I’m familiar with.
If you’re not quite comfortable trading premarket – WAIT.
The opening bell of the trading day brings moves upwards and moves downwards that can often be fakeouts or reversals…
In Warlock’s World, I implore new traders to wait at least 15 minutes after the market opens.
So you don’t get your face ripped off.
Let the non-VWAPian retail traders who have no idea what they’re doing pile into the market.
During this time do you just sit on your hands? Hell no.
While you wait out the first 15 minutes, WATCH.
Look at stocks that have the highest trading volumes. Chart your levels. Pick and stock and watch it like a hawk.
Just because you’re WAITING to put a trade on doesn’t mean that you’re not working a trade.
Even before you put the trade on, you’re already working the trade.
The reason I tell newer traders to wait is so they develop the price level and pattern recognition skills that I teach in Warlock’s World every day.
And look – I get it – you may have just joined my service and are ready to trade just like and make money.
But you MUST develop some skills first. Sometimes not putting on a trade is the best trade. And it’s crucial to recognize when that time is.
As much as VWAPians everywhere LOVE my Warlock’s Watchlist, I have a different kind of list for you.
The Warlock’s Waitlist:
- Don’t trade the open. Sit back and watch.
- Wait until at least 15 minutes after the market opens to put on a trade.
- Don’t trade after hours. JUST DON’T. Even I don’t trade at this time.
- Stay out of the midday chop. There’s a reason why Warlock’s World is from 9:15 to 11 a.m. ET every day – it’s the BEST time trade.
- Don’t trade options if you don’t understand them.
I know you want to trade exactly like I do in Warlock’s World – banging out winners left and right, day after day.
But it took TIME for me to develop the day trading skills that I have.
It’s my responsibility, my goal, my Sisyphean labor to protect the Warlock’s World community.
Even if that means that I have to protect you from yourselves.
So if you’re currently losing money in this market.
Take a step back.
That’s all for now, VWAPians!
Kenny “The Warlock” Glick
June 21 2022