How a Wealthy Trader Uses Pivot Points to Make Solid Trading Decisions
Tim: Hello, everybody. Welcome back to TraderInterviews.com. Thanks very much for joining me for another one. We're going to be talking today with Mark and he's a trader we've actually interviewed before but it's been a while so I wanted to get him back on the phone and talk about his overall trading philosophy and style and how he approaches the markets and what maybe he sees and looks for in opportunities during the day.
So Mark, thanks very much for joining me on the phone.
Mark: You're welcome, Tim. Thanks for having me on again.
Tim: All right. So for people that don't know you already, talk about are you a day trader or swing trader and then what markets do you like to focus on?
Mark: Sure. I would say I am primarily an intraday trader but I do take some swing trade, that's probably about 20% of my overall strategy is more swing trades which I would put in the category of I like to say about five to seven days but it's really more level-centric so I'll just look to buy at a good level and as long as I don't get stopped out or hit my target, the trade can last, the swing trade can last a little bit longer than that.
But as far as intraday which is about 80% of what I do, I like the traffic in the higher beta names. I like the traffic in the thick names like an Nvidia, some Goldman Sachs, Apple, names that have a lot of motion to them where you can buy decent size where you can add to your position to the one that's working. You can get stopped out with relative ease without having to worry about too much of a gap lower.
And those are the names that I find are the best for my strategy which overall I'll look to use a intraday pivot point strategy where we use five points on the pivot pointer. We use the S4 and S3. We use the actual pivot point which is the average of the...
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