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Traders Have a Box of Tools at Their Disposal

Phil Storer discusses choosing tools for successful trades

Stock and commodity trader Phil Storer says that, based on his decades of experience, certain tools are right for specific situations and virtually all trades require a checklist that's been prepared in advance.

"Craftsmen carry with them a box full of tools, and if you ask them which ones are their favorites they can quickly tell you," Storer says in Chalk Talks for Traders – Easy Xs and Os from a Proven Market Pro. "They know which ones they use the most, and they'd probably tell you that every tool they own can be just right for a certain task."

Storer says as you read his book you'll have the chance to learn about some of the best trading tools that can be found in one place. The most important tool is creating a checklist that's tailored to your methods and trading personality so that in planning your trade you don't overlook details that are critical to success.

Reasons for making a list before entering a trade--and then checking it twice--are many, Storer says. One prime reason is that "the checklist slows you down, and gives your system time to breathe, before you plunge," he says. A second benefit is that the list helps move a trade from the emotional arena to the rational. And a third benefit is the accumulation of confidence that comes from sticking to a trading plan.

"It isn't necessary to own and operate a super-computer to make an excellent return consistently," Storer says. "Trading with the trend works best, however, and timing the entry always makes good sense. You benefit from knowing the trend's direction, and it's wise to trade with it unless there's a truly compelling reason to oppose it."

To avoid too much subjectivity in trading, while still using your head to reason, you need to have some triggers or price levels that allow the market to decide when, where and ifyou'll enter it, he says. Your trigger can be a protective stop order that's activated when the market touches that price. Then it becomes a market order to be filled as soon as possible. A stop lets you place a buy-order above the current price or a sell-order below it, and is meant to give you an initial indication of your risk. Using stops is an important money-management tool, as is setting a profit target.

Trading ideas come to us from a variety of sources-- like the evening news or a comment from a friend. It doesn't really matter where the idea's from, but when one decides to act the need for a solid trading plan becomes essential. You won't know which tools to use until a trading opportunity arises, and then having a variety of tools at your disposal and selecting the best ones for the circumstances provides the most advantage, Storer says.

"I want to give you a starter tool-set, made up from an assortment of my favorites, that I believe will give you an edge in your trading," he says. "Some of these tools will become your favorites because they fit you, but all of them will have value in certain trading circumstances. You'll see how technical tools can complement each other."

Tools help with maintaining discipline, and without discipline and consistency your chances for long-term success are limited, Storer says. "In my own experience after a trade went bad, I would look back and identify my lack of attention to detail as the major reason for failure," he says.

Storer wants to share the lessons he's learned. "A quirk within the trading world is a fear held by many successful traders that if they reveal their secrets, their edge will be lost and there won't be enough winning opportunities to go around," he says. "And it seems to me that many of the books written on trading are high on theory and low in common sense. It's sometimes obvious that the authors were more qualified to teach theory in a classroom than to succeed in a trading environment."

Storer says he reaps benefits as he teaches others how to trade successfully--like a deeper understanding of a proven concept, a new insight or an increase in confidence. The author of an earlier book, Tricks of the Futures Trade, A Guide to Futures Trading By A 25-Year Survivor, he says "I've gained most of my information about trading in the school of hard knocks. Some of you are graduates of that school and others are dropouts. But don't quit!" Read Storer's book and benefit from his tested advice and experience.

Storer draws on four decades of market experience and is Director of Trading for the commodity division of Dillon Gage Inc., a full-service commodity trading firm based in Dallas, Texas.

About the Author

Phil Storer is the director of trading for the commodity division of Dillon Gage Inc., a full service brokerage firm based in Dallas, Texas. For a review copy of Chalk Talks for Traders – Easy Xs and Os from a Proven Market Pro, or to arrange an interview with Storer, please contact: Jo Trizila, TrizCom, at (972) 247-1369 or (214) 232-0078. To pre-order Chalk Talks for Traders – Easy Xs and Os from a Proven Market Pro go to: http://www.chalktalksfortraders.com/ .

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