I Just Landed In The Hit The Bid Trading Room… Help!
Viper can guide you through your HitTheBid.com landing but make sure you read this section for a few key tips. Contact or click on Viper.
“We always pivot here. Best to stay liquid and go with the flow.” – Viper
TYPE OF TRADING
A few basics…
- VWAP – our trades all happen around VWAP, one way or another. Just take careful note that you don’t just buy or short as soon as a candle goes through VWAP – you may get FO-SHO-BRO’d. Pay attention to Kenny, Solid Jello, and others, to learn when to buy and where to set your stop. Getting the right entry and understanding risk/reward are key concepts.
- The highest success rate VWAP trade is the one-minute, multi-day, VWAP reversal.
- Blue line to orange line – Blue line is the standard VWAP & orange line (yellow on some charts) is the multi-day VWAP, normally anchored to the pre-market open of yesterday (prior-day VWAP). Or the day prior to your timeframe start.
- No holding overnight – Kenny doesn’t advocate holding overnight – stay liquid.
- Don’t hold through earnings – The best trades are the earnings gap fades/reversals – in the morning after earnings – often in the pre-market, before the regular market open.
TIME
All times are Eastern time, same as the major US stock exchanges – NASDAQ, NYSE, etc.
WHAT DO I NEED?
You need VWAP on your charts, as a minimum, and should have multi-day/anchored VWAP as well.
Kenny sticks with the systems he has been using for decades. He uses Lightspeed for stock trading and sometimes eTrade for options trading; ThinkOrSwim for charts, and his scanners are from Lightspeed.
STRUCTURE OF THE WEEKDAY
The HTB chatroom is open 24 hours per day, and the speakers and the schedule varies from day-to-day. You may find members chatting in the room at any time, but here is the typical schedule, as of June 2, 2023. All times are Eastern.
fatty used to be more regular (no, not like that – his bowels are working fine), and now has other projects on the go, but frequently stops in at HTB to spread his wisdom, usually in the afternoons. Be there when he does. His insight is amazing.
Also show up in the room at any time, sharing his trades and ear-to-the-ground market perspective.
- 4:00 AM – 7:00 AM – Pre-market opens. VWAPians drift into the room and do pre-market trading.
- 7:00 AM – 8:00 AM – Pre-market trading – usually a bump in market activity at 7AM.
- 8:00 AM – 9:30 AM – Kenny usually shows up in this timeframe and may do some pre-market trading.
- 9:30 AM – 11:00 AM – Kenny usually around in this timeframe – the prime trading time of most days.
- 11:00 AM – 11:30 AM – Kenny may simulcast with stream solidjello from MML or just chat here.
- 11:30 AM – 12:00 PM – Kenny may hang, Solid Jello may join, may drop in.
- 12:00 PM – 4:00 PM – Variable – Solid Jello, fatty, Kenny can pop in and out. May be quiet part of the time. Someone is usually around for the close.
- 3:00 PM – 4:00 PM – Last hour of regular market is more active.
- 4:00 PM – 4:15 PM – QQQ & SPY options trade to 4:15 – Earnings announcements.
- 4:15 PM + – After hours at HitTheBid – Jello sometimes shows up, answering trading questions, and the conversation often strays to cooking, guns and many other diverse subjects. Sometimes discussions go to all hours of the night. There are often tunes played.
HOW DO I GET ALL THOSE LINES ON MY CHARTS?
After your trial period is up, you will receive an email with the Thinkorswim VWAP script as well as an instructional video on how to add it to your charts.
WHAT IS “MADE DAY’S PAY”?
Fundamental to the HTB trading philosophy is making a day’s pay. “Day’s pay and walk away.”
A long time ago, in a trading room far, far away, a colleague of Kenny put a post-It note on Kenny’s monitor – “Made day’s pay – went home.” That became the cliché for the room.
A day’s pay is whatever you personally need to live a comfortable life that you’re accustomed to – that is a day’s pay for you. It will be different for everyone. Following is the Solid Jello formula for determining your personal day’s pay…
- Note your total monthly cost for everything you need money for. Include taxes and anything you can think of.
- Multiply your monthly cost by 12 and add 10%.
- Divide the result from #2 by 255 to get your “Day’s Pay”.
When you make a day’s pay, feel free to paste the following image in the chat. And since some people have been reporting making a week’s pay, and even a month’s pay, they are also included…
