Registered: Oct 2006
07-23-09 07:52 PM
Quote from Ken More:
I'm gonna put my 2 cents in here as my last post on ET:
AMT as we all know thinks the world is coming to an end (I agree) and is/was a short seller from 865. Now, the market has marched straight up to 975. Manlycure defined an area this morning that again, the market cut through it like a hot knife through butter. That's enough to send me back to the drawing board when I was developing systems early on. Here's a guy who has followed all this very closely and he didn't get it right or know what to do until afterwards. You've got a serious problem.
You didn't need anything to tell you to buy today. You should KNOW you should be buying.
As far as what you are doing wrong, you don't need to be in the market all the time. How fucking greedy are you anyway? The more you're in it the more exposure to sudden shock and RISK. The smartest traders like Paul Tudor Jones always play great defense. You could learn a great deal about risk from reading how he thinks and trades.
Why would you want to be short going into this morning? Did you think the market was going down? If so, you have a serious problem. Have you ever heard of trending? I know that is a dirty word on ET where everyone is looking for the fast buck. There was an idiot named Pekelo calling for a drop 2 days ago and a H&S to boot. Go read what they thought this am. Somebody slayed his dragon for sure!
The best advice I can give you ( I doubt you'll take it but maybe some will) is get off this forum looking for the Holy Grail someone is going to give you. It aint gonna happen! You'll win the lottery first. Develop your own system that works for you. Then you won't have to come here or anywhere asking "what did I do wrong"? You'll know what to do.
I'm deleting my shortcut to ET and suggest you do likewise.
Maybe like you, Ken, I'm not exactly willing to disclose how my system works, but I'd say this, AMT was immensely instrumental in helping me utilize a brand new counter-trending concept (counted as the 3rd time I sent myself back to the drawing board). AMT said it before, he's not here to give us the answer, he wanted to foster conversation thru which each trader may be able to distill fresh ideas that can be used to construct a profitable method. Your mileage may vary and based on what you say, you weren't able to pick up anything useful (not that you needed it, since you average 10 pts/day...). As a side note, yesterday and today, a system could go long and short (with overlapping trades) and make money both ways. Plenty of volatility for everyone to enjoy :-)