candle, Tom calls another a "sorry sack of sh*t", but you're OK with that. But I quip about a harmless well known stereotype, and you and "all the decent people" you speak for are deeply offended. LOL...give me a break! It was nothing, and I meant nothing by it except to point out Tom's obvious agitated demeanor. Don't make an issue out of nothing candle. Why don't you address Tom's vulgar remark, or is that your idea of decency? tradeRX
trader58, I asked you a question on the other thread. Would you mind replying? Thank You. PS I'll overlook your remark in the interest of staying the course here. tradeRx
I called tradex21 a "sad sack of sh*t", not a "sorry sack of sh*t". But this is purely academic, as I've since edited the post.
Another ugly game but for whatever the reason I feel like I have lost purity in my touch. This is the hardest week of the year as undoubtly people will take off for vacation right before labor day as they prepare for fall trading, yet I am increasing my size and shots at the worst possible time. This morning I was still feeling the illness and I had some very poor shot selection which I never recovered from. I know exactly what I am doing wrong, in this climate, every game is the equivalent of a sword fight in which even the slightest error, the slightest display of impatience can result in a critical hit. I opened the week up $2000 for August, two games I have lost a total of $1100. It is not the dollar amount that is in quesition here, it is the way I have performed during the last two games, something is not right, my heart is not as calm as I used to be, maybe the illness has something to do with it, I feel like I get more nervous when I miss just a couple of shots off the open, I feel like I "have to" put up a prayer just to have a position in there so I can watch it. Those are the traits of self-defeat, and those last two games were very winnable ones. I need to gather myself fast, pay period is over in 3 games and I am down $600, I want a check, even if it is $50, just to keep the streak going. When fall trading starts next week, I want to be playing at the peak of my YTD P&L. 6700 shares on 3 of 10 shooting, -299 before commissions, -457 after, no bullet. Pre-Market: Very light news, again 9:30: XBD gap-up, went long in LEH and stopped out for flat almost right away. Futures coming in, for whatever the reason I took two shots in IBM long and gave up 10 cents on each try, totally meaningless shots. I had some temperature this morning and I knew my mind wasn't sharp. Called a time out and went to get a cup of hot coffee. 9:51: Futures went up, took GE long and stopped out for flat as consumer number came out, not as lucky in MMM long and got hit for 35 cents there. So many things just tanked so hard so quickly. In all 3 cases, GE/IBM/MMM all had downward Bollinger Bands, that means whatever move I get is more likely to be a squeeze than a real reversal, very poor shot selection there. By now I already missed DRG/BTK shorts and of course all the other shorts . . . The problem with today's open game was that I did not get any sector specific play, everything I traded were futures sensitive. No gifts whatsoever. 10:23: Shorted DOX for a quarter point profit. Went to the gym, worked out, broke a sweat, took a long and deep shower and used steam room. Had a tasty lunch and felt better. I was down $310, I could have came back from this! 1:51: Thought there will be an afternoon rally, long NE on BB breakout (OSX), and it just fell back in and I gave up 11 cents. Tried CLS and lost 17 cents. Afternoon trading I have to wait for tape confirmation. The Bollinger Bands for me, are meant to be used as a guide. This morning I ignored the overall downtrend and foolishly went long in GE/IBM/MMM against the downward band, and this afternoon I ignored the tape action and foolishly went long NE/CLS just based on BB formation without waiting for tape confirmation. 2:23: Tried MO on TOB strength, lost 5 cents. Shorted CRA for a quarter profit and left another quarter on the table. Too little, too late, it is gut check time, as my back is against the wall with 3 games left in August. Focus, concentrate, execute, this morning I had the wrong attitude of "I want to make back what I lost yesterday plus extra's" instead of "I will take what the market gives me". A very bad attitude in a tough market. Tommorrow is another game . . .
Tom P et al. I'm sorry I caused such a furor over my remarks about Hitman taking a little reflective time here. I can tell he is a very smart man and a very fine trader. I'm sorry if my remarks were so caustic. But I felt he was like a kid in a game arcade in the Seventies who was constantly borrowing quarters from the other kids so he could play more Pacman. And I'm not talking about Hitman's finances either. You guy's treat this bullshit low stakes "trading" like you are working on a cure for cancer for Chrissakes. I never will forget when I was a young man at the Chicago Board of Trade back in the 60's and I fell into the company of a legendary speculator and trader who literally made 23 million dollars in the 73' bean market. Being a young man of rather limited finances I obviously tried to curry this gentlemans favor as he might "stake" me some day (he did). Well one day I was sitting up in his office on the 23rd floor of the Board of Trade building one June afternoon ranting and raving on how bullish I was on Corn and why I thought it was going to the moon etc., just trying to impress the shit out of him on how smart I was yama, yama, yama. Well he finally glanced over at me with his reading glasses low on his nose and said "you know something tradex you are just so much grist for the mill". This is something I have never, never forgotten and not that I have gone on to any great trading career, either. I just see so many of you guys beating the shit out of yourselves on a daily basis trying to capitalize on the slightest wiggle in the market. Don't get me wrong I love trading, "how I love it so". But always remember the big money is made in the big move. Sorry I offended anyone.
hitman, please ignore tradex21. it is a simple law of public discussion forums that once you gain a respectable status, someone pops up who gets himself off by throwing sh*t at you. i wish you luck with your trading. - jaan
Hitman, maybe it makes sense to take a vacation for a few days, so you can be ready for fall. No need to burn yourself out in a week, when not much at all is going on. In the past I have taken time off during the quitest periods in the market, and felt very good, for 3 reasons. One I got a well needed break and 2 didn't miss much at all in the market, and 3, probably saved myself not only money, but a lot of aggravation and frustration. Good luck,
During 2001 (my first year of trading), I learned how to be nicely profitable in the morning and I could hold my own or make a little during deadzone. This summer, I found that I could be barely profitable in the morning and a loser in the deadzone. It took me a bit to wise up to the fact that with volume lower I simply wasn't experienced enough to profitably handle anything but the open. Now I rack up a few hundred bucks in the mornings and spend the rest of my day enjoying myself. Overall for the last 6 weeks or so I am only slightly profitable (I was down a couple grand before I realized my problem), but if I hadn't adapted my style I could have really been hurt. Don't push it Hitman. Wait for some more players to join the game. JB
last year when naz ~~ 4k, daily range is ~~200 pts. this year naz ~~2k, daily range is ~~50 pts. You do the math. Hate to rain on other people's parade, but the dumb easy money is cleanly washed out. I don't understand why sweat the tight stuff. Only the brokers are making money. period.