They say it was the biggest down day of the year. Don't mean to always be complaining how bad stock trading is. But jeez, there was barely a trade to be had after 10:30. Stocks seem to have lost all their personality in this environment. Its either mark them up 2-3% or mark them down 2-3%. The only trade today was to Arb the open and sell stocks that didn't open low enough. There were a few other traders here and there (a fizzle in the oils, a quick pop in defense then a fizzle, a slow bleed in many stocks ect). P.S. I love to complain.
silk, it's not complaining. It's stating the facts. I'm with you. What's up with this market? It's going to grind people into utter frustration until the game has fewer and fewer participants. Sure, there will be a few good days here and there, but those will be far and few enough that it will probably bring a lot of players in the trading/investment industry to their knees soon... good luck to all!
It's reassuring to me, as a relative beginner, to know that more experienced and (at least previously) successful traders are having trouble with days like today. Unless you were lucky enough to be short at the close Friday evening, and holding over the weekend, it was pretty hard to make hay today. And yet, taking a short position at Friday's close would have seemed crazy at the time, given Friday's relentless march upward, not to mention the previous 8 days.
I went two steps forward and one step backwards today. Ended up enough to have sushi though. Worst day for me in weeks. nitro
I think I am getting the hang of this market. It is so easy to overtrade and when you look at it through a microscope. Had to deep six the one minute chart. Basically you need to step back and let it come to you. Have no expectations. I have done more with pullback retracements into large trends than anything lately on ES.
today was a day to scalp with a short bias. i took a lot of small gains, but many just gapped and crapped off the open. i was able to sell CLX at fridays close and only took 23 cents- damn!! the rest of the day it was tough. i even tried to get long at the lows but couldnt hold it because i wasnt confident and there was no follow through, and sold too soon before that small rally we had off the lows. made some $$ but left more on the table, arrgh. but most of my money i made off the open. retailers got hit hard, oils were up then got hit too.....hell, everything got hit. maybe we get a bounce tommorrow, we'll see. (not saying we will though)
This is exactly the conclusion I've come to. I think I've been hurting myself by looking at short-timeframe charts, getting juked out of moves when a brief countertrend shows itself. I asked myself, why was I more successful when I first started out, using just Yahoo Finance charts and Ameritrade, than I am lately using eSignal and IB, and I think the reason is that my analysis is just as sound now, but the crummy Yahoo charts forced me to think longer-term (relatively, at least) and ignore tiny little mini-reversals that show up all too clearly on some of my eSginal charts. When I have a 1 minute chart open, it becomes too tempting to turn EVERY trade into a scalp, even if that's not what I intended when I entered it.
agreed, after the first hour, it was toast and I kept looking for the volatility which never came..... just seems like a crappy monday to me
It was a prety crappy day with no range.....but iknow guys that made over 10k in open orders today.....great day for them....and if anyone had shorts over the weekend they scored big.....just gotta know how to play the game....