Discussion in 'Trading' started by The Kin2, Aug 13, 2007.
Break even on DXD yet?
No, not yet.
I did buy some DDM at the close in case of a bounce in the morning. If we do open higher in the morning and start to run, I will dump it and buy more DXD or SDS since I think there is more pain to come.
I'll take advantage of the dips when they present themselves and scalp both ways.
you have 4k post in a year. you expect anyone to take you seriously? give me break.
A surefire recipe for permanent piker status if I ever saw one.
For some reason I'm in the mood to do you a favor and take the time to explain what you're doing here:
My job is to collect strands of beads off the streets of New Orleans. I need to collect 500 strands every year to make a living, so I figure I just need to collect 10 strands every week.
The past few months have been tough- I've had to work pretty hard to collect my 10 strands/week. However, this week is Mardi Gras, so there are currently beads all over the place for the taking. The streets are flowing with a massive bounty- beads are literally everywhere! I've already managed to collect my 10 strands within the first five minutes of Mardi Gras week. This is great! I've already made my weekly quota, so naturally I'll now be taking off the rest of the week. Beads crunch under my shoes during my walk home, but I don't bother to pick them up. Why should I bother? After all, I already have my weekly quota in hand, so the pressure is off. Time to hit the bar!
For some reason I'm in the mood to do you a favor and take the time to explain what's wrong with your analogy.
It's mardi gras and beads are everywhere. I decide to try and pick up all 500 in one day. After picking 427 of them up, I am so tired and delirious and weighted down from holding all of these beads that I fail to see the drunk driver heading towards me and am killed instantly due to my own greed. Was the risk worth the reward ?
This may be one of the best quotes i have ever heard here. Everyone i ever traded around wanted me to cashout early, and it never made any fucking sense to me, with that mentality i would have never had a 20k day, it seems to me that people try to preach this because they assume traders who can hold on to every dime they make in profits are just real good at "cashing out"
It is a total fallacy, thx for the comment RM, it is nice to see someone who kicked the wins losses to a 6 figure mark per day, that works for them, because everyone in prop seems to think that the way to make more money is by cashing out early.
For me it was always push it to a new level, and i will not lie here i have taken some monster hits, but they are totally random and if i never pushed for that extra (K) trying to kick it to a nw level of profitability i probably never would have been profitable.
Bottom line is when the market is feeding you cash why cash out early?
It is impossible to teach "greed" to traders and from what i have seen 90% of traders find a comfort zone and stick to it.
Why people woud cash out early makes no sense to me, when the market is giving it out keep going, the same guys who cash out early may mak more conistent cheques but by no means do they make bigger cheques.
There are times to go to the bar, but THIS IS NOT THE TIME. This is the greatest opportunity you may have for years. When opportunity knocks you don't go sneak out the back door because you are afraid to lose.
The volume is tapering off so much on each selloff/test, though. It's looking less and less convincing, even if it does drop a little lower.
Volatility is tapering off. In the past few weeks, you've had days where the VIX was up 25% and when 3:30 hit, the stocks went f*cking nuts. Now you are seeing this less and less and starting to see more of a trend develop.
But then again I could be completely wrong...
Rearden Metal: I always enjoy your posts. What's your view of the markets right now?
Separate names with a comma.