good luck dude- you'll need it. i'll miss all you guys who try to crack wise w/the market- the greater fool theory had its day in the sun, but that day is gone. What happens when the last greater fool gets his clock cleaned and goes home? enjoy.
I agree, enough already darkhorse, you've made 3 derisive, negative posts in 2 pages. Give the guy a break, maybe this particular trade will work, maybe not. But at least he was courageous enough to put the particulars of his trade out in plain view.
'day'Trader Dave may be right... because gaps usually close. It's a gutsy and contrarian moves, but it's a calculated risk he is taking, nothing wrong with that, as long as he respects his stop loss, otherwise a calculate risk becomes a prayer. Cheers!
:eek: Ok....if you see smugly averaging down into a broken stock that has been smashed to bits on huge volume as a viable strategy in a market that is open season for anything tech and ready for the bottom to fall out, and furthermore if you feel that the poster needs defending and can't do it himself, who am i to say otherwise? i guess in my own twisted way i saw myself as doing a service for others by being outspokenly vigilant against what i deemed to be bad trading/bad advice, and smugly offered bad trading/bad advice at that (Maybe it was the "Enjoy" tacked on there, as if it were a T-bone steak to be savored instead of a lousy trade, that set me off. Who knows.) Daytraderdave, I apologize and take back my sarcasm. Moderators, feel free to delete any post of mine that you see as mean or insensitive.
I don't apologize. He is stock hyping, imo. And what is this, "I only risk .25 on my overnight position?" That's ridiculous. No one knows where WCOM wil open tomorrow. It's poor strategy(imo) justified by a stop loss that doesn't exist.
To each is own. I would not take this trade because I think is probabaly going lower befor it goes higher. But if you are going to trade the short term moves you almost have to be going against the crowd. I had my eye on LU today because it was up on a clearly negative day for the group. Also, check out Seanote's thread, "Intraday/Swintrading". Looks like he was also playing WCOM.
. Any stock that has its volatility stretched to the degree that WCOM did by pre-market almost always faces a counter-reaction, and Seanote's trade exploited this, he was not bottom fishing or projecting a gap fill. By the end of the morning, this counter reaction had exhausted itself, long before "Daytraderdave", renouncing the spirit of his own moniker, staked out his overnight (and perhaps last) stand on WCOM. He is now swimming against the current. By announcing his dubious trade here on ET, "Daytraderdave" gets valuable feedback, even if it is harsh (and justified imo).