Haven't been here a while and I am glad that the community is flourshing. See a lot of new faces in the crowd and that is really good, just hope they are not like Protrader, lol.
Dearest brother Candletrader: I'm not bashing Hitman. I actually respect him. I'm just having fun after all it's the weekend. Funny thing though it seems that when I have a good trading week like this week it brings out the in my opinion the best or like others such as (anal retentive Treykool and papertrading Mark) think the worse in me. Why is that brother Candle? Brother Shortee
Dearest Brother Shorteee, To be a real brother to all fellow traders, you must wholeheartedly and with genuine feeling attempt to love them. When you love them, then your comments will come across as constructive criticism and not as friction. In the Brotherhood of Trading, there are many levels; to move from the recently initiated newbie brother trader to the Master Level of Brother Traders (and there are indeed some highly secret and exclusive Levels of Brother Traders above the Master Level), you must delve deep into yourself to discover what it truly means to love other brother traders. Such introspection takes time and effort, but once you have found yourself, then you will love yourself and your fellow brother traders in equal measure. With loving feelings of fraternal brotherly trading instincts, Candle
Amen Candle. The intent of criticism is not always clear at first but the spirit in which it is given makes itself known in time (to those who will discern).
You know nobody knows what's going to happen on Monday. Go play with your friends, or have dinner with your love - take your mind of it. I know what you are talking about here, but try to find the good in this situation. Praying and hoping won't help you form the correct psycological pathways in your brain for future tough spots. This is all crap. _NO_ONE_KNOWS_WHAT_IS_GOING_TO_HAPPEN_MONDAY_ IMHO, this is a bad way to go about this. Come Monday morning, do your standard routine, e.g., stock news, sector news, oversea news, etc, etc. You know the drill. Assuming nothing out of the ordinary, do the Opening Fair Value calculations. If the stock(s) open so that there is no Fair Value advantage to owning it, _TRADE_ your way out of it. If it opens "way" below fair value, hold on to it [even if you have a profit on the open!] and see if it comes back. If it opens "well" above Fair Value, sell it. You can even have some of these orders in before the market opens. In summary, I would not "just get out." Just like any other trade, I would have a plan. You have stayed cool through worse... nitro
Dearest Brother Nitro, Your comments are sound. A cold, calculated and unemotional game plan is precisely what is needed to tackle the dreaded unwanted overnighters. With my warmest feelings of fraternal love, Candle
nitro, the hitman is intelligent, he has a very good understanding of his position and of what to do with it come monday morn. a beginner needs to hear what you've said, and hitman is no beginner. he knows what you say...and then some. brother candle, i sincerely hope your postscript is said with tongue in cheek. otherwise, you are quite the oddball. geeto69 "beecum the market, and let the market beecum u. feeel its energy, its power, its rhythms. let it touch u, beecum u. u & the market must beecum as 1, only in this way can u compreehend its true nature. only in this way can u full grasp its true meaning. go forth, but reemember always, u & the market r as 1."
Hitman, This quote if from "Market Wizards". Its from the interview with Marty Schwartz. "...If you're ever very nervous about a position overnight, and especially over a weekend, and you're able to get out at a much better price than you thought possible when the market trades, you're usually better off staying with the position. For example, the other day I was short the S&P and got nervous because the bond market was very strong on the night session. The next morning, the stock market was virtually unchanged. I was so relieved that I could get out without a loss, I covered my position. That was a big mistake. A little later that day, the S&P collapsed. When your worst fears aren't realized, you probably should increase your position."
Dear Protrader1, I mean GeeTo69, I agree that Hitman is not a "beginner," but why does that affect what is being said ? Mikhail Tal, a beloved World Chess champion, was interviewed and asked what he did when his game was "off." He said that in Russia (then the Soviet Union) there was a kids television show that instructed youngsters on the Fundamentals of the game. He said that he would watch the show until he could get his a "feel" for his game again (Tal would make a great trader, he was fearless and had fantastic intuition.) If Tal can (re)consider the fundamentals as World Champion, then trust me, so can Hitman or anyone that trades for that matter. nitro