I have noticed now, that without bullets, I have been doing the same. I tried to short a stock yesterday and the specialist wanted nothing to do with me. He kept putting a 100 shares in front of my offer until finally he would drop the stock down and dare me to short 20 - 30 cents lower. Now i understand that 30 cents isn't a lot but from a pyschological point I wanted the short 30 cents ago. I (we) have to get used to not being able to short when we want to . With that being said, I found myself yesterday tyring to buy when the stock dropped 30 cents, instead of selling into the 10 cent short covering. Happened to me in 4 different stocks. I lost 2000 yesterday because i fought the tape!! Never again. I'd rather lose on a natural short when it looks like the right thing to do, then to try and call a bottom.
Probably because on more days than not it does turn out profitable to bet on a change in trend on an intraday basis. Once in a while the market will continually trend from low to high and vice versa, so picking tops and bottoms would be futile, but you can only know in hindsight that you were "fighting" the tape. Other traders just look for that trend day to pyramid into, yesterday they made money but on most other days they give it all back by the close. Either way works as long as you apply solid money management and don't let the "worst-case scenario" injure you too badly.
Also that he likely has no criteria for trading a reversal. If one knows exactly what he's looking for, he is far less likely to keep hammering away at a trend that won't weaken, much less reverse. Know what you're looking for. Then, when you find it, act on it.
THANK YOU ILLIQUID- Thats about the only decent reply i got. The others like to point out the obvious. Its funny that people's insecurities lead them to point fingers, blame others, and act like their perfect. But we, the non insecure, can ask others regarding our problems. This thread was created to see what most tape fighters are thinking. I'm finding out other's weaknesses in the process too (Thanks Mecro).
Thanks for the grammer help iceman, go hump maverik would ya?. Please quit wasting space, there is a shortage due to wantabe movie stars like yourself.
Ok.. Now how can I anticipate if the market is gonna be choppy or trendy Now we are one step ahead (but I don't know the answer yet)
and yes, I know too well what Illiquid is talking about. If I trade against the trend I do well in a choppy market. But then it feels bad when the market runs away and I am not participating. That brings us back to the origin of this thread. Profound trust in your method will help. You can always master the second aspect later.