Because most people here (myself included) cannot trade anything larger than 10 cars... with intraday margin Edit: I believe him, though
He certainly doesn't need to be a prop-trader to carry 67 short. He asked how to provide proof. I personally don't believe it, but only because he trades the position like a complete degen and therefore unlikely to be sitting on $400k +.
We've all been in the kind of pain you're experiencing, and reacted at some point by averaging down. I cannot think of a single instance in which that trade turned out profitably for me. Never happened. Some of the most profitable moves come being on the other side of people in your situation closing their positions.
I wish you the best, I really hope you get out alive. You are close to with your feeling of a market high, I made all my money today shorting the silver stocks, lots of stuff extended here including nq,es,etc. Unfortunately imho shorting the market for multiple days on an up year in December is dangerous. Many forces are at work to get this market higher into year end.
Someone once told me that a successful trader can sense another successful trader very quickly and discard the frauds even faster. Do you think that this is true
Saxon, I"m just curious (no sarcasm intended) ... what was your strategy like on the May 6th flash crash? How did that day turn out for you? Best of luck on this trade, and if it were me I'd definitely be lightening up on any 10-handle p/b.
Totally depends on what type of trading you are conducting. If you are hyper-scalping ES then looking at buying/selling patterns from only 500 companies (S&P500) in the NYSE may be what you feel works best. I don't hyper-scalp ES, I do intraday position trades or longer term trades so I like to see the context of the entire BUY/SELL program activity in the NYSE (you never know what sectors may be real active from one day to the next). Also, there are BUY/SELL program patterns I have found from watching the NYSE TICK that help me to time entries better for intraday position trades. I was not able to see these patterns as well with only the 500 companies with a custom TICK.
I watch the NYSE TICK (only with DTN.IQ feed) on 1 minute charts and I have found patterns within the BUY / SELL program activity to help me if I am working a trend following or counter-trend position trade in the ES.
Saxon, did you btc? Jesse Livermore was approached by a guy in the early 1900's who said, "I have such a large position on the line that I can't sleep." Livermore told him, "sell enough shares so you CAN sleep." Hang in there! LEAPup