Gasoline prices are a serious headwind for this market, thats what concerns me more than anything else.
Well, I am here now and its been an interesting trip. I have been on these type of websites for many years and despite reading over and over again how successful everyone is at this business...not once did anyone post a picture of their vacation. Now, its not my business what you do on vacation, but if you sit on here from day to day telling us how much cash you are making why wouldnt you share with us some of your life experiences. Be thankful that I took the time to post up a few pictures of this magnificent place. No one ever shows you pictures of where they live, where they go on vacation, what car they drive, etc. Thats because most of what they post is bullshit and they are unable to come up with pictures which truly demonstrate their success. Make no mistake. This vacation was not paid for with trading money, but money I made from my business which is not an easy one at that. I read this stuff that you guys post and its the exact same bullshit we hear all the time. Look back at Google in 2007 when it went to 700, you were screaming to get in just like you are screaming to get into Apple right now. In fact, look back at last year when the S&P 500 made it to a high in April. We heard all the bullshit back then about Greece being over and done with then the indexes meander for months finally punching in a nice low sometime in the fall. I saw a lot of aliases drop off the boards back then. I am sure all of you guys are swell people...the kind you can sit down and drink with, but as for myself, I am choosing to sit out the bullshit until August. Sure, you can day or swing trade and you might just make a profit, but judging by the E-mini 15 minute chart for the last several days I doubt anyone here traded that profitably and if you did then me along with several other people would like to sit down with you to have a business conversation. In any event, I have pulled all my chips from the table. I have no expectations what will happen next. However, I will be avoiding the bullshit which I know will take place over the course of the next several months. Im sorry for using the word bullshit, but I dont know of any other word in the English language to accurately describe it. I will be back in a few weeks or maybe I wont. We shall see...
Quote.......... Thats because most of what they post is bullshit and they are unable to come up with pictures which truly demonstrate their success. ...... well i dont know what to say. when i first read forums i believe everything i read. but that has change for me. now i do not know what to believe. remember anekdoten....... forum legend..... giving hope to struggling trader in forum.... i even read about him on other forum not just elitetrader forum. well he was proved to use many different alias. he use alias to defend himself and build up his reputation, singing his own praises under other alias names. this is very disturbing to me. this tells me that i cannot trust what i read in forum. i want to believe but how do i know that other trader are not playing same game? i think it is scary to learn trading in anonymous internet posting. what else to say?
Hehe...there is so much bullshit revolving around the trading world and this has been going on for quite a bit of time. Read any of Jesse Livermore's books and back then the world of trading was loaded full of scam artists and confidence men. This hasnt changed at all since then. Online scam artists are everywhere. There was one time in my life where I did see a good trader create a blog and he made great calls. He no longer posts to the internet for some reason, but when he did post he would make the call before the fact. He would also supply a brokerage ticket and a chart with a few sentences of logic. Then when he closed his position he would announce it and also accompany it with a brokerage ticket. His blog became very popular for a time and then he seemed to trail off a few years ago. Im guessing he wrote that blog to attract attention to himself and he was probably hired by someone to trade. He did make bad trades at times and would admit as much to the blog. Ive learned there is no credibility in this game. No one is credible. Every once in a while though there is someone who does post real time entries and exits accompanied by brokerage tickets but that is rare. I was laughing when I read one blog just now where the author states she exited out of Apple at 594 (the high of the day). Thats a bullshit after the fact trade which has no place on a blog or forum and just takes away from the atmosphere. So I am left to believe you made this perfect trade entering at the very low of the day and exiting at the very high? She could have at least said something like she exited out at 585 which would have been a bit more believable. That blog also is where the blog author says they have like 20-30 positions open at once. Who can handle or why would anyone want to handle that? I think it is nice to get together with a bunch of like minded people, in-person, to share strategies and observe what each other is doing. I believe many higher end prop firms do just that at the start of the day. They come together in groups and talk about the market. However, on here with strangers who rarely make before the fact calls...I dont think you will learn anything from that.
Ugh, ain't that the truth. I bought Vxx calls yesterday due to a technical setup expecting the market to sell off slightly and volatility to expand. Now I'm slightly underwater, and trying to decide what I want to do. Was really hoping for this morning to continue selling off. Who was I kidding ? There's no such thing as selling off in this market, lol. April $21 Vxx calls @$2.57 for all that want to share in my pain.......hah
I have been constantly amazed by the human condition when it comes to trading: how narcissism and ego and emotional gratification conflicts our ability to do the correct thing and achieve financial success. We will literally sell into a freaking freight train in order to say that we are smarter than the market - that the market is wrong and we are correct. Every client that I take on will tell me that they incorporate trend into their existing trading strategies, but in fact very few really know how to do it correctly and in a repeatable, systematic manner. And it is the five inches between the ears where the battleground lies.
Like I said in my last post. My trade was based upon a TECHNICAL setup. Not emotion or ego or whatnot. And I plan to stay in this trade until tomorrow or maybe over the weekend unless my stop gets hit.