If you looked through the posts, only one person in ET replied with good info and a solid opinion. The rest of you like traderzones slammed me without saying anything remotely intelligent.
If you didn't catch my point, you shouldn't be trading if you need to come on a public forum for advice on an already opened position. If you are that confused about it, just get out and then start from scratch.
I'm a day trader who is new in this business and I regard overnight position as risk. But I kind of understanding your feeling. It's not about requiring advice but some information with some potential value . Maybe there is really bad/good news that you are not aware of and be crucial to your final decision. I think you can just ignore those people who are joining words together against you. Good trading Ethan
It seems that you are a day trader and probably a successful one. I want to ask you for some material related to detailed day trading techniques such as tape reading, as I am hungered for this kind of knowledge.
Ethan, yes we can all relate to his uncertainity about a position but that's what trading is all about. Looking for advice from others will only make it worse. He started his thread by boasting about his paper profits while asking for an advice on whether to continue holding his position: this is a clear sign of a total amateur. And only an amateur sees the posts that advice him not to continue trading this way as offensive. If he wanted an opinion about the short-term prospects for his etf he could have asked in a more intelligent and humble manner. B
B D, sorry, this name reminds me gossip girl ) Hum, I didn't realize he is probably boasting. So I think we can simply ask him to upload an image file. ------------------------ Ho To end this disagreement, simply upload some picture.
I wasn't trying to boast, simply trying to see if anyone else out there could help with some insight because I was holding a winner on a stock that could have hit multi-month highs and if anyone saw resistance. Listen, I don't have the luxury of trading with 100 people. I trade from my house in my office, nobody watches me, nobody to look at my trades but me. If once and a while I want to ask if anyone else on ET is looking at the same thing I'm looking at one morning, just to have a second opinion besides my own; who are you all to tell me that asking random people on ET for their opinion makes me an amatuer trader and that I should exit my position because I don't know how to trade. lol Lol i guess "in your face shorts" in the title of the thread was "boasting" but I was joking around, seeing if people would check it out. Didn't mean anything by it. Thanks for the compliment navigateqd, yea I would be glad to help you out with any trading techniques. No charge lol. Nah I like helping up-and-coming traders because it helps me formulate my trading strategies and helps me understand what my ideal trading strategy is.
From navigateqd: "...It seems that you are a day trader and probably a successful one. I want to ask you for some material related to detailed day trading techniques such as tape reading, as I am hungered for this kind of knowledge." _________________________________ Yes I daytrade on a very small scale, and thank goodness, profitable. As for daytrading techniques, you will find many on ET forums, i will give my two cents. From the creator of %R (Williams) I remember one of his maxims, paraphrasing him "...you create your own set of rules and wait, and wait and wait until the stock (or future) comes to you and meets these rules... and then you act. You are going to have a winning or losing trade, but more often than not is going to be a wining one, and if it is a losing one, chances are that is going to be a small loss..... a) On daytrading you have many opportunities using 1, 5, 10 minutes charts on dozens of very active symbols. b) As for the set of rules, you may use for example,a classic indicator that passed the test of time, ie. CCI, MACD, %R, Stocastichs, etc. Many people hate those indicators, for a reason: they are lagging. They are still looking for a "predictor" indicator. Nobody found it yet, nor ever find it. c) You select the indicator, you create the set of rules. I call it THE THERMOSTAT. (Like in the house you set the dial on the thermostat, any numbers that make you comfortable, ie: 68 to activate the heather (temp going down and makes you unconformable), 75 to trigger the AC, and so for. And wait, and wait, actually we are talking minutes. d) As an example you decide to use the CCI. 26 years ago the creator gave you the rules or you set them. You may say for example: on a 10 minutes charts i will follow the symbol. When CCI goes below zero and continues below -100 and -400 or whatever, I'm preparing for a BUY... not yet, when CCI reverses and moves above -100 or above zero (you set your trigger) then you BUY. Easy to say and difficult to get the courage to click the HotKey. To EXIT, you set the rule, whatever makes you comfortable: CLOSE the Long if CCI reverses below -100 again or - zero line or if it continues upwards, when reverses from over 100 to minus 100, or set a target...and so on. The the opposite for SHORTS. You got the idea. Case in point if you go back to page 4 on this thread you will see a link on my answer to Uncle Ho. I made few cents on XRX today. You will see the CCI. I made another 2 trades today on another symbol: INTC, one LONG and one SHORT, both profitable. Open a 10 minutes chart on your platform, put a CCI(14) and observe. Of course, for you now will be history, and hindsight...I could have bought here and sell here, etc.... but this symbol and 9000 will open Monday and every trading day. You create the set of rules, and like Mr Williams said, you...wait and wait and wait. Why did I trade this symbol INTC today? For not a particular reason other than I read 3 days ago a posting on P/L 2009 a trader that got .21 cents on INTC on 20,000 shares, 20K! I think if I'm not mistaken, yesterday took few more cents on another 20K shares. There are some amazing traders here at ET. A lot of them are probably paper traders, but nevertheless we learn form them and get ideas. Navigateqd, your question was short, my answer... well I mumbled too long. Best! From The Safe
From The Safe No, never be too long to me, you have just made your point very clear. I know you understand a newbie in day trading like me, so you typed 'wait' and 'rule' - discipline. Thank you so much!! I trade according to volume and MACD on a 5min chart. I set stop loss and I try to take reasonable profit. And it's hard as you know. I will try really hard to be much more patient and try to listen to the sound of market. And I will stick to my setup to eliminate greed and fear as much as possible.