trade-ya1 Senior Member Registered: Oct 2003 Posts: 157 02-06-04 10:00 AM I'll have to watch the day develop. I was already short going into today. At this point, I expect a 20 point down move in the S&P today. Obviously, my numbers get revised as time moves on. I'll be out of a portion of it before days end. Weather I make 20+ points or 1 point, market price action will dictate. I still believe that the market is being held up artificially by smart money looking to distribute.
adding to a loser... ??!! something I rarely do.. ...can't understand the reason to do it! More money has been lost that way than in any other. Sure, there are the times you can average in as your positions go your way... and yes, there are times adding to a loser works out. But why fight it. Why add when you shoud be focused on cutting the initial loss short at a favorable price, i.e. trading out of it to your best advantage (depending upon your time frame). But certainly not adding more pressure via angry emotions of needing to be right... and right THAT moment or day! There is always another entry time and place... IMHO. The market usually gives you several chances to be "right"! And I might add, at better entires/exits. So I can't figure it out (adding to losses), but glad there are guys who do that! Keep the markets moving well for us other more patient traders! Regards, ICe
Watch the noon time consolidation between 1135 - 1140 (ES price, not time). If it doesn't break down over the lunch hour the next push could test 1150 this PM IMO.
if it's a GIFT??! with an attitude like that... I give you another 9 months or so before you bust. There are a few "gifts" in the market so to speak... but they are few and far between. And why call them gifts. So that leaves the idiot part. No one is an idiot for entering any position they have analyzed and thereafter decided to participate in for some articulable reason... provided they have some strategy and plan for entry/exit and trust themselves to execute it most of the time flawlesly! The problems I have reading public posts on message boards, going back into the early 90s with yhoo.com and S.I., is how some guys can be so sure and seemingly haughty about a position they are taking, much less post it on a board. It's like, if they are right.. they'll get some public kudos from others. But making the dough should be enough plus your own internal sense of satisfaction for execution of a good plan/decision. ICe