Stock boy and his twin brother... If you are looking for someone to actually teach you how to trade, drop me a line. I see this as a desperate cry for help, so I will help. Time give back as I had a mentor at one point in my life.
It is so rare here on ET to find a golden nugget of wisdom. Every trader out there should make a poster with your words on it and read it every day. I might just do that for our traders here!
One thing at a time their super bull. Letâs clear some resistance first. Your double bottom theory is still unproven. Not saying it wonât happen, it just hasnât happened yet.
Thanks! Between my days with Victor Sperandeo and PTJ, I learned that "motto" and one more . . . "What is obvious, is obviously WRONG!" Best of Luck!
Don't fight the Fed is much more meaningful in the hiking cycle at the end of a bull market when raising interest rates cuts of the low incremental spread over WACC projects than the easing cycle where lower rates alone won't stimulate banks to lend and where clearing has yet to take lace - low rates can be prsent for a long time before recovery takes place whereas hiking was able to chocke off even the internet boom where 'new economy' stocks were said to be "immune" to higher interest rates beacause [insert BS]. I would argue that what is to be observed is the downward momentum and it is this that is likely to continue - or maybe I am loking at the wrong guru quote or it is just going comletely over my head.
Sounds like you believe in trends, MAESTRO. That's a bit of a departure from some of your posts in the recent trend thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=118599&perpage=6&pagenumber=1 Welcome to the dark side. I'll show you the latest dance moves and teach you the chants we engage in after we start the trend worshipping camp fire. I assume you are already in possession of the requisite eye of newt?
To me ( as a Trader ) it means that the market is a "buy" whenever it looks like it is about to go to ZERO because the sentiment gets so "thick" that you can cut it with a knife. In fact, you can literally fade the "World is Coming to An End" crowd here on ET and have your TV tuned into CNBC and gauge when the perma-bull announcers start to choke on their words and are unable to speak. You OBSERVE the sentiment and can "position" yourself accordingly buying selected stocks that you have a good "feel" for and sell them back up on the RIPS. Every push down to new lows snaps right back up. It's like someone in a swimming pool trying to push a soccer ball down underwater. It can only go "down" so far, before coming back up. People here like "S2007S" keep complaining about how "the market didn't go LOW enough" yesterday, but to me those are words that reflect an attitude that is most unsuccessful for someone that is a TRADER because it shows a built-in BIAS. If you are CLEAR in your ability to OBSERVE, you will be successful as a Trader. If you trade day-in and day-out for a living, I think that such a "motto" ( Observe what is happening and assume it will continue ) can really ring true for you because it allows you to TRADE moves ( such as LEH and GS today ) without "rationalizing" your way out of trading. So many people here are so "biased" from the get-go that it literally "paralyzes" them from pulling the trigger when something moves contrary to their belief system. That, to me is a most unsuccessful approach.