"Start using your own judgement." Thats what i've been told to do. I keep to myself intraday..hell, i wear headphones/and or earplugs. But overnights, i've asked a few times "good idea, bad idea?". I decided to keep a winner overnight in slb at 54.61. Anybody else long any oils overnight? (from what i've been told, the only people who ask questions like this are the ones who don't know what they are doing. That would be me). I don't use hard stops, trailing stops or average down. This leaves me with 1 shot, with 100 shares. I just scalp and sometimes the winners get bigger. I normally can't play a position overnight because my account can't handle a 20 pt drop. I can get away with fading a move intraday with only 1 shot, but with overnights, i can't manage my risk/or be that precise. But I figure in this one case I have a relatively tight stop. (something in between the 52-54 area depending on if oih gets crushed) Lets see if I get my ass-handed to me.
all of my biggest days have been after holding overnight. I am a firm believer in 3-5 day positions or longer. good luck.
am long glg [glamis gold] from 53.98, hopin' will gap again 2morrow mornin' after today report that silver reserves up 86% and projects gold reserves will more than double. keepin' finger crossed, usually gappers on reports or on news keep runnin' for a couple of days. am already up 2% so not riskin' much.
SLB: 1st 100 is at 54.61 2nd 100 is at 57.10 ave price is @ todays low. Its odd, because seems to me that when you ave down past your stop instead of ave in, 9/10 days you are green. Then 1 day from hell comes. I haven't experienced it, but in my short time here I've seen it. Then theres just having one shot at it..and I'll ride it out forever. I seem to do that better. I'm trying to be better at adding to a winner. But I swear its like the exact opposite of adding to a loser. 9/10 times, it hits your ave price. But then 1/10 times, you nail the shit out of it. I have yet to nail anything. My gut instinct is to just let the 1st position ride, without adding; this is what works for me intraday. Its just a bounce, not like a pullback into an obvious trend that you could theoretically ave into without sweating balls. But according to popular belief, adding into a winner is something I should try and figure out. Well, lets see if I get my ass handed to me tomorrow.
As soon as you start counting your number of positive days, IMHO you are doomed! I am very supertitious and do not even wear certain colors while in a position. Good luck with your position! PS: Get a new handle, you are no longer "New" .
gap up, great. Will this be the one time adding has worked out without stopping me out? I swear, I add being up intraday 2 points, finds a way to come to the stop 9/10 times. Fightin the feeling to get out 1 now; hopefully this is the 1/10 days this works and i nail it.
Overnighting oils was great today. I had 25k overnight and made so much money. Too bad I only have 1k each for KMG and WGR. Normally, I have more than 1k each on KMG and WGR, but the way oils was trading yesterday, it was hard to be aggressive on the overnights. It made my day though.
ah, for once. So all those times I added to a big winner and it didn't work out, I'm thinking, "yep...just handed it over, maybe, to someone who ave down, because if i'd been in the red the whole time instead of green, then added, i'd of been green that trade instead of stopping out flat" Managers and I left to go drink in the middle of the day and watch the game (not very responsible, especially for a little piker with a small account), but I just put in a stop and left. still in it with 200. got out on 1, bought it back cheaper when slb pulled back around 59.15 turns out slb got upgraded. I pretty much lucked out, because lets face it i have no idea what I'm doing (I was a profitable rebate trader at HLV for a few months, but none of those skills relate to quote un-quote "actual trading") As long as it stays above 57.10, i'll be in the money on 100 shares at 54.62 and breakeven on shares i added at 57.10. I played it just as a bounce, risking up to 60-80 cents. If I followed strict mm rules, i'd probably be out right now given rr relative to my account size. Intraday i just feel everything out. These overnights, trying to feel it out has put me in the money...but i'm just worried about the one day from hell. Intraday its easier for me to tell, "hey, this bounce is over, get out. but overnight, i have no clue. because if this is just a bounce, its getting setup to have a horrible short day that drops like a rock. Now thats a day I'd be happy to have concrete rules. Hopefully on that day, i'll be able to tell the difference between normal selling and "we're going to gap up 2 pts pre-market then drop 8 pts off the open". Well...lets see what happens monday. (watch, headlines read: "SEC Investigates Nuclear Bombing of SLB Facilities"