Thanks capt, We've lost a few members becuase they do not want to hear the truth. They want to turn $5,000 in to $50,000 in one month like a lot of these books promote. What type of trading do you do? Cajun
You want the honest answer? Lately I'd call it Schizophrenic trading. Just can't make up my mind what direction I want to go, so I've gone in all directions, which, as we all know, leads to nowhere. I've taken a couple of stabs at day trading the e-minis with modest gains followed by monster drawdowns that just leave me scratching my head. I currently swing trade equities with some success but my account is too small to be considered anything but a hobbyist trader(little over 10K). Been at it since 98 and after a ass kicking 6 figure blow up during the later part of 2000 and 2001, it's just never been the same. You'd think after all these years I could shake that, but I haven't. But, all that said I enjoy the challenge and continuos learning. What the hell, it's better than a sharp stick in the eye. Good luck with your room and your trading. Maybe I'll be a customer one day, but that day ain't today.
I appreciate your honesty as well. When I started out I wanted to do everything on my own. having a mentor (alex) has definitely helped me. If you still find yourself erratically trading try concentrating on just one particular stock or market (AAPL, YM, ES, AUD/USD) Once you sit with the same market long enough you start to notice defacto support/resistance and get used to its wiggle. Yes its boring! I'd rather be bored and well off then living in a smelly alley. When I first started trading I had someone try to tell me this but I did not want to listen. I was forced to listen when my account dropped below $25,000 and I could only day trade the E-Minis.
I cant figure out why people would get confused. This reminds me of my High School algebra class. I was trying to solve for "X", but got confused
It was very clear to me but I was always great in math until I got to geometry. How's your trading going today. The YM is down over 400 pts. We caught some of the move in the room. Just took a trigger short for 100 points. CajunSniper / Puretick.com Administrator-Trader
Huge money day... haven't had this much fun since July 2002! ES down -50pts intraday with a +20pt squeeze in the final hour makes it pretty easy. May not see this again for years, might see ten more sessions just like this in 2007
We had a guy go long in our room today and blow out his account. I could do nothing to talk him out of it. Strange. The rest of the room members were short and making money. I don't understand this attitude to go against everyone else. Caj
people see the low of the daily range, weeks range and think to themselves, wow, the whole week I couldnt buy it at this level, it must be a bargain, then committ financial suicide. Most likely averaging down till funds and equity cant handle the volatility. its a common mistake. and this mistake will be committed by many more people to follow and many more whoarent even born yet.