WEll today I finally worked up the nerve to trade the Q again. I was about to type in my password to confirm a short sell when I realized I had not confirmed a definite down momentum. I keep loosing the first 20 cents of a direction waiting for an indicator to assure me of the direction for the day. Money well spent I suppose. See I do learn from mistakes that cost me cash. The first hour of the day was frustrating as the direction kept reversing. Finally got on the right side of it and rode it from 31.12 down to 30.50. Then I got ripped out of the last 15 cents by closing at about 10 minutes to the bell and catching an uptick to 31.65. Round four goes to me! Tomorrow should bring a recovery from today's close in my opinion. My crystal balls (some things should always be in pairs)show a nice morning bounce followed by an after lunch closing of positions for the weekend! Happy Trading!
I say load up .. soup to nuts .. on the QQQ's ... as far as holding onto losses.. that is a mistake.. a true investor knows when to cut his losses..
I meant to type 30.65. God I hate when that happens, especially as I type in a trade. A golden rule of on-line trading - Always read what you entered BEFORE confirming with your password. Part B - do not disable the password confirmation process for the sake of speed. ( yes it cost me $ when I wrote this rule) OK chart people - what do they say about the Q for Friday??
i think we'll definitely break 30 at least for a moment, it didn't look pretty going into the close, just sold off again. but then again what do i know. good luck either way.
Quote: "Check out www.vtoreport.com click on strategies... Ed" --------------------- Couldn't help but notice that at the bottom of that page it shows that the strategy used has lost money for the past 3 consecutive years. If I'm down for 30 days I start working on possible reasons why.
So, looking at the attached chart for nasdaq ( above link), exactly how does a person establish the lower line showing supposed short term support? Short term resistance level is obvious, but the lower end seems rather arbitrary. theShadow has been proven to not really know what lurks within! Who posted that the next resistance level was at $27, and why? Short term,(tomorrow) I see bargain hunters picking up shares of nasdaq companies and a rising market from 10:30 am to 2 pm. Not to many people want to put their predictions in writing I guess.
My broker gave me a free ~2 hour, one on one, WebX tutorial when I signed up. I was already familiar with Esignal so I knew most of the basics or could figure them out. I was primarily interested in order entry. There is quite a bit to learn if you have never traded directly with the ECNs before. When to use which, and the different types of orders. Your broker should be willing to do the same - or RealTick if you went direct. Mike