I am always amazed at how these comments are almost always exactly wrong. Not a little wrong, alot wrong. Thank god for these guys though....
I bought some dxd's yesterday during the early afternoon DJIA spike in accordance with the aformentioned strategy of fading. I decided to hold it overnight (stupid) because I was feeling confident that we were going to see an early downturn in light of the last 25 minutes of trading yesterday. So now i'm basically sitting around with my thumb up my ass watching the market spike again. And i'm sitting here debating with myself If I really expect this fade to occur again this afternoon. The truth remains that even if it does fade, it wont fade enough to cover the day's losses. So should I keep holding it? The position isn't large enough to be overly concerned about a loss, but the same goes for the gain. And honestly, either way is a poor way to consider a trade. What I'm thinking is that I should double up on the trade and sell it all off at about 56.25 - 56.5. Thoughts?
It doesnt work that way, you cant be a defintive LONG TERM guy chastizing daytraders and scalpers and then a few days later say that scalping is the only way to trade the mkts. You've revealed yourself there Day, next thing we'll hear from you is PAPER TRADING IS THE ONLY WAY TO GO LOL