Instead of always jumping the gun, why don't you let the market tip it's hand first? Close, but no cigar...yet.
Because when the market tips its hand i am already starting to cover my profits. Biggest mistake a lot of rookie trader makes is buy the high and sell the low.
The other biggest mistake a lot of rookie traders make is picking tops and bottoms and announcing them on ET.
I am not picking a top and I not a rookie trader. The dumb money waits for a drop then they try to short the rally... when the pro is covering into the drop. When we get the rally the big $ has already been made. I do not trade based on simple patterns or cute little charts. My trading is soley based on figuring out the tape and forming the right short term bias on the market for the next few days and weeks.. --MIKE
Quote from Index-Trader: "The other biggest mistake a lot of rookie traders make is picking tops and bottoms and announcing them on ET. " TRUE!
Care to describe your trading methodology with us that is telling you to get 100% short the IWM here? Since you admit that you do not execute trades based on patterns or "cute little charts" . . . what DO you base your decisions on? What divergences do you see here in the Russell-2000 that would allow you to go 100% short the IWM? Where have you placed your stop-loss? Please "share" with us your trading methodology, otherwise ET becomes a complete waste of time, with rookies making predictions based on nothing but EGO. http://www.russell.com/US/Indexes/US/2000.asp Best of Luck!
Does this mean you'll keep the position overnight? And you still did not answer where your stop would have been which practically invalidates your (method?) not to mention the entire thread!