I am 50% short right now. Scaled a good chunk of my position into the selling. Any strength tomorrow will be shorted. The difference between a pro and piker is knowing when to fade them and knowing when to ride them. Being a one trick pony would of made you $ in 2003.. but not necessarily in 2004. --MIKE
I'm glad to see that you are finally making money on that 250 share short in the IWM . . . Even a broken clock can be right every now and then. Congratulations!!!
Today the market tipped its hand for everyone to see. The range was huge and the profit potential was awesome assuming u played the right side. When u trade for a living u realize that when u ask for too much confirmation u end screwing up your risk to reward and occassioanly missing out on the big moves. --MIKE
"I am 50% short right now. Scaled a good chunk of my position into the selling. Any strength tomorrow will be shorted." You really should try and learn the language of trading my friend. Don't you mean to say that you scaled out of a good chunk of your position? Please excuse me. I am really pretty "new" to this, but I don't see how you can "scale" into the selling. Care to explain this for us newbies and pikers here on ET?
Waggie... i just want to note one thing... like i've said to you before... im not on either one of your sides... but bro... You need to get a life!
Dude . . . I am well aware that it is pretty cold back there in Iowa and you don't get out much, but you really need to try joining a GYM so that you can get all of that "anger" and "hostility" out of your system in a much more constructive and healthy manner! This thread wasn't even about YOU, and you basically BLEW A GASKET!!!
Actually i just like to swear on message boards and i was trying out the large font... its kinda a fetish of mine :eek:
What other weird "fetishes" do they have back in Iowa? That's where Tom Arnold is from right? Got any Farm Animals?
Quote from DHOHHI: 12-11-03 "I suggest you don't waste your time asking for proof. If someone boasts about something and then refuses to back it up with evidence it's likely wishful thinking, paper trading or the like. I've read his posts long enough to know that it's best to quickly gloss over them due to lack of content." True.
To Trend Fader: I must say you strongly remind me of Romeo/James Stock. Look I do not give a fuck what position you take and whether you are right or wrong. The best traders that I know would never even come and post anything of the sort, let alone state a serious position like that to anyone besides their close co-workers. You have a ridiculously cocky attitude without any good methodology to back it up. Some of your statements are just simply stupid. To be honest, I doubt you are even for real, but who cares. You are asking to be flamed. After all the posts about top calling, you should know better than that to come and state the BS that you did. If you had come and posted smth along the lines of "I feel this is that, this is my thinking, this is my position, criticisms accepted", you would have gotten respectful responses. You come here and manage to bash some methods, give tons of attitude, put others down and make some truly outrageous statements. Besides, that your whole story just does not fit AT ALL as waggie pointed out. BTW, I know this is a very hard concept to understand for many, but in all historical crashes as well as strong bear markets, the large majority (dumb money) has to be long while a small minority can be short (smart money). Only true exception is the 1929-1933 when the lack of volume and liquidity allowed bear raiders to destroy stocks, which was basically a loop hole (hence our wonderful outdated uptick rule). Now let's be honest, does it at all seem like everyone is long? No freaking way. The amount of short sales on stocks, the amount of bearishness even on CNBC and mass media, and the ridiculous amount of posts of top calling on ET should be enough of a hint that the short term interest is quite high. I do not think that it is more than the longs but there are enough shorts out there to give cushions if this market takes a downturn basically turning this into a slow downtrend or a sideways market. The other possibility (IF the smart money is actually getting long) is that the shorts get ripped and the bull rages on. Of course there is the small chance that the Fed and Bush administration will be unable to keep the lid on the true economic and financial situation of this country and the market will crash. However after weighing all these options, where does risk/reward lead you? Think about it. On other topics: I thought that 90% of traders lose money regardless whether it is trendy or not. Besides the 1999-2000 years of course. Regarding catching tops. I catch tops intra-day but I will rarely try to catch the top before it truly happens. I really hate getting short and watching a new high being made. The best positions I have ever taken were after the high, when there is some kind of confirmation and most of the top calling shorts have covered because they cannot afford to lose a measly 10 cents of profit. After that is when the move truly starts and the downtrend truly begins. From what I see intraday, if you try to catch the perfect top while the stock is technically still in the uptrend, you are just asking to get hurt or shaken out. Just the other day I saw the specialist shake everyone out and make a new high just because he wanted to rip the shorts. There were absolutely no real buyers left but enough dumbasses got short that it was just easy game for the specialist. Too bad I got short too early also at a shitty price and got shaken out as well. I reshorted it with less shares at basically the same exact price 10 seconds later and watched it collapse. There were very little shorts left at that point and sellers came in.