This is the only trade i can be proud of today and i still screwed up on the entry, accidentally sold insted of buying right off the bat, but then flipped long based on the spread my buddy told me about, and held it all right to the very top, was happy i managed to hold this thing considering the size i had on it, ended up making 2k on this trade. This is something i never would have noticed if not for my mentor, i dont even watch the Russell, ever.
On IB i usually just eliminate all trend lines, then re-add them, but yeah they dont auto extend. Do you know on IB, is there any way to make it so that the order sender stays on the same price after you just fill an order, so that you dont have to keep re-setting the price if you want to keep scaling in too something? It is such a slow process in a fast market to keep re-entering the price over and over and over, but i dont want to default to market orders.
IB's platform TWS is not very user friendly. You can use a third-party platform (e.g. Ninjatrader) that enables you to trade directly from the chart (click on any price level on the chart to place limit or stop orders).
The minute pre-market opens... one might consider a short position in Endo Intl. (ENDP) Now this thing was up big today, over 11%. After the close the news broke that the FDA has requested them to pull their cash cow OPANA ER off the shelves. I am amazed there was not more volume after hours but it did drop to $11.90. Average volume is over 7M/day.... only about 500K traded after hours. Pretty low risk trade imo. Look at the chart. Negative PE to boot with huge debt. They can request a hearing, but this has to sting. Do your own DD. Just putting it out there for the Super Terrific Happy Hour https://www.reuters.com/article/us-endo-intl-opana-fda-idUSKBN18Z2SQ
Looks to me like they'll have no choice. Lawsuits where someone dies....pffff.... they get real costly. They're screwed. "If Endo resists taking this off the market immediately, the people who are injured or killed as a result of it being on the market longer than it should, there will be a wave of product liability litigation against the company," said Sidney Wolfe, founder and senior adviser to consumer watchdog Public Citizen.
Thank-you for the very nice compliment. The reason I understand so well is because I have intimately felt all the things I talk about. This I think is really the key. Guys doing huge size aren't trying to pay the bills with $500 up days, day in and day out. They probably aren't affected by a 10k loss because this represents a small percentage of their account. I have also seen myself that when trading SIM, it was completely different than trading live. In SIM, I simply didn't care as much, it was easier to do the right thing, and easier to move onto the next trade if wrong. Its an oxymoron that in order to rake it in you have to not care about the money, but I think its absolutely true. More practically though, I think it has to be that the loss is inconsequential to your bottom line. I do believe that its all just a function of how much I have, how much I'm risking, how often I expect to win and lose. If you had 100 $1 bills in your pocket and you were betting on a simple coin toss, and you knew you had an edge since someone would pay you $2 if right but only take $1 if wrong, you could play this game all day by simply always betting on heads. It wouldn't matter if you were wrong 5 times in a row since you knew you had the edge, and also since losing a dollar 5 times in a row meant nothing. By putting on the TF trade you did today, even after being down $1300, and with decent size, I think shows you doing very well in that you're never scared to take the next trade. Sure you could have thought you had a helping hand, but you still took the trade and held it, especially since it looks like it went against you a bit before taking off again. You're really further than most people here at ET.
Sorry guys, boring ass day, and i dont feel like getting into any fights today after how i got bailed out yesterday. I just picked up a few hundred BBRY but playing it super tight, in at 11.54 stop at 11.49. Other than that ive still got 3k shares of RADA looked like it was going to be big this morning when it gapped up but it just fizzeled and now im at break even on it. Thats ok, i knew this trade might take a while to work cause it was illiquid.