Another day, Another day with nothing to do. On days like these, one has to wonder how efficient is his time being used. I might start to write the Consitution of Long and Short positions. THE CONSITUTION OF LONG AND SHORT POSITIONS. 1) LONG POSITIONS MAKE THE MOST MONEY. 2) SHORT POSITIONS MAKE THE QUICKEST BUCK 3) GREED OVERPOWERS FEAR I WANT TO BE LONG, BUT CAN NOT BE IN MOST DAYS. SHORT POSITIONS should be viewed as GRAVY. LONG POSITIONS should be viewed as the steak. Steak is not easy to produce. Gravy is easy to produce but is less filling.
AAPL SHORT: 53.72 STOP PRICE: 0.10 cents I thought todays doji was going to hold but guess it didn't, wasn't expecting to do anything today. AAPL not a long hold, I'm very quick to cover on this one. This doesn't even look like a good short candidate to me. WAs the only thing popping up on my screen I guess. I espically like trading stocks with low spreads. AAPL Seemed like a so-so opportunity
AAPL Closed position 53.70 At 3:15 PM with 40 minutes to the close, one can not expect much selling, oh well.
Because I'm in this game to make millions, I do not take the approach of the every day trader or investor, or else I'll be just like everybody else. Its interesting how much one can learn when fine tuning his entries/stops. Theres no secret to price action once you know the rythum, As I advance in progress, I've noticed volume plays a broader view, but less of a view during very short term actions. I'm glad where I'm at right now where I can trade a $300 GOOG with a 10 cent stop and get into a position profitably and let it flow. Theres no better feeling to look at a stock, Know that it is going up And know you can get into that stock ALMOST anytime the day instantly profitable. Its something I've been working on for a while, mainly because with the capital I have, I can put on a big sum of capital, but only if I became immediately profitable will I feel comfortable about the position. I've taken this basis of my idea, long term investing, into the next level, Long term investing is not just buy and hold, Its a) Know if the stock is actually going to go up in the FUTURE b) Know which day to get into the stock with the lowest risk c) know how to get into the stock intraday d) know what to see on when to get out of the stock e) know what levels should the stock retest but not pass f) hold g) reversal signs You see the buy and the hold, theres lots of steps in between to become a very successful BUY AND HOLD player. Without inside information, One has to be an expert at price action, And that is what I strove out to be, and that is what I am at the moment and constantly improving. I don't think most people even understand points a, which is quite hard to figure out if you never knew the intricate levels of how price moves. I will let you guys figure it out. I've been thinking about my shorting abilities, which I think are quite fucking good if I may say so myself, but I feel somethings missing , Something like 300% missing, I want 300% gains ,which can only be done through BUYING AND HOLDING such as "TS" "OS" YOu see, while the clued out (no offense ) on ET are basically scrapping for pennies, The smart investors are putting down $100k, $500k, $1M , $5m , $10m positions and holding for maybe lets say 6 months and getting back $300k , $1.5M , $3M , $15m , $30m STRESS FREE for THE NEXT 5 months. You see this is what many people do not understand. Money is made through hundreds of percents, Not in out, in out, in out , fucking in out, fucking in out again. While I have the UPMOST respect for daytrading skills, they truly are missing the forest for the trees. Hell I am a daytrader myself, but I know this is only a LEARNING step to my next level of the game. I have only covered the surface of the whole money making scheme on WALLSTREET. I hope you people can pick up some things from this and learn from it, because this is truly the basis of riches if you are thinking of which path you are suppose to be reaching. I only teach this to our readers, because there are some truely talented traders from et who helped me along the way . God bless them
chop days, I don't do much trading other then experimenting, I'm focusing on working on something where things don't backpedal. If you know what I mean, then you know what I mean.
coolweb, where do you stand today in your PL since you started? could you share some lessons /techniques on price action another traders taught you?
Coolweb has nothing to share. He is like a piece of feces stuck to your anus and takes for ever to drop. Best to ignore this "journal".
Barli, Other traders didn't teach me much price action it was all through daytrading the futures for 2 months straight. I learned a lot from the archives for the foundation , You can learn by searching for the following usernames: 1) Scientist (General trading/scalping knowledge) 2) Lefty (very important ideas in development) 3) spike500 (system development) 4) AMT4SWA 5) NihabaAshi (patterns/candlesticks/predictions) 6) futurestrader (general) 7) Cutten 8) WaveTrader2004 All of them have different styles, I just took the best I liked from each of them and made my own.
What I recommend you is: daytrade the futures for a few months until you become profitable. There is very few methods to become profitable DAYTRADING the futures. So once you know the methods, you are already on another level of trading. I'm also in a chat room, you can msg me for info if you need some help.
Of course the big money is in taking larger positions and holding them for a while. Everyone knows that, but do you truly think that this is stress free? Did you ever consider the fact that you could be wrong on the large position and lose hundreds of thousands of dollars? Anyone can build a large position but its a whole nother story to be able to unwind that same position for a hefty profit.