Bono....you are making me blush. The post you are refering to is on the first page of the "what kind of training...." thread. I really didn't think I had said anything special there. Just what I believe is common good sense trading. Stuff I learned over time... can't take credit for originating any of that stuff. Anyway, it is sad to me that that thread ended up pissing me off if you read it further.....became a dispute over the value of education. So sad!!!!
Bono: That's my general philosophy also, and I have gone overboard at times also, so I'd be a hypocrite not to try and make peace here. Very few people are totally consistent, the honorable ones simply give it their best shot. Everybody crosses the decency line once in a while, maybe we can all just agree no pulling punches but no brass knuckles either.
Mike, The thing is ... it takes me a lot of time analyzing ... mostly after the market closes .. that's why you're seeing me here now .. but I just love it ... once I'm done I really wouldn't wanna talk about the outcome or the trades ... this helps me maintain my peace of mind ... and trading discipline .. I really hope you see that ... I'd rather learn something new, which would improve my trading skills ... but on the contrary, if u wanna know the steps I usually follow to analyze a specific market ... I've said that several times already ... 1) Basic Trendlines 2) Basic Support and Resistance Plus 3) Some Gann & Fibonacci 4) Some Candle Patterns 5) And of course extensive volume analysis
darkhorse, agreed ... very wise I would say at this stage ... I hereby, acknowledge, that this is my last post on this thread ... Good trading all !!!!!!!!!! See you on another thread ... soon
So, as the performer, you would have respect for the audience. Thats a big theoretical would since you don't have time to perform. Does respect enter your mind when you are the audience? I'm only asking because your posts here suggest otherwise, and maybe you didn't mean them. I've admitted that my analysis was wrong. But for each of the 4 days that this thread was posted, I stated why I was changing my analysis and was still bullish. The market hasn't done much except drop to new lows and bounce back. For me, those 4 days will be well worth the pain if I catch a 2 - 4 month rally. So do you have a problem with my statement that I think the market has bottomed and will rally, or is the problem that it took me 4 days of hit and miss(friday, monday, tuesday, wednesday), with the same 100% conviction each day. DO YOU THINK TUESDAY IS A MISS? If so, thats just as bold a statement as I am making. I don't enter a trade unless I am 100% convinced I will make money. Doesn't mean I'm necessarily going to be right, it just means that Im convinced i'm right. If you don't have a problem with either of those points, please define your problem with this thread. Otherwise, your arguments/slander can't be taken seriously, and you will lose my respect. Also, if you don't understand how I was at a huge profit on Tuesday, I will briefly explain. When we gapped down huge, my original long options lost most of their value. I stated that I was quadrupling my option position because the gap would be closed. The gap did close and I sold my new options for a huge gain, and my original options were close to breakeven. Overall that put me at a big profit. Heres an example if you cant understand that: I buy 100 shares of a stock @ $10. Stock falls to $5, so I buy 400 more shares. Stock rises to $8, I sell all 500 shares. That puts me at a gross profit of $1000.
A fine objective...me too. So I wonder why you don't feel that you can learn from Lundy? Of course we can all plainly see what he is doing so even if you only learn what not to do then surely that is worth something. And if you feel that he is just blowing smoke then ignore it. Personally, I never like to dismiss anyones views. I have made way too many mistakes to do that. Also, I have often found that the most valuable things that I have ever learnt have always initially appeared to be nonsense but subsequently turned out to have a much greater value than I ever realised.
bono and lundy, just agree that you disagree and leave it alone. About dismissing things.... There was a point when I first got out of college with a degree in economics, when i totally dismissed all technical analysis as crap, because that is what they taught me in college. My idea of a short term trade was a 1 year hold. Well, the real world hit me between the eyes and I learned. I am still sceptical about being a pure daytrader with no overnight holds at all, but if I can ever find a way to do it that will guarantee me a positive return every year regardless of market conditions then I will throw away my ideas and be a daytrader.
For what it;s worth: In each of the past 6 years, I have averaged 25-35% return on my daytrading. I am an employee. It is not my money. From 1995 through the first half of 2000, I averaged over 100% on my personal investments (buy and hold). From the last half of 2000 until today, I have essentially given all of my gains back (personal account). Negative in a few positions. Slightly positive in most, and one big winner (AZA which became JNJ...but it is slipping now). SO: Overall, I guess the daytrading was better IN THIS PARTICULAR TIME FRAME. Had I quit both 2 years ago, it would have been the opposite. But I do believe that my daytrading (and yes, I do overnight...but only single night holds) has been more consistent.
that's interesting, thanks for the info. May I ask which firm you work for ? If I could get a real job trading the firms money and a consistent strategy I might change careers.