Well, what I've noticed from the P/L thread is that there's practically as many different "systems" of trading that's profitable as there are traders. There's no one "right" way to do it. Even with the exact same system, two people can have vastly differing results as well. Other than that, I've got nothing else to add...
You're right! They wouldn't put up the kind of numbers I do, but they <b>would</b> still get in my way. Get it? I described a ficticious example of this process in another thead: Quote from Mr B: <i>if you have a winning method and you share it, others will use it too. which means more volume going your way, your method is strenghtened by popularity. ABCD method, trend following, Elliott wave have all benefited from this.</i> Rearden Metal: <b>Dead wrong.</b> Let's say that after thousands of hours of devoted market observation, you notice a recurring pattern. Here, I'll make up a fictional example: You notice that whenever copper futures are up huge (say, up over 8%) in the (stock market) pre-open, many of the copper stocks open only slightly higher- and then immediately run up a good 1%-2% in the first half hour of trading. You take advantage of the pattern you've found by putting out limit orders to buy any copper stock gapping up less than 1%, on any day when copper futures are up over 8% in the pre-open. This makes you some decent coin for a few months, with the trade working out nicely nearly every time you get your setup. Then, like a complete moron, you decide to "strengthen your method by popularity" by blabbing the setup to every trader you know, while making numerous convincing posts on ET pointing out exactly what happens to copper stocks when the copper futures are up big, and how you take advantage of this cash-cow recurring pattern... So... for all you sharp minds out there paying attention to my little story: Can anyone tell me what happens next? __________ You know, nobody ever did come up with the correct description of what would happen next...
Double your pleasure, double your fun, With Two Sticks of Bubblemint Gum! *Disclaimer: I do not encourage this kind of activity..... at all*
Trade the spyder all day long and then give us an example with an obscure copper stock? Maybe that's why nobody bothered answering.
I have used a number of stocks to go back to after completing a trade: i.e., CMGI, CIEN, BRCD, QQQQ, . You have to be checking 5-day charts and daily intraday. Pay attention to the Dollar: sometimes changes you to shorting. 30
I am so glad to see this thread started. I am gone from the market for at least another week, but when I get back I will join in with a few posts. Some one commented earlier about not seeing many negative days... Well they happen. I dont post every day and dont intend to... to many annoying pms... And too many people at my firm and others dying to figure out what I am doing..... Anyways back to the subject of negative days. I worked myself into a nice hole the first 4 days of august... 20k worth... not a huge hole for people like nysekiller or RM, and not that huge hole for me.... big enough to be rather annoying. that was 4 negative days in a row... ranging from -13k to -200 bux... I have been trading since january 2004 and only had 2 negative months since. May 04, August 05... we will see what happens with the rest of this month. probably be close to a scratch... happy trading everyone. mnx