I agree 100%. there is ALWAYS somthing that will make money, not just in the market, not just in the US...but anywhere. Maybe the same old tired stuff we have been trading the last few years is getting boring...but housing has dropped like 20-40% since july. 20% in 4 months is a pretty wicked return. Keep your eyes open, do your homework...there is something out there for you, i promise.
the easy money is long gone. anyone who's been in business for ten or more years is probably not used to not being able to make payments on the house in the Hamptons.
you have to be willing to buy weakness. that is why i would hate a blastoff. i would sell into strength and never be able to get back in.
People always bitch and complain, there are always people behind the 8 ball. In 1999 and early 2000 I saw tons of people complaining about the market, how hard it was and they just wanted to bring back the good old days. Now 1999 and early 2000 is the good old days. The story is the same though. That said I personally have not too much enjoyed the market the last few weeks and have lost a good chunk of change..but thats the way the game goes. Brandon
Just seems kind of brutal. This is the second washout in 3 years or so. Maybe that's the cycle but it seems kind of brutal to me.
definitely some type of shakeout. Especially with Refco. Have seen lots of Refco guys come through our firm. Lots more choices to trade then when I started 6 years ago. When I first started electronically, it was Bund, Bobl, shatz. When I say more choices, I mean both in products to trade and prop firms sprouting up. It can both be good or bad. Bad--More players=less edge. Futures is the cheapest way to play the game so you are going up against the best of the best. Quote jumping with no strategy doesnt work anymore and the easy money is gone. Good--More competition=more innovation and cheaper entry. More choices to trade. Learn and different market. Youre right, re-skill or regret. Stay Positive.
I've had a very solid run with equities in the last two months, mostly with 1-5 day holdings. October was my best and most volatile month since I started. Was up 23% on my account at one point for the month and then lost 9% over a 3 day period... Regardless, I think the equities market's are doing just fine. Threads like these seem to pop up once every 3 months or so since I've been coming to this site. I'm starting to believe this is a basic indication of monthly market cycles. Mike
Great post. I think the problem is, people are unwilling to adapt to changing market conditions. Guys who lived and died by trading econ numbers are now left with nothing. Guys who lined the book and looked for that one tick are left with nothing when that game ends. Firms who require guys to trade only one market basically stick them in a penalty box if that mkt is dead. Personally I watch about 20-30 markets and look for ones that catch my eye, then trade em. When mkts are stuck in tight ranges ya gotta take less profit, and cut your losses quicker. If they break out then adjust accordingly. This isnt rocket science. The problem is, the one trick ponies bitch when their game ends....well.....find a new/edge/game/angle. These people are basically lazy. Like you said, the markets have been like this since day one. I have been trading since 92, and have seen a ton of changes. But trading is trading. Its not dying a slow death...just is not the cakewalk people saw from 1998-2002.....you actually now have to work and put in some effort.