thanks for the reply. I had 500 short, got out 400 at 35.18(-80$), was looking to re-establish. What pissed me off was the day's largest move(I dont think it will make a 1.6$ full move rest of day) was too tough to ride on. Couple of days back I remember RMBS making 2$(or 7$ if you dont consider the busted trades) move within a minute. What gives me good money is gradual moves like today in GPS, not the freaky ones like ANF. And such seem to be fewer.
sorry about that but thats why I gave up scalping, especially near the open, its just too random, and too fast.
2009 was ok. Not as good as 2008. If the last few days market price action is anything to go by, looks like 2010 will be a hard slough. For 2010 I'm expecting a small dip then a merciless grind up to new highs. It's going to be a hold-your-nose and buy every dip year.
I dont think you can short anything at this point, the govt could come in at any time and blast it up. 3 of my last 10 trades were $1.5-2.0 winners and that happened, the other 7 were winners that I exited because I had a profit....even though they looked to go down further.
anf-aeo-gps... they move beautifully on substantial news. btw gps was a butter trade... opened above prev close. Hard for me to believe anyone watching was not short around 20.80. I've decided to cut size for trades at open for next few days.
2009 was not a disaster but pretty bad. For 2010 I will be doing the exact same thing what I have been doing the last 11 years. Doing something else would be stupid because doing otherwise would mean I know in which way the market is going to change this year. I don't know. Nobody knows.
Looks like these Flash Orders, Dark Pools and HFT computer trading are hurting the daytraders performance. While others types seems to be doing O.K. Below is the opening paragraph about Hedge Funds performance in 2009.
Hmm, some traders here are saying that "they" meaning institutions i guess have to bring the volume back but I believe that we traders have a lot of influence on how these bots operate and how we can bring significant volume. I believe the decrease in volume is also due to thousands of stranded traders that are cutting down on size and are waiting for all these bot issues to somehow dissolve. If these bots and fast algos are making money taking our money and if we are no longer playing this game, these bots will have to stop or improve either way bringing changes to the market and hopefully a better environment for all of us. By now, I am sure all of you have stopped whinning like me, rolled up their sleves and did some hardcore strategy thinking right???