The Dow Jones Mini is now down 454 and on Elite Trader we get current posts like if I change my font color from red to green will I do better in the next 3 months. Most responses are total disconnects from current market conditions I get the impression that most traders here do little one or two point gains ( scalping) and if they do that enough times they will be "someone". There is something to that but ... So Dow Mini down 454. Anyone got a play on that? Has anyone made a positional move? Any bets on tommorrow. I heavily shorted GS via puts on Friday.
I have been pointing to this issue for months now. Every time I stress that there are way more important issues than saving a few dollars on a data feed or how to configure a chart visual I get angry responses. It's amazing on what useless stuff people often focus on. I went short several days ago in spx, nasdaq, and hangseng futures and was quite underwater, all discretionary positions intended to be held for several days/weeks, potentially involving rolling the contracts (traded the May expiry in Hang Seng) and just broke even when the market opened. I obviously intend to hold longer and hope for follow through on the downside.
I am already short in the short term but hoping for some long opportunities for multi year holds in the core stuff I like to hold.
This is a large forum with many topic threads. In fact, most of the threads here are not about current market positions, open positions or anything about such. Yet, there's a few sections about those topics and some members use them to talk about their current trade positions...sections such as the Journal section @ https://www.elitetrader.com/et/forums/journals.29/ Years ago when there was less sections about anything related to the business of trading...you saw more actual trade talk discussions about current trade positions. Heck, there use to be a chat room too here but people mainly just ended up debating, attacking each other and demanding proof of the trades...resulting in ET management getting rid of chat. We now see more sections like Psychology, Health & Fitness, Chit Chat, Taxes & Accounting, Hook Up, Politics, Religion & Spirituality and many other threads that are not about talking about current trade positions or big movements in the markets. Further, many members here are members of other social networks. Thus, they are not talking about their trade positions here...instead...they are talking about their current trade positions elsewhere. Also, in the past few years...there has been more discussions about scalping type of trading although the members do not use the word scalping. In addition, there's a private messaging section here now and you can invite whomever you want to your threads in the private section. Thus, if you only want to talk about trades only in private with others...you can do that. Maybe its just a coincidence but when a lot of members were being attacked when they talked about their current trade positions...they moved their discussions into the private messaging section. Simply, if you're not seeing traders talk about current trade positions...you may be not using all of the forum resources. For example, anyone can create a Options Journal thread to talk about their current open positions...a thread for any member to post their option trades. It only takes a few seconds to start a trade journal here at the forum for anyone to post their trades, predictions and such. wrbtrader
Funny, market plunges and all of the sudden everyone is short. Everyone front ran Trump and caught the top. Amazing trading.
If history repeats itself, when ET is calling for the top, go short, bubble is bursting threads pop up, it’s time to go long.