the point is... there is bs (Truth). and there is BS! your job as an intelligent entity is too figure out which is which. the extent to which you can do that will determine your success as a human being. :-/
I personally think that expensive scans and high tech equipment are wasteful. I have begun to dabble in those lately, and I find that my results haven't improved at all. When it all comes down to it, you just must think from the gut and trade. As for fighting all conventional wisdom, I have to agree that I do go against everything that most would think is normal to trade. I always trade against the trend. I try to buy bottoms always. I must admit, I'm usually wrong (at about 70-85% fail rate, that makes me way more wrong than right). But you have to keep in mind that I'm just looking for win/loss in dollar terms. I knew the downside on bmy was about 3k maximum, and the upside was ten times that. I'll take that trade any day, and I think most other people would as well. If I were wrong, I would have tried to get short under 30 and probably looked for a second bottom around 28. BTW: i'm a history major
Prae-- Thanks for clearing it up. I apologize for the tone of the post as you were unwittingly lambasted for frustrations that had already built up due to previous un-answerings by others. Whew. Anyway onward and upward, I still strive to be like you someday. bronks
From what I have seen, P2 is not at all a bottom picker. Bottom pickers guess at when a bottom may be in, P2 has become a specialist in buying into selling climaxes. I think if you look at his trades they are associated with downmoves on huge volume. The other thing he does very well is getting out of trades. He knows his risk/reward ratio and plays it to his maximum advantage. His only flaw, even by his own admission, would be getting out of trades too early. But by trading the size he does, he balances this out. Great trading, P2! Just keep an eyeball peeled for the one that has your name on it!
traderjimbo, There are rules for trading NYSE direct. A trader cannot execute in the same stock for 30 seconds after using NYSE direct. This applies to each firm trader . I could Buy 1000 IBM on NYSE direct and immediately sell on NYSE or ISLD. The NYSE prohibits breaking up large orders to Buy/SELL on NYSE direct , see SLK circular on NYSE direct at www.redi.com/apr12.html . Rob Tharp also made a good point, the specialist does have rules to follow. He can only Buy on a minus and 0- tick and sell on a plus or O+ tick. If the specialist wants to hit a bid, he can on a O- tick, but he has to participate in the next sale. Sure , the specialist has a big advanage seeing the order flow, but the specialist is subject to more regulation than most traders think. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
I have to chime in and and say that Praetorian2s methods with respect to rest and mental alertness are certainly unorthodox. The less sleep I have, the tougher I find staying with the action, and I think that is probably the norm. I can drink any night, it is the amount of sleep I get that is crucial to having an alert frame of mind. I know someone on these boards is going to get really drunk tonight to test P2s thesis. Just fess up tomorrow after the bell.
Faster wrote:all i am saying is your trading seems to be rather risky and haphazard, and your thinking unclear in general especially for a bright college student. you are flying in the face of all reasonable trading principles. Excuse me, but you have got to be the person who uses different nicks, because the "you miss the point" keeps coming up on this board. You're talking about a trader who does 200+% a year, he doesn't need anyone's guidance. No offence meant, read Josh B. Josh B. wrote:What ever works consistently and produces positive results over a range of markets and time spans should be just fine for that trader. I think that really says it all.
Nitro- you have to remember that Prae2 is only 20 years old...so drinking isn't a tough thing to do on a regular basis...I just turned 30 and there would be no way i could do what P2 does....now I go out all night Friday and I lay on the couch all day Saturday...and once in a while I can go out Saturday night too, but its definately not anywhere near the party times I enjoyed in college.....drink 5nights a week..wake up for class..never really suffer from it at all. those were the days
Faster - never been anything but!! You and candle used to brighten my day by putting a smile on my face when I first came to ET. I don't know much about your trading, but it is clear that your mastery of clear, logical thinking is matched by few on these boards. nitro