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Ha....had to get in on the action, didn't ya? :biggrin:
How 'bout that stock market?
- Thread starter Ski_Banker
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Ha....had to get in on the action, didn't ya? :biggrin:
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You'll notice a huge difference in trading when you switch from NYSE stocks to NASDAQ stocks. Since NYSE stocks have human interaction, there is a LOT of manipulation. I can't stand it. I usually stay away from the NYSE when making quick trades, because its obvious the specialists ignore my retail trades and give access to their buddies or to their own accounts. I can't believe that the NYSE business model is still in existence.
I mean, you want to talk about a conflict of interest. NYSE specialists trade for their own accounts. AND THEY CONTROL THE TRADING. I mean come on... principal/agent problems anyone?
I can't wait till the NYSE is fully electronic. You'll see tighter spreads and more orderly trading. Its funny....you'll see some NYSE stocks that don't start trading at 9:30 simply because the special-bitch er specialist isn't "ready" yet. Unbelievable.
They were filling my orders all day perfectly. I am really happy right now. Can't trade tomorrow got people coming in from Cali that I have to meet with but I think I will trade apple next week for sure.
edit...and it was really easy getting orders filled on the way back down too. I was making $ going both ways today and the swings were like well being on a swing. You could feel the short sell pressure coming in and out all day. The whole market feels like its on pins and needles though.
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Who is "they". NASDAQ doesn't have specialists.....its a computer database that ALL orders go into. All computer. All electronic. No human manipulation. :biggrin:
Interesting perspective, thanks for the insight SilverStone.
Lol... thank god it was a demo account. Have you found that your method/system cross applies pretty well to the fx markets?
58 Trades? You crazy man you! Holy god...
No my methods were not working. I am not so sure I understand it yet.
I know I said 58 trades but I meant 58 round trips so that is 116 trades plus 2 double ups so a total of 118 trades or 58 round trips. I was shouting out ok that one is ready and my assistant was printing them out and figuring the gain to the penny. I think I was driving her nuts.
I know exactly what you mean. I avoid the NYSE unless I'll be holding the position for a while, how the hell do they get away with that model? It reminds of a system they'd use in the 20's.. wonder why.
The volatility was nice today, up, down, and up again. Browsing through the options prices will still surprise me sometimes, the volatility built in is just incredible. Reminds me of the last RIMM earnings call, I think it had to move well over 10 to the upside to make calls worth a damn and the puts were almost as bad.
The volatility was nice today, up, down, and up again. Browsing through the options prices will still surprise me sometimes, the volatility built in is just incredible. Reminds me of the last RIMM earnings call, I think it had to move well over 10 to the upside to make calls worth a damn and the puts were almost as bad.
I know. I am not seeing calls or puts that are worth buying. If you see any post them. I will do the same.
If the premium scares you, short the appropriate calls/puts, c'mon pros like you know that collecting the premiums is alot better than paying them!
There is no underlying I dare hold. :smile: Are you saying go naked? That seems really risky to me. MAybe beyond the amount of risk I dare take. Do you have anything in mind I should be looking at?
steveny,
Can you list any good resources (books, sites, etc.) that explain or outline your trading practices? Or any good resources you'd recommend.
Thanks!
+1 to Steveny, Silverstone, or Da3dalus. I'm itchin to start investing sometime at the end of this year.
As far as "Investing" goes:
"Rule #1" by Phil Town
"The Little Book that Beats the Market" by Joel Greenblatt
A must read for any type of trading/investing:
"Trading in the Zone" by Mark Douglas < All about the mental and emotional aspect of trading. You should read this twice before you even think about opening up an account with a broker. If you don't you are doomed to go through each of the newbie mistakes outlined in his book at your own loss. Had I read this prior to trading it would've saved me about 10k.
Web Sites For Technical Analysis/Trading:
http://www.babypips.com/school/
http://www.investopedia.com/university/
http://stockcharts.com/school/doku.php?id=chart_school
The Ultimate No-Bullshit Market Analysis Expert Blog:
http://market-ticker.denninger.net/ (Referenced in this thread before, I read it everyday!)
My method and trading thread:
http://forums.babypips.com/show-me-money-swing-trading/8204-fib-retracement-trading.html
Cheers! :biggrin:
I have not read one book on trading or taken any courses. Same goes for RE. I have spent a lot of money at the school of hard knocks though. The only self help book I have read to date is rich dad poor dad and that was just a few years ago. I really enjoyed that book. In fact I can count on one hand the total amount of books I have read outside of a school setting. I am more of a jump in and do it person then a wait learn and never do it person. I made lots of bad trades before I made good ones. As for RE, I have never had a bad deal. The key to most anything is pay less then the market will pay and you instantly have something you can sell for more then you paid. This doesn't work with the stock market though. You can't control the market you have to flow with the market. You have to be able to switch up the way you play the market in a millisecond. The market changes, you change. sometimes your long. sometimes your short. sometimes your all in. sometimes your all out. sometimes your day trading. sometimes your just trading options. sometimes your......
This morning I was watching and the volume was not what it was yesterday. The swings were not there. AAPL immediately jumped right up out of the gate. What are you gonna do it that situation? Well I am going to leave it the f@ck alone because I have been slammed before trying to play something that has jumped that far that fast. So when it hit the day high I shorted it. Why because I have watched it all week not push through the high that far. That is something that someone who has not watched it all week would know immediately. They would be able to find it out but not quickly enough to catch it. That is another point. A lot of times if you think too for too long you will miss the opportunity to grab the stock at the right price. Reminds me of that commercial where the guy is choking and a bunch of guys are commenting about it but doing nothing. you just have to move when the moment is right. If you involve emotion in it, you are screwed. This afternoon things picked up and I did a few trades. Only made about 2k today. Other people on this thread may or may not have done the same thing. It's different for everyone. It's like zaino and zymol. Just watch CNBC for one day and try and determine a answer about anything at the end of the day.
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Indeed. I first started trading when I was in college. Sold my car and invested the 10 grand. Lucky for me, we were in the midst of a bull market.
School of hard knocks is a top notch institution in my opinion. :biggrin:
As far as AAPL. Well, Steve...looks like were on different pages here. I bought a nice chunk at the low of 120. I'm up about 35K, and I still have not sold. Not going to till it crosses 130 again. Either way, best of luck to you. :wink:
Here's a current snapshot of the portfolio. If you'll notice....all of the long positions are huge dividend paying stocks. (except of course appl, which is pure trading )Steady income in any market situation.
Indeed. I first started trading when I was in college. Sold my car and invested the 10 grand. Lucky for me, we were in the midst of a bull market.
School of hard knocks is a top notch institution in my opinion. :biggrin:
As far as AAPL. Well, Steve...looks like were on different pages here. I bought a nice chunk at the low of 120. I'm up about 35K, and I still have not sold. Not going to till it crosses 130 again. Either way, best of luck to you. :wink:
Here's a current snapshot of the portfolio. If you'll notice....all of the long positions are huge dividend paying stocks. (except of course appl, which is pure trading )Steady income in any market situation.
Does ameritrade allow you to sell naked puts? I tried to sell some on Friday through Scottrade and Scottrade does not allow the selling or buying of naked puts or calls. I am going to move some money to a broker who will allow it. BTW that is a great looking portfolio maybe one of the best I have seen. VERY well balanced. Good for you on the aapl gains, I would rather be in and out. I don't like holding something like aapl for too long, more than 5 minutes anyways. :biggrin: I did grab some Thursday at 118 something but soon sold it for 119 something. :biggrin:
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If you have the capital Ameritrade will allow you to do most anything.
Hope you covered your short on aapl. :wink:
Hope you covered your short on aapl. :wink:
oh yeah I covered the short 5 minutes after the I sold it. :biggrin: If scottrade had let me sell those puts They would be near worthless now:frown: oh well. I accidently bought 2k shares of MSFT this morning at 28.02. I clicked on the buy tab from the streamer and I thought it was XOM but I ended up with MSFT. I figured maybe it was meant to happen so I am holding on to it for a bit and see what happens. So far I am up a bit.
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Single best trading day ever.....sold that lot of aapl @ 130.60....then clicked off another 6 round trips for another 6K. :biggrin:
Not a good day here... Two trades, both losers... It was one of those days where I had 5 setups I wanted to be in, the two I could be in didn't work, the 3 I couldn't be in did. Frustrating! Taking a break for a couple hours and going back to hit it hard tonight.
Da3dalus and Steveny,
Thanks so much for taking the time. I'll check back after I'm done reading. Da3dalus, I seem to recall you saying you had a mentor. Was his guidance not enough for you to avoid losing your first $10k? I only ask b/c I'm willing to lose it if the lessons are worth it in the future. It seems you and Steve are opposites with respect to your origins in trading.
I work at an ibank in L.A. doing financial reports, but I find trading much more exciting.
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