You will be very happy tomorrow. I too load it up a bit despite mild selling, if I have another $250k cash, I would not had play this defensive, because I know all my trades at this range with exception of 1 will be up 100~400% by this time next year. Only reason I get in and out is just to get most out of my dollar.
How 'bout that stock market?
- Thread starter Ski_Banker
- Start date
Depending on how berkshire trades I might have another best day, just sold off though so probably not. Been trading a lot of high dollar stocks and prefered shares lately.
In and out of some WFC prefered stocks and making a little money. Still in 500 WFC-J a little above the whole number.
In and out of some WFC prefered stocks and making a little money. Still in 500 WFC-J a little above the whole number.
Since the markets aren't most of you all's profession you might not check the European markets every night like me. However, there is some extremely sloppy action going on with some European banks and currencies right now. There is potential here to drop another 10-20% off the global equity markets this week off the ramifications of what could spawn from this evenings events.
Shatt,
Your assuming their won't be an Obama Rally? He already has talked up the banking sector by forcing them to start lending again with the bailout money.
BAC may rebound with that news alone. If back rebounds as well as oil, it could set the stage for Tuesday.
Your assuming their won't be an Obama Rally? He already has talked up the banking sector by forcing them to start lending again with the bailout money.
BAC may rebound with that news alone. If back rebounds as well as oil, it could set the stage for Tuesday.
You ever hear of the EUR/USD? Sold off from 1.36 and now at 1.29, when the eur sells the dow goes up. Also I would never screw with banks unless it was a few years out if at all.
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We will have a Obama Rally, All it will take is the 2 million people watching him live to go home and buy 50 shares each
My trading style doesn't have anything to do with what people say on TV (I mainly trade obscure things like BRK.A/BRK.B). If any of us have learned anything from this crisis, is that talk is cheap. Numbers eventually have to tell the truth, even if it takes a couple quarters to show themselves fully.
If you get the feeling people expect an obama rally, sell the hell out of everything. It's getting worse, not better. Obama can't fix that anytime soon.
And yes Ryan, I've heard of the EUR/USD. That was the main currency action I was referring to. I still stand by my 1+ year prediction the EUR will fall before this is all over in some form or fashion.
I think the EUR will be fine but if it fails back to the Spoooz
You guys can keep your stocks lol.Thanks Sahtt
I tried to sell all but everything is still red. Most of my holdings though is alternative energy and oil so those most likely will go up soon but I'm not holding my breath. It appears as though stem cell stocks got a boost today as well due to Obamas likely hood that he will pump some money into these.
I tried to sell all but everything is still red. Most of my holdings though is alternative energy and oil so those most likely will go up soon but I'm not holding my breath. It appears as though stem cell stocks got a boost today as well due to Obamas likely hood that he will pump some money into these.
I think the EUR will be fine but if it fails back to the Spoooz
Where you been man!? Too busy buying up fleets of corollas? :tongue:
The gym man, dont have shit else to do. about 3-4 hours a day. Still trading same thing over and over nothing has changed.
wow. look at my FITB and MI.... just... wow. I'm now down just shy of 50%.
Would you guys buy up more FITB at this price to reduce cost basis? My CB is around $9.10 currently.
Would you guys buy up more FITB at this price to reduce cost basis? My CB is around $9.10 currently.
If you buy every correction in a bull market, you'll only be wrong once--the top. If you sell every rally in a bear market, you'll only be wrong once-- the bottom.
As far as adding to a loser I will NEVER do that, why screw around with a loser when you can kill it and pick a winner? Most people like to pick bottoms they think it's a "Good Deal" you want a good deal go haggle on a car or goto walmart looking for a good deal in the market will get you SCREWED.
Attached is how I trade off the 5min, follow the blue lines, when trend is down sell when it's up buy on pullbacks to the BB's or the blue lines. Pretty easy right? Most people think it needs to be damn hard to make money and they lose the most.
EDIT- One last thing, watch for time of day specially 10.30,12.0,1.0.2.30..four key trading times...
As far as adding to a loser I will NEVER do that, why screw around with a loser when you can kill it and pick a winner? Most people like to pick bottoms they think it's a "Good Deal" you want a good deal go haggle on a car or goto walmart looking for a good deal in the market will get you SCREWED.
Attached is how I trade off the 5min, follow the blue lines, when trend is down sell when it's up buy on pullbacks to the BB's or the blue lines. Pretty easy right? Most people think it needs to be damn hard to make money and they lose the most.
EDIT- One last thing, watch for time of day specially 10.30,12.0,1.0.2.30..four key trading times...
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Last post before sleep. Learn how price moves, all indicators lag price and also learn how patterns work. Here is a link to a setup I trade almost every day and it works and has worked forever,
http://www.scribd.com/doc/192645/Pin-Bars-Introduction
http://www.scribd.com/doc/192645/Pin-Bars-Introduction
From Dennis Gartman's 22 Rules of Trading...
Such wise advice yet so few follow it. I heard a lot of chatter on various car forums from guys who were "averaging down today and doubling down". All I can do is cringe.
Glad to see you're having continued success with the pinbar's Ryan!
Buying on the way down is one thing, denial another. Wrong is wrong. Early is wrong. Late is wrong.
This is a good time to learn these rules and stick to them. I have a whopping 10 shares of BAC left from my original position due to a mixup on how many shares I still had. I'll break even when they go to 10,000$ each haha. Got out of the last 33% when it broke 10$. I was wrong, and it cost me. But I'm hedged so it's not emotionally tasking. I took a lot of profits when the energy equities ran up so I'm heavy cash in my long term account.
Things are just as uncertain as ever. I tried to give you guys a heads up last night but even I didn't realize how right I would be. I went short heavy in the morning but not as heavy as I could have. I had another all time best trading day but it was only about 1/3 of what I should have been. Lots*** of room to improve.
My LT account would be flat over the past few weeks besides that POS BAC. I have about double that position in MO so that was pretty sweet.
What do you short for your hedges? I watch SCO SCC ultra shorts.
Also, I always lose money by not averaging down. I usually wait for a few consecutive losses during the week. Since I have been investing (One month haha) I have not seen more then 6 consecutive losses in a row. Makes it much easier to sell for a profit on Friday which seems to be the largest rally of the week. Thats my strategy.
Why would you even sell BAC for a loss when you know they will easily be back up again. It may take one year or two years but you are effectively turning a loser into a winner. I never realize a loss. Unless ofcourse you need to free capital to reinvest?
Dude I can give better advice than this. Just more generalizations from so called experts.
I'm going to save people time and just break down what he said.
1) Buy high, sell higher.
2) Don't average down EVER!
3) Sell losses ASAP and hold winners.
4) Short in a bear market and buy in bull.
5) Markets don't do what you think they will do.
6) Understand trading before trading
7) The market does not always follow logic
8) Don't buy if its easy. Don't sell if it's easy? Stupid!
This is too easy and why people will NEVER make money, Has to be hard to trade and understand to make money right?
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Also one more thing. If you get into a trade as a quick 30min trade and hold it for days because it's a losers you are trading on emotion and will lose over and over.
If you have a plan and stick to it, no problem. But if you don't have a predetermined out on both* sides of the trade, you will eventually lose whatever you manage to gain because it only takes one big loser to wipe you out.
I sold BAC because I was wrong. I don't know it will easily be back up again, and trust me, you don't know either. Any second* they can say they have to cut the dividend to .01 like C did. But none of that matters. You never hold something to zero. You have a predetermined point where you accept you are wrong.
You are trading off emotion if your plan is to turn every loser into a winner. Trying not to lose, trying to always win. I trade for profitability, not to make myself happy, feel right, etc.
We all have limited capital, allocate it where it's most productive. My first few months of investing I made a truck load. Long commodities, I thought I was a genius. That lasted a few years and I got out. Others lost everything on the way back down but you won't here them bragging about that. People have been doing the same thing with financials.
People were saying to double down on C w hen it was at 18, 12, and 9. It's 3.23 on my lvl 2 window right now. It won't be back for years. People said GM under 10 was the deal of the century. The common stock might not even last 2 weeks from now. That sort of "never lose" mindset will wipe you out one day. All it takes is a X, RIG, GM, C, FCX, the list goes on and on. That I can assure you. I work around 120 other professional traders. I haven't seen it all when it comes to faulty and unprofitable mindsets, but pretty damn close.
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That is pretty much what everyone I know is doing that has any money left. Lowering the cost basis rolling out calls and getting out of the position. I think after everyone has taken their licks the market is going to 5k. I don't see a lot of people wanting to get back in to anything. Most everyone just wants to get out near even and stop playing with the market.
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