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I'm starting to be a morning person, but I've not let go of being a night person yet - thus my issue.
Did you follow the directions in our iBox or the ones from iHub?
Hey, Cinn. I'm up, but I'm still a little sleepy... does that count?
Can't see your chart. Took me FOREVER to figure out how to make that work - can't tell you why. Anyway, I'll be glad to help you.... Where are you trying to post from?
... and thanks for the effort - it helps everyone!
I've seen stocks go up on bad earnings and stocks go down on bad earnings. You never really know.
That's some awesome TA machine you got there...
Cinn, there are actually a lot of resources on emotions and trading and they've helped me a lot. You'd be surprised at what's returned if you google it.
Personally, I'd rather feel the emotion paper-trading because if you don't, you won't really be working thru that very important facet, and when you move to real money, you'll fail in different areas than you did on paper. Someone told me I must execute my entries and exits like a robot - this helped me for some reason. Focus on following the process exactly, whether it's on paper or for real, and write down the process - this is critical. I know, easier said than done - I really had to work at this one, and will always struggle with it!
What the heck happened to VMW????? Is it down that much on earnings? That's reaaallllly ugly.
This is why it's important to know when earnings will be announced and either exit before or hedge your bets with options - which I have no clue about. Seems like wasted money to me - I'd rather just exit or not enter. Maybe someone can help me out with the logic there.
Hey Cinn, sounds like your investools thingy was productive. It's always hard to get started, but I wish you well on that!
Sticking to the rules is something we all struggle with!!!! And when you do cheat and by chance win, that just makes it harder!
Elder quote of the week:
"If you trade for the excitement, you are liable to take trades with bad odds and accept unnecessary risks."
*******
You can always see the last few quotes from board members in the iBox. Suggestions for new quotes are always welcome! I keep a running list of these, should you ever want to see our "collective wisdom".
Thanks bags... good info.
I got in yesterday at 1.10-ish - not convinced it's going to follow thru but we'll see. I never catch the bottom, but I think it was a pretty good entry point anyway.
I really don't have the time or desire to watch it right now, so I just put a trailing stop on it and am counting it as speculative money. Just gonna let it ride and if I get taken out, no biggie.
Hi Cinn,
When I said it's hard to take the next step, I meant into standard technical analysis and chart reading vs. what they spoon feed you thru Wizetrade.
Wizetrade has some great training on the basic trading skill sets - money/risk management, emotions/psychology, trading strategies, trend tracking, momentum, etc., so I already know alot of the concepts found in the Elder book, but the charts are too simple for my needs now... thus the expansion into standard TA. It's more complex than I thought, but that's the fun part to me - nerd that I am - so it will come and I have a good foundation on which to lay it.
I've been trading off and on for 2-ish years now I guess. Still consider myself in a bit in "development mode" although I have had good success in my periods of trading. I'll trade for a month or so at a time, then I take a break to analyze my results and tweak my plan, and then repeat! I think I'm about done with that and am close to being able to trade full time. Will still have to tweak, but I can do that as I go now.
Probably more than you wanted to know, but there it is, anyway!
Bags, that's an excellent factoid. Thanks.
Cinn, I'm sidelined too because I can't trade and study at the same time and do either well. I think it's a good thing - just don't like this market right now.
I probably have the weakest past of all. I started with Wizetrade (OK, everybody can quit laughing now). I've actually been successful using it and they have great training in just about every trading discipline - except for chart reading! They summarize the data down to a level that is just too elementary for me at this point. I probably wouldn't recommend it, but it got me where I needed to be. This next step is awfully hard though.
Best of luck!
Hi Cinn,
Great to hear from you. Several people have been asking about you.
Elder is really hard - I'm quite bogged down at the moment, but muddling thru it. If I didn't see how successful some people are with it, I wouldn't bother. Anyway, should you decide to get it off the shelf again, just know there are people here to help that probably aren't that far ahead of you and a few that are way ahead of both of us! Feeling your pain! Hope investools goes well for you - don't know much about them.
Take care...
-mattie
Ok, I'm confused by that because MON and MOS are both in well-established uptrends. Maybe it's the diff in timeframes that we are looking at. I look at the monthly chart as a baseline for the trend when I want safer trades.
I just ran a quick scan thru my software and came up with the following list but I don't have time to look at their charts - they may be all crapola. Maybe you can find a candidate here if you have time to weed thru them. Sometimes the scan software I use is not as reliable when we've been in a correction period. Anyway, hope you find something here of value.
The criteria was 600,000 average volume, price above $15 a share, at least 5% PPS movement a day, month trending downward strongly, week trending down, with an up day. So my action would be to watch the day to see when its finished its uptrend and then short it.
ADS
AKAM
ARTC
ATHR
CBEY
CRS
DRI
EGLE
EXM
GNK
MER
MW
NILE
NVDA
OMTR
PCP
SAY
TBSI
TEN
TSO
VLCM
WSM
WYNN
ZRAN
bags, I just sent you one back. I hardly ever check that email, so thanks for letting me know.
Good golly, have you seen the dow futures? Down over 500 points. Makes my tummy hurt.
Figure 22-1 is what he was looking at. I had a little trouble with it at first. Interesting how we all get hung up on different things.
Teah, I think I told you I'm sidelined for now, but here's how I would play if I were playing, given that everything just feels icky.
I would look for stocks that are already in a well-established downtrend with typical high daily PPS volatility and scalp on the declines from the peaks within the downtrend. I know that's totally different than the way you and CW trade, but it's a pretty safe bet - if you have time to trade that way. Plus no overnight holds - feels right to me. Just something to think about.
Here's the Elder quote of the week:
"You have to devote as much energy to analyzing yourself as you do to analyzing the markets."
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You can always see the last few quotes in the iBox. Suggestions for new quotes are always welcome!
mikl_c, it sounds to me like "program trading" - basically the MMs automated system for splitting a large order into smaller lots so that it flies under the radar. Obviously hit yours though!
I will also say that sometimes my level II will display the same trade multiple times - esp in after hours trading. It doesn't happen often, but I have seen it a few times. I use TDAmeritrade.
Hope that helps. I'm sure someone with more experience may be able to add more or may even have a different answer for you.
Yeah, I agree. When I saw ADLR it was running hard, but I didn't look at the charts overall, just the 60 min. Just thought it might turn into a quick scalp - looks like crap now.
Teah, check out ADLR- haven't evaluated it, but it's moving.
It doesn't look like it's that low to me. What am I missing?
That's a very good rule. Like it.
Anyone have any theories behind the volume spike on BCON on 1/3 (7+ mil shares)? Is that typical beginning of the year kind of activity or a true anomaly?
That's when wise traders take a break... tell Eddie Haskell I said howdy.
I know it's not your favorite, but have you considered playing some shorts? It is the trend of the market...
Feels icky to me too, but I'm kinda sidelined anyway right now.
VMW has had a nice day - good strong close.
CW, are you having trouble w/Strategy Desk today? I'm not getting my charts or LII to refresh properly.
OK, all the light bulbs are finally on now! That last one was a flourescent with a bad ballast, but I GOT IT NOW! That was exactly what I needed. THANKS!
Daaaang it... I always miss the good stuff. Looks like you all had a rockin' day!
... here's your reminder.
Here's the Elder quote of the week:
"A good trader watches his capital as carefully as a professional scuba diver watches his air supply."
*******
You can always see the last few quotes in the iBox. Suggestions for new quotes are always welcome!
Thanks so much for that. I'll study it tonight!
That makes a ton of sense. I learned the don't-change-the-plan-after-an-entry rule the hard way! Thanks so much for your time and expert advice!
So you're basically saying that your timing window and trade duration are flexible and determined by whichever timeframes are giving clear signals at the time? Did I interpret that correctly?
You know I cherish your comments, but don't feel obligated. I'm way down in the weeds and I know this is time consuming.
BUT if you insist, use this version. I changed some things after studying the curve chart (it's the stuff in purple, for what that's worth).
BTW, dalcindo, post 2174 was meant for you, but I see I replied to myself!