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My 2cents for Beer - here is a way to test your question:
http://chartgame.com/trackrecord.cgi?jxdeh1
This is a simulator that shows you a running tally of your simulated trades, and shows if you would have been better off not trading so often.
Just click, Start New Game, then click TimeLapse and start simulating your trades. I worked with this a lot before starting to trade again. It is eye opening. I was definitely trading too much and have backed off to swing trading for the most part.
I'd be interested in your opinion of this tool if you try it. GLTA
They've all become daytraders? Like Willie Sutton would say - that's where the money is. Certainly isn't working for hourly wages anymore.
I've done labor mkt research for a number of years. These changes in the structure of the labor market have been a long time in the making. The effects down the road will be staggering if common sense doesn't prevail at some point.
Particularly in highly skilled, mission-critical industries such as refineries. They have hollowed out the middle rungs of the job ladder. They don't have the people in the pipeline to replace the retirees. Some of those refineries are over 100 years old. The new kids have never held a wrench or done their own tune-ups. The training challenges are enormous. (As a training consultant, good for me, but worrisome in the long term).
In the meantime, the corporations want to move to UK. So much of their basic R&D has been paid for by the taxpayer. Makes me angry.
But that's why I'm learning to daytrade. Don't trust labor markets anymore.
ISM making Mr. Mkt happy =)
Glad to hear you are doing well. Take your time on the questions - it is a very good trading day.
Your experience is so treasured here, it would be good to start capturing it - another legacy for your online "heirs".
We really think the world of you!
Thanks - I did. How are you doing today? We missed you last week.
I am in mostly longer swing trades, but picked up some Qs this morning. Wish I had saved more dry powder!
What's a step up? TIA
ISRG up over 3% premarket.
Add GE Call Jun21 $26@ 1.04
Retest & broke resistance.
Mr. Market did not like that high! Gravity reasserts itself - at least for the moment.
Just broke Dow record high of 16,576. Terra incognita for me as a trader.
Smart -Question - when there is such a big spread on a call such as NFLX, where do you place your buy order? TIA
Don't think correction is imminent. I trade BRK.B, which is invested in all the core industrial stuff - rails, insurance, consumer goods. Break and butter stocks.
It is soaring. To me, a good proxy of strong recovery in basic industrials in US.
Bought GE June21 $26C @ 1.12
Bot 4 BRK.B June $130C @ 2.08.
Sold BRK.B Jun $120Call + 2.85
Partial sell - purchased 3/21
I have sold off half of my position.
Rolling over into $130s.
BOT BRK.B Jun$130 calls @1.96
BOT CVX $125 JunC @2.68
Sold CVX 125 Call & Put
Call -.66
Put +.37
Sold BBY @ .25 +.09. Thanks BullishTrader! Good stock to trade.
Starting positions today: Brk.B, CVX, BBY
(held over)
BOT CVX June $125 put@ $2.56.
Insurance going into earnings on Friday.
Still have calls, but can't sell them til tomorrow.
Good advice Dot - totally agree.
Also, you might look for longer trades so that you have recovery time if it goes against you. For higher dollar stocks, I am trading 1-2 months out. Seems to work better for me, as long as I have correctly identified the longer term trend.
It takes much more skill to trade current week options. I cannot do it profitably yet. Leave it to the pros - Beer, Roy, Smart, etc.
Hang in there - it is learned skill. You are learning - expensive learning-- but learning just the same.
GLTY
Jane
Shred - for every loss, assume that you have made a chart-reading error, i.e
- Didn't correctly assess the trend (up, down, sideways)
- Got in too early or too late in the trend
- Didn't read the candlestick signals that it was about to change
- Didn't get out at the right time.
Trade only by charts. If it's a choice between the charts and your lyin' eyes, always go with the charts.
After every trade, identify the chart-reading error. Once you do that, it takes the sting out of it because now you can change your practices.
Been there - it cost me thousands before I finally got serious about trading only from charts (plus news, earnings calendars, and other external factors).
Once you identify the chart errors, you can fix them. Don't beat yourself up - just fix your chart-reading errors. You can do it!
GLTA!
Out of DTs for today - CU tomorrow!. Thanks everyone!
Added BBY May $27C at .16.
Bot CVX Jun $125C@ 3.21
Sold CVX $125 c @ 3.23 +.99
Sold BRK.B $130 @ 1.84 +.29
Good trading! I haven't yet mastered the art of pulling out my principle for free shares yet. I think my accounts are still too small.
But not for long!
GLTY today.
Starting positions for today: BRK.B, CVX, BBY
BRK.B June $120 Calls @ 6.65
June $130 Calls @ 1.55
CVX June $125 Calls @ 2.24
BBY May 17 $27 Calls @ .21
What a great pick! Is there way to estimate what it might be worth if it hits $27? TIA
Bullishtrader - check out BRK.B. I've been in it for awhile and it's been real strong. Dipped today, but climbing back rapidly.
Up over .10 already. Another good call.
I'll pick up a few too. Thanks again.
BOT CVX June 125 C @2.24
Out of daytrades for a few days - have to hold at least til tomorrow.
Thanks BullishTrader for BBY!
Interesting stock - doesn't seem to be all that affected by the market dip today.
Sold BBB $25 call @.90 +.11
Market looking ugly now, but BB still going up. For how long? Take small profit and wait.
Thanks Dot - getting better at chart reading. Yeah!
Bot BBB May 17 $25 call @.79
Sold QQQ $87 puts @ 1.77 +.34