A guy in the chat room I follow today made $124,000 today.
How's that?
Best part -- he only had $10,000 invested -- he basically went all in long the euro -- through FOREX. He was briefly in control of $10 million euros which had it's biggest one day move in probably a year. I'm not sure what made the euro jump (and gold and the U.S. dollar plummet). Still unclear what prompted it. But it's amazing that these moves are providing opportunities like this.
I didn't quite get in on anything today. It looked terrible, then great, then lukewarm end of day. Most of the China names I used to own have been DESTROYED. It's amazing how there is no support in a bear market. Nothing but pain.
One of the best traders I follow on Twitter (johnwelshphd) usually makes around $2,000 a day. He does it so consistently. I still can't figure out how he makes his picks. He usually holds positions an hour or sometimes 10 minutes.
There are several guys I follow that make it look so easy but it obviously isn't. The main thing they do well is take a loss when the position goes anything them quickly. They're not perfect. But they never take huge drawdowns like people who are fully invested in their 401ks have just experienced.
It's kind of ridiculous to think that this where we are - Dow 9700 -- I mean, this is where it was when I first daytraded online over 10 years ago.
Well. I would advise caution still. Many people really expect a bounce here but these bears markets can go on forever.
Also, I found another great blogger. More of a newsy than trading related. Read this guy. You'll like it.
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