Horn, best to stand out of the way IMO. I would have loved to
jump in and get some of the action this afternoon, but I am neither
quick enough nor educated enough to do something that ambitious.
Since hanging out on BPT, I have about an 80% profitable trade
percent vs well, you don;t want to know. The turn will come, save
your money so you have some for the short term upside and then even
more to short the heck out of the next leg down!
As Matt and Steve have said many times - cash is a position and
the more you have when that illusive bounce does come, the more you
can make from that point forward!
Hope you don't mind an opinion - that's all it is albeit from an
very inexperienced trader on the blog.
rvk1958-
great
response!!Cash is a position and yes it's best to stay out
of the way and not force trades. Picking bottoms is dangerous and
extremely difficult to do (unless you get an obvious capitulation
and washout day).
The oversold bear market rally that
is coming will only be a bounce in a bear market. The big money
will once again be made on the Short side after the oversold bounce
manifests itself and runs out of steam. Gold will probably also be
the place to be as well.
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Posted by rvk1958 on 2nd of Jul 2008 at 09:17 pm
Horn, best to stand out of the way IMO. I would have loved to jump in and get some of the action this afternoon, but I am neither quick enough nor educated enough to do something that ambitious. Since hanging out on BPT, I have about an 80% profitable trade percent vs well, you don;t want to know. The turn will come, save your money so you have some for the short term upside and then even more to short the heck out of the next leg down!
As Matt and Steve have said many times - cash is a position and the more you have when that illusive bounce does come, the more you can make from that point forward!
Hope you don't mind an opinion - that's all it is albeit from an very inexperienced trader on the blog.
rvk1958 - great response!!Cash is a position
Posted by matt on 2nd of Jul 2008 at 09:25 pm
rvk1958 - great response!!Cash is a position and yes it's best to stay out of the way and not force trades. Picking bottoms is dangerous and extremely difficult to do (unless you get an obvious capitulation and washout day).
The oversold bear market rally that is coming will only be a bounce in a bear market. The big money will once again be made on the Short side after the oversold bounce manifests itself and runs out of steam. Gold will probably also be the place to be as well.