Posted by ndtrade123 on 17th of Mar 2009 at 09:40 pm
Yes, today the market definitely fools people. The day
looks so much like yesterday. I bet many people were getting
killed like me in the afternoon shorting.
Posted by canadianguy on 17th of Mar 2009 at 10:57 pm
remember - the market exists to screw up as many people as
possible, that is what it does.
the reason it is so tough to make money is that it makes no
sense. the downtrend was relentless, just going down and down and
down, so personally i wouldn't buy skf over $175, and it went all
the way up to $260. Then i wouldn't buy UYG over $2 after owning it
at $1.50, now it is over $2.50...
yesterday the nasdaq had a bearish engulfing candle and a
reversal day. The spx had a serious reversal day. the market was
down this morning, everything was in place for a down day. then we
get a move up that looks like it will fade at the end of the day,
so we get a huge up day!
on the way down the market was too easy for shorts, just short
every pop and make money. that worked for awhile, now those shorts
have been burned. now it is too easy for longs, just buy
every drop and make money. the market will make sure now to
make it hard for longs and shorts, probably in a trendless triangle
of some sort...
i am net long a wee bit on fas and bgu, hoping for a 15-20 point
move in spy before the fed announcement tomorrow, then either a
serious reversal or a continuation into the close that will
probably be the top of this wave.
that being said, maybe that is too obvious, but it worked for
the last 8 fed meetings so i am hoping it works for one more
day
Posted by ndtrade123 on 17th of Mar 2009 at 11:07 pm
Thank you...it's just that I got some beginner's luck from last
week and thought the advice of this site like gospel. Of
course, there is no promise in life and no free lunch. I am
learning the hard way today. Only the market god knows where
the market goes. The key is to have structure in one's
trading. I don't have stop loss or profit target in place
whenever I make a trade. I just thought to ride the
trend. For a day like today where the trend didn't show
itself for a long while, it's hard. Maybe for a day like
this, I will not trade or trade for small small profits, instead of
thinking to ride the leveraged ETFs for significant gains.
These 3X products can be your best friends and can be your worst
enemies, too.
Yes, today the market definitely
Thanks Steve for the newsletter update
Posted by ndtrade123 on 17th of Mar 2009 at 09:40 pm
Yes, today the market definitely fools people. The day looks so much like yesterday. I bet many people were getting killed like me in the afternoon shorting.
http://www.cnbc.com/id/29739987
remember - the market exists
Posted by canadianguy on 17th of Mar 2009 at 10:57 pm
remember - the market exists to screw up as many people as possible, that is what it does.
the reason it is so tough to make money is that it makes no sense. the downtrend was relentless, just going down and down and down, so personally i wouldn't buy skf over $175, and it went all the way up to $260. Then i wouldn't buy UYG over $2 after owning it at $1.50, now it is over $2.50...
yesterday the nasdaq had a bearish engulfing candle and a reversal day. The spx had a serious reversal day. the market was down this morning, everything was in place for a down day. then we get a move up that looks like it will fade at the end of the day, so we get a huge up day!
on the way down the market was too easy for shorts, just short every pop and make money. that worked for awhile, now those shorts have been burned. now it is too easy for longs, just buy every drop and make money. the market will make sure now to make it hard for longs and shorts, probably in a trendless triangle of some sort...
i am net long a wee bit on fas and bgu, hoping for a 15-20 point move in spy before the fed announcement tomorrow, then either a serious reversal or a continuation into the close that will probably be the top of this wave.
that being said, maybe that is too obvious, but it worked for the last 8 fed meetings so i am hoping it works for one more day
Thank you...it's just that I
Posted by ndtrade123 on 17th of Mar 2009 at 11:07 pm
Thank you...it's just that I got some beginner's luck from last week and thought the advice of this site like gospel. Of course, there is no promise in life and no free lunch. I am learning the hard way today. Only the market god knows where the market goes. The key is to have structure in one's trading. I don't have stop loss or profit target in place whenever I make a trade. I just thought to ride the trend. For a day like today where the trend didn't show itself for a long while, it's hard. Maybe for a day like this, I will not trade or trade for small small profits, instead of thinking to ride the leveraged ETFs for significant gains. These 3X products can be your best friends and can be your worst enemies, too.
canadianguy- well said! That about
Posted by vmath on 17th of Mar 2009 at 11:02 pm
canadianguy- well said! That about sums it up!