With all due respect - and I mean that sincerely - matt and
steve are not prophets. They provide a structured, well
thought out series of possibilities that may unfold based on
probabilities of established patterns materializing.
I lost a ton of money today because I made the classic mistake
of doubling down whenever we hit a potential resistance point
instead of just reversing my position to go with the
trend. But I don't blame anyone but
myself. Lots of people got caught today - but, and I
say this with the utmost humility - the ones who look inward and
try to learn from their mistakes will become better traders than
the ones who blame others. Mark down where you went
wrong and grow from the experience - If you do that, then the money
was not entirely wasted.
Posted by dylan398 on 24th of Mar 2009 at 09:22 am
unfortunately what is happening...and I know it because I have a
few friends doing it)...is people are losing their jobs cashing out
their 401K's and trying to make $$ in the market and joining sites
like this, but they really don't want to do any work, they want
Matt and Dodger....or others to tell them what to do...(I won't
comment further and waste blog space)
dylan is right -------- people would do well to remember that
trading is one of the most difficult things a person can attempt to
do. There are few occupations or jobs more difficult to
master. Most people fail at it. If it were as easy as
people want it to be, everyone would be rich. The mechanics
of trading are deceptively simple but the psychological / emotional
component is HUGE. Understanding what you should do to be a
successful trader and actually consistently doing it, are two
entirely different things. If you take positions and you're
worried about them, or hoping they go your way, you're not trading
well and you will not consistently make money.
Posted by rgoodwin on 24th of Mar 2009 at 10:09 am
I have mentioned to lots of folks that I trade - they reply that
they USED to trade - in the 90's and "it was so easy" Anyone
entering this "profession" in the past 1 1/2 years is learning in
likely the most difficult environment available. If you can hold
your own here, then one day you too could tell folks "it's so easy"
Don't trade so big that you run out of money before your education
is reaching upper division or graduate levels. You'll NEVER
graduate from this school, but at some point may get a chance to
enjoy Spring Break.
Seems that people here are willing to own up to their own trade
decisions good or bad. There are some of you have been here a long
time and are very experienced and others are new and experienced
and even others are not so new or experienced.
Matt and Steve are here to offer some guidance {they have been
doing a lot of hand holding since yesterday afternoon too}
I think Matt hit the topic on the head when he said something to
the effect of why should they make a special point of saying be
wary of shorts when nothing was on the short list..... fair
enough.
These markets are in a corrective mode (bear market) for the
forseeable future which engenders lots of volatility and trade
opportunities Have fun folks. x
Posted by dodgerdog on 24th of Mar 2009 at 12:40 am
Very well stated as I have made the same mistake many times in
the past. I covered all my shorts last week on Thursday
(which turned out to be early) because I feared this uptrend was
not complete. Friday's action put doubt in my mind and
knocked me off course since it played out EXACTLY as I thought it
would on Thursday night but it came a day later than I
expected. Evidently, someone didn't get Geitner's Memo in
time. LOL Anyway, it just goes to show we're all FAR from
perfect but we also work our tails off to provide the best analysis
possible.
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With all due respect -
Posted by cmaslin on 24th of Mar 2009 at 12:34 am
With all due respect - and I mean that sincerely - matt and steve are not prophets. They provide a structured, well thought out series of possibilities that may unfold based on probabilities of established patterns materializing.
I lost a ton of money today because I made the classic mistake of doubling down whenever we hit a potential resistance point instead of just reversing my position to go with the trend. But I don't blame anyone but myself. Lots of people got caught today - but, and I say this with the utmost humility - the ones who look inward and try to learn from their mistakes will become better traders than the ones who blame others. Mark down where you went wrong and grow from the experience - If you do that, then the money was not entirely wasted.
Best of luck to all.
unfortunately what is happening...and I
Posted by dylan398 on 24th of Mar 2009 at 09:22 am
unfortunately what is happening...and I know it because I have a few friends doing it)...is people are losing their jobs cashing out their 401K's and trying to make $$ in the market and joining sites like this, but they really don't want to do any work, they want Matt and Dodger....or others to tell them what to do...(I won't comment further and waste blog space)
dylan is right -------- people
Posted by Michael on 24th of Mar 2009 at 10:02 am
dylan is right -------- people would do well to remember that trading is one of the most difficult things a person can attempt to do. There are few occupations or jobs more difficult to master. Most people fail at it. If it were as easy as people want it to be, everyone would be rich. The mechanics of trading are deceptively simple but the psychological / emotional component is HUGE. Understanding what you should do to be a successful trader and actually consistently doing it, are two entirely different things. If you take positions and you're worried about them, or hoping they go your way, you're not trading well and you will not consistently make money.
Trading Well
Posted by rgoodwin on 24th of Mar 2009 at 10:09 am
I have mentioned to lots of folks that I trade - they reply that they USED to trade - in the 90's and "it was so easy" Anyone entering this "profession" in the past 1 1/2 years is learning in likely the most difficult environment available. If you can hold your own here, then one day you too could tell folks "it's so easy" Don't trade so big that you run out of money before your education is reaching upper division or graduate levels. You'll NEVER graduate from this school, but at some point may get a chance to enjoy Spring Break.
Seems that people here are
Posted by perthx on 24th of Mar 2009 at 09:33 am
Seems that people here are willing to own up to their own trade decisions good or bad. There are some of you have been here a long time and are very experienced and others are new and experienced and even others are not so new or experienced.
Matt and Steve are here to offer some guidance {they have been doing a lot of hand holding since yesterday afternoon too}
I think Matt hit the topic on the head when he said something to the effect of why should they make a special point of saying be wary of shorts when nothing was on the short list..... fair enough.
These markets are in a corrective mode (bear market) for the forseeable future which engenders lots of volatility and trade opportunities Have fun folks. x
Very well stated as I
Posted by dodgerdog on 24th of Mar 2009 at 12:40 am
Very well stated as I have made the same mistake many times in the past. I covered all my shorts last week on Thursday (which turned out to be early) because I feared this uptrend was not complete. Friday's action put doubt in my mind and knocked me off course since it played out EXACTLY as I thought it would on Thursday night but it came a day later than I expected. Evidently, someone didn't get Geitner's Memo in time. LOL Anyway, it just goes to show we're all FAR from perfect but we also work our tails off to provide the best analysis possible.