- Apr 30, 2011
- 10,915
- 2,735
Wall St pls
OFFICIAL STOCK MARKET AND ECONOMY THREAD VOL. A NEW CHAPTER
- Thread in 'General' Thread starter Started by johnnyredstorm,
- Start date
- Dec 23, 2009
- 30,368
- 21,945
Bros do I try and ride this oil crash with my BP strangle, or do I take a 7-9% profit (after commissions) and cash out? Can this oil crash get much worse?
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- Jan 4, 2008
- 2,649
- 512
I'm sure it can (and possibly will) get worse in the short-term. That's why I think long-term with most investments. UWTI was at $3.00+ two months ago...now less than a third of that. A year ago? $32.00.
Oil is oil. As long as it is still in the ground, we will continue to take it out and sell it. This isn't just an energy play - this is packaging (plastics), chemicals, parts of auto, etc. These prices will not last, which is why I'm going triple-levered. I probably won't even sell this year - most likely will buy and sit on some more.
Oil is oil. As long as it is still in the ground, we will continue to take it out and sell it. This isn't just an energy play - this is packaging (plastics), chemicals, parts of auto, etc. These prices will not last, which is why I'm going triple-levered. I probably won't even sell this year - most likely will buy and sit on some more.
- Apr 4, 2008
- 74,959
- 24,369
be aware a reverse split in UWTI is possible and even likely if oil keeps selling off
- Dec 23, 2009
- 30,368
- 21,945
Just checked the price for a Sept 17 put for USO, I'm getting sick [emoji]128565[/emoji] Left almost $300 on the table by selling early last month. Ce la vie, I suppose.
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- Jan 4, 2008
- 2,649
- 512
If it gets much lower then that will have to be a reality - you can't start trading pennies. Still, the effect will be largely psychological and won't have any real effect on the underlying valuation of oil as a commodity. I'd happily ride through that.
Edit: Grammar.
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- Apr 4, 2008
- 74,959
- 24,369
For sure man.
This market :x stay safe yall. Have a plan and don't get hopeful. Trade the trend.
This market :x stay safe yall. Have a plan and don't get hopeful. Trade the trend.
- Apr 30, 2011
- 10,915
- 2,735
Cup o noodles tonight
- Mar 10, 2013
- 9,025
- 8,119
Put an order in for more AAPL below 106 when it was already down today to about 110…thinking no way in hell it would fill. It filled.
Down to about 8% cash.
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- Apr 30, 2011
- 10,915
- 2,735
- Aug 24, 2012
- 414
- 83
Ya boy just got smoked this week
- Apr 4, 2008
- 74,959
- 24,369
everyone did. learn from it, apply the wisdom, come back and kick *** this week.
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- Nov 2, 2006
- 15,448
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[COLOR=#red]SHEMITAH[/COLOR]
- Apr 4, 2008
- 74,959
- 24,369
Need more money in my account to short the market if that's true 
- Jan 17, 2013
- 1,406
- 101
I totally didn't expect that to happen to the market today. Everyone at work couldn't wait for the market to close haha.
- Apr 4, 2008
- 74,959
- 24,369
I've had a couple of brief TWTR convos with Dan, really good dude, smart man.
http://chatwithtraders.com/ep-032-dan-shapiro/
"Figure out what you're doing wrong and stop doing it" sounds so simple but it's true. Identify why you're struggling and work to do things correctly.
Great listen. Third of the way through it now.
http://chatwithtraders.com/ep-032-dan-shapiro/
"Figure out what you're doing wrong and stop doing it" sounds so simple but it's true. Identify why you're struggling and work to do things correctly.
Great listen. Third of the way through it now.
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- Apr 4, 2008
- 74,959
- 24,369
Highly recommend listening to that podcast. It's an hour that's well worth it.
Some notes I quickly jotted from it, forgive the lack of structure:
Figure out who you are as a trader (what do you want to trade how do you do it options scalper currencies swing etc)
Look for premium setups
Avoid shooting yourself in the foot--figure out what not to do
Turn off your pnl -- more emotionally committed more likely to mistrade
Don't cut days off prematurely you risk losing a premium hand trade the trend (up a grand ok I'm done. you risk missing out on potentially making 10 grand if you cut trades off because of pnl and not the chart)
Understand the highs and lows of this business don't get too emotional
You don't lose your confidence it gets transferred to another trader. Do something nice for yourself, clear your head when you hit a rut. Come back watch order flow is it telling you the same stuff as a week or two ago? What's different? See it and make adjustments. Everything is adjustments.
If 90% lose money why look at the same stuff indicators stocks etc as them?
Do something that makes you mentally happy.
Modern trader is one adjustment away from being profitable
Have a routine. Can't compromise your process. Trading isn't supposed to be fun, it's supposed to be orderly, treat it like a business.
Do what you have to do to make sure you're around tomorrow. Nothing is worth compromising your process.
Price action is king don't fight it
Read depth read what veteran traders have done read their experiences read what they personally have gone through
Try new things
Commit yourself to omitting all the bad things you do
If you have someone you respect keep annoying them till you get it right
Don't think you're alone
Wait for premium setups
Filter out the noise keep asking questions
Some notes I quickly jotted from it, forgive the lack of structure:
Figure out who you are as a trader (what do you want to trade how do you do it options scalper currencies swing etc)
Look for premium setups
Avoid shooting yourself in the foot--figure out what not to do
Turn off your pnl -- more emotionally committed more likely to mistrade
Don't cut days off prematurely you risk losing a premium hand trade the trend (up a grand ok I'm done. you risk missing out on potentially making 10 grand if you cut trades off because of pnl and not the chart)
Understand the highs and lows of this business don't get too emotional
You don't lose your confidence it gets transferred to another trader. Do something nice for yourself, clear your head when you hit a rut. Come back watch order flow is it telling you the same stuff as a week or two ago? What's different? See it and make adjustments. Everything is adjustments.
If 90% lose money why look at the same stuff indicators stocks etc as them?
Do something that makes you mentally happy.
Modern trader is one adjustment away from being profitable
Have a routine. Can't compromise your process. Trading isn't supposed to be fun, it's supposed to be orderly, treat it like a business.
Do what you have to do to make sure you're around tomorrow. Nothing is worth compromising your process.
Price action is king don't fight it
Read depth read what veteran traders have done read their experiences read what they personally have gone through
Try new things
Commit yourself to omitting all the bad things you do
If you have someone you respect keep annoying them till you get it right
Don't think you're alone
Wait for premium setups
Filter out the noise keep asking questions
- Apr 4, 2008
- 74,959
- 24,369
Quickly jotted this down. For all of you looking to improve I suggest doing the same whether in your privacy or on here whatever suits you. Ask and answer the two questions I posed.
What have I done wrong?
Impatient either taking a trade without a setup or cutting it off prematurely
Trading pnl being emotional not treating it orderly like a business
being satisfied w x amount of money and closing it instead of closing a trade because a signal dictated it
Being frustrated and caught up in the highs and lows
How to fix this and become profitable?
Only trade the setups that offer the best r/r. No 5050s nothing that isn't good r/r.
Take positions off if that hit my stop or target. Ladder out if possible and move stops. Only exit a winning trade when the chart/price action changes.
Stay stoic and levelheaded. Be confident knowing I'm capable of doing this consistently for a lifetime because I know how to read charts/price action. I've only failed in this recent venture because I've ****** myself by breaking rules instead of embracing patience and selectivity.
Try new stocks and eventually instruments don't get stubborn and caught up solely in a select few stocks/set ups/etc.
What have I done wrong?
Impatient either taking a trade without a setup or cutting it off prematurely
Trading pnl being emotional not treating it orderly like a business
being satisfied w x amount of money and closing it instead of closing a trade because a signal dictated it
Being frustrated and caught up in the highs and lows
How to fix this and become profitable?
Only trade the setups that offer the best r/r. No 5050s nothing that isn't good r/r.
Take positions off if that hit my stop or target. Ladder out if possible and move stops. Only exit a winning trade when the chart/price action changes.
Stay stoic and levelheaded. Be confident knowing I'm capable of doing this consistently for a lifetime because I know how to read charts/price action. I've only failed in this recent venture because I've ****** myself by breaking rules instead of embracing patience and selectivity.
Try new stocks and eventually instruments don't get stubborn and caught up solely in a select few stocks/set ups/etc.
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- Aug 24, 2012
- 414
- 83
Good posts man. Yeah Dan is a cool dude. Saw him on an episode of Sang Lucci tv not to long ago.
- Oct 10, 2005
- 21,582
- 12,430
Asian markets tanking some more right now, tomorrow should be a good day to short.
- Apr 4, 2008
- 74,959
- 24,369
Charts are broken but I won't get biased one way or another. Gonna just trade the price action. If we do bounce I don't see it sustaining much. Prob just enough to put in a lower high on daily charts.
- Oct 10, 2005
- 21,582
- 12,430
I don't see the market bouncing much until the Fed announces they won't raise interest rates and the bounce won't last long. DOW is down another 400 and expected to open around 16000
- Apr 4, 2008
- 74,959
- 24,369
Yeah this could get really ugly. Looking forward to an exciting trading environment.
- May 14, 2001
- 1,784
- 355
Going to be an interesting Monday morning
- Oct 10, 2005
- 21,582
- 12,430
