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TranceAddict Investors Club @ Marketocracy (pg. 104)
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| mndeg |
i cashed in my lehman puts today. my best trade yet.
I think retail will run up and fall down pretty hard. But it's still running up so fighting it isn't worth it.
edit: it fell 50% the next day! |
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| mndeg |
waiting for shld to break its upward trend
only position is puts on sndk right now
should of bought puts on aig after its attempt to gap fill today
or mer 2 days ago :\ |
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| Krypton |
| quote: | Originally posted by mndeg
waiting for shld to break its upward trend
only position is puts on sndk right now
should of bought puts on aig after its attempt to gap fill today
or mer 2 days ago :\ |
I'm curious. What do you do for a living. How much money do you personally trade just yourself? How much did you start out with when you first started your day-trading? How much do you usually bet in the course of an average day/trade.
I'm assuming you've specialized in technical analysis, huh? |
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| Capitalizt |
| quote: | Originally posted by Krypton
I'm curious. What do you do for a living. How much money do you personally trade just yourself? How much did you start out with when you first started your day-trading? How much do you usually bet in the course of an average day/trade.
I'm assuming you've specialized in technical analysis, huh? |
lol, I'm glad someone is finally addressing mndeg. I think 99% of the forum doesn't know WTF he is saying most of the time. No offense mn..but all these posts about puts/calls/gaps etc are alien to regular investors who view this thread. |
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| Krypton |
| quote: | Originally posted by Capitalizt
lol, I'm glad someone is finally addressing mndeg. I think 99% of the forum doesn't know WTF he is saying most of the time. No offense mn..but all these posts about puts/calls/gaps etc are alien to regular investors who view this thread. |
lol, I read them all, and I understand them. But usually, I just have nothing to say. He's an options guy. I know all about puts and calls, but I never use them, so I have nothing to add....:happy2:
I'll probably get into options one day, when I have money, that is.. |
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| mndeg |
| quote: | Originally posted by Krypton
I'm curious. What do you do for a living. How much money do you personally trade just yourself? How much did you start out with when you first started your day-trading? How much do you usually bet in the course of an average day/trade.
I'm assuming you've specialized in technical analysis, huh? |
I'm a student that goes to Northern Illinois University. I started trading when I was 17 I am 21 now, I've been through so many trading phases I believe I've got it all together now. I've learned from day traders, macro players, swing traders, looked at the thoughts and opinions of anyone that had an edge. I started out with $2000? That didn't go anywhere. I've lost almost an entire 15k account in a span of 3-4 years (reasonable amount to lose as learning money imo, especially when incorporating long calls or puts), now I've taken a new 15k to 40k in a span of about a month.
The amount I put in is relative to how confident I am of the direction.
I had 100% in lehman puts, 100% should be a rarity though as I do scale in. Common sense and evidence suggested the KDB thing was BS. In fact the financial sector of the Korean stock market tanked when there were KDB buyout rumors!
Another story, Cramer said Lehman Brothers was a "screaming buy" and the next day it fell like 50%. Taking into account pump & dump and fraud in general is part of my trading plan. Dick Fuld the CEO of Lehman said his company was fine probably just two weeks ago.
Longer out TOL and other homebuilders are in trouble. Look at the insider selling lately.
http://www.form4oracle.com/company?...4170&ticker=tol
Their industry is terrible and is one of the strongest sectors in the market. Add to that a MACD histogram negative divergence (it's a TA thing) and I'd say that's a high probability winner to play puts on that when the time comes (weeks? monday?).
Oh also another sign, I saw the CEO of TOL pump the stock on Fast Money a few weeks ago.
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I believe I can easily make 5k a week going forward, not counting 'home runs'. That's projected with current cash available. |
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| mndeg |
At 17 I put together a ghetto stock filter using a program on yahoo.com that looked for a bullish MA crossover on low P/E stocks. Now I'm a lot wiser and analyze market direction (S&P 500), options activity, sector direction, individual company status (headline risk, or benefit), take a look at TA in all time frames, daily, weekly, and monthly and keep a nice macroeconomic picture in mind.
and insider buying/selling too.
btw if anyone wants to get into TA, please don't use oscillators they hurt more than they help. Reading price action, candle stick charting, support, resistance, trendlines, pivots (sometimes), interpreting volume, and knowing chart patterns and the psychology behind it is all that's important. |
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| Krypton |
Call this day "Black Monday"...The Dow Jones falls past its 52 week low. I definitely thought the end of this bear market was coming soon, but apparently, I have greatly underestimated the seriousness of this crisis.
| quote: | Stocks tumble amid new Wall Street landscape
Monday September 15, 4:10 pm ET
By Tim Paradis, AP Business Writer
Stocks fall sharply following Lehman bankruptcy, Merrill sale; Dow falls more than 500 points
NEW YORK (AP) -- The stock market has suffered one of its worst days in years as investors reacted to a stunning reshaping of the landscape of Wall Street that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.
The Dow Jones industrials are down more than 504 points, their sixth-largest point drop ever and their worst showing since they lost 508 in the October 1987 crash.
Investors were shaken by Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock.
While those companies' situations had reached some resolution, the market remained anxious about other companies. Among them: American International Group Inc., which is seeking emergency funding to shore up its balance sheet. |
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| mndeg |
I made about 9.8k today! crazy and I wasn't even around to micromanage or scalp. I had puts on the SPY on friday and I sold early today because I didn't want to worry about it during classes.
We should of made new lows on the open, but the chop at support and resistance made it VERY easy to trade IMO. I want to start trading the mini S&P500 as well as stock options.
The pop and dump of MER today reminded me of the pop and dump of LEH after KDB rumors. Market totally did not trust the official statements.
If anyone wants there's a MIRC chat room for day traders and general traders that I can post here. It's really helpful to have other traders around. There's a scalper on there that's pretty good.
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end of the bear market? eek
not without a jobs/housing turnaround
according to people in the know there's going to be a down shift in the living standards americans. |
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| atbell |
| quote: | Originally posted by Krypton
Call this day "Black Monday"...The Dow Jones falls past its 52 week low. I definitely thought the end of this bear market was coming soon, but apparently, I have greatly underestimated the seriousness of this crisis. |
More's comming...
I'd give it a year minimum. |
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| atbell |
I dropped Goldman early yesterday, still haven't looked at what my fake portfolio is doing today.
I'm surprised at the drop in comodities, that's what I'm thinking of throwing my Goldman cash into. Oil is particularily odd, I'd have expected the US$ to tank and oil to rise because of it is priced in $. |
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| Shakka |
| quote: | Originally posted by atbell
I'm surprised at the drop in comodities, that's what I'm thinking of throwing my Goldman cash into. Oil is particularily odd, I'd have expected the US$ to tank and oil to rise because of it is priced in $. |
Global slowdown...demand destruction...everything is becoming a source of funds..deleveraging...you name it. |
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