I happened to be in on this short, in fact doubled at the same point as well.
But... I got out right when the first green was showing some indecision. Not a bad trade I suppose - but compared to your beautiful exit...
I am considering going the profit target route for now. It just seems like too much of an emotional trip to have the profits, lose most of them, then exit to watch it continue with the intended direction or keep it and watch it come all the way back.
You set the bar incredibly high - your trades are simply amazing. I am wondering about when you were starting to trade - did you set profit targets at first and work your way up to this excellence? Or? Any suggestions?
dtf-my trades are amazingly simple more like it. speaking as a momentum trader, profit targets don't work, and i can't see how they work in any other time frame either.the simple reason is that you,me or anybody else don't know where a stock will trade to.how can you base your exit on and stick to a price level in a stock when the only thing that is certain in the markets is uncertainty. don't do it!
scott, i hear where you are coming from, and i understand your point. we don't know where a stock is going to so why exit at some pre-determined price. but, did you have the same struggles as dtf and i when you first started out? exiting too soon, entering too early.
part of me wants dtf to scale out of half at .30, even though you don't recommend it and neither does he. i think maybe it will influence him positively to see X amount of dollars. and then the trade is technically "risk" free. though, if it keeps going up, he will curse himself for now holding more size, and if it goes down, he will be okay.
its just so damn hard to watch these retraces. but, again, i think it comes down to timing. if we time it right, we won't be struggling with the stops or .30, the stock should take of and not give us any fear.
i was also saying to dtf today, i can see how you can get bored with trading. you really do the same thing, day in and day out. it has become repetitive for you, but for us, it is amazing to see. you get your kicks by screwing with the brainiacs at GS or the traders in AAPL. we get our kicks from watching you screw with them, lol!
when i started out i watched the markets for 2 years so that i could learn to recognize signals and the relationship between candles, movement,the ebb and flow of the trading day and spot what the real true trend was. obviously i was not as talented then as now but what i got from being an observer for that long was a routine of practicing the same actions in response to those signals. stripping away parts so that my system was as simple as I could make it helped immensely. my philosophy is still different from what you guys think- trading is not about the money, it is about letting the market signals tell you what to do. profit targets go against the grain of this and I have never used them. they go against probabilities as well- if you have a target you have expectations and expectations will affect you when you are wrong. i remember it being a smooth transition to actual trading because i didnt change any part of my system, i let the markets tell me what to do. again , i am more experienced now compared to then but i was not in a hurry to trade and the time spent watching and absorbing paid off.
short ABX
4 comments:
I happened to be in on this short, in fact doubled at the same point as well.
But... I got out right when the first green was showing some indecision. Not a bad trade I suppose - but compared to your beautiful exit...
I am considering going the profit target route for now. It just seems like too much of an emotional trip to have the profits, lose most of them, then exit to watch it continue with the intended direction or keep it and watch it come all the way back.
You set the bar incredibly high - your trades are simply amazing. I am wondering about when you were starting to trade - did you set profit targets at first and work your way up to this excellence? Or? Any suggestions?
Thanks!
dtf-my trades are amazingly simple more like it.
speaking as a momentum trader, profit targets don't work, and i can't see how they work in any other time frame either.the simple reason is that you,me or anybody else don't know where a stock will trade to.how can you base your exit on and stick to a price level in a stock when the only thing that is certain in the markets is uncertainty. don't do it!
scott, i hear where you are coming from, and i understand your point. we don't know where a stock is going to so why exit at some pre-determined price. but, did you have the same struggles as dtf and i when you first started out? exiting too soon, entering too early.
part of me wants dtf to scale out of half at .30, even though you don't recommend it and neither does he. i think maybe it will influence him positively to see X amount of dollars. and then the trade is technically "risk" free. though, if it keeps going up, he will curse himself for now holding more size, and if it goes down, he will be okay.
its just so damn hard to watch these retraces. but, again, i think it comes down to timing. if we time it right, we won't be struggling with the stops or .30, the stock should take of and not give us any fear.
i was also saying to dtf today, i can see how you can get bored with trading. you really do the same thing, day in and day out. it has become repetitive for you, but for us, it is amazing to see. you get your kicks by screwing with the brainiacs at GS or the traders in AAPL. we get our kicks from watching you screw with them, lol!
when i started out i watched the markets for 2 years so that i could learn to recognize signals and the relationship between candles, movement,the ebb and flow of the trading day and spot what the real true trend was. obviously i was not as talented then as now but what i got from being an observer for that long was a routine of practicing the same actions in response to those signals. stripping away parts so that my system was as simple as I could make it helped immensely.
my philosophy is still different from what you guys think- trading is not about the money, it is about letting the market signals tell you what to do. profit targets go against the grain of this and I have never used them. they go against probabilities as well- if you have a target you have expectations and expectations will affect you when you are wrong.
i remember it being a smooth transition to actual trading because i didnt change any part of my system, i let the markets tell me what to do. again , i am more experienced now compared to then but i was not in a hurry to trade and the time spent watching and absorbing paid off.
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