Dow 2006

mark twain uk said:
So who's buying the dow, whose money is being wasted? I think that only massive hedge funds can do that, I cannot believe that Joe Bloggs remortgages his house (again) to buy stocks. And if it is hedge funds that drive the dow higher, what would happen when they decide the time has come to cash in their gains?
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Those forced to liquidate short positions; pension funds; mutual funds etc. The markets will only peak when all of these groups have satisfied their demands, that could be this week or next year. How long is a piece of string?
 
The Dow is currently down over 35 points

Is this the first signal we have been waiting for............................. :rolleyes:

I hope the wishes of all short term bears are fullfilled with a start today :cool:
 
What would you see as a good entry point today, above or below 12,000?
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hi Mark if your not already in and about to take an exit then I would wait for 11998
 
I'm staying put for the time being

(an hour later) I'm out now, wish I stayed in
 
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(two hours later) I am not only out, I am long as well, and like Gap Man, feeling a bit cheeky, this long should not work out, but with the market as it is it may just surprise us
 
The CME has agreed to merge with the Chicago Board of Trade and go all electronic
 
I have a serious problem being long in this market, I just got out for a nice but small bonus, it sure looks premature, there was no sign of a reversal, but I simply cannot stay long, I feel really stupid, all I had to do was to put a stop loss at B/E and walk away, but I couldn't. My heart tells me to get out, this is not a market to be long, my mind says trade what you see not what you think, and in the end the heart won and I got out, did anybody else had this problem at some time in their trading and if so, have you got any advice?
 
mark twain uk said:
I have a serious problem being long in this market, I just got out for a nice but small bonus, it sure looks premature, there was no sign of a reversal, but I simply cannot stay long, I feel really stupid, all I had to do was to put a stop loss at B/E and walk away, but I couldn't. My heart tells me to get out, this is not a market to be long, my mind says trade what you see not what you think, and in the end the heart won and I got out, did anybody else had this problem at some time in their trading and if so, have you got any advice?
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Hello mate,
I had the same problem but am very glad in this instance that I took my profits at a 908 missed on for about 18 point but got a good 60 points from the market................

I am happy very happy today.......As soon as I saw Dc post the comments he would rather go in at a higher point mentally I had decided that I will come out of the market very soon..............

A big thanks to DC :cheesy:
 
mark twain uk said:
I have a serious problem being long in this market, I just got out for a nice but small bonus, it sure looks premature, there was no sign of a reversal, but I simply cannot stay long, I feel really stupid, all I had to do was to put a stop loss at B/E and walk away, but I couldn't. My heart tells me to get out, this is not a market to be long, my mind says trade what you see not what you think, and in the end the heart won and I got out, did anybody else had this problem at some time in their trading and if so, have you got any advice?
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Sure - who hasn't!!

From my prespective I trade short term positions for 90% of my trading - ie each day as it comes. Give yourself a chance to be happy to take what you can and when you've got it - doing as you said above and putting your stop to b/e may see you wipe out and lose the 40 pips you got now. I found a couple of years ago that taking smaller (relatively) profits vemore often made me more money than holding positions for longer periods and aiming for that really big fish.

You gotta know what you want / expect from a position you hold - if you don't and you also fail to take profits when they are there you'll quickly find profits are wiped out and losses will accrue as you drop your stops below you're b/e on the way down/up.

Sure hold a trade - if you're confident of direction and using trailing stops to protect profits - I plan to have once of these over the next few weeks in the Dax and Dow but don't feel bad about taking it off the table, cashing in and walking away for the day trades - Christ it makes me feel great as you appreciate you were trading with discipline. Today for example - I missed the bottom by 20 points and closed my short 'early' and may have missed the top of the bounce back this evening - do I mind - not at all - I took a good tally today (55 on way down and 45 back up) and will sleep well!!

One last thought - your 'head' as you describe it - make sure it's your head and not greed - subtle difference but an important one.

Cheers,

Gap
 
mark twain uk said:
Thanks folks.

Gap Man,

I am sure I came across you many moons ago, how come you are only a junior member?
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Yeah you did - good old TT days!! - I remember you're anguish over that FTSE position - I actually had that in mind when I typed the note below...

I've had a bit of a break over the past months (family bereavement earlier this year). Back now though and raring to go :cheesy:

Guess I'm 'only' a junior as I haven't posted much - just happy to make some cash though ;)

Catch ya tomorrow
 
THAT ftse position! £80 short that got away from me, October 2005 I think, was down 300 points at some stage, that's £24k, I got lucky and it turned within 30 points of my final stop loss, I recouped about £18k on the way down, lost about £6k but learnt a valuable lesson.
 
Glad you got some Rav

Also nice to see some of the old crew back n rockin

but I couldn't. My heart tells me to get out, this is not a market to be long, my mind says trade what you see not what you think, and in the end the heart won and I got out, did anybody else had this problem at some time in their trading and if so, have you got any advice?
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I think every trader has gone through this at some point, one way is to scale out take half once you think you should come out and move stop closer if the position continues in your favour take another quarter and move stop to just ahead of breakeven and let run until end of day or stopped out, that way you will have locked in a profit but still have potential to capture a good move
 
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