Where is the Dow & others heading in 2005?

[vocalist]

I find it more stressfull trading intraday.I feel as if im constantly glued to the screen all the time with my heart trying to escape through my mouth.Yet,put me in a situation where I know I have to wait for a few weeks with a lightly larger stop and all this fear goes away.

Now either I am completely mad or its just comes down to Horses For Courses.

 

[Orion]

I find it more stressfull trading intraday.I feel as if im constantly glued to the screen all the time with my heart trying to escape through my mouth.Yet,put me in a situation where I know I have to wait for a few weeks with a lightly larger stop and all this fear goes away.

Now either I am completely mad or its just comes down to Horses For Courses.

You're not mad, it IS horses for courses and, if you've found a way of trading which removes the fear FOR YOU, then you've cracked it. Congratulations.

 

[Bluewave]

Dow chart looking like death valley right now, lol. Anyone managed to play these reversals??

 

[FetteredChinos]

Dow chart looking like death valley right now, lol. Anyone managed to play these reversals??

only by staying in my position and having faith..

if you picked the bottom at 270.. well done!!

 

[Bluewave]

.... wish I could pick tops/bottoms that quickly! On the sidelines watching and waiting for now. 10,300 like the tether point for this animal.

 

[mofo]

only by staying in my position and having faith..

if you picked the bottom at 270.. well done!!

FC, do you have any technical basis for exiting a particular position? I know you have armageddon stops, & i admire greatly your sticking to your systems, but is there ever a basis on which you say **** the system, i'm wrong, so i'm getting out ?

Just curious re the previous dicsussion on stop placement

 

[FetteredChinos]

nope.. i sometimes override things when the market is obviously strong on external factors...

eg yesterday's spike..if it had gone a lot further (say 200 points rather than 50) i would have widened my stop, or got back in when i had been stopped out.

such spikes nearly obviously reverse, partly because it triggered a host of stops on the way down which just accentuated the sell off.

there is a degree of discretion, but the point is not to be scared out of positions unnecessarily..

"faint heart never got fat tart" etc


as for exiting a profit.. i base that on extended moves from recent highs and lows.. if the market has a tendency to move in blocks from recent highs and lows by a certain amount, then that is a good enough place to hop off..

does that help?

 

[Racer]

Oil down a lot and the market struggling? Not a good sign for bulls

 

[mofo]

Yeah, i guess so. Clearly have enormous ****s to take those drawdowns, either that or a $1bn account

 

[kriesau]

Looking at the Dow yesterday, it went down over 100 points and then back up over 100 points. So there was over 200 points movement in the day but it closed up just 19 points. I think that is one of the reasons why I prefer intra-day trading, there are just more opertunities to make money. I also find it less stressful when I don't have to hold positions when the markets are closed and I am unable to do anything about it if something happens. As for longer term trading leading to a higher % of winners, I am not convinced about that and have yet to see a good explanation of why that should be the case.

Well both strategies are valid. Swing trades with long stops can give you 100/300 pts+ trades and intraday short trend trades can give you a series of small point gains. They're really different but they can also be complimentary. The key often lies in where you put your stops and when close out a profitable trade. I prefer swing trades and they have proved to be more profitable over a longer timeframe. If I have the time I sometimes do intraday trading too but this can be more volatile.

Yesterday I was collectively ahead by 190 pts up on two shorts until the White House false alarm sent the market straight up and subsequently closed me out of two of them (stops too tight). Today I made two raids on the Dow picking up 15 pts first thing on a short and then 24 pts on a follow up long.

A lot depends on your psychology on any given day and how confidemt you feel about a developing market trend. Everyone has to develop a style of trading that works for them and that they are comfortable with.

 

[FetteredChinos]

not really... a 300-500 point drawdown isnt too bad..


bear in mind i can take upwards of 100pts a week, it doesnt take too long to get back to parity..

 

[haleh]

nope.. i sometimes override things when the market is obviously strong on external factors...

eg yesterday's spike..if it had gone a lot further (say 200 points rather than 50) i would have widened my stop, or got back in when i had been stopped out.

such spikes nearly obviously reverse, partly because it triggered a host of stops on the way down which just accentuated the sell off.

there is a degree of discretion, but the point is not to be scared out of positions unnecessarily..

"faint heart never got fat tart" etc


as for exiting a profit.. i base that on extended moves from recent highs and lows.. if the market has a tendency to move in blocks from recent highs and lows by a certain amount, then that is a good enough place to hop off..

does that help?

this was really helpfull reply thank you

 

[SOCRATES]

And yesterday I told you all it was capped, and capped it remains, 10305 ~10310 or thereabouts....must go...

 

[FetteredChinos]

thanks. Soc..

has nothing to do with the 70pt take off from 240 then does it?

standard blocks are 70 and 150 give or take a couple..

 

[SOCRATES]

Capping is capping and what you are talking about is something completely different.

 

[kriesau]

thanks. Soc..

has nothing to do with the 70pt take off from 240 then does it?

standard blocks are 70 and 150 give or take a couple..

Yeah right - it's ranged within 52 pts in the first hour - some cap !
Oh..........must go (got to create the impression that I've more important things to do)

 

[FetteredChinos]

(doffs)

 

[Bigbusiness]

thanks. Soc..

has nothing to do with the 70pt take off from 240 then does it?

standard blocks are 70 and 150 give or take a couple..

I like 35 point blocks, 35,70,105,140 etc.

 

[kriesau]

Hahahahahahahahaha !!
When he is shown to be wrong he challenges the terminology !!

 

[FetteredChinos]

I like 35 point blocks, 35,70,105,140 etc.

what about 45 degrees BB, and multiples thereof :cheesy: