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You shorted into an opening gap down... that's generally a bad idea, as the market fills those gaps most of the time, especially when it's not on high volume and not a big gap. Mondays are the least likely to fill, but it's never a good idea to go against it anyways. You're better off buying...

Right there is your first problem. The last 2 things you mentioned are completely irrelevant to determining market direction. Forget about making daily buy/sell decisions based on insider selling or anniversaries. As for the futures being down... yeah, they were - until they started going up...

Maybe so, but this is nothing new... computers have been around for a while trading the market like that. I highly doubt that they're going to change it any time soon, because they add liquidity and increase the fees collected by the exchange. Personally I just ignore the level 2 most of the...

They can place whatever bids or offers they want, and pull them whenever they want... as long as they're not getting advance information of your order coming into the market. If they have that information and are pulling orders based on it, that's a problem.

Why are you fighting the tide?

Don't bother using logic. Proponents of this tax can't think beyond a grade 2 level, so you're wasting your time. Thankfully they aren't the real decision makers.

+1 When I started daytrading for the first time, I didn't try to come up with a detailed plan for the first while - basically just played around on the simulator and tried out various ideas until I started to see patterns that made sense to me. I then incorporated those patterns gradually...

I've noticed the same thing with a couple of other firms, notable MB Trading and LightSpeed. As soon as a negative review showed up, a positive review followed it usually within the same day. What a joke.

+1 I pretty much agree with everything he said...

That's exactly why so few people make it as traders. In the normal world people can live in personal fantasy-land all they want and pretend that they're right about something when they're not... but the market doesn't care what anyone thinks. If you are wrong on a trade, it will show up...

A lot of people have been reading TA based systems and thinking it's the time to go short. Being successful in the market is not about reading TA, it's about understanding the prevailing conditions and trading appropriately. If you understood that, you would know that prevailing conditions...

Because the average person watching these guys is a clueless moron who can't understand that it's impossible to be right all the time. They expect the analyst to tell them for certain what is going to happen next... so if they start openly admitting that they were ever wrong, the dummies will...

The scary thing is, most average people would! Even if they saw inflation in the economy, they are so incredibly stupid that they might not realize that the events are related. The politicians can point to a rising market and imply that a recovery has taken hold, which is a lot better than a DOW...

I agree. Random entry is not a trading plan, it is the lack of a trading plan. You need to pick and choose your setups carefully.

I hardly think you can blame him for bad quotes from his broker, unless you want to say that trading with that broker is a mistake. The broker has a reasonable obligation to provide you with real-time quotes if that is what they advertise as part of their service, just like they have a...

Just because it's a bear market rally, doesn't mean you should be shorting it all the way up. In fact, the most violent and largest percentage rallies of all time have occurred in bear markets, precisely because so many people are going short and getting squeezed. Bear markets have the largest...

Exactly what sophistication do they need? The opponent says "look, the other guy voted to tax you but let the wall street fat cats off the hook!". It would be literally true, so it couldn't be denied. That's all they would need to hear.

That's the trick. My stop loss is always different for each trade. It's never above a certain amount, but often times might be less depending on circumstances. I also don't have profit targets, more just an idea of where price might get to... but when it gets there, I use price action to exit...

I believe he said that he got squeezed, which implies that he shorted in July and held it through a massive up move. That's the way I read it.

Wow. That is just a recipe for complete disaster. You just broke the two most important rules in trading: 1. ALWAYS have a stop. ALWAYS ALWAYS ALWAYS ALWAYS ALWAYS. Hard stops are good in case of disaster or in fast moving markets, but at the very least you need a mental stop that always...