Any overnight traders out there?
- Thread starter Bankedout
- Start date
Although I don't take the "position" trades, I am amazed how often the 30 minute chart stochastics are in pointing toward the direction of the next morning's gap openings - you may want to take a look for your self.
Personally, given the current world condition, I could only consider short positions overnight, if the indicators were pointing to a short. I think you need to be very brave taking overnight longs.
HAPPY HOLIDAYS
"In 2001 I earned 7 figures, in 2002 I earned over $700,000."
I respect you right to privacy on this ... but since you made it a point to give us an idea of how well you are doing position
trading ... would you mind posting in % terms what that return
was YTD in 2001 and 2002 on your portfolio ?
IF your portfolio size is 10 million ...then I do not think those returns are so fantastic . although they are quite respectable given the current market conditions ...
all the best to you in 2003
I respect you right to privacy on this ... but since you made it a point to give us an idea of how well you are doing position
trading ... would you mind posting in % terms what that return
was YTD in 2001 and 2002 on your portfolio ?
IF your portfolio size is 10 million ...then I do not think those returns are so fantastic . although they are quite respectable given the current market conditions ...
all the best to you in 2003
In 2001 I earned 1.7M on an account that started with $125,000 but I added an additional $175,000 (March '01) to bring my account up to $300,000. I keep $300,000 total with several brokers. I have my account swept every Friday and have any additional funds wired to my checking account. If I am below $300,000 then zero is transferred
About 80% of my trades since Nov 1999 have been (SHORT) mostly Position trades from 3 days to 3 months. My big winners have been NXTL, DCEL, MSFT, PALM, ORCL, SPTN, etc...
2001 I think I had NO losers (LOL) compared to 2002. This year has been much harder, seems as though stocks have bottomed out (not good for shorting)
In the last 6 weeks I have made Nothing, I basically quit trading about 3 weeks ago. I still monitor the markets intraday, but not much activity for my type of trading.I am thinking about SHORTING 10,000-20,000sh of PALM, they just had a 20-1 reverse stock split to avoid being delisted, this company I feel will be bancrupt or bought out in 3 years. By reversing their stock price it gave Shortsellers a new chance to short the stock, LOL, bunch of idiots.
I think the market is headed much lower for 2003, much lower 6000-7000 Dow, NASDAQ 700 :eek: Although I try to not get too opinionated as this usually will cost me money, but by being short the last 2 years in a BAD market has made me good money
For 2003 I am entering the market very cautiously, I would rather be Short than Long. IMHO the bigger $$$ is made position trading. I was working the floor of the CME and the CBOT in the late 70's, we had NO comptuters :eek: There was no such thing as Daytrading unless you worked in the pits. Daytrading really didn't start until 5-7 years ago. Actually I am glad I learned how to position trade FIRST. I feel sorry for the NEWBIES who don't look to position trade to make $$$, I think every trader should have some position trades at all times.
For 2002 I have started trading the e-minis, have done fairly well, I keep most positions overnight also. I like trading the markets electronically, DAT, GLOBEX, etc... I hate the Middleman
I try and trade electronically (direct access) as much as possible. I use Limit orders 99% of the time, and I place trailing stops ASAP.I have to make a lot of money, my toys are way too expensive.
Hope this helps
Good Luck in '03.
Another way to help keep risk down is to trade multiple time frames. Meaning, let's say you chose to trade SPY. You could have one position open trading the trend on the weekly chart, another open trading the trend on the daily chart, another open trading the trend on the hourly chart, and a final one open trading the trend on the 5 minute chart. It sounds rather odd I would guess, as most people diversify across trading instruments. I think diversification can work across time frames. I haven't done it yet though.
Forex does sound interesting to me too.
Good luck,
Banker
I have thought about the Narrow Based Indices. I really hope they catch on. I'm going to wait until volume builds though. I have my fingers crossed.... My account is universal with IB, so I can use the funds for whatever I want. Currencies would require a different account though, at least that's what I determined with IB.
Is there any way to trade the $XAU in the meantime? I would like to trade a basket of gold miners every once in a while. Gold itself is trending up nicely on the weekly charts. Something I don't see with US stocks.
Good luck to you too,
Banker
Thanks for your take on things. Very interesting.
Palm's Zire looks like a good product. Retailers have been reporting PDA's are selling well this Christmas. I'm not going to join you in shorting Palm. (But as a value investor, I'm not going to be buying a company without earnings, either.)
Merry Christmas.
Palm's Zire looks like a good product. Retailers have been reporting PDA's are selling well this Christmas. I'm not going to join you in shorting Palm. (But as a value investor, I'm not going to be buying a company without earnings, either.)
Merry Christmas.
I don't use stochastics, but what I have found is that price gaps usually occur in the direction of the trend. Meaning if the item you are trading is trending up on the 30 minute chart, a price gap will usually be up. It helps if the item is trending up on the daily chart too. It would probably work even better if the weekly trend were up as well, but that's hard to find these days.
I will hold long overnight if the trend is up in my time frame.
Happy holidays to you too,
Banker
Quote from F-Trader:
In 2001 I earned 1.7M on an account that started with $125,000 but I added an additional $175,000 (March '01) to bring my account up to $300,000. I keep $300,000 total with several brokers. I have my account swept every Friday and have any additional funds wired to my checking account. If I am below $300,000 then zero is transferred
About 80% of my trades since Nov 1999 have been (SHORT) mostly Position trades from 3 days to 3 months. My big winners have been NXTL, DCEL, MSFT, PALM, ORCL, SPTN, etc...
2001 I think I had NO losers (LOL) compared to 2002. This year has been much harder, seems as though stocks have bottomed out (not good for shorting)
I am thinking about SHORTING 10,000-20,000sh of PALM, they just had a 20-1 reverse stock split to avoid being delisted, this company I feel will be bancrupt or bought out in 3 years. By reversing their stock price it gave Shortsellers a new chance to short the stock, LOL, bunch of idiots.
I think the market is headed much lower for 2003, much lower 6000-7000 Dow, NASDAQ 700 :eek: Although I try to not get too opinionated as this usually will cost me money, but by being short the last 2 years in a BAD market has made me good money
For 2003 I am entering the market very cautiously, I would rather be Short than Long. IMHO the bigger $$$ is made position trading. I was working the floor of the CME and the CBOT in the late 70's, we had NO comptuters :eek: There was no such thing as Daytrading unless you worked in the pits. Daytrading really didn't start until 5-7 years ago. Actually I am glad I learned how to position trade FIRST. I feel sorry for the NEWBIES who don't look to position trade to make $$$, I think every trader should have some position trades at all times.
For 2002 I have started trading the e-minis, have done fairly well, I keep most positions overnight also. I like trading the markets electronically, DAT, GLOBEX, etc... I hate the Middleman
I have to make a lot of money, my toys are way too expensive.
Hope this helps
Good Luck in '03.
My guess is the major indices could put in a bottom at 90% off their peak prices. Would Warren Buffett step up to bat then? Probably. Who knows though. I don't think the Bear in US stocks is dead. I don't trade on these types of thoughts though. It's just for fun.
Do you use IB's trailing stops? Do those orders run on your computer, or their's? Meaning, if your computer crashes, does your stop keep trailing? Also I have always wondered if they are native to GLOBEX. If IB would lose their connection to GLOBEX, do you have a hard stop at the exchange?
Good job in 2001. That was the year I made so much money I had strong feelings of guilt and had to quit trading. I honestly felt as though I was stealing from people when I was trading. It was pretty bad. Now I think I'm over it.
Banker
The stock had a $2 run up when the reviews came out on Zire, it rallied to $18.50, this DOG can't get higher.
http://tools.thestreet.com/tsc/quot...1dy&comp=&lf=1&type=64&ma=0&maval=60&x=41&y=4
I hope it rallies to $18.46 so I can take a Low risk Short