Attention: I am now short!
- Thread starter chaosclarity
- Start date
congrats on that. Good job in this wild market
I am having trouble sticking with my convictions. Was long GS for about 2 weeks... waiting while it played musical chairs. Got frustrated. Then when it finally is time to ring the register I am exiting my Oct 95 and Nov 90/95/100c waaaaayy too soon - guess in the last 6 years since I was not in the market... I forgot how to read a fricking g-damn intra-day chart. Damn.
Was short SINA at 93.20 and exit at 89. What the F am I thinking. Hits approx 81 today, ONE day after I close (not even 15 hours later!!) But.. some of us gotta ring register rather than stay with a winner; premature ejaculation. Plenty of psyche research explaining that behavior-- how we will sit with a loss and be patient,(ass-backwards) and 8/10 times (particularly w/short premium) I end up fine and/or take delivery and wait for reversal in st trend. If I keep pulling the trigger too soon, I am going to have to take another 5 years off. Almost more depressing than taking a loss.
I have a poster "wait until the end of the day and let profits run." and "sometimes doing nothing is the best trade" Instead I am getting cute and tending to leg out of one side of some calendar spread, etc. leaving myself exposed or I am exiting short premium too soon. Guess I've become the proverbial "weak hands." Maybe I'm rusty.
Being a swing/position trader I am willing to take positions overnight and/or hold for weeks... so, don't get the mindset that keeps getting me out -- -- $$$$thousands of dollars too soon! I am making good calls, and then ruining the proverbial wet dream by getting shaken out and/or impatient or both.
I'd be better walking in the park, out to lunch, shop, workout etc. and coming back at 130-230 Chicago time to trade, after watching market open and first hour.
Any ideas let me know... TY
That's what my point was earlier. You can be RIGHT and still lose money. It is all in the timing that the money is made. How are you defining your exit?
I swing trade as well but I tend to follow my indicators (I know its a bad word on this forum) to tell me when to get in and out. I have learned over time that they statistically are going to make me money so I just follow them. I try not to second guess them. When I do second guess them I usually leave $$ on the table or lose more $$ than I should.
+10
High volty can actually be a short-term traders friend. You may want to adjust your time, not in calendar time, but in volty adjusted market clock time.
The "real clock" of the market is TT=volty*squareroot(time). When volty doubles, it is as if time has quadrupled. If one quadruples time, one is not suprised by the prices that are touched. If one uses a longer time frame (in a low volty) one has a given TT. To keep TT the same, if volty double one can cut the time by 4.
I am guessing that you may know the above, but maybe being aware of it, and thinking in terms of it, may bring some order to what might appear as disorder.
Time does not run at constant speeds in markets!
In markets I pay attention to what people really do, and NOT to what they SAY they do.
In the real world such as in forums, I pay attention to what people really think, and not to what people SAY they think.
In the real world such as in forums, I pay attention to what people really think, and not to what people SAY they think.
I pay attention to posters journals.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=221311&perpage=30