Duref Mentors Lucky

D

Duref Mudgins

LuckyGirl and I recently began a conversation on trading via PM. I quickly became concerned that my own experiences might not have the breadth and depth to provide the best possible answers to her trading questions. So I suggested that we take our dialogue public. The rubric is that she will pose a question, I will answer, and hopefully you will gloss. I invite posters of all philosophical and practical persuasions to participate in a non-partisan atmosphere of enlightenment. I know from many personal experiences corresponding by PM that underlying the frequent rancor here is a genuine desire to help.

So, to commence. Lucky, please tell us about yourself and your interests in trading, avoiding of course, any identifying personal information.
 
Quote from Duref Mudgins:

I know from many personal experiences corresponding by PM that underlying the frequent rancor here is a genuine desire to help.
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While this is true, there are a number who enjoy being trolls. The only success I've seen is where:
- thread participants agree to ignore trolls
- thread originator partners w/ 1 or more mods to eliminate troll posts

Best of luck in your endeavor,

R
 
Thanks for your excellent suggestion, Ron. Earnest participants, please put trolls on ignore, and if things get out of hand I will ask moderation to intervene. However, many times ET has been successful in keeping threads on track (Emil Kraepelin's interviews with controversial ET figures some years ago come to mind) simply by encouraging common courtesy.
 
Vielen dank for starting this thread Dr Freud.

I started studying a year or so ago with the hopes of someday becoming a Great Investor. I soon saw that price knew things long before I did, so I started studying TA. I am still viewing things with both a fundamental and technical eye and am drawn to trading stocks. I now hold stocks for minutes to days, very occasionally a few weeks.

Knowing that you trade NQ, can I ask first for some discussion as to why you abandoned stocks for indices?

As a corollary to that question, can I ask about your views on investing? Do you daytrade your life’s savings or reserve some of it awaiting signs of a market bottom?

If I am really so lucky as to have found mentors, I should walk away from stocks and switch to trading the Q’s. Can you give me a little nudge?

Duref Trahma
 
Well, Lucky, it is a good thing we chose this forum for the thread, because your first questions on futures versus stocks are as trenchantly psychological as the issue of stright versus gay.

Sad to say, there was little logic in my migration from stocks to NQ as a daytrading vehicle. I bottom fished at the beginning of the 1999 peak ("how can prices go any lower?"), decided to switch to index-based ETFs given the outright manipulation and fraud in stocks, found that (then) QQQ was the most affordable index ETF, and finally shifted to futures (NQ) once I understood the tax and reporting advantages. Not unlike the way onc meanders into career, marriage, and a life of anonymous mediocrity.
 
I daytrade far less than 1% of my net worth, currently have only about 5% invested in securities, but still believe in stock for the long haul and am easing back into the market now after cashing out totally over two years ago. My answer on stocks vs. futures for daytrading is resoundingly INDEX FUTURES because of the greater transparency and analyzeabilty, but I'll bet ET at large has many other opinions, which I now yield the floor to. (BTW, being an old dog, I greatly fear hyperinflation, so I recommend significant physical holdings of precious metals in forms that are pretty to look at in case I am wrong.)
 
While we await comments, Lucky, it might be useful to explain why you want to trade at all, and what outcomes you desire. If the market doesn't break out soon we may have all day to post.
 
Call me a social reject, but I am in love with the idea of generating an income without having to deal with customers and employees. Just as importantly, I would like to preserve the capital I have left (took a whoopin’ this year) whilst combating the evil forces of inflation.
 
Lucky and I are having a private side conversation apropos of mentoring, to which the attached photo is relevant. Nice little NQ scalp just now, but now not clear it really is a wide-range day.
 

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