I don't know what you mean by "falling in love with a trade is worth it". I have held trades where the stock keeps moving in the wrong direction, and I keep holding because I think it will reverse, and I end up closing at a huge loss!
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Have I just been lucky today?
- Thread starter interdigital
- Start date
I will keep this in mind, if it turns out that I don't know how to daytrade.Quote from scriabinop23:
You don't have a fault tolerant trading system worth trading either. Go try ninjatrader and automate and backtest your system if you disagree. If you can't quantify it enough to backtest, you don't have a system. If it doesn't test well, then your journey is just beginning. If it tests well, automate and celebrate.
Quote from interdigital:
I will keep this in mind, if it turns out that I don't know how to daytrade.
You either know how to daytrade or you don't. If you aren't sure yet, you don't know. (waiting and seeing, trying something new)
intraday trading is the most difficult game there is. I'm not knocking you -- just trying to help save you some disappointment.
don't fall in love with the idea 'little guys can get in and out quicker, thus have higher probability of making $$$ intraday' --- because the odds are that it also won't apply to you.
think of all of the retired and unemployed who you also sitting in front of their computer trying to cash out on their dream, some smarter, some dumber than you. Its a big playing field, and you have to have a concrete plan to survive. Just waiting and seeing, dynamically changing strategies, doesn't work.
Most guys who sit here calling double tops, double bottoms, head and shoulders, and whatever else chart pattern have no idea what their statistical returns are, not to mention the risk/reward ratios that correspond to those patterns. How can they possibly make money over time doing that?
Trust me.. I've lost a lot doing exactly the same as you.
Whats amazing is that all the stochastic calculus and advanced math in the world doesn't guarantee you any edge over any other participant. Just imagine what would happen if every market participant had an equally intelligent neural network automatic trading program ? Would everyone make $$$?
Who would lose?
You certainly could be right about that. But their management has said that they will be announcing new patent licenses any moment now. Assuming those materialize, it should boost the stock.Quote from detective:
I just looked at the chart of IDCC and it looks awful. That stock has more pain ahead.
scriabinop23: You make some good points. You mentioned having a "fault tolerant" system in one of your posts, and I suppose my "system" isn't fault tolerant. I daytraded CFC exclusively late last year, and the only reason I haven't daytraded it this year is because I didn't want to complicate my taxes by triggering the wash sale rule. If I had been short on CFC yesterday the time that buyout rumor came out, I would have been totally screwed, because I like to trade huge amounts of money in order to just make around 1%.
what they are implying by saying you "fell in love with a stock" is basically saying you are stuck with a trade/investment that went bad and did'nt take a loss when you should have. that is a recipe for disaster. ask anyone who owns JNPR-CIEN-JDSU-CSCO-RMBS-QCOM near the highs in 2000. i don't care how long your time horizon is,there is NEVER reason to hold a stock with a chart like that ( IDCC ).