Here is what I was looking at during the day. This particular chart can be broken down into triangles. You can see the price constantly busting through the upside of the triangles. Now if the price went through the bottom of those triangles at any particular time, then it would have been time to sell. I also look at several other indicators during the day as well like OBV and ADX-DMI.
I do have a job and the reason is because trading is not really a job. Its more of a fantasy that will unexpectedly fall out from beneath you at any given time. When the floor suddenly falls out from beneath you, then you need something to fall back on.
To give you some idea of what I am talking about, in the year 2000 I quit my job and went off on my own in the bay area. I formed a business and everything was looking rosy. Then a year later I found myself sleeping on my friends couch for 300 dollars a month, broke, wondering how I got there. I then found work at a car dealership in 2002 and then things picked up again. I moved to NYC where I found a job in the financial district on Pine St. Its been looking up ever since.
However, the lessons are in my mind. I've been with the current company for over 3 years and at the 5 year point I get a pension. They have a nice 401k matching plan.
The importance of a regular job with a company was mashed into my mind at the car dealership. I worked alongside a 70 year old man who should have been retired, but he needed to work for some reason. Who knows why, maybe he was wiped out by the tech wreck as many of us were. He was eventually fired for being too old.
I went out with a woman at the time too who was wiped out by the tech wreck who thought she could trade.
Prop trading or trading on your own is a fool's game. Trading at an institution or hedge fund is a different story though. There your trading with someone else's money, you make big money and your making industry contacts.
Im not giving up my job until I can get into the big leagues, the hedge funds, the institutions. When Im over 50, I dont want to be working at car dealerships and would sure like a pension.
Now its time for me to kick back and watch Cramer on television pump SOLF like my chick said he would. Watching Cramer and knowing what he is going to pump next reinforces in my mind this fool's game. Hopefully he can get this to 20.
Jesse Livermore had a great book, the stock operator book. Its important to note that Livermore was not a trader, but a "stock operator". A trader is someone who plays the market honestly. A trader charts the market, uses Fibonacci lines, uses his instinct, etc etc etc. Thats playing the market honestly. An operator uses dishonest tactics like using a Mad Money show to pump junk stocks like SOLF.
Cramer is a "stock operator" just like Livermore. The market is full of them. A trader cannot make money forever because the "stock operators" will eventually plunge the markets in the end.
The best any of us can do is try to figure out where the stock operators will strike next through shrewd detective work. Now lets watch Cramer pump SOLF and see how my own detective work paid off.
I do have a job and the reason is because trading is not really a job. Its more of a fantasy that will unexpectedly fall out from beneath you at any given time. When the floor suddenly falls out from beneath you, then you need something to fall back on.
To give you some idea of what I am talking about, in the year 2000 I quit my job and went off on my own in the bay area. I formed a business and everything was looking rosy. Then a year later I found myself sleeping on my friends couch for 300 dollars a month, broke, wondering how I got there. I then found work at a car dealership in 2002 and then things picked up again. I moved to NYC where I found a job in the financial district on Pine St. Its been looking up ever since.
However, the lessons are in my mind. I've been with the current company for over 3 years and at the 5 year point I get a pension. They have a nice 401k matching plan.
The importance of a regular job with a company was mashed into my mind at the car dealership. I worked alongside a 70 year old man who should have been retired, but he needed to work for some reason. Who knows why, maybe he was wiped out by the tech wreck as many of us were. He was eventually fired for being too old.
I went out with a woman at the time too who was wiped out by the tech wreck who thought she could trade.
Prop trading or trading on your own is a fool's game. Trading at an institution or hedge fund is a different story though. There your trading with someone else's money, you make big money and your making industry contacts.
Im not giving up my job until I can get into the big leagues, the hedge funds, the institutions. When Im over 50, I dont want to be working at car dealerships and would sure like a pension.
Now its time for me to kick back and watch Cramer on television pump SOLF like my chick said he would. Watching Cramer and knowing what he is going to pump next reinforces in my mind this fool's game. Hopefully he can get this to 20.
Jesse Livermore had a great book, the stock operator book. Its important to note that Livermore was not a trader, but a "stock operator". A trader is someone who plays the market honestly. A trader charts the market, uses Fibonacci lines, uses his instinct, etc etc etc. Thats playing the market honestly. An operator uses dishonest tactics like using a Mad Money show to pump junk stocks like SOLF.
Cramer is a "stock operator" just like Livermore. The market is full of them. A trader cannot make money forever because the "stock operators" will eventually plunge the markets in the end.
The best any of us can do is try to figure out where the stock operators will strike next through shrewd detective work. Now lets watch Cramer pump SOLF and see how my own detective work paid off.