New guys, now is not the time

At every rally (I've only witnessed 2003 before this) these "retaildaytrader" types come out to teach others how it's done -- more often than not a year later they are very defensive and much more cautious regarding the statements they make. I doubt this time it's any different.
 
Hi Dustin, I has been watching ur thread and decide to asksome question. I am a trader with a little bit experence . I has been traded from 2006 until now and i did not make any money at all . Kept loosing from year to year .I tried to learn but it seem very hard to trade during the day .Do u have any idea for me to learn .Plese give some advice , I appreciate if u can help me an idea if not no problem . I kept watching all the thread. Thanks
 
Quote from retaildaytrader:

Basically, Dustin is suffering drawdown because of shorting the market through this huge up-turn. He has tried to fade and find that pivot point where the indexes will make new lows, but the pivot never came.

Now Dustin finds himself completely drawndown looking at newbies make 500-1000% going long names like Dollar Rent-A-Car.

Come on Dustin. Just change your style of trading. The bear market is over. Maybe the energy complex still has a few good longs where you can make some eye popping returns like we all have these last few months.

Please move this thread to chit-chat as its about one trader trying to justify why he did not do so well since March. Its obvious, just trade the trend and dont question it with your theories about the Elliott Wave or Obama.
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You Sir, are an idiot. I know Dustin personally and he's one of the few here who actually know what they're talking about and can actually 'walk the walk'.

As for your advice he change his style. He's been in the game 10+ years. You don't think he's had to adapt a time or two?

Who do think will still be trading 10 years from now? You or him?

Here's some advice for you. You'll learn more with your ears open than you will with your mouth open.

:cool:
 
I don't know if this year is more difficult or easier than previous years for other people.

As far as I am concerned, I lost less this year than last year. So I think this year is easier than last year.

Everybody is entitled to his/her opinion.
 
Quote from Red_Ink_inc:

You Sir, are an idiot. I know Dustin personally and he's one of the few here who actually know what they're talking about and can actually 'walk the walk'.

As for your advice he change his style. He's been in the game 10+ years. You don't think he's had to adapt a time or two?

Who do think will still be trading 10 years from now? You or him?

Here's some advice for you. You'll learn more with your ears open than you will with your mouth open.

:cool:
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Hey Red_Ink...

I sent you a PM a week or so ago...Just want to make sure you see it, in case you do not check them often.

Many thanks for your advice
 
I agree with Dustin and a few others and i don't think it's a coincendence volume in equity firms have fallen off a cliff. For some of the newer traders here, this is a cool link about some of the issues we're dealing with in the market: www.defendtrading.com
 
Quote from Dustin:

After yet another dull open I got to thinking about how hard this market would be if I was just starting out.

You guys that are not profitable, whether it's been 2 months or 2 years, need to know that right now is a time for defensive trading. This market offers very few opportunities daily as compared to the last couple years. If I had to start over in this environment I would have failed.

Months like these are for practice, to sharpen your skills. If you can develop strategies that break even, or even make a little in todays market then when volatility hits again you will be well positioned. The hard part will be surviving until the opportunities return. It may be years, but I really hope not.

There will be those that say you just have to adjust to the market, there are always opportunities etc. This just isn't the case (regarding stocks). Most good traders I know will make 20-40% of last years earnings and will be content with that, including myself.

So this is basically a pep talk. Stick with it. Protect your capital. Grind it out, and better days will come.


p.s. TZ please don't puke all over my thread.
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Just to be clear, you're talking about swing trading stocks (I think)? Considering how many time frames, instruments and trading styles there are, I don't think sweeping generalizations about this being a good or bad time for trading are very helpful.
 
Quote from MohdSalleh:

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yes this shows you are a real trader. many algorithms/bots are missing, liquidity has been withdrawn in massive quantities from the markets, thus profitable and good r/r setups simply no longer exist. your risk is so much greater this eyar and to those who ahve not pared down their size are either on the verge or no longer in the game. those idiots who say oh u can play both sides of market, oh there is volatility, are merely paper traders. hey paper traders, volume does not equate liquidity. damn morons.
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The government has basically ruined the capital markets through all the inverventions backstops that no one can make any prediction about anything.
Due to the lack of volume the downside risk is massive. Gold is a example of a rise on very little liquidity. up then down and no bounce
 
Quote from MohdSalleh:

Also what makes this mkt particularly dangerous now is, if you take a large rip, your chances of coming back to b/e on the day is very slim since order flow has largely dried up, so you cant relaly use size that often which means less profits. its a vicious cycle
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Couldn't agree more. This was a seemingly sudden change (back in the early summer, can't remember exactly). I am used to getting my face ripped off, when it happens, in the morning and being able to scratch back throughout the day. No way anymore, i'm just not good enough yet. Then again I haven't traded in little more than a month, but I'm hearing things are a little better recently.
 
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