RM's occasional market calls...

Lord.Maushi · May 23, 2013

Quality over quantity will forever be the one true edge; and not just in trading.

Fool · May 23, 2013

The true edge is "Stay Hungry Stay Foolish", especially stay foolish.

Crispy · May 23, 2013

Quote from Rearden Metal:

If only I had the discipline to watch the market inactively while waiting around for those occasional 'warm fuzzy', very high-confidence ideas, I'd have probably surpassed entry level rich a long time ago.

God damn this strikes home...

From the warm fuzzy to the patience factor.

Crispy · May 23, 2013

Quote from Fool:

I still think RM is a rare talent.

My original nick joined ET two months after RM...and ive seen the guy make sick calls over the years.

Rare indeed....good stuff.

Good to see you active RM.

FreakofNature · May 23, 2013

Rare and sharing, a beautiful man

nillionaire · May 23, 2013

Quote from Rearden Metal:

I was dumping UVXY on the way down there. Some was sold near the top at my limits, and some was sold at significantly less awesome prices. Current price is 6.29, and I'm down to small size. I may or may not re-enter, but I don't need piggybackers holding on here and hoping...

That was a great call, RM. You have to have perfect timing to get a great profit on a UVXY long and you nailed it - you even got the dip in AH yesterday!

cornix · May 23, 2013

Quote from toolazy:

thks RM and rest.

receipe that works for me:

trade size 10x to 100x larger than normal designed that win makes material difference to NAV whether win or lose.
For these trades use very aggressive compounding so that net 10 wins will make me in independent category.

Above ensures I do not play this size except when warranted. Non complying trades are lost with much smaller sizes.

Gave up on trying to prohibit myself from trading when not warranted. Can't do.

One very good trader once adviced me: trade big size. Big enough to be really scared to take poor low quality signals. I think he's somewhat right. Trading too light may develop a reckless attitude, very dangerous habit when you eventually decide to move serious size.

MattSF · May 24, 2013

RM, how did you do in those ES calls?

Rearden Metal · May 24, 2013

05-23-13 05:57 AM

Quote from Rearden Metal:

I'll address everything else later, but just FYI I've dumped all those calls into the rally off the lows we just got in spooz.

I didn't wait around with them all day, and instead dumped that 'insurance policy' at a big loss (and posted it here in real time- see above or back up a page or two in this thread), significantly reducing my profit on that UVXY trade... which still counts as a decent win regardless.

trendlover · May 24, 2013

Quote from Rearden Metal:

...

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3807484>

Taken as two legs of the same trade (Leg 1: UVXY long $X @ $5.96 and Leg 2: ES calls long $0.05X, prices as shown above- My total average cost for each strike is within 8 cents of the "last" traded price.), I'm pretty sure this trade makes money or I wouldn't be posting it here...

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Quote from Rearden Metal:

Increased the size in those calls in case it matters to anyone. These things move around so much, the total size is still very close to 5% of my UVXY cost. (4.4% at the moment)

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3807497>

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Quote from Rearden Metal:

I've already exited a little bit of each leg. I could liquidate both legs right now at current prices and take a very nice win, but I think I can do even better. Does the trade make sense yet?

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Quote from Rearden Metal:

I'll address everything else later, but just FYI I've dumped all those calls into the rally off the lows we just got in spooz.

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Quote from Rearden Metal:

I was dumping UVXY on the way down there. Some was sold near the top at my limits, and some was sold at significantly less awesome prices. Current price is 6.29, and I'm down to small size. I may or may not re-enter, but I don't need piggybackers holding on here and hoping...

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Quote from Rearden Metal:

05-23-13 05:57 AM

I didn't wait around with them all day, and instead dumped that 'insurance policy' at a big loss (and posted it here in real time- see above or back up a page or two in this thread), significantly reducing my profit on that UVXY trade... which still counts as a decent win regardless.

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Wow! Very nice Rearden!