Surf Report
- Thread starter marketsurfer
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Excerpt from that article:
"Even by Niederhoffer’s generous standards, going short a billion dollars of stock futures was a large bet, but it worked out well. Not long after the markets reopened on Monday, the bond yield climbed to five per cent, and stocks and stock futures tumbled. On Wednesday, the morning of my visit, shortly after the opening bell sounded on Wall Street, Niederhoffer repurchased the futures he had sold, making more than five million dollars."
So... he shorts 1 bln and only make 0.5% on it.... hmm... So to me, if you're that determined and short that much on the Thursday or Friday and hold it over the weekend... to only to get 0.5% out of it... I can't help but shaking my head to be honest...
EDIT: No, it seems VN and I are on the same line on this...
Next paragraph:
"He didn’t look pleased, though. During the morning, stocks had continued to fall, and he knew that if he had waited he could have made an even bigger profit. He says that in twenty-eight years as a professional investor he hasn’t had a single truly satisfactory trading day. At eleven o’clock, the Dow Jones Industrial Average had slipped about a hundred points and the S. & P. 500 Index was down about thirteen points. Niederhoffer stared morosely at his Bloomberg screens. “The score doesn’t look good,” he muttered."
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To give more context to my setups in both the ES and the Naz I am posting again the same charts with more price action to the left. The explanation for the setup for BOTH charts is written on the Naz chart. Maybe this will make sense. The price action was basically the same in both indexes hence the same trade setup.The basic idea on the entry is to go short 1 tick below the low of a prev bar AFTER the rejection. Hence I could have entered short a bar or two earlier in either instrument but I waited and entered on the BO of the resistance zone on both charts. Actually, I may have not seen the setup until the BO bar as I just came into Motorhome where computer was as i was working remodeling the house. I just don't remember.
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Taking large risks with trading is not smart i dont think.
The boots and all mentality, going for the king hit, is a reflection of a boom or bust mindset.
Reminds me of Alan Bond in Australia. When they finally lowered Bondy and his casket into the grave, we had politicians here telling us all what such a great man he was, never mind the fact he sent many people broke due to his business antics.
VN & Surfy seem to have the same need to show the world how to swing from the chandeliers, yes these things can be pulled off, but the rush to the head of a big win makes one feel like a trading god.
Slow, cautious, protect capital is my preferred means.
The boots and all mentality, going for the king hit, is a reflection of a boom or bust mindset.
Reminds me of Alan Bond in Australia. When they finally lowered Bondy and his casket into the grave, we had politicians here telling us all what such a great man he was, never mind the fact he sent many people broke due to his business antics.
VN & Surfy seem to have the same need to show the world how to swing from the chandeliers, yes these things can be pulled off, but the rush to the head of a big win makes one feel like a trading god.
Slow, cautious, protect capital is my preferred means.
It is surfs journal. I suppose i should bow out as it is not my journal. I am just messing around writing something in his journal as the monster 1000 point drop may not come for months or never and his thread will slowly die. So, i am just filling in space and killing time. But you are right i should not do this. Others were posting entries but no explanations. I was posting entries and giving explanations of my entries. Perhaps the explanations would help some newbie??
As far as the house. I am remodeling my house and living in the motorhome. My computer was in the motorhome. I took a break from the work and went to the motorhome and saw the two trade opportunities arise hence I mention I have to get back to remodeling house so i closed both trades after 1 leg of profits but my stops would not have been hit had I waited for the second leg to materialize in spite of the fact i use tight SL's. I just try to get precise entires that allow nme to employ tight stops.
I guess i will lay off posting trades..at least for a bit. LOL
I think you should only post your swing trade analysis on the Indexes/SIFs here. That would be more in keeping with what the OP is doing at the moment with this journal.
I did not read any of your day trade posts as not interested in that and it is not really in keeping with this journal.
Don't have time for the next few months. Might consider doing so later.@volpri, come on... start the Volpri Journal!
I am not sure about that. I think he is waiting for a monster move to come sometime this year. I day trade and define swing trades different than most so probally best I just depart the thread. However, i will say I hope Surf gets his 1000 point drop soon this year. It doesn't matter to me. In any plunge or rally there are many many day trades to take so it matters not to me if the market rallies or plunges or stay in a range. All offer trading senarios for me. Hasta la Vista.
PS This is a bull market!
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