The Surf Report

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Quote from TRADERguy:

Nice thought, but I think we are moving to a cashless society. ATM cards have a Visa logo and no one can tell it from a credit card. It depends where you live but there are some cities in the US where the only reason to carry cash is to use a vending machine or pay a parking meter, where other cities (like Chicago) you still run into places all the time that only take cash. In Scandinavia everyone uses their cell phone to access their bank account to pay for everything (including vending machines). That's where we are headed.

Cheers,

TRADERguy
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i agree about the cashless society, but it is my thought that it will not be CREDIT, but rather debit based.

surfer:)
 
Quote from marketsurfer:

having read several articles over the weekend concerning consumer debt and its consequences. namely, the young lady who is suing amex for allowing her to enter into a contract since she was mentally disturbed, triggered some thoughts---

it is my contention that, within 5 years, there will be a huge backlash against consumer debt. it may become "uncool" to charge anything and credit cards will become the last ditch tool of the poor. not sure if this will play out exactly like this, but the signs i see are heading this direction.

surfer
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Surf,

Debt is what you voted for in the last election.
See the US position in 5-10 years.
 
Quote from marketsurfer:

we were stopped out twice this morning on channel line breaks, then at aprocx 1;30 est , the system caught a very nice wave down, we are currently short the DJIA from 10543--holding short here. the third time was the charm ! see chart of days action.

surfer
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Good call. Good luck.
 
Marketsurfer,

Are you giving a tutorial on how to lose money in this journal? How long do you plan to hold on to this losing position? What are you like 300 pts in the hole now? And isn't this trade just a few days after you got smacked on another short trade? Why are you letting your short bias control your trades?

You said entering this last trade that you got stopped out twice before finally getting an entry. Well those stops must have been about 20 pts wide or so. But for some reason, you didn't get stopped out on this trade when it's gone over 200 pts against you? What gives? You need to have a firm set of rules that you follow. You say you have a system but it seems all to subjective to me. You seem to be calling the shots and they seemed to be 100% based on emotion. This is surely the quickest route to the poorhouse.

You know this market can run another 500 pts. Why aren't you long? And you said many posts back that your system is designed to catch really big moves. Well let me ask you an honest question here. Of this 900 pt move we had in the Dow, how much of it did you catch? Make sure you net out all your losers. I'm guessing you didn't get more then 20% of it. Which is ironic for a guy that claims he has a system to precisely catch these long extended moves.

Anyway, respond at your leisure.
 
Quote from PacksNBundles:

Marketsurfer,

Are you giving a tutorial on how to lose money in this journal? How long do you plan to hold on to this losing position? What are you like 300 pts in the hole now? And isn't this trade just a few days after you got smacked on another short trade? Why are you letting your short bias control your trades?

You said entering this last trade that you got stopped out twice before finally getting an entry. Well those stops must have been about 20 pts wide or so. But for some reason, you didn't get stopped out on this trade when it's gone over 200 pts against you? What gives? You need to have a firm set of rules that you follow. You say you have a system but it seems all to subjective to me. You seem to be calling the shots and they seemed to be 100% based on emotion. This is surely the quickest route to the poorhouse.

You know this market can run another 500 pts. Why aren't you long? And you said many posts back that your system is designed to catch really big moves. Well let me ask you an honest question here. Of this 900 pt move we had in the Dow, how much of it did you catch? Make sure you net out all your losers. I'm guessing you didn't get more then 20% of it. Which is ironic for a guy that claims he has a system to precisely catch these long extended moves.

Anyway, respond at your leisure.
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I think he makes up the losses on T-shirt sales rofl
 
hello jack,

nice to see you here :D . the systems exits are somewhat discretionary once profits are reached. please see post on 12.7 when i entered short twice then entered again for the 3 rd time and caught a nice move down. yes, i gave back much of this move today, taking small profits before the DJIA went back into the channel. my goal is to catch one maybe 3 big big moves a year--- did i screw up when i held the last short into fat losses, did i circumvent my own system based on faulty "data" from some quants?? the answer is YES. am i proud of it, NO. am i perfect? NO(far from it). does the system work? YES. do i sell lots of Tshirts-- more than i thought i would LOL !

good night,

surfer

:)
 
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