This Market Sucks!!!

Quote from Brandonf:

According to some people the market sucks all the time. Back in 1999/2000 all the losers said that the market sucked and that they wanted a return to the good ole days before. During the bear market from 2000-2003 they wanted the bull market back, and during the bull market that started in 2003, that market sucked too and they wished for a return to the good ole days.
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MARKET only sucks when the perma bears gets smoked out. Friday's last 1/2 hr monster wave wiped out many accounts, they are sitting with margin calls and losses and kneeling down in tears. They were scalping nickles and dimes in down markets preying on others and now they got it up their asses.

No one has admitted they lost money on this forum. How is it possible?

Shorting is dangerous period. There is great possibility markets can make reversals on the dime and you lose lots of money. With the markets waffling these days these perma bears and shorts were having a 2 day orgy and the party ended up splashing turd balls on their faces.
 
Quote from smilingsynic:

I was short at 31.75, covered at 30.50 when I saw that the new lows were being puked back up, and got long a small number and held into the close.

Made money short, and made money being long.

And yet I felt miserable at 4 PM, because my long position was small. Since I do not chase markets, I missed out. For the first time in a while, I sat there in my chair feeling overwhelmed and perplexed at the monster move taking place on my screen.

As someone who has preached here about averaging up during trend moves, I did not practice it yesterday.

After having some time to think about yesterday afternoon, I have come to the conclusion that I was way, way too hard on myself.

You cannot build a long-term trading career on the exceptions to the rule. How often does the market hang around the day's lows after failing to have anything approaching a decent mid-day rally, and then spring like a rocket into the close, going from new lows to new highs in less than an hour?

Few.

Long-term trading careers, rather, are based on higher probability set-ups and disciplined profit-taking and loss-taking, both of which are done best with stops.

I congratulate those who were able to cash in big yesterday afternoon. You won on Jeopardy, and I lost on Jeopardy, going home with a case of Rice a Roni

But I will stick with my principles. News based reversals are the exceptions to the rule, not the rule, even in bear markets like this. Most times, on a day like Friday, the market would have gone down to S2 or maybe even lower. The pivot would have remained up there untouched.

Buying otm options, chasing news reversals are best left for someone else.

:)
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well said. I was short into the close and it was setting up nice,... then wham. Anyone who says they saw this coming with the velocity it took on is a charlatan. I had my stop in so the damage was minimal... it just kind of funny to hear all the 20/20 hindsight guys... they had no more a clue than anyone else... until after the fact.
 
Quote from day7793:

MARKET only sucks when the perma bears gets smoked out. Friday's last 1/2 hr monster wave wiped out many accounts, they are sitting with margin calls and losses and kneeling down in tears. They were scalping nickles and dimes in down markets preying on others and now they got it up their asses.

No one has admitted they lost money on this forum. How is it possible?

Shorting is dangerous period. There is great possibility markets can make reversals on the dime and you lose lots of money. With the markets waffling these days these perma bears and shorts were having a 2 day orgy and the party ended up splashing turd balls on their faces.
More...

I'm considering hiring another analyst. You look like someone who really has it together and understands "how the game really works" wink, wink..

Genious I tell ya.
 
Quote from austinp:
Bottom line, careers are not made (or broken) on news-blast reversals out of the blue. Sometimes we catch them, sometimes we miss. Just get good at pulling points out of the market more days than not, and keep those other days contained to small losses.
Then let time take over. [/B]
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well said !
But I still think that the price action yesterday was not that of a trend day down on Friday after we broke important support, there was to much buying going on, something felt wrong.
Maybe only my imagination...but I learned that the most important thing in trading is my intutition, I was convinced by late afternoon we would see an upmove though of course I was surprised how strong it was.
 
Quote from Brandonf:

I'm considering hiring another analyst. You look like someone who really has it together and understands "how the game really works" wink, wink..

Genious I tell ya.
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He can make you rich!!!:p :D :p
 
As someone who's been observing the YM for a few months and is ready to dip their toes in again, I was wondering if a vicious move like yesterday would have blown past a YM stop with even 1 contract.

It happened to me last year. Maybe it's different now cuz of increased volume? If it isn't different, then maybe I should look at the ES.
 
Quote from Oz435:

As someone who's been observing the YM for a few months and is ready to dip their toes in again, I was wondering if a vicious move like yesterday would have blown past a YM stop with even 1 contract.

It happened to me last year. Maybe it's different now cuz of increased volume? If it isn't different, then maybe I should look at the ES.
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Why not instead just follow the upswings (or downswings) as they occur?The upturn in the last hour (YM,Fri) was well signalled (buy). It might have been a smaller up-cycle; it doesn't matter. When you are aboard you stay aboard. You turn around your position (go short) on a reverse signal and get back on board if that reverse signal (sell) is followed a by a new signal (buy).
 
Quote from tortoise:

You said you made a mint in the last 30 minutes....presumeably that was off a perfect swing low...wtf?
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Nothing perfect but had been frustrated all day with the grinding.. which seemed to be resolved to new lows then quickly became unresolved again.. That is why I started this thread.. had nothing to do with the final result.. I reversed long as soon as that little box was broken to the upside.. Therefore I did very well..

I profited from the whole thing in the end.. but I am tiring of the endless sloshing..
 
Quote from smilingsynic:



As someone who has preached here about averaging up during trend moves, I did not practice it yesterday.

:)
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you expect us to believe that?

thats why you have gone through several long posts to explain your loss.

lol
 
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