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SPDR S&P 500 ETF Message Board

  • gap_fill_trader gap_fill_trader Oct 25, 2013 5:21 PM Flag

    stop paying attention to news guys!

    trade it, don;t marry it. You'll rack your brain. We all know we are "too high", we know we are in a bubble. We knew that in 1999, 2006-2007, etc. etc. You won't be able to time each swing. If you remain too much in one direction, you will get burned. There were 3 straight gap up and overnight fills on the SPY to a higher high. Greed in either direction will burn you. It's gambling

    My advice is go for singles each day and not homeruns. Stop watching the news. Stop paying attention to economic numbers which as we all know does not gauge the market. Play the chart, get in, get out, go about life

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    • I totally desagree with you....... day trading is killing most(if not all) day trader..... That is NOT a good advice.... You should rather give advice about the money management....

      As exemple, I`ve been short rimm for 30 months(and 13 months the first time), kkd about 9 months, azo (actual position for about 22 months, amzn(actual position) for about two years..... (add bre-x , nt, bostn, jdsu, etc)

      I`ve closed 12 med/long term positions last five years.... I never been squeezed ONLY because I`m building positions and using derivatives to get money during bulding those.... Most traders are washed out because they`re going to heavy at specific price...... Azo will drop to $100 or so but even if it pop to $400 in the next few months I won`t be squeezed, same thing with amzn and all others........

      In short day trading is probably ok for few months of trading, but if you want to last many many in this crazy market it not the better way to go............

    • Good post. The market makes no sense at all, but the chart still shows what's happening.

      Back on Oct.8 it made no sense to get long, and yet the chart said to buy. Look at that short term downtrend, and the last candle, with the shadow on the south side. Classic buy signal.

      Buying calls early in the day is making money. The risk is to the downside, so hold overnight is OK but I don't like it.

      Holding my bear etf calls, not working, but it's good insurance. Because one of these mornings we're likely to wake up to a surprise.

    • Good advice-probably best to get in and get out the same day-don't hold over night-unless you have deep to very deep pockets to do so.

      Sentiment: Strong Sell

 
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