What I learned is that I should have listened to one of the subscription services that I pay for, as they were going long that whole move. They have been deadly accurate ever since I signed up for them 6 months ago.
But, I thought differently on that call, and paid for it dearly. You can bet that I won't go against their calls again.
Thanks… keep a eye out for another fake print on the spy, as I'm sure they will let their friends know before the take it down… probably from that 1127.38 level you spoke of.
Well my only hesitation with that scenario is that everyone thinks it now! It never goes the way we predict. Maybe the best way to play it is look for the sentiment on the message boards and do the opposite.
It happened to many extremely successful traders. 😀 Even the great Jim Rogers did it at the beginning. He once bet the farm on some stock options. Lost everything and got kicked out of the house by his first wife.
The key thing is, you need to figure out what you have learned in this trade. Then the loss is just an expensive tuition, and not really a loss. I can tell you what you should have learned from this, but it is not the same as you figuring it out yourself. 🙂
What chart is that? That's not the spy… I don't recognize it. Also, do you see us closing on the low of the day (trend day down), or floating back up after the usual time frame of 10:30-11:30, but still closing lower then the open?
Thanks Red – I still think the long term trend is down but it's not going to be easy. Some people feel we got to bearish and that's what popped the market. But the thing is, when things go down, don't people always become more bearish and that doesn't always mean a rally as was evident 2 years ago.
Red, what service was that?
What I learned is that I should have listened to one of the subscription services that I pay for, as they were going long that whole move. They have been deadly accurate ever since I signed up for them 6 months ago.
But, I thought differently on that call, and paid for it dearly. You can bet that I won't go against their calls again.
Thanks… keep a eye out for another fake print on the spy, as I'm sure they will let their friends know before the take it down… probably from that 1127.38 level you spoke of.
Well my only hesitation with that scenario is that everyone thinks it now! It never goes the way we predict. Maybe the best way to play it is look for the sentiment on the message boards and do the opposite.
the chart is of Deere & CO. ticker: DE
i don't have a bias for today, lots of dancing the first half of the day given the gap over the containment pt. and crash gap up above
It happened to many extremely successful traders. 😀 Even the great Jim Rogers did it at the beginning. He once bet the farm on some stock options. Lost everything and got kicked out of the house by his first wife.
The key thing is, you need to figure out what you have learned in this trade. Then the loss is just an expensive tuition, and not really a loss. I can tell you what you should have learned from this, but it is not the same as you figuring it out yourself. 🙂
Yes Monica,
The trend is down longer term, but up for now. By early-mid March I think we will turn back down.
What chart is that? That's not the spy… I don't recognize it. Also, do you see us closing on the low of the day (trend day down), or floating back up after the usual time frame of 10:30-11:30, but still closing lower then the open?
Thanks Red – I still think the long term trend is down but it's not going to be easy. Some people feel we got to bearish and that's what popped the market. But the thing is, when things go down, don't people always become more bearish and that doesn't always mean a rally as was evident 2 years ago.
Another setup completed:
DE
de-leverage point of $58 est. 1/25/2010
high today $58.05
http://www.flickr.com/photos/47091634@N04/43647…