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Sunday, June 10, 2007

Weekend reading...

OONR7 launched his blog - check it out here.

Flatwallet has some good things going on at his blog - check it out here.

And I mentioned this earlier in the week, but for those that missed it check out Trader Mike's recent interview.

Check out my links on the lower right for more cool stuff...

note - there are some good comments on this post...check them out.

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5 comments:

hermosa-j said...

Found your blog about a week ago after listening to your traderinterviews.com interview. I have been trading full-time for 8 years, but with a style which simply no longer works. With my hyperactive scalping, most days I would go through 250K-500K shares, usually in just 1 stock. I was looking to bank 5 cents or so, a few thousand shares at a time. But I made a good living and rarely had losing days (averaged about 10 down days/year). Somewhere in the back of my mind I always knew that what I was doing would not work forever, and with the advent of the NYSE's hybrid system, that time has come (have only traded NYSE stocks since decimalization came along).

I have been a student of technical analysis for years, but more as an intellectual pursuit, as my style of trading did not require much of an ability to read a chart. I have been floundering since the beginning of the year, trying different things, but coming up with nothing that really works for me. I recognized this activity as the type of thing rookies do, in that search for the holy grail that will make consistant money. Well, in May, after 8 years of trading, I had my first negative month.

So back to school for me! I am not willing to blow through my trading capital like I have seen SO MANY other traders do in the past. I have switched my software to simulation mode and am not going to trade live again until I have a clearly defined system of trading that I am comfortable executing.

Over the last week, I have torn through your site like a madwoman. I knew within the first hour of going through the charts you have here, that some variation of your style will work for me. I started applying these ideas in my simulation mode (live quotes, just not real $$) and am more or less blown away at how accurtate I could be with entries & price targets, just by being patient and waiting for the right set-up. My biggest challenge is going to be scanning for stocks to watch and then keeping track of that many stocks throughout the trading day. I have never done that before. My prior style lent itself best to just trading 1 thick stock, day in & day out. Heck, I traded XOM only for about 2 solid years.

I want to say how grateful I am for the information you provide here. You know, I had even asked for help from a few traders that I have known for years who are not struggling the way I am, and was more or less turned down. Amazing to find what I was looking for being thrown out on the internet for anyone to access.

Sent you some Good Karma today. I am more excited about trading than I have been in years. Thank you.

Anonymous said...

Questions for everyone:

I have been daytrading for the last 7 months, While I am successfull at not loosing a lot of money (my total capital is down -4%), I am struggling to be consistently profitable every week. I find I am struggling with the market each and every day to make this venture a success.

Do you folks, fight with the market each day? Or is trading a routine, stress-free, almost zen-like experience? And If so, how do you prepare yourself for the days' battle? What is your daily routine like?

I have read stories of traders making millions from the markets (market wizards) but I can't imagine how they could've done it a passive, nochalant, almost care-free attitude.

Any thoughts or comments would be greatly appreciated. Thanks, Ralph

bl said...

X, hope you didn't miss Pale Male on PBS Sun pm with First Love(he's had 3 other mates), 3 chicks(of 25 total)hight above Central Park nesting on Woody Allan's bldg. Incredible! The 3 chicks fledged down into the trees for their maiden flight as loyal Pale Male watchers looked on. They had been out in the early am waiting for the flight for weeks. Terrifac. Reminds me of the Canadian Snow Geese in the S Cal flyway landing in a pond at the 405/101 freeway intersection. A moving experince for me I so much so that I would go out there for a number of years and watch them honk and land sometimes behind a duck blind!
NSM-every stock has its own chart. I looked at NSM at everytime frame as follows: 6/1min hammer, 12/5min hammer, 14/10min hammer,10/15min marosou, 5/30min hammer. All with proximity of 5 ema in mind. This was a momo stock to the 1.38 then to the 1.62. X how would you have traxded this?

Trader-X said...

hermosa-great comments. Thank you for sharing and for your donation to Good Karma.

anon - sometimes it is zen-like, sometimes it is stressful. But if you have a plan, you trade it, and you take only the highest quality set-ups it is more often the former.

bl - great Pale Male info...thanks! I will take a look at NSM this morning.

George C. said...

X, what about The Sopranos last night.