The trader’s thread

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  • Mon, Mar 09, 2009 - 03:43pm

    #1

    plantguy90

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    The trader’s thread

Hey since there are a few on this forum that see opportunities in the current financial markets, thought I'd start this thread a spot to talk about anything related.  Often on other threads the subject wanders into the matters of finance, savings, financial assets, and so not wanting to steal any more threads, if conversations get too specific about certain trades, strategies, whatever, lets put it up here. 

I for one am trading more aggressively with my savings than ever before.  I see volatility as opportunity. 

  • Mon, Mar 09, 2009 - 05:12pm

    #2
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: The trader’s thread

As an experienced and successful (I made money last year and am reporting gains on my taxes) trader/ investor, I caution anyone who reads this thread to do their own work.  We all see things differently, some use charts, some don’t… Some of us follow rules, others don’t … Those of us who use charts use different time frames and indicators.  It might be stated someone is currently long in a position, while you might be short in the same position.  Both may be correct depending on your time horizon. 

A serious word of caution… Just because someone is in a particular trade, doesn’t mean that you should jump into it yourself!  Don’t be influenced by what others are saying. Find the evidence to backup what someone else is putting out there before putting any $$$’s into the market.

Do your own work!

Cat

  • Mon, Mar 09, 2009 - 05:23pm

    #3
    Peak Prosperity Admin

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    Re: The trader’s thread

Sage advice, Cat!

  • Mon, Mar 09, 2009 - 05:30pm

    #4
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    Re: The trader’s thread

I found this on another forum.

Anyone spot a Bubble?

long term dow

I do however like Jim Rogers take on commodities though. Too bad I’ve got nothing to invest/gamble with.

Best of luck.

  • Mon, Mar 09, 2009 - 05:34pm

    #5
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    Re: The trader’s thread

plant –

Good idea to start this thread.

Echoing Mrs. Dogs – trading and investing is a do it yourself thing.  Don’t count on someone else’s system, or plan or newsletter or ‘advice’ without thoroughly examining it and confirming it for yourself and seeing how it plays into the trading technique you are looking to do.  Find what works for you and do it.  Don’t be content with doing it until you get it right – Do it until you can’t do it wrong.  It is especially critical to not become dependent on someone else for your information – because when that person is gone or the information source (newsletter, ezine, etc.) goes away, you won’t have anything left.  You must learn to assimilate information by yourself and integrate that into your specific trading approach.  Do not listen to the noise around you – it will only distract you from what you are doing.

If you need a daily reminder or bit of encouragement, look in the mirror in your bathroom – what you see is the only person who truly cares about your money, the only person responsible for what happens to your money, the only person to thank when you trade well (and you will) and the only person to blame when things go wrong (and they will).

Remember Chris M’s post about trusting yourself. 

  • Mon, Mar 09, 2009 - 07:01pm

    #6
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    Re: The trader’s thread

I have no methods I follow, so I have to say I’m a "gut" trader.  Also I have limited chances to play the markets, and my schedule is inconsistant, so my risk profile is huge right now.  I temper that with a conviction that the issues I trade have limited movement potential in these turbulent times.  I am open to new ideas, but I aint as good as I once was, to borrow from a western song, meaning my ability to monitor too many ideas has shrunk since my younger days.

Let me start with a recent idea:  I think GE will trade below 5, probably break the buck like Citi someday.

 

  • Mon, Mar 09, 2009 - 07:20pm

    #7
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    Re: The trader’s thread

Dogs and Cat:

I’ve heard each of you talk about your trading success.  I understand and agree that taking "live" advice can be dangerous, but perhaps you wouldn’t mind sharing general strategies or case studies of past trades that we might learn from. 

Cheers,

Patrick

  • Mon, Mar 09, 2009 - 07:28pm

    #8
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    Re: The trader’s thread

Plantguy –

Your post gave me both a sick feeling in my gut as well as feeling of glee.  The sick feeling is due to the fact that "gut" traders typically do not have a long shelf-life.  The gleeful feeling is becuz I can make a ton of money from gut traders, so it is in my own best interests to have "gut" traders in the market.

Keep in mind – one should trade what the market is doing, not what
one thinks it is going to do.  If, using a set of rules (not simply your
gut), you determine that GE is going down, then by all means…TRADE!


Keep your trade size consistent – do NOT bet the ranch on it.  What I mean
by that is, you could be right or you could be wrong.  I would guess that
at some point in your life, you have done something stupid.  However, at
the time, it seemed like a good idea.  Time proved otherwise.  Because of
that, you can not tell me when you are going to do something right – and
likewise, you can not tell me when you are going to do something wrong.
As such, if you are consistent with your trade size, then you won’t get killed
when something going against you – and, despite everyone’s dreams – you also
won’t get rich on a single trade. 

While it goes against my own selfish interests, please please please get some
education – trading by your "gut" is like going to Vegas and choosing
Red or Black.  You may be right now and then, and might even get a string of
winners, however, it is simply a matter of time….

 

JL Lord

 

  • Mon, Mar 09, 2009 - 07:39pm

    #9
    Peak Prosperity Admin

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    Re: The trader’s thread

Sound advice…

https://www.peakprosperity.com/forum/think-your-investments-heard-cattle/14678

  • Mon, Mar 09, 2009 - 08:01pm

    #10
    Peak Prosperity Admin

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    Re: The trader’s thread

Hi Everyone,

Great idea for a thread Plantguy. 

I have always been interested in trading but never knew where to start.  I would like participate in the markets but without a base knowledge and a little insight I am not going to. 

 JL, you mention getting some eduction before starting to trade.  I agree wholeheartedly.  I was hoping some of the members of this board could help a beginner, such as myself with, with some titles for required reading. 

Thanks in advance for your helpful responses.

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