May Sucks
Not because of Mother's Day... although that doesn't help.
Mostly because every weekend we have some bullshit event to go to... Baptisms, Communions. Seriously, as an "atheistic Buddhist," I can only hurt these children's chances of ever getting to heaven. However, I'm not going to veer off into religion here. I have enough trouble with the trading and politics.
Guess what? Volume is tracking lower than even on Friday. Folks, the summer doldrums have arrived a few weeks early this year. Barring any beautiful event like a new subprime contagion, trading may well be over until October, or perhaps, even after the election.
In short, I'm doomed to poverty. Expect advertisements to grace this blog in some form or another in short order. The $11.83 I earn monthly from adsense will actually account for a fairly high percentage of our family income.
Ironic coming from a one-time millionaire, no?
8 comments:
Win,
Last August, when I made that money the market was completely different.
I believe we were trading over 2.5 billion regularly on the NYSE... now we're at less than half that.
I think I could have made very good money in January, but I had to learn a whole new execution system... by February, the market had slowed again, and I lost money.
I decided then to scrap my old system. I can't rely on utterly insane markets to make money... I feel I need to get back to a system that will make me money consistently, despite the volume and all that... so I basically started over in March... I made 7 grand in March (but had to pay back 2gs of losses in February) and 3 in April. Currently, I'm down 2gs for May.
I'm gonna keep at this new method until at least the middle of June. I've decided that if I can't get this shit going, then I'm going to go a little berserk for the Russell Rebalancing and reassess the situation again then. Actually, either way, I'll go a little wild for the rebalances...
I appreciate your support Win. Trust me, I look forward to turning my ship around and writing triumphantly here again.
-DT
If you can make a million once, you can do it again. It's the schmoes who've never learned what it takes to go the distance that you bet against. As much as you beat yourself up, I'd still lay money on you to succeed.
Yeah, this whole market is sucking and all the setups have changed but you knew that. You've known that things were changing for months now so get off your rocking chair and stop telling stories of the good old days and get back to the business of trading what's out there today. At the very least, stop obsessing over what used to work and start looking for what's working.
DT,
Maybe in these low volume times you should try your hand at swing trading. Look for good technical setups and leave some $$$ on the table. Just an idea. No matter how many or few pennies you have, you're still the man!
BD
Bluedog - I've been swing trading for the last 4-5 months and this low-vol choppy drift in the markets is making for pretty tricky swing trading, at least for me. If I wasn't such a suck-ass day trader, I'd be shortening my timeframes not widening them.
'course I could just suck. I'd bet you and DT are better traders than I am, but I get the feeling that there's no easy money out there right now.
What do you think?
at least you'll get really good at surfing.
side note- u see this - montauk 8 and the ruling
http://expn.go.com/expn/story?id=3391495
Thanks guys.
Putting aside one or two days in April, the guys in my real life office had a very difficult month too. I'm talking about guys who made over 50,000 each in January... they were barely breaking even last month and are mostly down in May.
So I think trading is difficult right now for many styles. Unless you're "traderdave."
TD, how about hitting us with some of the symbols you trade, instead of just calling me an idiot for trading active stocks...
-DT
Pete,
Thanks for that link.
I'll never understand how a beach, or the water that breaks on it, could be owned... however, for that matter, I'm still not sure why land can be owned.
Cue right wing diatribe from Jake Gint in 3....2....1....
-DT
Tyro,
There isn't easy money out there now, that's for sure. VIX is low and many are getting caught in the afternoon chop. The best time to trade right now is in the first hour.
BD
Post a Comment