Aaron Neville, "Everybody Plays The Fool"
The "Trader D" spray selection, also doubling as a dedication to the rest of the RO.
Saturday, October 18, 2008
Friday, October 17, 2008
The RO Report, "Trading Ain't Easy" Edition
I have to say, it sucks to write this post tonight, because the RO took a massive amount of pain today. However, it highlights an important truth about trading, a truth that has been easy to forget during this last month of volatility and ridiculous trading profits.
Losses are part of trading, sometimes big losses.
However, it also highlights something important about the RO. The guys didn't take any more risk today than they normally do... the difference today is just that they were wrong. What's amazing to me now, is how often they take that massive risk and are right.
The fact that today stands out like an intellectual at a Sarah Palin rally reminds me just how good these guys are.
The reaction from many will be simply, "Yeah, but they made such a massive amount recently, this is nothing." Fine, understood, but don't forget what a psychological game trading is. "Giving back" is the most painful trading experience... probably worse than losing outright. That's actually a constant debate... or, as Tennyson put it, "'Tis better to have loved and lost/Than never to have loved at all?"
And let me add one other troubling fact about this game... your gains are taxed, egregiously... so the losses, in a way, count double.
Anyway, I'm looking forward to watching these guys bounce back. For now, let's just drink the blood and put today to rest. Out of 28 traders today, 10 were gross positive, or 36%. 5 traders made over $1,000 gross, 10 lost over $1,000 gross. I was #6 of 28, or, very lucky to have spent half the day at "parent-teacher" conferences at my daughter's school.
Here are today's "Manservants"
"Chambermaid" - Trader C, -$93,753 on 581k shares traded.
2. Trader P, -$46,847 on 597k shares traded.
3. Trader B, -$37,548 on 374k shares traded.
4. Trader F, -$28,725 on 219k shares traded.
5. Trader A, -$28,250 on 843k shares traded.
And the "Bosses"
"Lucky Pierre" - Trader D, $12,421 on 864k shares traded.
2. Trader G, $2,478 on 74,000 shares traded.
3. Trader E, $1,467 on 69,600 shares traded.
4. Trader V, $1,414 on 71,000 shares traded.
5. Trader O, $1,339 on 19,600 shares traded.
Have a restful weekend.
NOTE I: There are only 2 days left to vote in the RO member post poll. Go vote.
NOTE II: "Trader D" sprayed enough to win the song pick, however, I was unable to open the link he left in the chat. So I'll post the song tonight. If Trader D gets in touch with me over the weekend, I will post his song as a "special dedication" to the RO.
The Daily Show Addresses "Joe The Plumber"
I knew they would have a great spin. Pointing out that he has done more interviews in the last 2 days than Sarah Palin has done since she was announced for VP was a great point to make.
Another Person Who Shouldn't Trade
I'm not sure what she thought she was doing... but she failed. And traders who fail, suck "fishass."
Thursday, October 16, 2008
The RO Report, "Solid Rally On Volume" Report
The surf sucked... too windy.
However, the market rocked today. BTW, I hope the little graph with that trendline helped a few of you out... it was rather perfect I must immodestly admit. Once we broke that line at around 2:45, we based, tested, and then BOOM volume came in and the market never looked back.
Anyway, it was "Trader B" who brought the line to my attention, so it's only fitting that he sprayed the office. A huge spray, in fact. Good thing I can still post music from iMeem, because I don't know if I'll ever be able to post an end of day video at this rate.
I think today was a very healthy day for the market. Very healthy. The volume was excellent and we made what could end up being some sort of messy double top on the VIX. If the VIX were a stock, I'd be taking profits.
That makes me feel good about the bottom. Also, I think the stock market quite possibly put in its low.
Look, I still have that dinner party to get to, so I'm getting straight to the numbers. Out of 28 traders today, 24 finished gross positive, or 86%, an excellent number. 15 finished over $1,000 gross, which is also nice. I was #9 of 28, nicely positive, but slightly disappointed with my finish, given my conviction about the afternoon market move. The Bosses win again.
"Lucky Pierre" - Trader B, $82,713 on 881k shares traded.
2. Trader D, $36,232 on 694k shares traded.
3. Trader A, $27,208 on 331k shares traded.
4. Trader Z, $20,722 on 246k shares traded.
5. Trader F, $11,932 on 274k shares traded.
And the Manservants: Trader C really earned his "Chambermaid" today...
"Chambermaid" - Trader C, -$31,957 on 588k shares traded.
2. Trader V, -$2,429 on 87,670 shares traded.
3. Trader R, -$318 on 85,800 shares traded.
4. Trader 3, -$73 on 3,200 shares traded.
5. Trader 8, $4 on 200 shares traded.
These People Are Scary
Palin seems to have really brought the worst out of the Republican party. It's too bad, because McCain has had a great career. Sad to see it end on this note. I don't think a few years ago he would have hoped for "supporters" like this.
What Traders Talk About During Slow Periods
[2:05:07 PM] Trader S: do you guys think the word "fishass" is funny?
[2:05:15 PM] Trader D says: nope
[2:05:19 PM] Trader D says: manass is better
[2:05:26 PM] Trader S: how about "assfish"
[2:05:37 PM] Trader D says: better but still weak
[2:05:42 PM] Trader S says: thanks
[2:05:44 PM] Trader D says: no prob
A Trendline...
Check out this trendline drawn from the highs of Monday... we tested it before on decent volume. If we can base now for the mid-afternoon churn and break it with good volume later, we could set up for a nice close.
(h/t "Trader B)
Built To Spill, "Made Up Dreams, Velvet Waltz"
It's not easy for me to give up control, especially when it comes to music. Now, I know most of you come here for my sparkling wit and to follow along with the RO, however, at least 3 people come here for the good music.
Trust me when I say that the advent of the "boss music" tag on this site has caused me much pain.
That said, here are a couple of exceptional tunes from Built To Spill from their album "Perfect From Now On." A desert island disc if ever there was one...
I wanna be a motherfucking boss dammit!
Hey bro - it is your older (yet in a cruel twist of fate, much younger looking) sister just stopping by to say hello. I know that some of your past posts have addressed the trauma and the stress that you feel as a day trader, banging away at your keyboard, cursing incessantly at your 42 computer screens, while you try to be in your own words, "a motherfucking boss."
I hear you. In fact, after watching the interest rates on my credit cards soar after being one day late with a payment; after watching the gas and oil prices climb to near ridiculous prices; and while trying to figure out why a household with two adults making what I previously thought was a decent amount of money is often living paycheck to paycheck - I had an epiphany: I want to be a motherfucking boss too!
Imagine the possibilities.... "Eat your broccoli."
"Why?"
"Because I'm a motherfucking boss, that's why!"
"I'm not coming in today. Or tomorrow. Or next month."
"Why?"
"Because I'm a motherfucking boss, that's why!"
The best reason of all to be the motherfucking boss? Control of the jukebox!
Wednesday, October 15, 2008
Richard Wagner, "Ride Of The Valkries"
"Trader P" choice, and an excellent one at that.
Back in the day, like 8 years ago, "Trader P" would blast this whenever the market was taking a dive. That was back when the tech bubble was bursting, so we heard this one a lot.
The RO Report, "R.I.P Market" Edition
Hours after the dust has settled on my trading day, I'm having a hard time accessing the emotional swings that I went through. I think this is mostly because right after the close I had a nice surf session with "Trader Z" until after the sun set.
There's nothing like a sunset surf session to clear the mind.
"Trader Z" has some sick board skills. Also, he's a really good surfer.
Anyway, what can you say about this market other than it's coming apart at the seams. I can't spin today's action in any positive way. The best I can do is say that we did rally 950+ points on Monday and that something similar will happen again... eventually.
A bull market will come again, I promise.
I'll say this about trading in general... the most important thing you can have is an open mind. All day long, until 3:30, I was buying stock and getting completely killed. Once I switched my bias and stopped fighting the trend, I made back all my cheese and became a Boss.
And I cannot overstate the amount of help I received from "Trader P." Never, in my entire 10 year career, have I put so much trust in another trader.
The end of the day really deserves its own post, but I'm too exhausted. To summarize briefly, at 3:30, I had no positions and was down 5 grand. My entire day had been a brutal beatdown... also, I lost lots of money. A mere 20 minutes later, I had built a little over a million dollars of short exposure, and I was making money faster than you can say, "Jim Cramer sucks."
In short, if you want to "be right" all the time, you're going to lose money trading.
Today deserves more of a post, I apologize, but I'm shot. Eventually, I'll have to write a book about this all and you'll just have to buy it, okay?
Out of 27 traders today, 16 traders were gross positive, or 59%. 11 traders finished up over $1,000 gross while 7 traders finished down $1,000 gross.
I was number 5 of 27 or, a motherfucking Boss.
Here are today's Bosses:
"Lucky Pierre" - Trader P, $34,755 on 282k shares traded.
2. Trader B, $28,853 on 517k shares traded.
3. Trader Z, $16,307 on 198k shares traded.
4. Trader C, $13,297 on 338k shares traded.
5. Trader S, $11,640 on 133k shares traded.
And the Manservants:
"Chambermaid" - Trader D, -$20,014 on 472k shares traded.
2. Trader H*, -$11,968 on 5,400 shares traded.
3. Trader 6*, -$4,727 on 0 shares traded.
4. Trader I, -$3,081 on 26,400 shares traded.
5. Trader M*, -$2,230 on 0 shares traded.
NOTE: There are a few swing accounts in the office. From here on out, I will mark swing accounts with an asterisk.
Another Person Who Shouldn't Trade
Failure to fully understand cause and effect relationships is a strong negative for prospective traders.
Subscribe to:
Posts (Atom)