Today's Ideas:

    IMPORTANT : Below is what we're looking at currently, but pay attention to our UPDATES on the side of each page for actual entry/exit times and prices. Refresh pages often! You will witness our winners AND losers; something that is rare in our business.    TO VERIFY ACTUAL PRICES AND TIMES, PLEASE CLICK ON  A TICKER ENTRY TO THE RIGHT.  ALL TRADES, WHEN THEY OCCURED, ARE VIEWABLE.  Whenever possible, we have included the ETF symbol for those who are not experienced trading futures, etc.

    Friday, November 7, 2008

    4 Links I liked:

    Our catalyst today is the payroll data at 8:30 am. Not much to say, other than for short term trades I remain flexible to trade either side, and if you're a long term investor (1 year+), save your money! Until the action heats up, I won't lean one way or the other, so keep an eye on the Twitter ticker on the right for my real time decisions. Here are some links I thought were interesting:

    -Myron Scholes, what a dick! How can you call yourself a professional? Really, it's absurd that people fork over $$$ to these guys. I especially like the comment about not liking to sell into adverse market moves. What the hell does that mean, they never book a loss? I "sell into adverse moves" all the time, when necessary, but then again my capital is at all time highs with no "lockup"! One other widespread fallacy is the concept of "hedging". Protect yourself from loss, and "protect" yourself out of gain, while racking up double the commissions! Not to mention all the extra moving parts, why not just take a manageable size on your original idea? Hedging is not a substitute for proper risk control. I constantly remind traders to KEEP IT SIMPLE! If you doubt this, ask yourself how it feels to be -40% and even worse, you're locked in with a manager that can't take a loss, in the most devastating bear market in memory? Apologies for my tone, but I just had to get that off my chest. Nobody will ever respect your capital like you do.

    -Let's hope this isn't the case, but so far it seems to be.

    -Haven't these beggars done enough damage? I'm 40 years old and can't remember them ever making a dime, so just let 'em slide. Even their finance business is killing people. They would go bankrupt anyway, even if Paulson gave everybody in the US $10k tomorrow, so they are clearly obsolete. I'm aware of all the "repercussions" for the businesses that depend on the automakers, to which I say, if you "depend" on the automakers for your living, then you are no smarter than them! Where I come from, if you can't do anything right, just get out of the way.

    Back to centering myself for today's opportunities. We better have some really deep pockets in the near future, just to live as well as the poor live today. Good luck and respect risk.


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