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Newbie seeks new Porsche via day trading. See what happens.
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Newbie seeks new Porsche via day trading. See what happens.

  #241 (permalink)
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@Underexposed he has to help himself first. So far no evidence of him being ready to listen to anyone yet.

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  #242 (permalink)
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Big Mike View Post
@Underexposed he has to help himself first. So far no evidence of him being ready to listen to anyone yet.

Sent from my LG Optimus G Pro

I should add, that's normal. He just isn't ready.

Sent from my LG Optimus G Pro

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #243 (permalink)
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Big Mike View Post
@Underexposed he has to help himself first. So far no evidence of him being ready to listen to anyone yet.

Sent from my LG Optimus G Pro

Yes, I understand this totally and I have tried to sway him away from "instinct" "gut feeling".

He has had that lucky streak in the beginning and it comes as a shock when that failed so dramatically. I recognize what he is going through myself...and to see those comments on his journal title, without a thought for recent events in the journal, burned me a bit because I have seen a softening of his arrogance in his later posts.

In many ways the situation with this person is not unlike preaching the evils of gambling at casinos and taking your son to a casino to prove the point only to have them win instead of lose (happened to my son...big mistake on my part). Bad habits set in and take a long time to root them out. Perhaps this has affected my response to this poster.

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  #244 (permalink)
Trading for Fun
Melbourne FL, USA
 
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No worries, even about what some people might call snarky comments. I'm not easily offended, and to me, virtually any question is a fair question.


How long will it take to earn enough to buy any given Porsche?

Well, at the current rate of cumulative return...FOREVER. :car:

But the question to be asked there is, what model, new, or used?

I could get a decent 2000 Boxster for about 10K. Or a new base model Carrera for about 78K,
or a 2015 911 Turbo S with all the goodies for about 220K. Or a 918 for about 860K.

I'd need to double those figures in order for me to be able to say that I can afford the cost of the car.

Realistically speaking, I'll probably be driving a used 911 that sells for between 25 and 50K and it might happen
within a year. But I don't claim that it will be funded by trading proceeds.

Tomorrow morning I will be at a testing center at 8 AM. If I pass my test I will then be a licensed insurance agent
in Florida and will immediately go to work for an insurance company that you probably have heard of. I then get
my training to actually do the job and then the real fun begins....busting my hump on a daily basis in order to make
the "advertised' average income for the job, which is between 60 and 66 K for the first year, and 100K or better
for the second.

The job is 100 percent commission. Oh, that's gonna be fun! And I am 50 percent serious and 50 percent sarcastic when I say that.

As a result of tomorrow's testing, it is quite possible that I won't even be in a position where I can watch the market
until midday. Which may or may not be a good thing.

As for the Alibaba IPO, I am as sure as I can be without hard evidence or the ability to see into the future that there
will be substantial profit potential for a day trader. IF you make the right entry and exit points happen.

But what those are, I don't know. Nobody knows what the per share price will be at the moment that it is opened
to general trading, which will likely be some time between 10 AM and 11 AM. I do suspect it will be at or above
the high end of its predicted IPO price range.

According to today's WSJ, one unusual feature of the Alibaba IPO is that people who already hold their stock will be
permitted to sell their stock tomorrow. This isn't a standard feature of IPOs so there will no doubt be some considerable
selling pressure from people who obtained shares pre-IPO at considerably less than the IPO introductory price, and will
be happy to take their instant profits. I expect this to contribute significantly to volatility and may keep prices from
jumping up rapidly or as far. So this adds a great deal of uncertainty to what may happen tomorrow.



I'm screening stocks that move in high average volume (1 million shares or better, every day) and looking for the support and resistance patterns I'm starting to learn about. Aside from MAYBE participating in the Alibaba free-for-all that will happen tomorrow, I'm not going to make any future picks without making use of those technical indicators as part of the process.


Last edited by Carrerain4; September 18th, 2014 at 11:36 AM.
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  #245 (permalink)
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Carrerain4 View Post
I then get my training to actually do the job and then the real fun begins....busting my hump on a daily basis in order to make the "advertised' average income for the job, .

Not unlike trading. First you learn then you bust your hump to make a living.




Quoting 
The job is 100 percent commission. Oh, that's gonna be fun! And I am 50 percent serious and 50 percent sarcastic when I say that.

Even better than trading, When you make a mistake at least they wonít deduct from your pay check.


Quoting 
I'm screening stocks that move in high average volume (1 million shares or better, every day) and looking for the support and resistance patterns I'm starting to learn about. Aside from MAYBE participating in the Alibaba free-for-all that will happen tomorrow, I'm not going to make any future picks without making use of those technical indicators as part of the process.

Do you have a plan that you will be able to follow when the trading in Alibaba starts. What has to happen for you to enter and once you are in where do you plan to exit?

Do you have a plan on how you will use support and resistance. What will cause you to enter and where will your exits be?

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #246 (permalink)
Trading for Fun
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To be honest with you, I think that I will not be trying to get in on the Alibaba IPO tomorrow due to its complete lack of documented history.

That IPO will be so heavily dominated by raw speculation, AND, given that it will be possible for existing shareholders to
dump their stock during the IPO, I think that volatility will be so high that you could call it explosive.

I am trying to get away from trading based on a DESIRE to make money. While making money will always be the goal,
I have to divorce myself from DESIRE, which is an emotion that clouds judgement.

Thus, I believe I will not participate tomorrow. The IPO will be overwhelmed with desire-based activity and no prediction for its price action is likely to be made based on anything other than emotion.

Logic says, wait it out. Do not jump into those rapids tomorrow.

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  #247 (permalink)
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Carrerain4 View Post
To be honest with you, I think that I will not be trying to get in on the Alibaba IPO tomorrow due to its complete lack of documented history.

That IPO will be so heavily dominated by raw speculation, AND, given that it will be possible for existing shareholders to
dump their stock during the IPO, I think that volatility will be so high that you could call it explosive.

I am trying to get away from trading based on a DESIRE to make money. While making money will always be the goal,
I have to divorce myself from DESIRE, which is an emotion that clouds judgement.

Thus, I believe I will not participate tomorrow. The IPO will be overwhelmed with desire-based activity and no prediction for its price action is likely to be made based on anything other than emotion.

Logic says, wait it out. Do not jump into those rapids tomorrow.

Good move...best to watch at this point as there are too many unknowns.

Remember...there is no stock play that you have to play RFN {right now}. If anyone says this to you, in sales parlance, it is a "hard sell" and that rarely is in your best interest.

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  #248 (permalink)
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Carrerain4 View Post

Tomorrow morning I will be at a testing center at 8 AM. If I pass my test I will then be a licensed insurance agent
in Florida and will immediately go to work for an insurance company that you probably have heard of. I then get
my training to actually do the job and then the real fun begins....busting my hump on a daily basis in order to make
the "advertised' average income for the job, which is between 60 and 66 K for the first year, and 100K or better
for the second.

The job is 100 percent commission. Oh, that's gonna be fun! And I am 50 percent serious and 50 percent sarcastic when I say that.

Well speaking as a former salesman/sales manager, you have not chosen an easy sales profession. Most insurance salesmen take years to become really successful. You really depend on referrals if you are smart and when just starting out it is difficult to develop those referrals

Good luck

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  #249 (permalink)
Trading for Fun
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Posts: 117 since Jul 2014
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Agreed, going into this field will not be the easiest thing I have ever done.

But it's something I can do which has greater earnings potential than anything I've yet done.

It's worth trying. And I know that it won't pay off without me working hard at it.

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  #250 (permalink)
Trading for Fun
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Right now the only solid piece of information I'd trade on doesn't even apply to me as I don't have the ability to short stocks at this time.

I'd short Sears. Particularly after Jim Cramer's recent rip on it.

I have shopped at the local Sears stores recently and they're ghost towns. Maybe they could be profitable if they were
to separate the tool department from the rest of the operation, and ditch the rest, but Sears has failed to adapt to the second decade of the 21st century and I don't envision them fixing their problem, no more than I expect Radio Shack to fix their problem, which is the same problem.

Sears is down more than 29 percent YTD.

I'd short it, without hesitation, if I could. And, yes, support and resistance agrees. Practically every S&R line you can draw is heading down. The only difference is what angle it's heading down at. I'm seeing the bear triangle formation everywhere, and today's chart shows it very well. It's been sliding downward since early 2007.

I may be new to this, and not know technicals enough to mention, but in this case it's so obvious anybody could see it.
There's just no upside to Sears unless you're willing to short it.

I'm going to go out on a limb here and say it'll drop below 24 bucks a share before the end of the year. Actually I think it could drop below 20 by then. I think that the rats are about to realize that the ship is sinking, and when word gets to the rest of the herd, the price is going to tank at an ever increasing rate.

I say that because the recent high prices since May draw out a downward curve and the rate of downward movement appears to be accelerating. it's looking like the start of a parabolic curve.

It may drop faster than I dare to even write down. It might be a penny stock in a year.

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