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MadMarketScientist
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Everything posted by MadMarketScientist
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European Central Bank (ECB) President Jean-Claude Trichet said the Greek situation is now "code red." But this shouldn't be news to anyone ... just look at the Rydex CurrencyShares Euro Trust ETF There is definitely a lot more wrong with the whole situation. I read ECB officials are trying to negotiate a deal where some of Greece's major creditors (large European banks) would extend loans at lower future interest rates because many people have purchased credit default swaps on Greek sovereign debt and a default would be BAD. People like JPMorgan, who's fell as much as 2.4% today. I'm pretty sure the ECB will do as the Americans and try to paper over the sovereign defaults of Greece, Spain, and Italy. This should take the euro down to less than par with the U.S. dollar. MMS
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Yes that is a confirmed fact - posting on TL will make you a better trader!
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Ok guys - let's try and stay on topic here. We appreciate all of you as members so let's move on from this 'who promotes on TL' discussion thanks everyone MMS
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Buying stocks in this environment is pretty risky ... especially one like Sprint. BUT if you can stomach the ups and downs I believe Sprint is a good long term play. And a takeover target of many analysts ... MMS
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Tradewinds Log and Performance Report
MadMarketScientist replied to Tradewinds's topic in Traders Log
What platform\broker are you moving from? And why did you choose TradeStation? I'm thinking of getting serious and going to something where I can program (like Ninja) but I would like to hear why you picked TradeStation. Maybe this isn't the best thread for this discussion but I wanted to ask anyway ... thanks MMS -
Market Wizards rule them all but a Master Trader is not too far behind ... Trader IQ is based on the a number of threads and posts a member contributes to the community. Keep posting! MMS
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This looks like its been fixed for you Tradewinds right? And everyone has a TraderIQ bar, and the level depends on how many posts you do. Keep posting you are almost there! MMS
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Yes the learning to trade the markets can be confusing. I would recommend sitting down, WITHOUT a computer, and just write down what you want to achieve. And then break it down into small tasks that can be done in a day or two. Information overload is a serious problem in this day and age of the internet and I am convinced it can sometimes be a time-suck! See this thread ... http://www.traderslaboratory.com/forums/technical-analysis/9858-information-overload.html?highlight=information+overload MMS
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The buying power of cash will be inflated away, I think hard assets are better, Gold, silver. Or income producing assets like real estate and dividend-paying blue-chip stocks. MMS
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Introduce Yourself Here - Don't Be Shy!!
MadMarketScientist replied to trading4life's topic in Beginners Forum
Welcome to TL and best of luck with your studies. Learning the markets is a life-long process so stick around and get involved - there is no better way than to learn from others. MMS -
Hi, It appears there is strong correlation between the stocks in your watchlist. Are they all in the same sector (i.e. all tech stocks) or in related industries? (commodities, energy) See these threads explaining the correlation (beta) of a stock: http://www.traderslaboratory.com/forums/market-analysis/513-do-you-ever-consider-beta-stock.html Good luck MMS
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I'm not a teacher but as a student I believe it is necessary to at least step back and look at why the losses are occurring. Maybe the prep is wrong or maybe the timing is off but I would venture to say some tweaking is expected. steve46 would you agree with that? MMS
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Every system has its good and bad points ... Prechter was predicting the Dow to drop 90% to 1000 last July ... He completely missed the bull market of the last year! MMS
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Hidden or Special Risk when Starting Out Daytrading?
MadMarketScientist replied to TroyMaster's topic in Beginners Forum
Hi, No I don't think there is any hidden-risk. Like anything there is success and failure, and day-trading is one where you have *almost* complete control of your destiny. I think its more important that you are giving it a shot rather than sitting and watching everyone else trying. Go ahead and try, yes you might lose money so make sure you don't put all your eggs into one basket. Trade a practice account first to get the technical skills ironed out. Then trade small amounts of real money to get the mental skills ironed out. But give it a shot. If you lose your money and fail - take a break and get back on the horse. Everyone fails. But how many get back up and try again? Good luck! MMS -
Can't someone pull up this chart for June 13, 2011 and help match the trend to the time? If I had access to this data I would help but I don't ... MMS
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The 3 simple rules of Elliott wave analysis can help traders manage risk, ride market trends and spot price reversals. EWI's Chief Commodities Analyst Jeffrey Kennedy values the Wave Principle not only as an analytical tool, but also as a real-time trading tool. In this excerpt from Jeffrey's free Best of Trader's Classroom eBook, he shows you how the Wave Principle's built-in rules can help you set your protective stops when trading. Let's begin with rule No. 1: Wave two will never retrace more than 100% of wave one. In Figure 4-1, we have a five wave advance followed by a three-wave decline, which we will call waves (1) and (2). An important thing to remember about second waves is that they usually retrace more than half of wave one, most often making a .618 Fibonacci retracement of wave one. So in anticipation of a third-wave rally - which is where prices normally travel the farthest in the shortest amount of time - you should look to buy at or near the .618 retracement of wave one. Where to place the stop: Once a long position is initiated, a protective stop can be placed one tick below the origin of wave (1). If wave two retraces more than 100% of wave one, the move can no longer be labeled wave two. Now let's examine rule No. 2: Wave four will never end in the price territory of wave one. This rule is useful because it can help you set protective stops in anticipation of catching a fifth-wave move to new highs. The most common Fibonacci retracement for fourth waves is .382 retracement of wave three. Where to place the stop: As shown in Figure 4-2, the protective stop should go one tick below the extreme of wave (1). Something is wrong with the wave count if what you have labeled as wave four heads into the price territory of wave one. And, finally, rule No. 3: Wave three will never be the shortest impulse wave of waves one, three and five. Typically, wave three is the wave that travels the farthest in an impulse wave or five-wave move, but not always. In certain situations (such as within a Diagonal Triangle), wave one travels farther than wave three. Where to place the stop: When this happens, you consider a short position with a protective stop one tick above the point where wave (5) becomes longer than wave (3) (see Figure 4-3). Why? If you have labeled price action correctly, wave five will not surpass wave three in length; when wave three is already shorter than wave one, it cannot also be shorter than wave five. So if wave five does cover more distance in terms of price than wave three - thus breaking Elliott's third cardinal rule - then it's time to re-think your wave count. The Best of Trader's Classroom presents the 14 most critical lessons that every trader should know. You can download the entire 45-page eBook with a free Club EWI Membership. Download the free Best of Trader's Classroom now. This article was syndicated by Elliott Wave International and was originally published under the headline How to Set Protective Stops Using the Wave Principle. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.
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Keep the silver coins, we haven't seen the 'currency\debt crisis' yet ... QE2 may be ending but QE3 is coming! Just my humble opinion ... MMS
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I checked and we've been sending you our newsletters since May 19. Can you check your spam folder? And can you try adding newsletter@mailserver.traderslaboratory.com to your whitelist again? Let me know once you do that and I will try sending you a newsletter again thx MMS
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Do not argue with an idiot. He will drag you down to his level and beat you with experience. The last thing I want to do is hurt you. But it's still on my list. Light travels faster than sound. This is why some people appear bright until you hear them speak. Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad. To steal ideas from one person is plagiarism. To steal from many is research. A bus station is where a bus stops. A train station is where a train stops. On my desk, I have a work station. I thought I wanted a career. Turns out I just wanted paychecks. Women will never be equal to men until they can walk down the street with a bald head and a beer gut and still think they are sexy. Behind every successful man is his woman. Behind the fall of a successful man is usually another woman. You do not need a parachute to skydive. You only need a parachute to skydive twice. There's a fine line between cuddling and holding someone down so they can't get away. You're never too old to learn something stupid. Nostalgia isn't what it used to be. Hospitality is making your guests feel at home even when you wish they were. When tempted to fight fire with fire, remember that the fire department usually uses water. MMS
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haha are you serious??
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Because greece will default and all the other euro nations holding their bonds will have to write down a huge loss and that will trigger a serious run on the euro ... its sad but Europe and the US are both in a printing-money to inflate race! :-( This cannot end well. MMS
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Introduce Yourself Here - Don't Be Shy!!
MadMarketScientist replied to trading4life's topic in Beginners Forum
Hi Mike, Welcome and best of luck! MMS -
Introduce Yourself Here - Don't Be Shy!!
MadMarketScientist replied to trading4life's topic in Beginners Forum
Hello Jibber, There are lots of resources for beginner programmers - play around, back-test, you will figure it out. Try to find a platform with pre-built functions\indicators so all you are doing is assembling vs. building code from scratch. Welcome and good luck! MMS -
The most well-known hacker group, Anonymous, uploaded a video message to youtube yesterday calling for Fed Reserve Chairman Ben Bernanke to resign, among other things. It's embedded below. The video begins with Bernanke saying he is 100% confident of his ability to control the income disparity in the U.S. -- the largest of any industrialized country in the world -- on 60 Minutes. Then it says: "Democrats have failed us, Republicans have failed us... It is time for us to stand up for ourselves... We must fight back against the organized criminal class... We must launch "operation Empire State rebellion. The operation will commence on June 14th...Operation Empire State Rebellion Engaged." MMS [ame=http://www.youtube.com/watch?v=XySGw-g2tyk&feature=player_embedded]YouTube Bernanke[/ame]
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What Are Some Really Good Books to Read?
MadMarketScientist replied to umfan92's topic in Beginners Forum
Check this thread for some great resources: http://www.traderslaboratory.com/forums/f34/resources-technical-strategies-9885.html Also see the Book Review section: Book Reviews Or try searching the forum: Traders Laboratory Forums Search Happy reading, MMS