james_gsx

Oh I completely understand it was a gamble. In fact, I didn't even expect to make any money. That's why I immediately sold the second I saw the trade had worked in my favor. I could have held, and it would have been worth more. But by that point, I would be running off emotion and I would probably miss my opportunity to sell. It was a gamble, a risky one too. The only thing I had on my side was the risk/reward factor and the fact that someone could come in and make a higher bid (or a rumor, which is what happened). You should know that I'm probably one of the most conservative traders here, I learned my lesson last year after a few bad earnings calls. Hence why I only risked $200, I can stand losing $200.

Well, I bought a few more BSC calls at 35 cents yesterday morning. Just sold everything today for a $754 profit. Not bad for only risking $210 or something like that.

They focus primarily on equities and a few of their trading styles. They do futures and options, but you'll need permission to do so due to the risk associated. Just e-mail Don, and do your due diligence. You'll need a series 7 too.

The markets are closed Friday for Good Friday. I will be available anytime after noon EST. So my scheduled is pretty flexible, who all is in?

Glad to hear Nvesta! Today was just.... weird. Glad to hear you made it back, that's what you trade for. Each trade is really meaningless in the grand scheme of things, especially considering how many trades you'll take over your career.

I saw these and couldn't resist. Very limited risk in a what will be a very volatile stock over the next week. If it doesn't work then I'm not out much, but could be a good trade on the reward side. BSC is up about $1 since I got in on this trade. I only bought 2 contracts because it's fairly risky, and in case it doesn't work out I don't want to lose my shirt. But hey, if it goes up and I make $100 then I'm good with that too.

So this came up Thursday at the option addicts website... I wonder who is going to jail now? :o Take note of the price in the quote, then take note of the volume on the March 25 puts. Whoever bought those puts was betting on a HUGE drop in 8 days? Definitely fishy...

:rofl::rofl::rofl: Look at the bright side. When this mess is over with, there will be a TON of opportunities to become incredibly wealthy. I already have a few ideas of my own I love global markets.

I think things were a lot worse than we thought on Friday. Basically BSC is declaring bankruptcy - thus why they are being bought for $2 a share. As far as the rate cut goes, that tells me things are a lot worse than they appear. Not just the cut, but now they are allowing the loans to last for 6 months. But what do I know?

I'm going to bump this. It looks like next week is going to be another turbulent one. JPM bought BSC for $2 a share and the Fed just lowered rates by 25bps and extended it's loans for 6 months. Good trading everyone.

I'll look into it this weekend James. That is, if someone doesn't beat me to it. How about we do our first "meeting" this Friday? That way we have a week of data and time to plan it out and decide what we want to discuss. I'm looking forward to this.

I think we would be interested on that James. I went ahead and downloaded it, my name is james_gsx Everyone feel free to add me so we can get this going!

I agree OAC, I think next week will be a rough one.

Well my skype thing is james.lengyel feel free to add me. If we decide to go the paltalk way, then I'll download that or whatever we decide to do.

Is it possible to setup a "conference" on skype with 3 or more users, or even on PalTalk? Maybe not talk to eachother via microphones, but use their chat feature?

Speaking of S/R and following your plan. I was teaching my friend how to trade today, and I left for ten minutes and came back to a 6.25 ES loss and his eyes were wide open like a bug :rofl: What did he do? He chased a huge candle down, and went short at SUPPORT with a -1200 tick, and a stochastic that had bottomed out. When I asked him what he did, he was trying to get the move. He didn't follow any part of the plan and didn't look at the big picture. He got lucky and went short at the very bottom, it was picture perfect. 15 minutes later a similar situation happened, he wanted to jump in with the candle and I told him to be patient and wait for one of the setups to appear. The candle started to retrace before our setup completley appeared, I told him we could have faded the move but the R/R wasn't in line with our profit/loss comfort level. I made him wait, and stay patient. Sure enough the buying resumed and it looked like we were missing the boat. Finally our trade to fade the candle setup, and I waited a few more ticks to get the best entry. Turned out to be a really good trade, and it showed him how chasing only leads to emotion and newbies get killed doing that by more experienced traders who take the opposite side. If you see a WRB and you're not already in it, don't chase it and wait for your setup to appear.

On days like this I find it best to widen my stops and extend my targets. Keep your head clear and just look for the opportunities the market has present. I know how easy it could be to have a bias on a day like this, thus ignoring a lot of signs the market gives you. Next time you see such volatility, either don't trade and switch to the simulator to learn how to widen your stops. Or just extend your stops and targets by a few points and see how that works. I actually made a live video today for one of my trades, I'm still debating whether or not I should post it. I made it for someone else, but I don't know if it would actually do you any good. It has more to do with planning the trade with your entry/exit than anything else.

Does Paltalk cost any money? I have skype, and I know that's free.

Sorry for your loss. But it's part of the business, and you just have to keep your head high and look forward to Monday. I would say just take the rest of the day off, and relax over the weekend. Sunday night make a plan for Monday, and stick to your plan. Now onto the harder things, why did you do so bad? Where you following your plan, or was emotion taking over?

Just from the template I made earlier, I already found one of my biggest problems is exiting too early and letting myself get stopped out. Obviously that's not going to work over an extended period of time, regardless of how much money I made/lost today. So from that data alone I can nail down two things. 1 - my targets are too big for the style of trade 2 - I get greedy and exit too early 3 - Both - I take a lot of contrarian plays and get trigger happy.

I like the A-F system with comments to start as it would be simple and something that could easily attract people to use. I will continue to use the template I created, as I think that will help me down the stretch. The only concern I still have is where and how would we do the A-F system? Obviously a forum style won't work, since no one wants to make a new thread everyday. Maybe we could create a calender type thing. Monday - Friday with a quick grade next to it and notes so others can easily view. Monday would be at the top, then down to Friday. Or a simple calender could work as well. Those are just my thoughts, anyone have any opinions?

Torero, I like that idea since I believe it would add a lot of credibility and it would take the whole accountability idea to the next level. It also goes in with something I had jotted down, so here it is. We could continue to use the community format, but have it broken down into private groups. That doesn't mean "Group A" or "Group B", but simply a network of people you trust. Therefore User A, could be in a network with User B and User D, but not User C. But User C could have both B and D. If that makes sense... This way the people you can work with could be unlimited, or as private as you wish. Some people don't wish to share a lot of their information with people, whereas others are more open about it. On a day to day basis I used the template I posted earlier, and it worked out fairly well. There are a few things I would change, but I like the idea of journaling each trade, grading it, and having my P&L. From there, we could log it on the website or excel and have it automatically track basically everything. This way we could see what days we trade best on with each setup, how our overall performance is going, etc. Then I took some of the ideas the trading blog had about the A-F system. I decided that the trader could grade himself on an A-F basis. He could use his overall trade grade, say a 4 for the day, to help determine his overall grade. But ultimately he could grade himself based on how well he saw opportunity, his emotion, or whatever else is bothering him. Then he could write down comments and possibly find patterns that affect his trading and immediately adjust/create goals to overcome the shortfalls.

Heres a template I will be using tomorrow to fill out during the day, or during breaks throughout the day. I have some data that is important to my plan and my goals. Then I have a simple table where I can track my trades and log them in on Excel after the close.

So is there anything we can do to push forward with this?

Now I gotta go look up what new letter to use. Why can't they just make it continuous? It's not like anyone is going to take delivery of a bunch of ES contracts. I guess I don't have enough money to see the benefit of the current system lol p.s - Ed, when I first saw your avatar I though it was a bunch of colored pills. I was slightly confused as I never took you as a drug guy