james_gsx

I am studying political science - simply because I enjoy it. I personally think you should study what you enjoy while getting your BA. You don't know what will happen down the road, and what's the point of limiting yourself to one thing? That was the advice given to me by my mentor who was a partner in a big 5 consulting firm. But I will be honest, I will most likely minor in statistics or econ. I am leaning towards economics because I want my own global private equity fund down the road. But I still plan on taking statistics classes to boost my knowledge for my options biz. Take my advice with a grain of salt. I am probably like most people here, and I'm self taught. If I want to learn something, I go out and learn it on my own.

Pretty stupid if you ask me. But whatever, if I have to pay a slightly higher tax on trades so the financial industry doesn't explode then so be it. I don't agree with it, but theres nothing I can really do about it. Or every trader could just stop trading for a week. Then there'd be no market. Would they tax me for not trading?

If Bernanke called and told me he was going to lower rates in 20 minutes I'd load up on margin and tell him to keep a 10% "finders fee". Isn't that what we would call an edge? :o But on a more serious note, rules are incredibly important simply because trading is an environment where the trader creates the structure. It's unlike anything else because it starts when we want and ends when we want. That's why rules, and more importantly discipline to follow your rules, will simply make or break any trader. You can scream at the charts when you're wrong, but as long as you follow your rules then you are doing the right thing. The worse thing a trader can do is start making impulse traders - I've made that mistake plenty of times and I pay for it every single time.

I have a great idea. Let you win, then I'll just steal it by taking the other side of your trades :haha: What are the rules? Can this be a group effort, then split the money up to TL members?

I would have to question whether or not you are trading something that actually works with your personality? Have you thought of trading other markets?

I am curious how that will change other aspects of their business. Will they still be able to do investment banking, trading, etc? Will their current way of business have to change, or will they just have a banking unit?

This is probably a stupid question but... What makes a product like this different than say, Norton?

Sorry if I came across as if you'd change anything. I simply meant nothing I learn fundamentally, would change the way I trade technically, I simply meant I like to learn new information on current events, etc. Hope that clears it up. On the other hand, what do you think this will mean for regulation surrounding CTAs and hedge funds? And by an institutional fund that "broke the dollar", are you referring to LEH or other firm(s) that don't hit the headlines? I'm sure over the coming years there will be books and more information leaked.

This is a trading forum, so if you have more to talk about then let's hear it. It won't change the way I trade, but I like to know as much as possible just because I like information

So... we opened, then sold off? I was at work the entire time watching from my blackberry :crap: Look at that weekly high wave candle and HUGE volume. Throw on a weekly chart and compress it as many years as you can go back, it's unreal! Gotta love manufactured bottoms

It's pretty impressive for sure. I have a feeling that by the end of this mess Goldman Sachs will be the only investment bank remaining. Mainly because they are so good at managing risk, and the fact they have $100b in same-day liquidity set aside for a financial crisis doesn't hurt.

I thought this was interesting, and worth sharing. On the 15min, price crossed above the 21 EMA and made 4 spinning tops all using the 21 EMA as support. But if you look at the previous retrace in the pre-market action then you can see a resistance cluster. After the WRB the spinning tops clearly showed indecision, and I would have been more concerned with the fact that price couldn't clear the resistance. Shortly after, two WRBs completely wiped out the first once and we made new lows for the day into the close.

This is completely off topic, but not really. I was driving to work the other money listening to the morning show on the radio. They were going over some of the random/funny news, and the president of Extenze (I think, it started with an E) was sentenced to jail for some 25 years because of false advertising. Apparently he thought everyone would be too embarrassed to come forward and say it didn't enhance their special part :rofl: Nonetheless, it made me think of all the trading programs that are out there that really do the same thing. They know it doesn't work, but they'll suck you in and take your money. When you claim it didn't work, they'll just say you did something wrong. Oh well, there will always be demand for that kind of market, so someone has to supply it regardless of how ethical it really is. Now, I really think there are some good services out there and people who legitimately want to help. There will always be a few who are great traders, and great teachers who love to teach. Unfortunately, they are few and far between. Good luck to the OP, and you should be proud that you are still willing to trade and move forward.

It really depends on your risk management. There are a several ways to enter, and it all comes down to how much risk you want to expose. 1 - Enter right at the EMA 2 - Wait for the candle to "close" and enter immediately 3 - Enter just before the candle closes 4 - Wait for confirmation, whatever that may be. The exits are the tricky part. Since candlesticks are so discretionary, this part can be difficult for some. I know setting fixed targets can work really well, but sometimes that can cause you to miss out on some of the bigger runs. The use of BB bands was brought up, and I think there should be another thread for that, but it's certainly one way to help plan an exit strategy.

Don't over analyze it too much and just do it. When shit hits the fan, remember that you know what you're doing and stay cool. After a while, you'll hate the concept of paper trading. Two years ago, the thought of live capital was worrisome. Now, I always use live capital simply because you learn so much more.

I've never been pulled over, not yet at least. I've passed cops countless times doing 90+ on the highway and they always point at me. But, I have seen the state patrol do some ridiculous things to pull people over. A few years ago a state trooper was doing around 85 in a 75, obviously traffic was following him. Then he moved over to the middle lane, hit the brakes, and pulled over the guy behind him for no reason - it was pretty strange. What part of Colorado will you be visiting?

That candle turned into a spinning top (if thats what you want to call it), from there the ES moved 10pts to 1230 a nice profit for sure. the real issue would be exits. On a volatile day like today, I would say 10pt move is reasonable for a 15 minute chart. But obviously, that's not very realistic for everyday scenarios. Some possible ideas 1 - Use the stochastic, wait for an "oversold" signal with a small body candle 2 - Preset profit, i.e - 5pts. 3 - a % of the recent high. The previous high was 1240, the trade was around 1220 - so you could say a 50% retracement or 1230. Any other thoughts? Something like this could turn out to be a simple trade to let play throughout the day.

Looks like the retracement on the 15min worked out well. Now, to figure out a consistent setup

Here is something I frequently see. Two things typically happen, you get a good signal and price retraces to the 21 EMA. Or, price moves sideways until the EMA "catches up". So depending on your system, you can either get a trading signal or a signal that tells you to get ready. It's about to happen on the 5min right now, so we'll see how it plays out. I also threw in a basic stocastic, since I know that can be useful in trading. I would like to see the stocastic level out around or a little below. Couple that with support on the 21 EMA and you have a nice signal.

What exactly are you trying to hedge? There are plenty of ways to short volatility, especially in terms of hedging. But I think writing straddles and strangles on the SPY might be a good start.

hahahaha who knows. I'll make him an offer, $1 for the fund, Starbucks for a week, and a shrink :o

I frequently use the 21 EMA, which I won't lie I got from John Carter. The biggest issues I can think of off the top of my head would be money management, exits, and even entries. You could use pulbacks, but that is often more difficult in real time then it appears in hindsight - but that could just be me. Also, price will sometimes hang around and chop near the 20EMA. So money management would be key or you could get stopped out fairly easily. You could make a counter trend setup, for example a hammer that's "far away" from the EMA and make the 20 EMA your target. Overall, I think using the 20EMA with a simple oscillator like a stochastic could be a simple strategy on say the 15 minute chart.

I think you can definitely do something like that and make it work. Just focus on a few key areas that will keep you unique and valuable to customers for a long period of time. Something like personalized customer service in a wealthy area, I think it could definitely work. Just build your network with some wealthy clients and keep them happy.

Where the hell did this come from? Friday night it seemed no one would talk to Lehman, and now MER is running for safety? Now I have to ask, is cash in a brokerage account or bank really "king"?

Thanks Eiger! I plan on visiting the Michigan Ave Nordstrom, since it's the biggest in the country (I work at Nordstrom, hence why I care). I also plan on visiting a few boutiques and go on the hunt for a nice coat or pair of shoes I could never find in Denver. I'll definitely check out the Chicago blues and the Art Institute of Chicago.