I find the debate of pending doom or explosive upside to be mundain at the worst and inaccurate at best.(MHO)
I have rarely entered a bear market that there is not a sector that is bullish...hence the "perma-bull" approach I take. I could care less that Teckies are toast shortterm because, oils were not, if they become toast then gold will likely rear its overdue but ugly head.
I find most traders tend to dwell on Nasdaq numbers way to much, in fact 4 years ago, the "direction of the markets was the DOW, and rarely was a Nas number or Nas future ever mentioned on this or any other thread.
The best survival tactic as a daytrader in any market is the ability to "adjust", period. Dead cat oscillations occur during a bear market a reasonable intervals and money can be made. "Safe haven sectors, get ramped up when the latest "set of tulips die". This time it was the teckies, prior to that it was the dot-coms. Soon there will be another "tulip" and the safe haven stocks will die a natural death during the mad rush to the next "triple".
I find debating final outcomes, or most dreaded results a waste of space in most cases. I am guilty of forecasting too, so I include myself in this group. I still believe that NT will hit $10's but now fear it may break my $10.00 guess. But, all the while, there are other sectors that are moving up so one balances the other...eventually if the dreaded crash were to be in the cards, than Placer Dome, Barrick, and Kinross and even that POS Bema would likely double.
If people believe the market will crash, then it likely will, as long as you are not daytrading with 100% of your net worth and are using at best 10% during this kind of market, then it really is irrelevant which way the market goes....you just have to be more selective thats all!
What makes DTers last is "flexibility and the ability to adjust" to the changing markets. What makes an extremely successful Dter is the ability to go short or long, equally well, that is rare in DTERs, however, a perma bull or a perma bear can still make money in both markets with no difficulty, all he/she has to do is "adjust" there expectations of profit.
To many people made $1.00-$14.00 on JDU,BLD etc and consider that to be the "standard for a trade". I have never adjusted upward my expected profit from a DT...that is .30c per trade. If I get lucky and make more than that, I feel terribly lucky, but never do I "expect" that result.
How many people here, think they can make .30c on a trade on Monday? I think all of you would think that that would be fairly likely and 80% would answer yes. If so 5000 shares is $1500...when was the last time you made that much money at a regular job?
Get grounded and get trading, don't dwell on the insignificant portions of the daily turmoils within the market, use stops, go short, go long, but trade....lower your expected profits and you will do well in any market.
I have gone through some reasonably black looking times in the market....I made money all the way through it...you just have to train more brain cells to concentrate on the arena that used to only take two brain cells to command.
My two cents.
PS ...tell Paquet I was able to scrounge up enough money for the shingles and 80 feet of "floor to ceiling windows"....but still may have to burn the floor boards to keep warm this winter. ROTFLMAO
the Chief |
