My first and last day at #MTRADER, by funk
I received not one, but two e-mails from Ken and the MomentumTrader organization. While I am inclined to be independent, I am relatively inexperienced and will snoop around for info or clues just about anywhere if it doesn't cost me much more than my wasted time.
I had read the logs at Ray John's DTOchannel and found it interesting, but not a good fit for me, especially the monthly fee attached to it.
I have been keeping the #daytraders channel open for a number of weeks now and I like that very much. It is FREE, there is a large number of traders that watch the channel, and because of it I have met a trader that lives only ten miles from me. That was quite a bonus as we got to meet and swap ideas and clues. I showed him this thread and the trading desk thread, he showed me real tick III and abwatley on his 'puta. We both gained from the info exchange.
I judge the #daytraders channel to be an over all positive for me.
My first day at #MTRADER...
While I am sure there is some good to be found there, it was lost on me. I cannot say that there weren't any good calls...
Early in the morning I remember reading something about; " WOW.. EFII...amazing...market keeps fooling me..." and "fingers crossed" and repeated amazement at the market action.
I bought AMAT at 26 1/8 and posted that to the channel. I was told by Mr. MTrader..."good luck" ... "very low percentage play"...
Well to be 100% honest I got shook out just before the rise and sold for a small loss. Then I watched in a glassy eyed stupor as AMAT ripped.
You should have seen the intense flurry of sells rip down the 'puta screen a moment before takeoff; a perfect scare for a chump such as myself.
At any rate I posted my sell to the channel, and expressed an interest in longing AMAT again.
I went long AMAT for the second time at 27 3/8 and posted it in the channel and was told that it was "a very low percentage play". I noticed thru out the day statements from Mr. MTrader such as " at $14, EFFI long is a 70% play or 60% play, not sure how these probabilities are arrived at or how one would use them.
Mr. MTRADER said he would eat his keyboard if AMAT got to 27 1/2!
At 27 5/8 I sold out (again lacking conviction) and expressed my sorrow to MTrader about his keyboard and I asked him if he wanted fries with that!
For me it was not helpful to get input from that channel. I do not lay blame for my under achievment today on anyone but myself; nevertheless, I feel that my trading approach although always growing, does not include the Momentum Trader.
I did not get the impression any "easy money' was being made. I left early, so maybe some one did well.
All people have off days, so now that I have said that, perhaps I won't be hunted down and shot.
Seeking leadership from anyone other than oneself maybe the death rattle for a daytrader. I'm just guessing!
I had the right idea and now I need to work on building up a little more conviction. After all, the wiggle before the run was not too drastic and I was too easily shaken out. What I regret the most is that I didn't wake up after the up turn and jump right back on.
Why did I let myself become a spectator when my outlook was actually in agreement with the market trend? Hmmmm.
I feel a little upset with myself, but I am trying to intellectualize and tell myself a lost opportunity is nothing compared to lost money.
Accounting for slippage, I covered my phone bills for the month so...I didn't get much done today, but I'll give it hell tomorrow.
funk
btw Who am I to judge? I would advise anyone with curiosity to go take a look for yourself.
cheers |
