8/13/07 General Trade Log / Idea Sharing

[AbeSmith 10]

Hello. Stocks are up sharply in premarket. Good luck.

[AbeSmith 10]

Trade 1: -11.

[Soultrader 12]

Trade 1: -11.

 

Dont trade the YM anymore but from the glance at the chart... very poor entry level. What made you long there? Im seeing no support.

[AbeSmith 10]

Trade 2: -11.

[AbeSmith 10]

Dont trade the YM anymore but from the glance at the chart... very poor entry level. What made you long there? Im seeing no support.

 

Thanks James. I'm not trading for real, just paper trading. What made me long there was watching CNBC it seemed like the market was going to have a big opening and I wanted to get a piece of that ahead of the bell.

[Soultrader 12]

Abe.. you just did the unthinkable and let CNBC decide your entry on a trade. If you plan to be a trader, you need to rethink your strategy.

 

First Rule of Trading

 

1. Never let anyone decide when or what to buy.

[brownsfan019 17]

Thanks James. I'm not trading for real, just paper trading. What made me long there was watching CNBC it seemed like the market was going to have a big opening and I wanted to get a piece of that ahead of the bell.

 

Abe,

Maybe one day you will take our advice here and

TURN THE TV OFF.

[brownsfan019 17]

Dont trade the YM anymore but from the glance at the chart... very poor entry level. What made you long there? Im seeing no support.

 

James,

So what are you up to lately? I pieced together a few things, but not sure if you clearly explained what you are trading, where, for who, etc. Just curious what you are up to since you were a die hard YM trader and now you are not trading it.

[AbeSmith 10]

Abe.. you just did the unthinkable and let CNBC decide your entry on a trade. If you plan to be a trader, you need to rethink your strategy.

 

First Rule of Trading

 

1. Never let anyone decide when or what to buy.

 

Thanks for the advice James.

[AbeSmith 10]

Abe,

Maybe one day you will take our advice here and

TURN THE TV OFF.

 

CNBC is not so bad IMO. Especially for a beginner trader, it is very informative and provides information about the events that might be driving the market. I feel I learned a lot just from watching CNBC.

[TinGull 10]

Abe, you seriously need to heed the advice of the professional traders on the board and turn that TV off man. By the time the media gets wind of something and then conveys it to you...it's too late. You need to learn to make your own decisions and not rely on some hot chick or balding fat dude to give you the trade. It's wrong on so many levels.

[brownsfan019 17]

Here's what you need to understand Abe - the current price already reflects any information CNBC could possibly be trying to explain. They are not sharing anything with you that the market has not already priced in.

 

If you think it's helping your trading, so be it, but I'm having trouble seeing how it helped with 2 losing trades this morning. As James said, not quite sure why there were 2 attempts to go long, outside of CNBC giving you a feeling the market was going up.

[AbeSmith 10]

Trade 3: -12.

[AbeSmith 10]

Abe, you seriously need to heed the advice of the professional traders on the board and turn that TV off man. By the time the media gets wind of something and then conveys it to you...it's too late. You need to learn to make your own decisions and not rely on some hot chick or balding fat dude to give you the trade. It's wrong on so many levels.

 

Here's what you need to understand Abe - the current price already reflects any information CNBC could possibly be trying to explain. They are not sharing anything with you that the market has not already priced in.

 

If you think it's helping your trading, so be it, but I'm having trouble seeing how it helped with 2 losing trades this morning. As James said, not quite sure why there were 2 attempts to go long, outside of CNBC giving you a feeling the market was going up.

 

As a new trader I feel there is a lot of information on CNBC, not for immediate trading necessarily, but for getting an understanding of the market. It is interesting to me to see all the news reports and how they affect the market, and get all the analysis. So for you guys it may not be useful, but for me, at the very least, it is interesting.

[Nvesta81 10]

I don't see anything wrong with watching CNBC for market news, but don't base your trading decisions on the news because as everyone else said, it's already prices in the market before the news ever reaches your office...

[TinGull 10]

Abe, you said that the REASON for your first trade was because of CNBC. That's using it in your trading, and that's NOT good.

[AbeSmith 10]

I don't see anything wrong with watching CNBC for market news, but don't base your trading decisions on the news because as everyone else said, it's already prices in the market before the news ever reaches your office...

 

I just want to clarify that the trade this morning was not based on the news, but on a bullish tone from CNBC. I understand that by the time news is reported on CNBC it is already priced in by the market for the most part.

[AbeSmith 10]

Abe, you said that the REASON for your first trade was because of CNBC. That's using it in your trading, and that's NOT good.

 

It was just based on a bullish tone from CNBC. I was wrong.

[TinGull 10]

It was just based on a bullish tone from CNBC. I was wrong.

 

Bullish tone from CNBC. If you had not been watching CNBC would you have been prone to take that trade and lose? Thats the question to ask yourself.

[TinGull 10]

And Im not trying to be an ass, just trying to save you the headaches from dealing with the cheerleaders

[AbeSmith 10]

Trade 4: +9. Considering trading multiple contracts so I can scale out. With one contract it is an all or nothing deal and sometimes I want to take some profit and adjust stop to even out. Especially in very volatile markets.

[AbeSmith 10]

Bullish tone from CNBC. If you had not been watching CNBC would you have been prone to take that trade and lose? Thats the question to ask yourself.

 

And Im not trying to be an ass, just trying to save you the headaches from dealing with the cheerleaders

 

Thanks Tin. I know you're not trying to be an ass. Thanks for the advice. To answer your question, I probably would not have made the trade had I not been watching CNBC.

[brownsfan019 17]

To answer your question, I probably would not have made the trade had I not been watching CNBC.

 

Well, there you go. Enough said.

[AbeSmith 10]

Trade 5: -12.

[AbeSmith 10]

Trade 6: -19. Internet went out and stop did not go through. Had to exit with market order after reconnecting to internet.