8 {{ upvoteCount | shortNum }}
8 {{ upvoteCount | shortNum }}

I anyone else here a trader?....05/06/10 Market Crash

by JEL0221
7 replies
  • OFF TOPIC
    • |
I trade in the commodities and stock indices markets for my day job(IMer in my free time). Stock markets plunged almost 1,000 points yesterday. The fear factor was way up in the CME Group trading pits yesterday....it ended up rallying to the point where it closed only 350 points down...feels wierd saying that but its comforting to most around here:rolleyes:

at one point, a company called accenture went down to $0.01 after trading in the $40.00 range...of course the exchange cancelled this and it returned back to its regular range.

Thankfully, myself and my firm were able to avoid a lot of damage and have, for the most part, recovered.

I was wondering...has anyone else around here been effected by it??
  • Profile picture of the author myob
    Full time investor in the equity markets and real estate. Always affected by it, but I stay away from the indices except as a barometer. It's been a wild ride for the last couple of years, but me and the boys are making a killing by day trading. Yesterday, when the DOW dropped 999 then recovered 700 by the end of the day was a watershed for us in affected stocks. Expecting lots more volatility in the market.
    {{ DiscussionBoard.errors[2072366].message }}
  • Profile picture of the author darkonetoo
    Originally Posted by JEL0221 View Post

    I trade in the commodities and stock indices markets for my day job(IMer in my free time). Stock markets plunged almost 1,000 points yesterday. The fear factor was way up in the CME Group trading pits yesterday....it ended up rallying to the point where it closed only 350 points down...feels wierd saying that but its comforting to most around here:rolleyes:

    at one point, a company called accenture went down to $0.01 after trading in the $40.00 range...of course the exchange cancelled this and it returned back to its regular range.

    Thankfully, myself and my firm were able to avoid a lot of damage and have, for the most part, recovered.

    I was wondering...has anyone else around here been effected by it??
    Nice to hear from a fellow trader. Glad you are still alive.

    I've been trading futures (my sole occupation, with IM a valuable sideline) for 20+ years, bonds, currencies (now forex); owned a seat for 8 years..., yes the markets were challenging the last few days / weeks.

    2007 and 2008 were great, 2009 barely was worth spending all the time, effort and $1,000 a month for quotes, etc.

    Fear is very useful to trade against. It guarantees profits for my style. Today was pretty good in the metals (silver & gold). Haven't seen a daily $1.00/oz upmove in silver in years. Glad I had some. Never have enough on when the moves are big.

    DarkOneToo
    {{ DiscussionBoard.errors[2073996].message }}
    • Profile picture of the author myob
      Originally Posted by darkonetoo View Post

      ...Fear is very useful to trade against. It guarantees profits for my style. ...
      Would you say contrarian? It's worked quite well for me for almost 15 years.
      {{ DiscussionBoard.errors[2074082].message }}
      • Profile picture of the author darkonetoo
        Originally Posted by myob View Post

        Would you say contrarian? It's worked quite well for me for almost 15 years.
        Yes, contrarian thinking is almost a necessity for profitable trading/investing. Or successful business.

        I sometimes wonder how it is possible for anyone to be in America for a while (let's say--about 10 years) and not be successful financially. Unless they don't want to be successful or insist on hanging out with those who resist their efforts.

        There is so much opportunity available.

        I've seen that most people (the general public) have an unwillingness to stay current and deal with reality. If you are willing to add real value to any important sector in business, you HAVE to be successful.

        That is being a contrarian too.

        Best to you and yours.

        DarkOneToo
        {{ DiscussionBoard.errors[2075848].message }}
  • Profile picture of the author Eddy G.
    I agree with your contrarian view DarkOneToo.

    I've come to that conclusion from the premiere trading educator: hard knocks.

    I guess that's why I'm a unapologetic Shortologist :-)...and I usually trade the edges of larger distributions..
    {{ DiscussionBoard.errors[2102531].message }}
    • Profile picture of the author darkonetoo
      Originally Posted by Eddy G. View Post

      I agree with your contrarian view DarkOneToo.

      I've come to that conclusion from the premiere trading educator: hard knocks.

      I guess that's why I'm a unapologetic Shortologist :-)...and I usually trade the edges of larger distributions..
      The school of "Hard Knocks" is the universal educator.

      I know the place well.

      Even Richard Dennis (of "Turtle" teaching fame) was quoted decades ago-- "to avoid the middle like the plague...", when speaking of market areas which have the greatest potential.

      New highs and lows are the best areas for the professionals to attack.

      DarkOneToo
      {{ DiscussionBoard.errors[2102844].message }}
  • Profile picture of the author jokarl
    Short term investing seem a lot more like a gamble to me. However long term (5 years or more) does indeed work for most people. Trading however seems like a loosing business for most people and the big firms rake out the cash.
    {{ DiscussionBoard.errors[2102618].message }}

Trending Topics