The Stock Market is slow today, Entertain me

[Wiesman44]

Okay guys. The futures market is deathly slow today. I'm really bored right now, and we still got 2 hours til the market closes. Haven't reached my profit target yet, so I'm not quitting early.

What i need is some damn entertainment, and hopefully might get some from this thread.


I'll start first. My brain is starting to wander, so here's quick thought....

There's a farm where like 50-100 midgets live in this small community about 7 miles from my house. I was thinking of kidnapping one and giving it to my buddy as a present when he gets back from Iraq next week. I was thinking i wouldn't get in too much trouble, b/c its only a midget. So i probably wont get jail time. most judges don't like midgets.

 

[Bible_Belt]

you said "small community"

 

[Wiesman44]

lol. Pun not intended. Good catch. God, the market is like watching paint dry right now. Haven't seen it this slow, and this small of a range since March.

On a side note: I think the term 'midget' is offensive to them. I'd say I had no intention of offending anyone, but this thread in general can be viewed offensive so I'd be lying if I said that.

 

[WhitePimp]

You gotta try to fvck the midget too

 

[Wiesman44]

You gotta try to fvck the midget too

I will do my best. The opener "have u ever seen a non-midget sized p#nis before" opener should work wonders. She will be impressed by my maturity and humility. At best, I have high hopes of double teaming her w/ my buddy as it would make for a great story.

Who knows, maybe somehow I will find the 'normal sized' girl of my dreams on my quest for a midget for my marine buddy.

Yes, it would sure make a great story. You all would be jealous. I might just invite some of u to my wedding. If that happens, I'll be more than happy to give some of you some midgets. Its no free ride, you must use your DJ skills to mack those tiny little buggers

 

[steve38]

Slow market? Try looking for counter-trend set-ups on contraction/inside days like today. ES is a fader's dream today.

 

[Wiesman44]

These types of days where the price stays in the 15 minute opening range are FAR and few between. We didn't have one all of April or May. Normally i'll make an opening trade, and then wait for price to break the opening range before determining my bull / bearisness. If it doesn't happen, I won't trade it. Today is most likely a consolidation before the next leg down, so I can understand why price action was like this. If u look at the daily, and if price closes around 12640 and 1401. As I'm writing this, we're moving up, so who knows.

I can wait for counter trend trades to develop and i would have made a freakin' killing. Woulda coulda shoulda. I'd rather stick to my rules. If days like this are to happen more often, I shall learn to trade it. But until that day, I'll take the 10 YM I've made today. Better than losing ! I'm still new to trading futures, so next time when a senario like this happens again, I'll be all over it.

 

[mpimpin]

It might be fun to fvck a midget

 

[romangod]

I was thinking i wouldn't get in too much trouble, b/c its only a midget. So i probably wont get jail time. most judges don't like midgets.

I don't know........... you might get a "little" time. :trouble:


Cheers!

 

[Wiesman44]

I don't know........... you might get a "little" time. :trouble:


Cheers!

Touche ! If i do get in trouble, I'll absolutely be taking my midget with me to jail. Kinda like my personal assistant. Gotta get lovin' somewhere in jail, and it won't be when I'm reaching to get the soap in the shower.

 

[Gaucho]

I disagree Wutang, I personally know many directional traders who live off their profits, CONSISTENTLY, year in and year out. It is not about the direction, it is about how you manage the trade and your money management and position sizing.

As Steve stated, slow days, fade pivots.

Or trade oil futures, volatility ATM.

That being said, there was a great high volume long tailed candle pointing to a reversal of which did occur on the ES Friday.

 

[Gaucho]

There is actually a prop firm here in Australia, which has many successful traders using TA, trading futures intraday.

I also personally know two, who make some great profits off some very simple methods. One has an average Risk:Return of 1:4 with a 50% win rate, after hundreds of trades and many many years!

One other I know, is more of a very short-term swing trader, using micro-patterns and is up 105% in the past 5 months. He is second in charge of the Australian TA Association, a former investment bank director and hedge fund operator. He used TA patterns to trade his funds.

One of the most famous traders in the S&P pit history, used the most simple method I have ever seen and it was entirely discretional.

That being said, I agree, it is a hard game trading, intraday the hardest of the lot, I much prefer swing and position trading.

What do you mean by quant? Systems, but again, how do they decide entries and exits? Based on backtested profitability or looking for abitrage situations?

 

[Wiesman44]

Um, I lived in a rich town. Tons of I bankers, hedge funds, prop desk traders.....no day traders. Think about it. The real guys in managed futures right now are quants...not day traders using T/A....

I dunno. If you have an edge, and you make money with controlled risk, props. But most directional guys have no real edge. It takes a while for your record to be valid in statistical terms.

this statement right here proves that you are very uneducated in the world of daytrading futures. I will say that you are very knowledgable in investing, but when it comes to daytrading, keep your opinions to yourself.

Daytrading futures is like any other profession. You need to study price action on the screen for a LONG time, and then you will develop an edge and gradually become consistant over time. If you think daytrading is gambling.....what do u think investing is ? You do NOT know if your stock is going to go up. You have a clue, an edge, a reasonable expectation for it to go up.......that is what daytrading is.

If you think its impossible to have an edge in daytrading, then my best recommendation would be to open your eyes and your head. Don't be so damn stubborn. Not EVERYONE is an idiot

 

[Wiesman44]

calling the bottom here. Bullish decreasing wedge. Long 2 YM @12473 average.

On a more important note, I have successfully kidnapped my midget. She is now in my closet tied up. Plump little thing. nice boobs, strange looking a$$.

Kidnapped her using ninja-like maneuvers at the midget farm. 2 midgets saw me and attempted to run after me.....sorry, waddled after me. I got away, but for fun, gave them 2 ninja stars to the knee caps.

buddy comes home on Wednesday from Iraq. He says he wants a woman....boy is he in for a surprise

 

[Gaucho]

I know wutang is highly educated, however, It would be useful to explain to those not so highly educated, in laymen speak what you mean by quant and how you would implement this?

Most great traders throughout history, are pure TA users. Investors, FA, such as Buffett. Many great traders were discretionary and retail. Gambling? As much as poker is to the pros, educated probabilities and money management. Most fail, some succeed. Just have to ensure you are one who succeeds and managing a trade effectively, particularly exits, will ensure this IMO.

Wiesman, it is now bouncing for you after that large downbar on high volume. The tilt of the flag (as illustrated in the YM here), is said not to matter by some, it is simply taking a breather. So it was not a strong bullish sign.

I went long BTU near open and short RYL after it broke below $27.00 FWIW. Now just time to manage the trade.

 

[Wiesman44]

Wiesman, it is now bouncing for you after that large downbar on high volume. The tilt of the flag (as illustrated in the YM here), is said not to matter by some, it is simply taking a breather. So it was not a strong bullish sign.

price action confirmed my entry there. Ended up making +15 and +4 on that trade. It was a great trade. just didnt post my exit here, b/c I'm sure nobody here gives a crap. It is a very reliable signal. Might not have called teh bottom, but i put some $ in my pocket.

Key is to throw stops in so u don't lose any $ once the trade goes in your favor

 

[Wiesman44]

Now, PRice Action and tape reading might have some validity. Scalping works, but its stupid.

.

Ok. Thats a good enough response for me. I'll take it . And for the record, I have no intention of trading other people's money. Its stressful enough trading my own money !


UPDATE: The midget is kicking and screaming a lot. Had to put a sock in her mouth to shut her up. Also I had to change clothing before going to the gym. She briefly saw me naked. Think she got excited a little. Nonetheless, I will hold back my urges and save her for my buddy.

I threw on the series David the Knome for her while i went to the gym and I think she was slightly offended. She also keeps correcting me by saying "little person". Apparently the word midget is offensive.

DAMN MIDGETS THESE DAYS.

 

[Wiesman44]

well, with order flow and price action, you can get a feel for the actual real time supply and demand. And with enough leverage, you can make some decent coin. I know a guy who scalped his way to 100k per week, but he does a sort of mix of scalping and futures arbing, meaning he usually limits his market exposure. And he trades prop with like 13 screens. In any case, he would never disclose his trades anywhere, because he has a real edge. This is a zero sum game, where wealth is redistributed from most players to the skilled few.

price action begins to repeat itself with enough screen time. Price action is basically JUST human pyschology. Those that say its random haven't watched stared at a futures market for 7 hours a day 5 days a week. Panic and greed is what makes the markets move. Look at price move intraday and your head will spin until u stare at it enough so that u see patterns emerge and repeat time and time again. Price and volume is all u need to be successful. Screw indicators. TA is a form of PA. Some of it is worthwhile, some of it is crap, but never base a trade off of it.

I can see why your buddy won't disclose trades. W/ that kind of money, he's using some major leverage, and he certainly wouldnt want to compete for fills at his price with other people using his strategy.

hell I can trade a $5,000 account and making a living........right now, I'm still a net loser as I'm new to teh game, but I won't need anymore than a $5k account until i want to use major leverage. Someone like him can use some HUGE a$$ leverage at prop w/ futures.


BTW: What do midgets eat ????

 

[Wiesman44]

dude, your gonna be a net loser as long as you trade without any advantage. It;s too competitive out there. I;m serious, quit while your ahead. The whole b.s. about getting rich off 5k trading futures is for guys who don;t understand basic stats or probability theory-nobody has ever gotten rich off that. There are urban myths about guys who did, but like all gamblers, they lose it all. Kinda like the dating gurus who say ugly broke guys can score with models using scripts.

who says I don't have an advantage ?

 

[Gaucho]

Actually, most in TA use time, price and volume, they do not use indicators as such.

I know plenty of consistently profitable TA traders. So there goes your arrogant theory. Add to that, many many hedge fund operators (you see them consistently all over the rediculous news channels) continuously espouse TA.

Like I say, the edge is in MANAGING the trade. Not in the directional pick, but simply maximising your winners, cutting short your loosers and fixed fractional position sizing.

Why are these Hedge funds with their quants and high leverage rolling over lately? Being bailed out, despite mathematical genius? Why are they not making 100% pa, or is it simply due to the volume they trade?