Lost some more
Today I lost another .41%. Typical.
I tried some virtual day trading today and I really liked it. I made a virtual $1,000 in 20 minutes with no worries about what is going to happen overnight. Maybe I'm just not cut out for longer term stuff. I'm going to investigate things a little more.
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6 comments:
What do you use for your virtual trading? Just a spreadsheet or is there a website that tracks such things? I have used marketocracy in the past.
You have to give yourself a bit of a break as we are in one of the toughest market to trade. This is not a happy trending bull market but rather a bear with bull rallies. Trading smaller or staying cash is the intelligent thing to do for mechanical investors/screeners when faced with this kind of returns environment. I am hoping we get through this banking system bs in the next 3-6 months as it is far easier to make money in a bull market.
I think we are going to see the Fed choose inflation over unemployment so we may see a couple more bear rallies with Fed cuts, but inflation always has to be broken and that is done through raising rates which is going to crush the equity market. Then I will buy in with half my capital. For now, trading will be done with about 25% of my capital and I'll focus on learning more.
Best book read in last few weeks is Domash's "Fire Your Stock Analyst."
Which AAII screen is for day trading?
I use ScottradeElite for virtual trading. I use Scottrade anyway, so it works well for me.
SC--I'm just tired of losing right now, and it sure seems like a nice deal to not have to think about things overnight. I read on Corey's Afraid to Trade Blog that things look like they are heading lower and it just makes me regret owning anything. We'll see. I've been all over the board this year, and it is wearing me out.
Anonymous--AAII really doesn't lend itself to daytrading. I like the way Ugly at UglyChart does it, so I'm taking elements from his trades.
Sounds like you might benefit from a little time off. A friend and I are wondering why we would be long any stock right now. The consumer headwinds are blowing hard - notice American Express' results and Apple's guidance. On top of that the government is printing money and regulators are scaring the shorts. I am really looking forward to a nice bull market driven by solid economic expansion.
Scott,
You have to stick with a strategy that you are comfortable with! While it is a good idea to try out different strategies with paper money,you have to understand that when you are trading in a demo, ther is a major component that is missing. Emotions.
Anyway, I felt your bread and butter strategy was following your screens. How come you chose to avoid them this time?
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