Seeking Alpha
  • grapeswhiz
    Earning myself some cake or snob-beer or something today. In TNA 62.46, out 62.84. In TZA 14.76, out 14.95.
    10/4/12
    Reply (39)
    • westcoastinvests: just my opinion, those are awfully quick gains to be taking with 3x products, examine why you are trying to trade 3X
      10/4/12
    • grapeswhiz: to make quick $, that's why
      10/4/12
    • grapeswhiz: OK, really it's because I can't predict market direction well for longer than a few minutes plus. If it turns out to be "plus," then ...
      10/4/12
    • grapeswhiz: ... that's great, and more "plus" = bigger money. If I'm wrong, I'm out and try again. I don't have enough $ or enough predictive...
      10/4/12
    • grapeswhiz: ... power to put large money down on movement direction that may or may not happen.
      10/4/12
    • westcoastinvests: yeah bad idea,you seem new to trading, try and master trading at 1x before trying to get to 3x, its running before you can walk
      10/4/12
    • westcoastinvests: you will almost certainly get caught in a few 3x trades that move against you and wipe you out
      10/4/12
    • grapeswhiz: criticize when I get wiped out; I've been at it a while and I'm extremely careful. Thanks for your "vote of confidence," though.
      10/4/12
    • westcoastinvests: you are missing my point I am not trying tobe rude at all im trying to help, Ive been working at this a long time
      10/4/12
    • westcoastinvests: how tight are you setting your stops in TNA?
      10/4/12
    • westcoastinvests: I'm not criticizing you at all
      10/4/12
    • grapeswhiz: All right, then, I'm open to how I can make bigger and faster money with what I have to work with, but I've tried a lot and this has been ..
      10/4/12
    • westcoastinvests: the problem is your goal, the market doesn't allow you to make bigger faster money because you want to, there are no short cuts here
      10/4/12
    • grapeswhiz: .. more successful for me than anything else. It takes intense attention, but for short periods of time. Seems to work well, if difficult
      10/4/12
    • westcoastinvests: one has to learn how to make small consistent profits before hoping to make bigger profits or they will almost certainly lose
      10/4/12
    • grapeswhiz: You keep telling me I'm not doing what I'm actually doing. Considering my acct size, I make great money by leverage and attn to detail
      10/4/12
    • westcoastinvests: but you are looking a tiny sample size
      10/4/12
    • grapeswhiz: I agree with you about smaller profits; previously I was trading options on these with bigger gains/bigger losses. Here's how I set stops:
      10/4/12
    • westcoastinvests: how long have you been trading 3x products the way you are now?
      10/4/12
    • westcoastinvests: please understand I am trying to help and in no way put you down
      10/4/12
    • grapeswhiz: For losses about equal to (roughly) the size of my typical gain. Maybe twice the size; not sure. But here's what helps: Somehow I am..
      10/4/12
    • grapeswhiz: ..on-course more often than off-course, so I take losses far less frequently than I take gains, which can be various sizes.
      10/4/12
    • westcoastinvests: ok i think you need to flip that around your average gain should be a target larger then your average loss.
      10/4/12
    • westcoastinvests: how long have you been using this strategy?
      10/4/12
    • westcoastinvests: are your stops all automated?
      10/4/12
    • Bildar: I read 444's blog and have seen her posts here about her trading.
      10/4/12
    • Bildar: If she's done 60 plus trades, and has a profit, she may have a method that works for her.
      10/4/12
    • grapeswhiz: I misspoke about setting stops; when possible I set it for break-even as soon as trade goes in my direction, which prevents loss frequently
      10/4/12
    • westcoastinvests: Ok
      10/4/12
    • westcoastinvests: 444 I hope you do well sorry if my advice was unsolicited just trying to help I hope you are successful
      10/4/12
    • grapeswhiz: Thanks; it's OK & I'm open to anything that will help me make $. I have a limited amount & need more than, say, $500-$1000 on $10K in a year
      10/4/12
    • westcoastinvests: I understand I just get concerned when i see people trying to day trade 3x products in my opinion thats the toughest way to make money...
      10/4/12
    • westcoastinvests: in an already challenging business
      10/4/12
    • grapeswhiz: Show me another strategy, then.. I am open to it - and many others would be, too, so I'm all ears. :o)
      10/4/12
    • westcoastinvests: I'm a broken record when it comes to day trading strategy, trade highly liquid securities with tight spreads, use tight automated stops...
      10/4/12
    • westcoastinvests: and strive to get a stop behind your winners that is at least 1.5x the max loss your initial stop was for
      10/4/12
    • westcoastinvests: don't be afraid to lose but always be afraid to lose too much
      10/4/12
    • westcoastinvests: if you can consistently control the size of your losses it becomes much easier to extend your winners
      10/4/12
    • westcoastinvests: it as much an an art as a science because the market environment changes all the time but the constant is risk control
      10/4/12