Crazy action at the end of the trading day and after hours as GOOG entered the S&P 500 Index and Google's 5.3 million secondary share offering was priced. Huge volume. I would interpret the downward pressure towards the end as players who bought shares in the last week in the hope to sell them to mutual funds dumping their surplus. They should have a surplus if they didn't expect this 5.3 million share offering. We can't really know this unless we are actually inside these institutions, but it is a picture that makes sense. I stayed short GOOG at the end. Tried to play HANS. There was a rumor that they are in talks with Anheuser-Busch, which pushed the stock up in pre-market trading. I shorted but missed my opportunity to buy back before the news wires reported the story and pushed the stock up again. Covered after hours for a small loss. Trading has been harder recently, no big wins since WLS jumped $20 on the offer by William Lyon to buy out the company. My average return on a trade so far this year is now about 0.45%. The experiment will continue :)
In the next several days will calculate and report results for March.
5 comments:
I know not a single sole who has day traded for any great length of time and been successful at it. This is not taken as an insult but just an observation. My style is more buy and beware.... it has worked but heh,,, opionions are everywhere. I also can't take much momentum trading. I can never get off the wave before it breaks me up into a million pieces on the coral reef...
I know people who successfully daytrade - lots on Silicon Investor. Few people are going to be any good at it. It takes a lot of practice and some edge. Without having an edge of some sort it doesn't make a lot of sense to try.
I guess I'll look in to the site but I have concern about what people post as opposed to what they do.... As a point, you don't know me, I can type anything. Does that mean it's true??? I just know people and experience through good and bad markets and I still don't know a long term (15 year plus) successful day trader.
Funny though I know at least a thousand buy and hold a while traders. Many who are big tech and quant guys.
Ask anyone on Silicon Investor if they've been day trading for more than a decade.
A decade is a long-time. Pure daytraders are rare probably. I know plenty of these short-term traders who were posting back in the late 90s and still are. If it was fake they wouldn't keep it up so long I am sure. At times they some go away and do other stuff and come back. Different things work for different people. There is no one size fits all. One of my favorite Kiyosaki comments (I think you probably hate him) is that more people want to tell him how it is impossible to do what he claims to do than ask him to show them how to do it (at least among journalists etc.).
Yep, A decade is a long time. I trade for today but plan for a decade or more out. Incidentally, bought some OLA. It's a bizarro closed end. 80/20 Long Short plus covered calls. Also at an 11% discount. Remember though, I'm a buy and hang on awhile guy.
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