Attention all short term traders! Stop with the stupid short trades in LVS! If a stock is in an uptrend in every conceivable time frame you need to spend your energy thinking about how to get long. It is asinine to think that every time you see some weakness on the tape or it has one negative day that this is the beginning of a significant down move. 
The only and I repeat the ONLY time you should be thinking about getting short a stock that is trending on every time frame is when it becomes so vertical that there is bound to be some profit taking. That situation occurred last Thursday when LVS gapped up from 40 to 46.50. I have no problem with anyone who was looking to capture some type of down move right on the Open that day. What for the love of G-d I don’t understand is why after LVS consolidated on Friday and then brokeout yesterday why someone would be getting short today?
The most experienced traders will tell you that trading is not that complicated. I am not so sure. I see too many bright, well educated individuals making trades that statistically speaking will not be profitable over time.
4 Comments on “No More Mr. Nice Guy!”
Bella told us in Vegas not to be such a wuss in this situation. You gotta mount this stock from behind and make it your b___ch. Ah Yah!
Great post!
I think this is one paradox of trading. It is that saying..if it walks like a duck and speaks like a duck then..it must be a duck; or that exercise in which you have to distinguish a number on a paper with a coloured background: it’s 2 and you have to say 2, right?! same in trading…it’s an uptrend, no resistance near..then why do you act like a downtrend started?
And I guess this is the paradox..seeing one thing and act like is the opposite. You trade what you see not what you think, right? Or put it in another way: if you see your girlfriend kissing another guy and she says to you: will you believe what you see or what I’ll tell you? You’ll answer: ‘well tonight is your lucky night, because you know… i’m a beginner trader so I’m not used to trust what I see’.
I’ve lost way too much time and money fading strong trends. Your commentary still makes me blush. I hope I’ll never do this mistake again.
Great post!
I think this is one paradox of trading. It is that saying..if it walks like a duck and speaks like a duck then..it must be a duck; or that exercise in which you have to distinguish a number on a paper with a coloured background: it’s 2 and you have to say 2, right?! same in trading…it’s an uptrend, no resistance near..then why do you act like a downtrend started?
And I guess this is the paradox..seeing one thing and act like is the opposite. You trade what you see not what you think, right? Or put it in another way: if you see your girlfriend kissing another guy and she says to you: will you believe what you see or what I’ll tell you? You’ll answer: ‘well tonight is your lucky night, because you know… i’m a beginner trader so I’m not used to trust what I see’.
I’ve lost way too much time and money fading strong trends. Your commentary still makes me blush. I hope I’ll never do this mistake again.
Thank you, I needed that….as a newbie trader I’m overly aggressive and I have paid for it again and again for the last two months. I should print out this post and re-read it every single day until I see some actual evidence that the market has turned….
Thanks again…