There's a difference in portfolio management and there's a difference in day trading.
Portfolio management lets you look at the market as a whole and structure bets in your book.
What I see today in FinTwit is a bunch of Millenials buying calls and puts, it's gambling and sooner or later you lose. Being around this industry as a PM and Futures Prop trader, I've seen it all.... This market we're seeing today is going to wipe out people.
- If you don't use confirmation or triggers you're going to get burned.
- If you try to pick a bottom you're going to get burned.
- If you keep your ego ahead of the price chart you're going to get burned.
- If you don't know how to walk away from the terminal you're going to get burned.
For most of you, this is a hobby... most... so the thrill of action is more exciting than actually making money. For us, no way. We're here for the kill.
Portfolio Update:
There is not much that was done today. The move already happened. $3265 was the level to watch. All-day, that was the level. If that cleared, then longs were going to be initiated. It didn't so we did nothing but sit and watch.
Apple: Added small long call position, this week just out of the money.
FB: Small call position (real small)
That means that $3250-$3265 are still R, and that probably does not break this week.
That is key, this daily candle looks bad and the monthly does too. So this might be day trade opportunity, but the long net hold is not there.
What happens in the European session tonight matters. Regardless, that $3250-$3265 is the area to clear first.
Read this: DO NOT TRY TO BUY BLINDLY. WAIT. CONFIRM THE LEVEL CLEARING THEN ENTER. THERE ARE NO EXTRA POINTS FOR GETTING THE EXACT BOTTOM.
The rest of the ideas will be posted in the premium directional chat. For more information about what that entail and cost, please email below.
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