Wednesday, February 23, 2011

Why Day Traders Blog & Yada Yada Yada...


Was reading this interesting comment on a friend's blog:

"I wonder what the goal is of the day trading bloggers. Based on the way they trade it is not to make money..."

Well, since I am still sitting on my shorts (4 now), and have nothing else constructive to do...

I don't know about the others, but I'm starting to believe that I'm blogging because I enjoy entertaining those that are not (and who are reading because they have nothing else better to do while waiting for their perfect setups), and sharing in detail my losing trades to save others the hassle, heartache, and cost of making their own mistakes.  

But I'm definitely trading to make money. It's just that the way that I make money is often not good for sharing - which is precisely the reason I don't teach.


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11 comments:

soullfire said...

Hmmm, so should provide a link as I would like to read more of that blog...hmmm. =)

I think most trading blogs are from the less seasoned traders so they will of course bear a higher degree of mistakes or losses, but it can also serve as a trading journal, which is recommended for continual improvement. I'm sure there are also blogs where the traders rarely lose - they just aren't as common. I would say you blog comes close since I've see many winning days coming from your trades. :)

Sharing your actions is good because it shows your way of thinking- others can see and compare with their own methods.

I hope your next two short contracts caught the highs of the day. :) The trend is definitely in your favor, but geopolitical events are the wildcard that's hijacked normal behavior.

Also in your favor is conventional wisdom - most folks are likely lining up on the bullish side anticipating rising oil prices - that supports the counter move down.

I knew Apple had further to fall last week just by reading all the cheerleader shouts on stocktwits. They were seriously cut playing with knifes today trying to call the bottom.

Jeff said...

It is my trading diary period. This is why I keep it and why I post every result. I can't BS myself on my results and the best way I know how to not is by sharing them with the world. A kind of own teaching part of it too. I can go over my mistakes and seeing what I was thinking and again not BSing myself.

Things I did not expect is one day Goggle would send me a check for $100 and best of all - I have met a lot of nice person by doing it - like - guess who - Julies.In a thousand years I would have never believed that a lady half way around the world that I never met or talked with would help me raise money to pay for my daughters medical bills from her tragic accident. I have made a lot of other special friends too. A very nice side benefit of putting guts out on the web.

A course if you listen to my other half - she will tell you is I need attention. :)

Jeff said...

Last comment was the Denarii Trader - lol

De'Trader said...

I must say Jules,
You have more guts than me...lol

cory said...

I see it
http://screencast.com/t/gxiAiYVkMVbc

sage08 said...

I'm ok, Jules. Thks.

Have not been trading much though. Mostly lurking around reading blogs and stuffs..

FX said...

As far as trading and blogging goes I would not trade any different if I were not blogging. Maybe I would trade even worse probably, with no one around my shoulder looking at it. Us traders/bloggers are really few, especially those that share they're charts with costly downs and peanuts ups. As Jeff said it's first of all my diary, and I'm grateful that I stick to it. I like community with commenting and support from other bloggers which I can't get anywhere else. Privately in person I know only one other trader. Also I learn much by reading other blogs, not so much about how to trade, but subtle things and information. Then there are some blogs that are inspirational. Also it's good to see that other have problems so you don't feel alone when your down, you can relate to losses of others and see that it's just one normal and regular thing that happens. So for me blogging is very important regarding trading and I wonder how come there are not much more of us?
And my trading is probably in the neighborhood of thousands other traders that are at the same place on the curve. It's only that my trading can be seen on my blog open to all.

I will post a link in comments at my blog so reader Gump can see it and come here to participate in discussion.

De'Trader said...

I hoped u already have taken care ur CL short jules...

Jules said...

@De'trader: I much prefer to be profitable than gutsy :-) And no, I'm not upset/mad/angry. Actually, I'm touched you remember me! :-) What I wrote was not directed at anyone in particular. It's just my way of saying "i don't wanna talk about it YET". :-)

@Soulfire, Denarii and FX: can't agree with you more that blogging provides a platform for sharing and exchanging of trading experiences and ideas, and the fostering of camaraderie and esprit de corps among traders (who we know are often misunderstood and lonely people...). I'm not so sure about the part where blogging about our trades makes us feel somewhat more accountable...well, ok, maybe it does...and that got me to thinking about whether accountability necessarily leads to profitability....
FX, I think I'm starting to want to agree with Gump too. Ha!

@ Cory: thank you for the chart :-) I also look at 4hrly, daily and weekly, and get live updates of the Libya situation from D...just that he more D talks about Libya, the more I wanna sell. LOL.

@ Sage: good to know you're ok and still lurking :-) miss your postings though.

Gump said...

My question was why do the bloggers trade, not why do the traders blog. Based on their results is it to make money or is it to be "right"?
I don't know any traders who blog.

Jules said...

Well, Gump, I'm not sure I understand your question of why bloggers trade. I suppose bloggers can do a number of other things besides writing about (topics of your choice). As to whether the objective is to make money - I guess most of us want to make money. As to whether we want to be right - well, I try to be right most of the time...I mean, who really wants to be wrong?

Personally, I'm not sure if blogging actually helps the trading bit. I'm still finding out. Whenever I feel that blogging is impeding my progress, I simply take a break from writing. :-)