AutoTrade Feature (snowman, lumberg)
Personally, I find it hard for me to trust some newsletter with my money. I can see how it might be worth it if you don't have time to constantly check your stocks, but it just seems way to sketchy. As long as they got a couple/few good years of returns on their resume, it just seems like they can start pumping out a newsletter, showing their returns as proof. Sounds like a get rich scheme for them. Get lucky and do good for a few years, and then throw out some autotrade newsletters for people to buy into and then after that, we're set! Doesn't matter if our own stocks don't do well, since now we're making money off of people, not stocks.
Eh, my point is, I rather set up an AutoTrade with snowman or lumberg, as they have probably the most consistent ROI as of today over all five time durations.
I'm already following snowman and lumberg's trades daily, so, how about it TK? Give us an AutoTrade feature for the leaderboard.Now that would be a first in the industry. :P
Edited by locogmac at 10/07/08 at 03:20 PM
Comments
Follow commentssnowman posted March 08, 2008 (04:36PM)
Interesting thought, I wonder though if it became to big. If you were trading low volume stocks for it to work I mean, it would not work.
Usually I put in limit orders and 2 seconds can mean 50 cents on the SPY so that part of the trade would have to be worked out too. Changed to a market order. Also if I put in the limit order and wait for it to trade and your order is bigger than mine, yours goes first and I could possibly get left out. What I mean to say is when I sell it (options) I often split the bid ask hoping someone buys it other than the option makers.
So no objection here if the orders are all market orders and do not involve low volume stocks.
snowman posted March 08, 2008 (05:10PM)
As a side note: If you are holding our trades then you probably will do alright come Monday. Article that Fitch downgraded WM and put BAC and C on notice. XLF puts look real good now too. Looks like a gap down Monday open. Personally I have not decided what to do next.
http://www.reuters.com/article/marketsNews/idUKN0736629620080307?rpc=44
locogmac posted March 08, 2008 (05:17PM)
I've been following your trades for the most part but haven't really pulled the trigger on any in my own portfolio. I did mention I did buy the SPY April puts at 131 for my Dad's portfolio though, but that's on another account so I can't prove it. :P Like I said, I'm short on cash, so I'm pretty much only able to go short on one stock at a time and can't buy puts due to my being a student. :/
As far as autotrades, I know that allowing us to AutoTrade another person's portfolio would be highly unlikely, plus very risky for us since we REALLY don't know who is behind that screen name. But, maybe they'd let us get instant e-mail notifications of someone's trades if we wanted to do so?
snowman posted March 08, 2008 (05:41PM)
That would be more realistic however no benefit. You saw how I traded my last 5 puts 50 cents lower. One minute and you could have a major loss. On the first rate cut in September I had my finger on the sell button and lost 5k. It would definitely have to be automatic trading.
Put in a sell order on those puts at the open if it gaps down. No rate cut or anything, I just feel with all the turmoil in the currency markets it will be a wild ride Monday one way or the other.
That is why I sold Friday, I do not like the unexpected. Lets say Europe steps in to support the dollar, money will end up in the stock market? Commodities drop severely money will end up in the stock market.
Of course if we break 127 on the SPY we head right to 124 in a flash when all the computer trading kicks in.
Will Profit posted March 09, 2008 (03:05AM)
I like the puts on the XLF. I am currently holding March puts. The reason I am writing this is beacause I made a rookie options trader mistake when I bought into these. I figured these would be a slam dunk on this past Friday. The banks had there usually lacklustre day. The REITs had a GOOD DAY. My mistake was that I watch the banks closely on these trades but I didn't give the REITs enough attention. I didn't have a good sampling of them on my watchlist. I basically didn't have them on my radar. Here is hoping the XLF takes a dive Monday, I bought into these at a bad price and I want out.snowman posted March 09, 2008 (06:30AM)
Locogmac>Blogs, You brought up a very good point when you stated that you do not know who I am. So I will try to answer that for you, because my friend Will Profit pointed out that I AM A 30 DAY WONDER at BEST and A GAMBLER at worst. Not in those words, but it is important you know about me.
1. Yes, I have had a Gambling problem in the Past.
2. It would be one thing to hurt myself, which is hurting others, yet I feel it would be wrong to take you along for the ride.
3. My trading experience is limited to just under one year. A newcomer.
4. I have picked up a lot of information and have worked at this 20 plus hours a week at this. Yet I know how to make arbitrage bets and hedging positions so I can make a lot and lose only a little. That is not what I am doing right now. If you were to become a smart investor that is what you would want to learn how to do.
5. I am investing what I can afford to lose. Like a lottery ticket. It would be unwise of you to follow me with money you can not or do not want to lose.
6. So to mark the words of Hollywood, (Clint Eastwood)you have to ask yourself this one question, "do you feel lucky punk"
Will Profit posted March 09, 2008 (07:30AM)
Snowman, That was classy and well done. P.S. could you loan me $5,000.00?locogmac posted March 09, 2008 (10:45AM)
Well as you can see on my profile, im in my 20s so I do take on a lot more risk in my trades. But as always, I do my own research, but it never hurts to get ideas from other people in the first place. Otherwise, I would have never found out about it. :)AznLyte posted March 10, 2008 (04:36AM)
I have to agree with locogmac - I think it's easier to trust autotrading with someone who has money on the line as well. With newsletters, you can never be sure.You must Log In to post to this blog.
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