05-07-2010, 11:22 AM
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#61
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by dre
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I don't mean to pick on you, but this is perhaps the most hilarious thing I've read today. You are a big fan of the ultimate long-term investor and yet you are day trading. How big of a fan could you possibly be?
(as an aside, I also enjoy a buffet now and again. You pay a flat rate and eat as much as you like; its quite delightful!)
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05-07-2010, 11:26 AM
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#62
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Scoring Winger
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Quote:
Originally Posted by Slava
I don't mean to pick on you, but this is perhaps the most hilarious thing I've read today. You are a big fan of the ultimate long-term investor and yet you are day trading. How big of a fan could you possibly be?
(as an aside, I also enjoy a buffet now and again. You pay a flat rate and eat as much as you like; its quite delightful!)
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Less of a fan than you.
Last edited by dre; 05-07-2010 at 11:28 AM.
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05-07-2010, 11:34 AM
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#63
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RANDOM USER TITLE CHANGE
Join Date: Jan 2010
Location: South Calgary
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Quote:
Originally Posted by dre
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It says this guy committed suicide and was perpetually depressed......hmmmm
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05-07-2010, 11:42 AM
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#64
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by dre
Less of a fan than you.
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Which wasn't really my point (I don't care who is the bigger fan). I guess I just find the two statements to be completely offsetting. Surely you can see that as well?
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05-07-2010, 11:47 AM
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#65
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Franchise Player
Join Date: Aug 2005
Location: Memento Mori
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I thought he was joking about the day trading, based on that person's rather eventful life.
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If you don't pass this sig to ten of your friends, you will become an Oilers fan.
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05-07-2010, 11:49 AM
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#66
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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^ I think he's posted about being a day trader before?
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05-07-2010, 11:53 AM
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#67
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Scoring Winger
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He seems like a good guy, I read "The Snowball". I am a fan. I day trade, and make a living at it (sometimes not so much). I don't look at stocks that have a high P/E ratio or if it's undervalued. I don't care what the intrinsic value of stock is when I day trade. I have people like yourself that do that for me for my retirement portfolio. It is not an easy thing to do to pick long term investments, I respect that.
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05-07-2010, 12:31 PM
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#69
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Powerplay Quarterback
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Quote:
Originally Posted by WilsonFourTwo
I live by Buffet's statement: Be fearful when others are greedy. Be greedy when others are fearful.
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That's makes 2 of us, exept I quite enjoy many of his other famous quotes. I live by his "buy when there's blood in the streets" quote so much so that I sold my condo during the recession and put 70% of the proceeds into the stock market when the tsx was 8000. My thinking was this: if it gets any worse than it is right now then the world's going to H3ll anyway so I might as well go for it. Plus I'm young enough that I would have been able to recover if things did collapse and I lost it all. We all know the world didn't end and because of that I had what will probably end up being the best year of my life financially.
Thank you Warren Buffett.
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05-07-2010, 12:53 PM
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#70
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Franchise Player
Join Date: Aug 2005
Location: Memento Mori
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Quote:
Originally Posted by username
That's makes 2 of us, exept I quite enjoy many of his other famous quotes. I live by his "buy when there's blood in the streets" quote so much so that I sold my condo during the recession and put 70% of the proceeds into the stock market when the tsx was 8000. My thinking was this: if it gets any worse than it is right now then the world's going to H3ll anyway so I might as well go for it. Plus I'm young enough that I would have been able to recover if things did collapse and I lost it all. We all know the world didn't end and because of that I had what will probably end up being the best year of my life financially.
Thank you Warren Buffett.
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You spent the other 30% on hookers and blow!
__________________
If you don't pass this sig to ten of your friends, you will become an Oilers fan.
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05-07-2010, 01:06 PM
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#71
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First Line Centre
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Carry trade or not it isn't a good time to convert your CDN to USD anytime soon. I think Gold would be a safer bet at this stage. If you look at the VIX this is a great time to trade this market. Another reminder to use stop losses. Time is more valuable than money so set trailing stops to limit the loss of either. Two bomb scares in New York in the last week (including the market). Lots of reasons that the market is going to continue to correct here. Another great buying opportunity is right around the corner waiting for anxious limit orders to be filled  Sell in May buy back in June/July....
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05-07-2010, 01:08 PM
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#72
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Lifetime Suspension
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Quote:
Originally Posted by bomber317
So did anybody take advantage of that 8 minute blip where stocks tanked and then recovered 10%?
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It happened so fast it was more like a shock and awe scenario staring at my already red screen go even more red. By the time I figured out what was going on, it was too late. Speaks volumes to have some open sucker bids in just in case.
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05-07-2010, 01:19 PM
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#73
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Powerplay Quarterback
Join Date: Jan 2008
Location: Calgary
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Quote:
Originally Posted by macker
Carry trade or not it isn't a good time to convert your CDN to USD anytime soon. I think Gold would be a safer bet at this stage. If you look at the VIX this is a great time to trade this market. Another reminder to use stop losses. Time is more valuable than money so set trailing stops to limit the loss of either. Two bomb scares in New York in the last week (including the market). Lots of reasons that the market is going to continue to correct here. Another great buying opportunity is right around the corner waiting for anxious limit orders to be filled  Sell in May buy back in June/July....
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Stop losses would have killed you yesterday. Unless the exchanges are reversing the trades that happen during the "error".
Just to clarify, I'm a proponent of stop losses if you're not constantly watching over the markets (which a long term investor shouldn't be looking at them all the time).
^^^^^
Not a fan of sucker bids because what if the stock legitimately losses 10-20% in a day because of bad news?
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05-07-2010, 01:23 PM
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#74
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First Line Centre
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Quote:
Originally Posted by bomber317
Stop losses would have killed you yesterday. Unless the exchanges are reversing the trades that happen during the "error".
Just to clarify, I'm a proponent of stop losses if you're not constantly watching over the markets (which a long term investor shouldn't be looking at them all the time).
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I had a bunch go off on Wednesday so I got lucky. I know what you are saying though with the gapping down...Stop limits won't help either....Puts are your best protection in that type of situation.....
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05-07-2010, 02:07 PM
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#75
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Powerplay Quarterback
Join Date: Jan 2008
Location: Calgary
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Quote:
Originally Posted by macker
I had a bunch go off on Wednesday so I got lucky. I know what you are saying though with the gapping down...Stop limits won't help either....Puts are your best protection in that type of situation.....
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I need to learn more about options trading. It seems that there's lots of potential to make money with lower risks if you do the math.
Maybe somebody in trading will know more and maybe options trading is a sucker bet.
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05-07-2010, 02:39 PM
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#76
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Powerplay Quarterback
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options trading is a little more complicated but not much, it is higher risk, of course on the bottom side you have a limited loss, and on the other side unlimited gain potential, with a much, much higher rate of return. you can write puts or calls, or buy them, just different ways of placing a bet on what the market will do.
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GO FLAMES, STAMPEDERS, ROUGHNECKS, CALVARY, DAWGS and SURGE!
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05-07-2010, 03:30 PM
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#77
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CP Pontiff
Join Date: Oct 2001
Location: A pasture out by Millarville
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Canada saved yesterday because . . . . well, we're a primitive backwater apparently.
. . . . . . the fact that high frequency trading, which uses sophisticated computer algorithms to automate transactions at speeds in the millionths of a second, makes up a far smaller share of Canada's overall market volume than it does in the United States, was probably a reason for the slower slide.
"It certainly is a concern and is going to require the regulators down there to really look at how vulnerable the market is to one client segment running black box trading strategies," said Greg Mills, managing director of global equity sales and trading at RBC Capital Markets.
High frequency trading accounts for an estimated two-thirds of U.S. equity volume, and 20-30% of Canadian volume.
Read more: http://www.financialpost.com/news-sectors/story.html?id=2999751#ixzz0nHWBsm5x
Cowperson
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