54 replies to this topic

[...]

I did live next to a Brokerage place on middle beach on 41st in Miami Beach, FL

I would have killed for that location. I had to take a 30-minute bus ride from the suburbs to downtown St. Paul, MN on days when the market was open but school wasn't in session. My idea of big fun as a 15 year-old.

I remember watching the panic during the six-day war in June, 1967 -- summer vacation! Went from Merrill to Payne-Webber to other small houses, all within a couple of blocks. Crowds of people worried about their money -- most of those places were usually not crowded at all. Panic! It amounted to nothing.

After 45 years of trading (and making or losing over a mill in 3 hours more than once) I have to conclude that "you know who" is right. While it's been a lot of fun, I could have just bought MCD and dozens of other big names and forgotten about them and had 100+ times my money with a whole lot less effort.

Which is why for a long time I've owned only decent dividend-payers and write lots of calls against them. If I get called away, I buy them back on a dip and write more calls. I willingly loan my stock to shorts and collect fees therefrom. I speculate in futures with small amounts and the trades are placed for months, not minutes or days. With no leverage.

You know that saying about how 90% of option buyers and futures traders lose money? It's true. Leverage kills equity.

What's really funny is that back in the '60s, I got a ton of (snail) mail from "the sky is falling" market letter writers, a very few of whom are still around. Never dominated my outlook or trading, but it did keep me in a defensive mode too often.

Having a generally contrarian nature, I hate to think what the average poor slob on the internet today is up against when everyone is a contrarian and 90% of the commentary is negative and it's all available instantaneously.

[zoropb]

I did live next to a Brokerage place on middle beach on 41st in Miami Beach, FL

I would have killed for that location. I had to take a 30-minute bus ride from the suburbs to downtown St. Paul, MN on days when the market was open but school wasn't in session. My idea of big fun as a 15 year-old.

I remember watching the panic during the six-day war in June, 1967 -- summer vacation! Went from Merrill to Payne-Webber to other small houses, all within a couple of blocks. Crowds of people worried about their money -- most of those places were usually not crowded at all. Panic! It amounted to nothing.

After 45 years of trading (and making or losing over a mill in 3 hours more than once) I have to conclude that "you know who" is right. While it's been a lot of fun, I could have just bought MCD and dozens of other big names and forgotten about them and had 100+ times my money with a whole lot less effort.

Which is why for a long time I've owned only decent dividend-payers and write lots of calls against them. If I get called away, I buy them back on a dip and write more calls. I willingly loan my stock to shorts and collect fees therefrom. I speculate in futures with small amounts and the trades are placed for months, not minutes or days. With no leverage.

You know that saying about how 90% of option buyers and futures traders lose money? It's true. Leverage kills equity.

What's really funny is that back in the '60s, I got a ton of (snail) mail from "the sky is falling" market letter writers, a very few of whom are still around. Never dominated my outlook or trading, but it did keep me in a defensive mode too often.

Having a generally contrarian nature, I hate to think what the average poor slob on the internet today is up against when everyone is a contrarian and 90% of the commentary is negative and it's all available instantaneously.

now after this little dip got time again.

I here ya dots. For me to go long term I got to get serious odds like gold in 2001 that was a no brainer or wheat couple years ago for example.....Below cost on both. Otherwise Dividend paying stocks as you said for most people is the way to go, if you do not have st skills. I remember, you probably too in the late 90's growth, growth, growth is all that mattered and I was sitting there going oh brother are they in for a rude awakening when I would hear conversations about the market. Most of the gains have been made in Dividends as most of us Vets know overall from day one.

I love to see how different traders over the years (the good ones) have carved niches in so many different ways and how most if not all of us are always evolving. I disagree on the options guys dots..Only people I know are the writers that make money there and 5% of the futures guys.

Edited by zoropb, 30 August 2013 - 09:41 AM.

[zoropb]

dots unless that's what you meant on the options guys. spooks what do you say about this?

Edited by zoropb, 30 August 2013 - 09:55 AM.

[iloli way]

Sherman McClellan's Speech

The first sentence of that article brought back some old memories...used to share a green screen Quotron with Fred Meissner in another life...

Spent more hours than I care to admit watching KWHY 22 and it's cast of characters (da_cheif included)...far better quality stuff than the crap on CNBC nowadays, which I never watch.

Cant believe its been 30+ years already....

Quotron, wow, that brings back some memories-did a bit on one myself, LOL. When I first traded commodities, I was using an FM receiver that picked up quotes off satellites -it was incredibly expensive-like 350 bucks a month-and that only covered like 4 or so live commodity feeds.

And was John Bollinger better to watch back then than the current bunch of clowns?- a "fuzz"

The "Quotron"! I remember taking that black little sucker everywhere. Man was that expensive back then but you had to have it and I know you thought you were cool with it too you guys don't lie. dang we are getting old

Z, i don't know why you guys wake me up down the memory lanes, but if anyone interested in buying a "black little sucker"? I have one "used- as is" in original package as shown here with 60" of today's...as always all my chart/pic taken/posted within 15 mins real time, LOL! dang we are getting old, indeed!

[zoropb]

Sherman McClellan's Speech

The first sentence of that article brought back some old memories...used to share a green screen Quotron with Fred Meissner in another life...

Spent more hours than I care to admit watching KWHY 22 and it's cast of characters (da_cheif included)...far better quality stuff than the crap on CNBC nowadays, which I never watch.

Cant believe its been 30+ years already....

Quotron, wow, that brings back some memories-did a bit on one myself, LOL. When I first traded commodities, I was using an FM receiver that picked up quotes off satellites -it was incredibly expensive-like 350 bucks a month-and that only covered like 4 or so live commodity feeds.

And was John Bollinger better to watch back then than the current bunch of clowns?- a "fuzz"

The "Quotron"! I remember taking that black little sucker everywhere. Man was that expensive back then but you had to have it and I know you thought you were cool with it too you guys don't lie. dang we are getting old

Z, i don't know why you guys wake me up down the memory lanes, but if anyone interested in buying a "black little sucker"? I have one "used- as is" in original package as shown here with 60" of today's...as always all my chart/pic taken/posted within 15 mins real time, LOL! dang we are getting old, indeed!

There it is!

probably worth something as a collectable.

[iloli way]

laugh.gif laugh.gif laugh.gif There it is!

probably worth something as a collectable.

Oh hail yah, you dont say, coz I'll sign on the box that has mailing label of my name and address in Silicon Valley for the buyer to authenticate it as "collectable". To generate even more values, just go search with "filter by member name" of I Lo Li that I have posted here on TT, FF, Swing Waves, with trackable records, man, that's historic records with value (if TT don't fold ), not LOL for lol's sake but for real LOL as in L.O.L. (Laws Of Line). Hopefully I can see the bid money before I expire one day. John Bollinger, who's that dude? LOL!

I'm being silly of course but for real too, come to think of WahHaHa!

I just love to see all our oldies/goodies keep on posting on, making good $ and share .... tha's all folks.

OTOH, don't let me fool u, I'm NOT that old as mss or NAV, or RD either...

[zoropb]

laugh.gif laugh.gif laugh.gif There it is!

probably worth something as a collectable.

Oh hail yah, you dont say, coz I'll sign on the box that has mailing label of my name and address in Silicon Valley for the buyer to authenticate it as "collectable". To generate even more values, just go search with "filter by member name" of I Lo Li that I have posted here on TT, FF, Swing Waves, with trackable records, man, that's historic records with value (if TT don't fold ), not LOL for lol's sake but for real LOL as in L.O.L. (Laws Of Line). Hopefully I can see the bid money before I expire one day. John Bollinger, who's that dude? LOL!

I'm being silly of course but for real too, come to think of WahHaHa!

I just love to see all our oldies/goodies keep on posting on, making good $ and share .... tha's all folks.

OTOH, don't let me fool u, I'm NOT that old as mss or NAV, or RD either...

Yeah but I bet those sly foxes have been around the block once or twice more than us L. Got to watch out for those guys.

FNN was better than both bloomberg and specially CNBC. Sheesh they talk crap there, I do find it funnier than the comedy channel at times though. I use to like to watch Luis R. on Wall street week too...He was a bit strange though but I liked him.

Hey L. just saw your signature down there... man 1 grammar mistake! I would fail that yard stick in my first post. My math doesn't suck though.

[iloli way]

My math doesn't suck though.

That's all it counts, all we care, speaking for self too... TA mistake is worse than grammar mistake, that's my take and purposely demo'ed.

I'm all ears tho tell me my grammar mistake in case it was not a fade...

I am more willing to agree to yours than disagree to yours based on your posting records, geez, you and Semi are two "REAL TIME" poster/trader I really admired here.

And "to watch out for those guys" is ALWAYS a given without saying.

[zoropb]

My math doesn't suck though.

That's all it counts, all we care, speaking for self too... TA mistake is worse than grammar mistake, that's my take and purposely demo'ed.

I'm all ears tho tell me my grammar mistake in case it was not a fade...

I am more willing to agree to yours than disagree to yours based on your posting records, geez, you and Semi are two "REAL TIME" poster/trader I really admired here.

And "to watch out for those guys" is ALWAYS a given without saying.

Thanks L. Checks in the mail but sent it Costa Rica way (you got a 1 in 100 chance to get it)

Yeah Mr T. can run the numbers pretty darn good. He's not a 95% dude.

Been goofing off since that little first dip. Was not going to go this week end in a position. Plus the tape is real strange today.

Your work reminds me a little of all those lines I would draw in those old Dow Jones stock guide books . Guys remember those? Man I had a pile of them.

[fib_1618]

Your work reminds me a little of all those lines I would draw in those old Dow Jones stock guide books . Guys remember those? Man I had a pile of them.

What I remember were the old "Daily Graphs" books that would come by mail every week covering every issue traded in bar chart form.

If memory serves me, the NYSE was the blue book, the AMEX was the green book, but I'm not sure about the NASDAQ (or even if there was a book for that exchange to begin with).

It's also nice to see those who provide much of the better technical analysis here on the board were fortunate enough to have KWHY as our daily classroom.

Oh...and the one thing I miss from the old days on KWHY were the "clacker boards", and being able to watch them update the latest trades on chalkboard above the old PSE trading floor on Spring St.

Fib