Sorry for double posting, but just wow. I'm amazed how much SKF is moving this morning - there just might be another 'boom' or something coming...these are HUGE moves.
I guess I don't get how these work... looking at skf it's you know, ultra short, but do I just buy low and sell high like a normal stock, but on like a minute to minute basis?
Messie, I've been buying "planting" SKF's since $200 and buy every 5% or so while booking the UYG's that I had been planting as low as $14. When SKF reversed, I had booked all my UYG's and am now booking the SKF's again on the way up while buying "planting" UYG's again.
In between you'll also see me make the same 3-5% quite a few times over daily.
no, messie, you trade it like any other stock or ETF. buy low, sell high. it goes UP in price when financials are going DOWN. UYG on the other hand goes UP in price as financials are going UP.
basically, you can play both to make money on the financial market when it's doing good or doing bad. but again, like any other stock, you make money on it when it's going up (called playing it LONG). you can make money on stock when they're going down by playing them SHORT. for an explanation of "shorting" either wait for the book to come out or look it up on wikipedia.
No, I book lot by lot. Like when UYG was @ $14 and I was sitting on $22 lots and SKF was over $200 and everyone was saying UYG would never come back ;)
I get the principle of shorting, I guess I just don't understand how it's actually done in practice. I have a cash account on TD Ameritrade and I seem to only be able to buy market or limit orders. And the lingo confuses me, but that's why I'm here. Trying to figure it out in my spare time. :)
13 comments:
Pretty amazing pre-market action!
Will be REALLY interesting to see reaction to FOMC meeting this pm...
WOW!
Sorry for double posting, but just wow. I'm amazed how much SKF is moving this morning - there just might be another 'boom' or something coming...these are HUGE moves.
I got a gap from $146 to $160 (no lots)???? Must have settled in a range there on the way down???
UYG doesn't look like it's been performing well... excuse my ignorance but are you shorting that one, or just buying it?
I guess I don't get how these work... looking at skf it's you know, ultra short, but do I just buy low and sell high like a normal stock, but on like a minute to minute basis?
Messie, I've been buying "planting" SKF's since $200 and buy every 5% or so while booking the UYG's that I had been planting as low as $14. When SKF reversed, I had booked all my UYG's and am now booking the SKF's again on the way up while buying "planting" UYG's again.
In between you'll also see me make the same 3-5% quite a few times over daily.
I need to get to work on the new children's book "Trade, Joe, Trade"
So wait, you bought skf when it was at $200 and you're selling them now at the 140 range?
I would love to read that book. I have no head for numbers and trading lingo makes me want to suck my thumb.
no, messie, you trade it like any other stock or ETF. buy low, sell high. it goes UP in price when financials are going DOWN. UYG on the other hand goes UP in price as financials are going UP.
basically, you can play both to make money on the financial market when it's doing good or doing bad. but again, like any other stock, you make money on it when it's going up (called playing it LONG). you can make money on stock when they're going down by playing them SHORT. for an explanation of "shorting" either wait for the book to come out or look it up on wikipedia.
No, I book lot by lot. Like when UYG was @ $14 and I was sitting on $22 lots and SKF was over $200 and everyone was saying UYG would never come back ;)
I get the principle of shorting, I guess I just don't understand how it's actually done in practice. I have a cash account on TD Ameritrade and I seem to only be able to buy market or limit orders. And the lingo confuses me, but that's why I'm here. Trying to figure it out in my spare time. :)
So right now in other words, since I don't have any skf, If I were to follow your lead, I should be buying lots of UYG?
Sorry to be obviously dumb and take your time up here; I appreciate your answers!
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