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Old Nov 12th, 2011, 12:55 PM   #409
Rol
 
 
Join Date: Jul 2009
Posts: 425
I am down 2.7K on Diamond Foods, DMND. There are several class action lawsuits regarding financial reporting. I was down 1.5K by the time the lawsuits made the news. I forgot my rule of just exiting when there are new class action lawsuits on a company. I can't generate an equity curve right now because TS hangs because I added 100sh afterhours yesterday. I still have $400 in net profits for the month, and am at new equity highs due to contributions. There are going to be a few bombs like this a year, so it reminds me to keep my position sizes small. I noticed several stocks gapping down double digits recently, so I guess I was bound to hit a landmine. My current plan is to keep DMND for the time being, but not try to add until the stock gets to 30. Right now, it is at 35.74. The CEO was on Cramer in September when the stock was in the 90s, saying how great things were and that the acquisition of Pringles would happen in December.

Real-time Account Net Worth $84,115.98
Real-time Unrealized P/L ($3,303.23)
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Old Nov 22nd, 2011, 12:14 AM   #410
d08
 
 
Join Date: Aug 2008
Location: Makati, Philippines
Posts: 1,607
Thread dead? Too bad, it was an interesting read.
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Old Nov 22nd, 2011, 12:45 AM   #411
Kohanz
 
 
Join Date: Aug 2006
Posts: 62
Quote:
Quote from d08:

Thread dead? Too bad, it was an interesting read.
10 days without an update is a bit early to be calling the thread "dead"...
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Old Nov 22nd, 2011, 01:29 AM   #412
d08
 
 
Join Date: Aug 2008
Location: Makati, Philippines
Posts: 1,607
Quote:
Quote from Kohanz:

10 days without an update is a bit early to be calling the thread "dead"...
Used to have at least weekly updates. I guess Rol is either busy with work or suffered losses during the recent selloff, hopefully we'll find out soon.
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Old Nov 22nd, 2011, 03:03 AM   #413
Rol
 
 
Join Date: Jul 2009
Posts: 425
Greetings d08 and Kohanz, I wondered how long it would be before those following along wondered what happened to me ;). I am in my usual DD along with the market, but it is worse due to not following my system (12K DD). I thought keeping this journal would make me stick to my system better, but it has not. I originally intended my strategy to be completely passive and when I try hedging discretionary, it spills over into all of my trading, and I lose control. A major goal of mine was to see if a 100% mechanical system is possible. I am reading Alexander Elder's Trading For A Living, and he talks about losing traders as alcoholics, and to be a successful trader you need to view yourself as a recovered alcoholic for the rest of your trading career. When I start trading discretionary, I feel like a recovered alcoholic that starts drinking again. I am net negative with my shorting efforts for the year, so hedging has not worked for me. It might work for others, but I have to acknowledge and respect my weaknesses. It may seem dumb to others, but I feel more comfortable viewing myself as a Captain that has the courage to go down with his sinking ship, confident that it is seaworthy, rather than abandoning ship at the first signs of an approaching storm, to cling to any driftwood that floats along, hoping the sharks don't get him. I have decided to withdraw about 30K, to pay off an auto loan, a credit card, and a loan from my 403B. I also think my goal of trying to hit 100K by end of year has not helped and may have contributed subconsciously to my discretionary trading. At least for me, setting dollar goals is not helpful because I don't know how the markets will behave. Traders should get use to sporadic gains and losses as the norm. I may start a new journal beginning the New Year with a clean slate. I feel like I need a break. Switching to IB will have to wait. I would likely need closer to 130K anyway to use portfolio margin effectively because a DD could put me under 100K which would trigger a margin call. Looking on the bright side, my system looks as if it took some nice entries in futures, which often end up profitable.

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Old Nov 22nd, 2011, 03:09 AM   #414
Rol
 
 
Join Date: Jul 2009
Posts: 425
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