Excellent wisdom! I don’t understand why someone his age is not making $15,000 or $40,000 on stocks like SPRT if he wants the risk. Your mentor is wise, very wise!!
@wrbtrader True. Well it's wired in already. Not planning on putting any more money in after this. @TrailerParkTed @Overnight I actually don't stick to one thing and switch to something else because the previous doesn't work anymore. I only trade stocks and not planning on following any futures. I have a list of stocks and I trade in whatever ones I see the opportunity to enter. I look for patterns I'm comfortable with and exploit it. As for trading futures again today, yea I agree I went way too big and took on too much risk for my acct size. However, in my defense, I timed the short entry based on what I saw in KOLD/BOIL and I was actually waiting for that particular movement since start of day. I pictured that particular movement coming since the release of the NG report today, and was waiting for the pattern all day, and it just happened to come so I pulled the trigger. I could have entered in KOLD but just did it through futures so I can get more bang for the buck. Yes, taking more risk than I should have, but I was just super confident on the trade. Not the best excuse for taking big risk.. but the reckless trade wasn't just straight up gambling. There was a lot of thought and planning behind it. I do agree I need to really put my risk factor in check. Back in 2015 when I was making 1K/day easily, I started going crazy and tried to maximize my profits each day, which made me blow up my acct in like 5 weeks. People that know my story knows where that seed money came from and I learned what results of no risk management can bring. I'm definitely still figuring the risk thing out but it will get better. I'm getting old and I don't want to repeat my miserable days of my 20's ever again. I also don't have the luxury of throwing away couple years of my life again. I'm hoping to get married soon and settle down, and gambling will take that reality away from me. And I took a look at SPRT - that is straight up gambling. I would never enter in a chart that looks like that. It does look like a good short though and I might put in 1-2K just for the ride since I do love to gamble, but SPRT is not a stock I would ever seriously consider to trade.
BTW everyone, positive or negative, I'm really appreciating the feedback. It makes me think again about myself and the criticism is helping to keep my ego in check. I get overconfident and cocky super easily and your comments are really helping my mind come back to reality. So, thank you!
I was trading MRNA daily until it hit $500 and lost interest because I am not a natural short. MRNA is more dangerous to me than a stock that carves out new highs in .30-.70 moves versus something that can spike or drop $30 the way BNTX and MRNA do. That’s gambling to me and I can trade MRNA with the best when my body is not fighting me. Nobody wants to see you blow up, as young as you are can’t you take it slower hitting base hits? Ten percent on your account is easy if you are risking everything or playing these small pumps or options. Overnight has given you great input, advice these trading gurus will charge $1000 a hour to hear.
Speaking of gambling you should have seen that RGC stock. Goes from $30s where I started scaling to final $43 purchase. Sold at $50.32 it tanks to $44 back to $58 ! That’s gambling at it’s finest! Wish you good luck and a long trading life!!!
In my opinion, the bigger gamble is the "getting married soon" part. If you find yourself married and go through a bad drawdown, it will be exponentially worse with a wife to support. Lots of great traders here are divorced now and living happier lives.
OK, youthful yeoman. I, and we here in this thread, are going to hold you to that statement, as of this time stamp... March 26th, 2021, 21:26 hours EDT. I am so sick and tired of seeing people state shit like this, but go off the rails later and lose it all. The onus is on you now, wabu. Make it so. Make it so for yourself. I have so many video analogies I could post here, but I will let you puzzle it our for yourself. Here's a helpful handy tip, via my current open positions... I believe in them. So I am going to stick with them. If you truly believe in your stocks, then do not buckle. I learned years ago to never buckle under an instrument that may buckle but never breaks. In my mind, based on what I am seeing between your trading patterns and futures, and how you do in a stock like Moderna that you understand better? Stop with the NG. Do NOT over-lever! PLEASE?!? STICK WITH THE INSTRUMENT THAT WORKS FOR YOU! When it stops working for a while, which every instrument will do, just take a break! The market will be there for you when you come back, after enjoying your profits. Look at my POS trades! No real gains to be had based on your eyes. But our eyes hear different, and our ears see differently. There is SO MUCH MUSIC out there to analogize this, but I keep coming back to the same old, same old. Sorry.
I hate to say this here, but that is bollocks. ELEVEN YEARS in a bull market. And there is still trouble in the account. It did not take me long to figure out that commods have their own cycle, apart from equities. And he made his initial money from equities! He strayed from his path. He is, apparently, back on the equity path. He needs to stick with that path, and not stray. GRRR!