And when YM opens down 200 Monday morning what should he do? Hold for the upside? What if it drops further?
OK enough of traders clamoring how oversold the market was heading into today? I think any good trader should stop relying on the use of such words as "overbought" and "oversold" when you have a market with VIX starting in the 40s and hitting the 50s today. Let the market tell you what is going on. The OP clearly blew out and it is quite unfortunate but sadly we all have had to go that route to learn so hopefully his lesson was not as painful.
i got out with a 6k+ loss! if i had been holding this i would have been dead. i could have got out with a 5k loss but gave myself a chance, probably a bad idea. Now my account is down to 5k. Not the best feeling because i would never have taken a long 3 contract position to begin with! Even for the last couple of months 85% of my YM trades have been short given me a decent profit! oh wow thats life, but i truly believe this will make me a better trader in the long run. Neither do i feel bad now or blame anyone. I am going to learn and come back, but after few months for sure. Don't want to take a 'revenge' now.
Affan, Why the HUGE stop losses? How long is your average trade? How many points are you shooting for in a day/week/or whatever? Check out my blog post on "Getting in on the edge". You gotta learn how to minimize those stop losses and identify high probability trades that will ruuuuun! Happy trading! Chris Dunn http://chrisdunn.typepad.com/
well look at the good side... if you make that same dumb mistake 2 more times you won't have any money left in the account.... so you can take a nice long shower then!