can finally say noob luck ran out

Discussion in 'Journals' started by phubaba, Oct 8, 2008.

  1. phubaba


    Hey everyone!

    been trading uyg/skf for a the last 4 months, and was up a nice 88% on 3000 dollars up until the latest melt down where I found myself with 400 shares cost averaged of 16 dollars when uyg was trading around 12:)

    Up until then, just averaging down had produced some spectacular trades. :)

    Anyways I couldn't sleep well (risk was too much for me lol), and this morning sold 300 shares at 12.7.. much more bearable waiting it out now.

    Needless to say, i'm looking for things to put into my journal while trading through the the current fall, and would like anyone's input.

    So far some of the things I've learned are, and that are going into my journal simply as a result of this loss.

    -as you scale up your shares you lose faster, and averaging down becomes much riskier!
    -when you are averaging down SET a hard loss stop FOR sure, otherwise you start getting into pray mode..!
    -don't underestimate the power of buy the rumor sell the news during high VIX. (especially premarket news / rumors seem to get bid up like crazy, only to fall quickly)
    -the market gets distracted easily, when it is no longer distracted, don't think all the things it was ignoring are going to go away. (stupid bailout)
    -trading with the idea that "oh long term i'm bullish, i can handle the down turn" does not work when you are down 30% in two days.

    okay i'm out anyone else have any things they've learned while trading this mess?
  2. nysestocks

    nysestocks Guest

    You are one of the lucky ones :)

    Some people throw the bit of paper in the bottom drawer, a mentality that I can never understand!

    You risked way too much and paid the price.

    You got exactly what you deserved.

    This might sound a bit harsh, but until you realise that you are up against some of the biggest gangsters in the world, then you will continue to lose!

    There is only one way to beat the gangsters, and that is to play a smart game!

    Forget about the mainstream teachings, they are all crap and are about as much use as using a toothpick to pick your nose with!