So why do you need to "encourage" others? Do you need the psychological comfort or do you think you can move the market? Really, why else do you care what others here are doing? If you're going to cost average shorts, I certainly wouldn't have started with the S&P in the low 1300s just after a bullish engulfing candle on a WEEKLY chart. Look what's happening today. The "sell the rally" crowd is finally getting taken to the cleaners. Trade what you see, not what you want to see happen...
I sold some today. added to some of my retailer short positions. again, i think the market forces are gonna rip this market up short term but in the end fundamentals will dictate what happens. funny how everybody changes their mind from being insanely bullish one day to being total bears the next day depending on wether the market is up or down huge that particular day. the point of my post was "not to be shaken out" when these big up moves happen. the situation is still terrible, and the market is 15% from all time highs. doesn't make sense, so i'm gonna keep shorting every rally till something changes fundamentally or my account is wiped out :eek: thats how strongly i feel that this is just a dead cat bounce rally.
Those are some dangerous things for a trader to say/think. If you want the market to make sense, or if you trust your "strong feelings" over what's actually happening, be prepared for some serious setbacks down the road (even if you're right in this case). ..
reading a post like this makes one want to cover their shorts......ET contrarian indicator all the way.
not everyone on here is a baby day trader like you with no capital in their account. i can hold on to a position thats going against me if i have conviction that its right. also i haven't taken on a huge position yet, im adding quite a bit tho last few days, and admit its getting pretty big here. you'd probably jump out a window if you had my p&l today. lol. but part of trading is going through short term pain and sticking with your convictions if you think you'll be rewarded for it. i do, so im staying short...
daytrader,yes..........but not just......presumptuous,are`nt we? it does`nt sound like your risk is defined & open ended? short term pain is relative.....no need to impress us with your monster P/L swing today...........another typical ET`r that trades unlimited capital. hope your short position works out for you......just save some capital for a likely upside gap n grind tomorrow.
OK, but seriously thats the ethos of day traders who have to close out their account when their risk manager sees them down 10k on the day fortunately, im not in that position. traders and investors who make a killing in the market buy cheap and sell rich and ignore short term noise in market. paulsons housing short position was deep underwater at one point, and good thing he held on. i know an analyst at his fund, and trust me he made enough in the last year to retire. so, conviction pays off sometimes. AND i acknowledge that sometimes its just stubborn and stupid trading. knowing the difference is always tough.