Well, you'd only be up 4%, which ain't much of a miss. To miss a 10% move is indeed a bitch though. With all the chop earlier, I was trading ES and netted 12 pts so far. Seriously though, if you consistently make decent entries,futures are a good way to get around the PDT rule. But if your entries are just throwing the dice and relying on price swings getting you back to even, stay away, cuz the leverage will eat you up.
Instead of FAZ I went with QID, went in at 34.96 and sold at 35.75, only 100 shares, held it for about an hour. FAZ has been nearly unchanged all morning, still holding many shares and will not sell any until at least $6+
Don't worry. If sub $4 is what you're looking for, you'll have an end of day rally out of thin air. I'd be surprised if we didn't close higher than -50 for the day. I'd be happy if it were lower, but this "buy any dips" mentality is far from over.
Hahahaha, throwing dice... sounds like my strategy. But after a lot of terrible, terrible trades I have started to learn a lot and I have certainly become more cautious. What I find difficult is being able to predict the outcome of news, for example yesterday when home prices fell so much, the market only made a slight drop. However when consumer confidence came out, it made for a huge rally. My bet (if my funds weren't frozen) would have been on FAZ... and would have been wrong.
Crap, I had to go to a meeting and so I put in a stop. I got stopped out of some nice returns in that quick dip to red territory. I would have gotten out on the way down if I were watching, but would have gotten back on board. Returned from the meeting stopped out and break-even but looking at $9.15. Of all the filth flarn filth!!!!