Damn right my friend. Just covered half my short on that break. I normally trade about 5 cars and was caught short 20?!!? and 1000 shares of BAC. Feels good to be lighter. Thank you Freddie Mac and the obviously pitiful economy a little bout of selling. I really need to cool down... this whole week comcast has been an utter piece of shit. I've been getting kicked off about 15 times a day, which fucks up my NinjaTrader, IB connection. Which throws off all my positions and causes me to reset which causes a weird glitch in NT that corrupts my workspace file so I have to delete the file and rebuild it from scratch. Which is pretty annoying while trying to trade. I ordered DSL at the lowest speed a month ago as a backup but its too slow for my primary connection so I upgraded to the elite 6mbps connection that I will use as my primary. I won't get installed till next week!?!? What a week to wait. I also just ordered a hotbrick router to do failover. hopefully that will take care of that. Now I just need a gas powered generator for backup power and I'll be set!!! As I type this I would have made a killing... but trading with too big of size is too damn tough!!! A lesson I've learned amny times.
Yup... you better thank me too. If I didn't we would have kept bouncing higher. I covered the rest just now. Yeah it will probably go lower but I'll take my ill gotten profit and run. I risked losing thousands and run off with $900 profit. I'm not complaining cause I deserved to lose for breaking rules and going against my steady money making system. I hat big swings. I like making 200-300 per trade while losing about 150. When the swings get so big I won't take losses and get stuck. Trading is very easy when you have the right mindset... when that mindset goes its gambling. If you can recognize that shift and avoid risk you will be better off in the long run.
You have a great attitude. I agree that the key to this game is keeping oneself from a gambling mentality by keeping a very strict structure and discipline. Glad to hear you came out positive.
Poor earnings will take out that low. Markets have been moving sideways all year and it may keep doing the same. With a new president comming aboard know one is going to make big bets PERIOD. ZOOM UP..... THEN ZOOM DOWN..... NO FOLLOW THRU.
The market is holding very in the past few months in spite of all this so called 'bad news'. No one cares about weak oracle earnings or housing. No one cares about rising oil and gold or falling dollar. No one cares about the iraq war 'going on too long'. None of the big funds who make the market go up care about the fake credit crunch. The only ones who care about those issues are pro-obama liberals and libertarians. Now is a good time to buy.
Thanks, Trust me it wasn't easy to learn. I used to be the most stubborn son of a bitch you'd ever seen (still am on occasion!!!) I was the guy shorting the hell out apple and goog thinking they were over priced at 35 and 250 respectively. After years of ego/vengeance trading I began learning to go with the flow and follow the sheep regardless of what I thought. Tomorrow will be one my one year anniversary of trading full time. When trading for a living getting stubborn and taking huge losses is too costly. When I was working full time and trading for fun I could take a 5K loss and say whatever... I don't NEED to make money trading so I don't care. There will always be moments of insanity but now a days they last a couple hours rather then a couple weeks!!! Marty Schwartz calls them sun spots in Pitbull... it made me feel better knowing that even some of the best traders can become victim. The key is to cut and run and reassess. If your good at trading you'll survive and the loss will be meaningless... if not your screwed anyways!!!
There is no way in hell you can keep a straight face when writing something like that. Hell I didn't even know you could pile bullshit that high...