I agree a valuable lesson is being tought to be would be traders. I had to go through this and I am sure every good trader on this board has as well. These days I am happy making 2-3000 not 40,000. With those 40,000 days came alot of big down days and big heart aches that hurt my wife and daughter. Consistency is key in this business. Consistent wins is impossible but consistent following of a daily hard loss limit is totally achievable.
Not sure why someone would lie about a LOSING trade, but i'd also like to see an account screenshot out of interest! Anyway, I hope it works out for you, although im ALWAYS bullish on the ES
It's happened before here many of times. Many reasons people will do it. A few are just for simple attention and to see how people react.
Boy, you got some balls Sax! Based on how the market is trading after that gap up I have a feeling you're gonna see your break even point. If you do, my advise would be to take as much off as you can at break even and let a few ride ( with a stop !!). I'd take 60 off and leave 7 on and see if you can squeeze a few bucks out of the position. Good luck!
Any retail investor, financial planner, mutual fund manager who is buying the S&P today should be asking this question: "I am going LONG with yet another GAP on the SPY on the SIXTH consectutive day up in a market with LOWER daily volume because..." Or better yet: "I am going LONG on every high, and I do not consider the fate of being in a drawdown because..." As traders we know the phrase "the market can remain irrational longer than we can remain solvent." Today they used the "tax cut extentions" to bid up the futures. You mention it was "stupid" to add to your position, but that same logic also works against the longs at some point. It's always a matter of timing, on both sides. Good luck with your 1222 target, hope it works for the best (and I also agree with the other post, show the trade on a screenshot).
Covered out Euro LONG's (1.3400 hit) and hit 1 ES target at 1228.25's so far. CL hitting targets in massive CL sell off (next target at $88.20) and so far the ES remaining SHORT inventory mentioned earlier is still in place. So far so good......watching Equities market breadth and we have Advancers/Decliners bleeding off some strength with good volume still flowing into advancers (mixed action); http://www.charthub.com/images/2010/12/07/VOLD