I guess you didn't get this memo (err, the video). I'm not sure the guy is being literal or just being cheeky. This whole damn stock market crap is one giant ponzi scheme. <object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/jllJ-HeErjU?fs=1&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/jllJ-HeErjU?fs=1&hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>
I would close half the position (16 cars) and sell 20 Puts on ES @ 1210 in the premarket. Save your skin. Just my 2 cents.
"and sell 20 Puts on ES @ 1210 in the premarket" Personally, I've never been a big believer in the 'Texas Hedge' at extreme deltas from the original price level, so IMO the puts would be a distant second choice to covering half the position at the open. If you cover half the position at the open it would really help things for you emotionally - if the market continues to go against you further pain infliction will be greatly reduced, and if the market moves back torward you again it will certainly look better for you than Friday's closing mark. Good luck.
Agree with what others have said about executing your plan. If your plan says you should have been out by now, get out immediately. Trading for a living is a marathon, not a sprint.
Uhh, he already told you his plan is to take profits at 1200, else get out on 15 Dec... Holding till profit-or-busted is a tough way to make a living, but to each his own. Certainly I've had my share of awful trades too, as has anyone who's been in business a while.