Im lightening off some into this even though it might be stupid, It would be foolish for me to let it turn into a loser.
Thnk you, I have been butchered trading like this the whole way up, where i add and add and add and turn things into losers, but today i think i got it.
Max, I really hope this trade goes your way. Just out of curiosity, have you always traded like this? Saw an opportunity & piled in, is this how you built your account?
You short all the way up and when it will reverse you will take profits too quick. This is a horrible strategy, you are trying to be right and are forcing your will onto the market. Bad trading. I know it because i've done it myself.
Yes and no, tough question, in terms of position sizing and the way i add to winners definitely a yes, when I've had my biggest hits its always piling into winners and setting a stop at breakeven, just getting bigger and bigger and bigger, and always knowing that i have to stop it at breakeven. In terms of the trade today it was a perfect mixture where i had gotten beaten badly enough by the market long enough, I'm just sort of thinking in my head, "Who the fuck would buy this here?" Thats a dangerous way to think but from years of experience i sort of always find tops like that after i have been grinded to death..... Keep in mind today's trade doesn't even come close to making me whole again, I'm down a lot of money on the year, but there is certain scenarios that rely on years of doing this where you just say to yourself, ok this is fucking insane at this point..... Thats kind of where i was at this mornng. In terms of position sizing this is a textbook trade, add to winners, don't add to losers, only time I've ever gotten into trouble is when i add to losers, just keep sizing up against your break even number, and worst case be ready to take it off.... I had a hard stop in at 2922, which missed by like 4 points but that was my breakeven number, i wasn't willing to let that turn into a loss. This is definitely how i work positions in terms of position sizing though. I grinded my way up not with monster wins and losses, but 1-2k per day consistently day after day after day... Hope that helps, any other questions feel free to ask.
I see S. Korea is locking down again. They said one infected person hit 3 bars and infected over 35 people. You covered too soon Max. Edit... of course that's getting no coverage on CNBC. They're going on about the success of Shanghai Disney opening back up.