thanks for the many emails and support i've gotten the last 2 weeks.things have turned huge for me since my last note on july 2nd. i was sitting there the morning of july 3rd as the market was up 70 pts to 11,200 or so and said screw it i must take the 40k of advance checks i had in my trading account to buy puts. i bought 40k worth of sept dia puts that are now worth almost 100k. i'm holding as i think the dow goes to 10k easy. if it goes to 10k my account will be worth 170k or so. in my deepest despression things turned for me. once i cash in on this i'm closing my account. if i hadn't taken this trade my 400k loss would have haunted me for life. i had to take the shot. again thanks for the 100's of pm's i've recieved as it really helped
Set a stop loss to lock in profits just in case... but as the old saying goes... let winners run. I suggest long-term LEAP contracts in DIA or DJX. 10,000 is heavily defended with a vengeance in the open market. If it ever breaks on a weekly closing basis.... 2002 lows will be revisited guaranteed.
You need to close out your account now. Not "intend to" later on. Right Now. If you're serious, and you really did lose 400k, then what you are experiencing is the "Dead Cat Bounce" of gambling. I'm not sure if this is a phrase you're familiar with, but basically it means that even a dead cat will bounce after falling from such a height. The second fall is never as far as the first, but it is almost always the last. This is not a favorable environment for you to be in. You need to get yourself into Gamblers Anonymous like yesterday. I'm not trying to do any badgering here, I'm not trying to kick you while you're down. You are a self-admitted Gambler. Reality bites, but you don't have to keep chewing your own flesh. I'm just trying to get the message across that you only have two options: one final blow, or the road to recovery. The choice is yours. Choose wisely.
hi HedgeKing have you any background in options to protect your newly found profits? I suggest if not ... and cannot find someone to help you manage this profitable ( for now ) spec. gamble of yours then close the position good luck
Watch there be the mother of all rallies tomorrow (low probability). I would close that position immediately.
Exactly my point. Whether there is any rally or not, hedgeking is not fully prepared to react to market fluctuations as are professional traders. The logistic-based probability processing functions of his mind are not like anything we understand. He is a gambler. And true gamblers process information based on hope, and faith, and desire for an outcome that is not within their control. Instead of a logical reaction to price movements, they make trading decisions based on faith. Unfortunately faith and hope delude their minds into believing that which is illogical, or improbable, will eventually become logical or even likely, and for no other reason than they believe it will be. He is in a position to bring even more pain to himself than he had before, and if he does not seek help his selfishness will do nothing more than bring his family down with him. I use to live in Las Vegas, Nevada. My family is still there, and I am related to more than one person who is in Gamblers Anonymous. It is a sad place to be, but having heard many of the true vegas horror stories first hand, I have no doubt that this guy needs serious help. He is in a boat, without oars, that is taking on water. Selflessness is the purist form of sacrifice. Throw your family a lifejacket. Save them, if not yourself.
I have to agree with 2many...hedgeking you have made back almost 1/2 your loss. Take what you have and bank it. Of course he/you won't listen because he is basically a gambler which is what the original trade was. Good Luck.