I just lost 100k in one month, wipe out 50%. I need to write the journal and need your guys help. Thanks.
My current position AIG 700 13.58 9506 MBHI 14000 0.68 9520 AMFI 16000 0.68 10880 ADVNB 25000 0.36 9000 CRBC 15584 0.57 8883 CNB 16798 0.56 9407 RAS 8000 1.12 8960 66156 0.73 (Leverage Long) DYAX -1000 2.88 -2880 OSK -200 21.45 -4290 PALM -200 15.28 -3056 TRW -200 11.28 -2256 IVN -600 8.2 -4920 -17402 0.19 (Leverage Short) Net Value 90329 0.93 (Leverage Total) I plan to close RAS today, want to reduce the long position to 50% Also short 200 IVN, short 100 OSK short 1000 DYAX, short 1000 DDSS, short 1000 SCLN, add more short position to 50%
stocks going down and you still playing it ? you better create your own blog--for your eyes only. You need to record all the CHARTS..impossible to do it in the forum...Trading is self-study...not for public viewing
My today's position after close. Down from 90329 to 89092, -1.37% AIG 600 13.1 7860 MBHI 12000 0.68 8160 AMFI 12000 0.67 8040 ADVNB 22000 0.32 7040 CRBC 14000 0.59 8260 CNB 16798 0.52 8735 48095 0.54 (Leverage Long) DYAX -3000 2.82 -8460 OSK -300 20.9 -6270 PALM -400 14.89 -5956 TRW -600 11.13 -6678 IVN -800 7.63 -6104 DDSS -3000 2.43 -7290 -40758 0.46 (Leverage Short) Net Value 89092 1.00 (Leverage Total)
stock certificates are as good as toilet paper in this climate... but atleast toilet paper will be gentler on your ass. seriously.. the equity ponzi scheme has come to an end...
Here is some help: I think you are trading too many things. Find 5 stocks or ETFs that provide decent daily/weekly ranges, and have reasonable spreads and high liquidity. Study their charts in several time frames: 52-week, 6-month, 3-month, 3-day and intraday (down to the 5-min level). Know the major and minor support & resistance levels by heart. Know where price is in relation to the 200-day, 50-day and 20-day moving averages. Before putting on the trade, note why you are putting on the trade, the price at which the trade setup would be proved no longer valid, and an initial target price. The price that would invalidate the trade is your stop loss. Choose a position size so that if the stop loss is hit, you do not risk more than 1% of your trading account (less risk is actually better). Make sure your initial target gives you a profit of at least 1.5 times your stop loss. NEVER move a stop except in your favor. That's a start.
Very sound advice from NoDoji. And learn to take losses, starting now. It's all part of the game. To hold stocks hoping they come back is NOT a strategy. Punt your current positions; that will serve the purpose of getting your head out of the grinder. Then do some fundamental/technical work and put long/short positions on with targets/stops. Rinse, Repeat.
Yikes...this portfolio has no macro/fundamental theme. You're just shooting from the hip. But good luck to you.