Hey, were you able to stick it out through that mind-numbing meltdown shortly before the reversal back up? I was down big in the blink of any eye (bought at the same levels) and then huffed and puffed back to profitability -- had to keep repeating to myself that -21.50 was a bargain for those poor overnight longs
Hey PTR, It was tough watching it go through 1175.....but I needed the long deltas too. My overall positions had gotten way outta whack. But overall it pays to buy when people freak. As an example just check out the last "MarketHankSurferJayGould" "Black Monday" thread from mid-April. From memory I think there were THREE buyers out of maybe 40 people on that thread. Simply text book. Doesn't work every time....but the odds are certainly in your favor. Best, Dr. Z BTW: I have a little trick to sit through pain.....I always cover my blotter so I don't see (read:feel) the magnitude of the pain. But only when I think Iâm right, of course
kudos doc i felt there would be some sure bargains, but didn't have the experience / exposure / etc to sit through the pain. i would have puked. turns out i didn't do much better during RTH. oh well, tomorrow is another day anyway, congrats to you and any others who saw the opportunity and acted on it. take care and gtty - omni
Both good points. I was talking to my Chinese girlfrd how I feel no guilt making money today (and some people made BUNDLES). I am not taking money from those hurt in the attacks, and would not. I am taking money from other traders sitting in their homes in ButtFk, Iowa, or serving their bosses in Manhattan, or Tokyo. The market is information, INFORMATION, and a GAME - get it?
Exactly! When your trading in possible morally challenging times such as today (not for me), for the weak and timid, I would just say put a seatbelt on and know that your taking money from evil and hoping to help others with it longterm with your profits. Of course, my position is there is no guilt or moral justication warranted for coining hand over fist on a day like today.
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