NO WAY!!!!.....LOL No offense friend but, that would be foolish at this point with all that i've been through....I've had trades were i lost 8k a half hour made twice that in less than two hours.... I know what i'm doing i just don't always do right..That's why i say It's Stupid.. I mean if this was sport talk radio. The next morning, all the know it all's would be killing me...and I'd deserve it....You don't come in short trying to fade some BS Phatom High at 83.75(overnight I might add) on a DAMN Friday after putting in the low's for the week... and think your going to be rewarded.....thinking "Oh GDP is really bad, wow i'd better go short"....Sucker!!!....LOL...I just know better and I choked.. Sometimes I'm Mariano Rivera and real focused. Then I get a little bit of John Franco in me.:eek: and then your thinking "What the hell is this guy doing"....Funny thing is my broker told me that once and I couldn't explain why i F'up!
I made a similar mistake. I overrode my system that uses closing prices to generate signals, and closed my position in the morning because I thought the close would not be much higher, and probably lower, than the open. I made money, but I would have made 1% more if I followed the system.
Dr., do we still call you Doctor?,( Just kiddin, LOL ) Man, Doc, I was going to try to come up with a funny story to cheer you up , but wow. You sound like you got jailed raped by yourself. Ease up on yourself Pal, it's only money. You mentioned some Sports guys, think about Reggie Bush in the latest NCAA Championship game, he screwed up big time, lost them the game. But that doesn't define him, hes still the best. I'm watching an MSNBC special right now about women in prison, sad stories, it really puts things in perspective. I just saw a movie you need to see, Holy Man with Eddie Murphy. I think he had the perfect outlook, everything bounced off of him. Reading your post it sounds like you watch what everyone else is watching pertaining to the Market. Conventional Wisdom dictated that you were right on the mark with your opinion on how the Market should act today. Some like to be cute, and they call it CW. What it should stand for is "constantly whooped". The Market eats followers of CW for breakfast,lunch, and dinner. Of course sometimes, to keep us all honest, the Market will start doing what it's supposed to do for a while. If I were you I would go easy next week, show the Market who's the man, and don't even trade. Go golfing, I like to get in the Winnebego, slap a Beach Boys 8 track in, and go cruising. I got one for you, go to the store and buy 50 candy bars. Then go to a local nursing home and make some friends during Market hours. I promise you'll come out of there a new man. Something else, forget about being perfect. Trying to hit the exact H/L will drive you nuts, there aren't many pro's who even worry about that. You had a bad day,write it off. I had a great day, my timing guy had me long yesterday and I carried the trade overnight. I sold out at noon today when he said the Close would be flat. The point is I had to get some advice, but I think I executed my part well. Anyway you hang in there, in life what hurts you often makes you stronger. Well, it's Friday night, which means I'm heading down to the Rusty Nail to knock back a couple and dazzle em with some Karaoke ( it's Elvis night). Thank you, Thank you very much. ...Rennick out
The Dr. -- I feel your pain. It sounds like you need to do less thinking. You were trying to interpret what the market should do rather than just letting the market tell you what it wants to do. In my opinion, the type of data you mention is irrelevant to trading. The charts tell all.
Do . not discretionary. Trade. Haven't really made one mistake once I switched. Trading is about consistency, You can not be consistant with the mind.
The achilles heel to discretionary trading is letting one's successes and/or failures cloud one's judgement. You're gonna need to develop the ability to read your own biases and emotions as well any market "indicator" before putting on the next trade, and to slow yourself down when it starts to feel forced. In my case, it wasn't until I completely embraced a discretionary mindset that I managed to resolve my own achilles heel, so I don't think we should be so quick to cast the blame in that direction.
LOL...Yeah I know I'm just bitchin off tonite couldn't help it....It's just sometimes certain losses really piss me off....I guess I let my ego get the best of me even though my ego has lost me alot of money in the past.....LOL Not really ashamed of my losses because I know how to win..Ulitmately I feel money is meant to be made and lost but the key is to maintain.
after microsoft reported everyone was ready to buy. slow growth? great news! means the fed might not raise rates. lets all dance in the streets if growth was great, then confirmation that the bull market isn't over. heads we win, tails we win too. isn't it a great time to invest? then the market drops and cramer starts saying 'i told you all to sell'