Neke, Unfortunate. Don't know what to say.. 8000 shares PGNX with a 10% account stop? Here's a little rule I use... make sure the bar is in favor of the trade after an hour of trading before taking the trade. Very difficult to judge how thing will go just after open. There was a very clear intra-day trendline that broke after 10 am that you could have shorted. I read somewhere I forget that first 15 minutes trading is for suckers.. I stay way from it. I still think your having a full time job is not conducive to intra-day trading, especially very volatile stocks. Best.. Rashid
Minor diversion... This quote is one of the most revealing of the general attitude here on ET. Positive and you are fudging it; losing and then you are being honest. Bet if he had been on track at over 200k at this point he would still be fudging it. We now return you to your regularly scheduled thread. Those losses that come back and turn positive really makes a guy ponder the method. Sill enjoy watching your progress.
Shorting big gainers like that during first 30 mins is not a bad strategy if you start with small position (like 2k shares) and add to your short as/if the stock goes higher (adding additional 2k shares every 50 cents for example). Of course people will say this is very risky blah blah and it is, but alot better than shorting 8k all at once.
LOL, stop trying to plagarize neke's thread. You can makeup your own terms ... ultimately they won't matter anyway. *** Sorry for the losses neke ... there's a guy around here who was running a thread that very successfully managed to employ various strategies for trading stocks. I'll look around the site this weekend to see if I can find it and PM you the information. Have a nice weekend.
Just use the tags [ code] ... [ /code] to mark the area you want to retain your formatting (remove the space before the word "code". Had to put it to make the words appear when posted). That way ET will retain your fixed width spacing done with Notepad. B/F = Brought Forward C/F=Carried Forward Some little accounting terms.
Hold you head up neke, losing comes with the territory. looking forward to descent profits next week.
".....and no more stop loss" Don't do it neke! Stop loss orders seem to be unnecessary at many times and it is a very terrible to see the price turning just after your position stopped out. In the most cases the losing position can be sat out, but once the time will come when a stop loss will save your account. This is my own experience! I have already fully swept out an account (waiting for the reversal) after a long period of successfull trading (ca. 500-600% in 3-4 months) without using stop losses! Instead of blaming stop loss try to improve your strategy, your win ratio and try to keep your average wins higher than your average losses, but stick to your stop losses and everything will be all right. Of course it is not an easy job, but I think it can be done. If there are people who can do it others also can do it. Good luck and head up!
Neke, Sorry about your loss, I'm confident that looking back it will be just a bump in the road. Regarding "feeling robbed" and "no more stop-losses", I hope you calm down over the weekend and recover your perspective. Remember that the market doesn't know - or care - you have a position. Consider if maybe the problem wasn't that you had a stop-loss, but that you risked 10% of your account on one single trade (And yes, that kind of shit happens to all of us, Wednesday I got stopped out by a mere three ticks ($30) of a trade in crude oil that would have delivered 3 full points ($3,000) in two hours, but as Andris has said, all it takes is one time to blow up your whole account) Best trading to all, Jorge
Neke, I just read your thread. Losing is part of the deal. Keep your rules and your discipline. Begin with the end in mind. You know you can do that.