Ok.....but HONESTLY. Do you think what you did, putting you in a position close to blowing out your account was good? I will never tell a guy "great trade" when he does something like this. It's reckless. If you were short a 6 lot and loaded up to a 30, but had plenty of room in your account to take the hit then fine. But if you really are trading a real account, and came that close to as you said "ending my career as a trader" then it was beyond stupid. I know you are all"gotta take risk...live on the edge...etc" which I agree with to an extent. As far as timing, yes......the 2nd trade was phenomenal....great price to get in. Funny how you sold into a downturn.......followed trend...price action was pointing south. But if you and this old trader person can't see what I have been getting not sure how else to explain it to you guys. Guys who put their whole account at risk like you did eventually blow out....it's inevitable.
from henry blodgett's "daily ticker" on yahoo finance: The world is coming to the end of a 50-year debt supercycle, John Mauldin says, and the austerity required to put us back on solid financial footing will hammer ordinary Americans. Mauldin, a financial analyst and the author of ENDGAME: The End Of The Debt Supercycle And How It Changes Everything, thinks that the the US will soon be forced to confront the fact that it has borrowed way too much in the past few decades and must severely cut back. The US's $1.6 trillion-a-year deficit, Mauldin believes, must quickly be cut to about $300 billion a year, or the US will face a debt crisis. And given that our current government can barely find ways to chop $30 billion of spending from the 2011 budget, these cuts are going to be painful. What will the forced austerity mean for ordinary Americans? Higher taxes and significantly reduced Medicare and Medicaid spending, for starters, Mauldin says. And then cuts to almost everything else in the budget, including military spending and education. In other words, as has so often been the case in the past couple of decades, the middle class will bear the brunt of the impact.
Oh Surf.......still waiting: " Ok.....but HONESTLY. Do you think what you did, putting you in a position close to blowing out your account was good? "
Also, it's a function of the size of your equity. Some people look at this as a marathon and never get rich. Some are more aggressive when they're young when they make their loot. Example is Soros/Rogers when they were full blown short pound or Paul Tudor JOnes when he went full blown aids short the s&p. Maybe they were lucky. But i'd rather be lucky than good. You can afford to be consistent and conservative once your equity is big.
let's admit that the trades= is working amazingly great so far. but i agree with the other folks who say it was the wrong trade. the urgency and the size just don't make any sense. We don't know what kind of signals/info he has access to. Surf appeared to be 99.9% sure. Did he really get the best signal(s) from his system over the last 10 years yesterday? I doubt it. At least as posted in the journal it appeared the spontaneous bet-the-farm thing. I hope you are locking in some profit instead of going for 70 more points.
It really does take courage to be a f&cking pig. Most times smart people just don't have balls. And then there are times cowboys got no brains. That's what creates a market. Honestly I respect anyone who takes the big shot more so than a dime a dozen biz school analyst.
The secondary entry was excellent. The first entry with absolutely no exit strategy was a disaster. I was never questioning his price entries, it was only the size being done in his 'so called" account. I'm still waiting for Surf to answer my question from 3 posts or so above.....funny how he is dodging me. I am going on a "no posting in Surf's thread" strike until he answers me. His valuable views will drop without me here
Guys, Please understand my position. A tiny, tiny percentage of people make calls and post their trades. Whether it's live or sim, if you tell the truth, you know it takes guts. For those who do (and are not selling anything) no one has the right to demand audited verification, which means you realistically have no idea if the trades are ca$h or sim. That's just the way it is, get over it. If you are able to get useful information in this journal then it makes sense to keep coming around. If not then I have two suggestions as I will not allow it to turn into personal attacks: 1) put marketsurfer on Ignore and you will no longer see his posts here or anywhere else on ET. That's what the Ignore feature is for. 2) if that's too strong a step but his trading here bothers you then just show a little discipline and restraint and stop clicking on this journal (what a novel idea...) I know all about entertainment value and if that's why you really hang around then no need to post unless you want to discuss trading. But enough whining about live this and sim that, as it really doesn't matter as far as you are concerned :eek:. Or as a successful trader said on another thread: