Discussion in 'Trading' started by razor99, Aug 17, 2007.
there were so many traders short this market overnight that did'n cover in the pre-mkt.
I know of several that crashed and burnt, then cratered.
Sodomized would an appropriate word.
seriously,i really feel bad for anyone thatv was short this market. especially the e-mini guys. as traders,it could have been any one of us.
It sure sucks to see a 350 pt plunge evaporate and then take a 200 plus smack the next day.
My heart goes out too any short that got caught in that.
My personnel feeling is this market has been very hard.
Anyone who went short yesterday when the market (S&P) was making its first test of the March lows was just dumb and deserves no simpathy.
The rule is to short rallies not to go short on dips. This mornings premarket rally was a good time to go short.
Those that did deserve to be crushed. Real traders such as myself do not bother with overnight positions. Long and short, Long and short--whatever I see I trade during the day and take everyones money. This is why I am wealthy.
I am done for today already after making 5K on the ES and ER. Going to take my gf to Great America for some fun, then an early dinner, and then bang her brains out to cap a very nice trading week!
there was no reason to be burned if one was short & had their trailers in place....75/85 was the perfect zone to cover & trailing stops over 1400.00 were appropriate at that time.....especially given that IHS off the lo....writing was on the wall.
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