the futures were up,good news on fannie and freddie so most traders figured we were so over sold that this type of news will cspark a big rally,especially in the financials.most traders go into panic buying mode and buy the open which is usually the top. look what happened to goldman,lehman,merril. even google. today is a text book example as to why most traders fail.its days like this.
Getting out with a loss doesn't mean a trader is doomed and can't live to come back another day. Those traders that can't admit they're wrong and stay in losing positions too long tend to fail.
WTF are you spouting about? YOU maybe got "nailed". Traders don't get "nailed" on a 10-12 handle gap-fill fade. Traders get "nailed" when they have no idea what they are doing or why they are doing it.
i meant unsuspecting longs that bought size at the open in the financials. a good trader would have waited on an open like this and then gradually tested the waters. I AM NOT A GREAT TRADER,but i do know a few and thats exactly what they did.they actually shorted RIMM.
"unsuspecting longs" is not someone that should be classified as a "trader", imo. In any case, a "good trader" is one who CONSISTENTLY makes profits. "Waiting" or "testing the waters" are techniques that may or may not be valid for any particular "trader" or any particular dynamically changing market environment.