A lot of guys in my office murdered AIG on the upside, some guys made decent money on the downside. BUT, I know of a few people that were absolutely smoked in AIG -- mostly because of bad trading (adding to losers). The funny thing is that a lot of new traders in my office are trading AIG and making a little money and they think they know what they're doing. They don't. I heard of newbies holding .80 cent losers and making a 1.20 on their winners. Horrible. AIG giveth...AIG taketh away...that's been our motto over the past few days. Anyway, I know how tough trading periods go, I've been there. Go back to the basics and rein in your losers. I haven't ever followed your thread, but I scanned through it this morning. Reading about the 2nd half of last year was enlightening because it was interesting to see how someone else traded that mayhem. In short, your posts brought back good memories. OSK short? I've been watching that stock absolutely rip now for weeks (along with STEC). How do you determine when to fade something like that on a daily chart? Intraday, I can do it successfully about 60% of the time. But I find it totally more difficult (mostly psychologically) to do it overnight -- honestly I think it's the idea of beginning my day negative a few hundred to a few thousand dollars. I prefer to be flat, but growing in this business is all about doing what is uncomfortable and dealing with that discomfort.
Month is over and looking forward to September I took another beating today and as a result I took the rest of the day off. SVA went much higher than I was willing to hang on for so I closed out and called it a day - 15642 I also closed out of my covered GE because I wanted to flatten out my account and take a rest and recalibrate for a while. While I am booking a loss its actually been a good trade and I did well with it from dividends as well as option premium that actually lowered the price of the stock (gains already booked) GE + 891 GE calls â 1108 I traded DWA very small (should have done the same with SVA) and made a gain with it. + 52 - 15807 - 46376 month ~ + 25 K for the year Lots of great support posts and I want to say thanks. I am taking classes online at Penn St. starting last week and at my age I have found out that I need to study a LOT so please forgive me as I will reply shortly
Look at the bright side: you are positive for the year. I have never been positive in any year since I started trading. I won most of the days, but a few big losing days killed me. I guess that's how losing traders lose. To make you feel better, let me tell you my secret: Since I established my trading rules in February 2008, I have never followed the exit rule, never, not even once, and I have traded every market day.
you are doing suicide trading! maybe becuase you are phasing out of trading, you want it end quickly. fading is a "good great " strategy, just like a sharp knife, you can use it to cut things easily, but also you can get hurt easily. every trade's winning odd is 33.33%!
Firstly, Robert is positive on the year $25K. Secondly, he lost $118K as a result of a securities fraud. This is a rare and random event that is not the result of how well or poorly a person trades. Even when you include the fraud situation in the numbers, you are still looking at a trader who is among that rare 1% of profitable traders. Everyone has a different style, and some can tolerate greater risk and draw downs than others. But in the end it's the final result that counts.
Hello TraderSU, thanks for your post. What can I say beyond its been brutal I hope your back testing is going well. Best to you Robert
Hello monti1a, Thanks for posting it again. I learn slowly at times. Will be downshifting once again starting tomorrow. I hope trading is going well for you Robert
Hi QQQBALL, I think I understand what you mean about going out and buying something after a tough day. I could have bought that new TV I been wanting for over a year with just some of what the trades lately cost dropping the opening gap trades for a while. I am just going to trade my standard oversold signal that always serves me well. Also downshifting the size to keep myself from causing any more damage thanks again for taking the time to post Respectfully Robert