Hello Tac, Well yes, I have to agree that your right. I could have given it to you but I am unsure my wife would have agreed to that : o ) Thanks for the kind words and I hope your trading is going well. Respectfully, Robert
Hello Adadadog, Thanks for watching and reading my journal. I am glad that you were able to get some value out of reading it and that perhaps you found a way that you do not want to go down. After that hit I was brought down to a NAV to a little above where I am now so I have a lot of climbing back to do. Todays trade was a good example of what can happen when you not "on the inside" of the information and your forced into making a move. A lot of trades that I am in have some level of "buyout" tone to them. Its a part of fading strong stocks. So while it may be argued that it was accidental I think we can all agree that if you roll the dice enough times you will come up with this number once in a while. Even if its a black swan its bound to happen given the large amount of trades in the fashion that I do. So I don't consider it unlucky and I don't sit here wishing that I would not have followed pre market trading. What I do wish is that I do the best I can with the information I have and if that means once in a while I have to take a stop loss even though I don't think its the right thing to do then thats what I will do. Best to you Robert
Hello NoDoji, First you get me to eat salads everyday for lunch (ok, maybe not everyday but dammit now even my whole family is eating salads daily) Now you say you want me to end the day flat..... When will all this madness end???? In the end I plan on being around for a lot longer and I do think I will see this trick come again. Next time I may not already be short and next time I might just have the frame of mind to grab a few of those profits away from the scammers(I am sure not counting on the SEC ) NoDoji your trading great and its really great to see your progress. Keep it up !! Robert
Hello Riskymove, Your handle is cool and sums up my day today : o ) Thanks for the kind words. In this business we get our (or at least I do) face bashed in the pavement on a regular basis. Of course dropping our pants for all to see makes days like today all that much harder. I hope that some value is gained from those seeing the results. Its a tough business and one that I love. I could surely do without days like today but being able to make a living doing what I love and having the family I have is about all I can ask for. Have a great trading week and best to you Robert
Hi Bob, Checking in on your journal every now and then. Looks like I picked an eventful day to stop by. That's no small lick you took today. You definitely have a different risk profile than me. But I wish you and your account a speedy recovery. Keep trading. JS
Bob, Sorry about your loss. I too wish your account a speedy recovery. I'm confident that you'll flat it in no time. Best of luck - TraderSU
Bob, Takes a lot of guts to put yourself out there the way you do. It's a real education for everyone following your journal (journey) through the good times and bad. So sorry you had things turn on you as it did, but it will remind a lot of people around here how easy it is to fall off the cliff, I know I will be more cautious going forward. Looking forward to watching you pull your self out of this hole.
Well, I guess I will be the one to post it since no one else has.....Congrat's Mr W! Does no one else see what this man did? Does no one else see the (excuse my french) balls this man has?? Not to risk such an amount, but to TAKE THE LOSS!!! Mr W. saved his career by taking that stop loss (his words, not mine). He was put to the ultimate test in trading and it came down to: put everything into this one trade, or take a loss that wipes out most of the work he had done this year... How many people could be able to factor in all the variables that Mr W was going through yesterday morning and do the same thing he did? He took the biggest loss of his trading life he said...but the true victory is that he TOOK it. He knows his system works over time and that big swings to the down side are part of the system. How many of us can say we are +60k on the year? (I can't).......But how many stories have you read, or posts have you seen of people who have a great system or who have traded for years and all of a sudden they are gone....I think it would be safe to say it is one or two trades that blows most people out. That inner Id telling you "there is no way this stock can keep going up"....."why get out now when the stock has been up nine days straight and is gapping up another 8 dollars"......one person who posted alot on ET just got blown out by GS last week after years of posting. As traders we all have an ego to some extent, that feeling that we have an edge that others don't. Alot of it stems from being very good in other professions (my guess, MrW was a hell of a business man in his day)....but to have to put that ego in check is one the the hardest things in trading. To admit the wrong and move on. I am not very good with numbers, but I would guess 85% of traders could not get themselves to take that stop. The other half would be so emotionally distraught they would not be able to look at a trade for months. Mr W fired right back yesterday with a few winners. So, Mr W......congratulations on taking the Stop. You lived to fight another day and that is more than most can say. How many people who blew out their account do you think woke up the next morning and said "why didn't I just take the loss and try to move on from there". Thankfully Mr W did.
Hello JS, Thanks for your kind words. yes, I really was whipped around yesterday I wish you the best in trading Robert