This past week was terrible for most of us I presume. Luckily for me, my return for the year until the past couple of days was 147%. I'm down to 65%. Bad intraday calls--Plus bad over all market knocked me down. Down but not "OUT". I'm very confident that I will be back to my original gains before the summer is over. It's just amazing what and how fast you learn the DO'S and DON'TS in tis game.
<i>"I'm very confident that I will be back to my original gains before the summer is over."</i> If you're good at working the short side, perhaps it will.
What are you trading, and with what leverage, that a couple of days brought you down from +147% to +65% (down 34%) ?
*yawn* another ET'er bragging about his (former) triple digit return. Next will you be telling us about your penis size?
No problem. Held AAPL 2k shares at $144. Sold before earnings at $135.00. Back in again after earnings at $140.00. Day traded the same stock the following day. Bad calls right after the other. Position trade (eggs all in one basket) EWW--Droped over 5% right after. My biggest mistake was getting in EWW just before it went south. Held too much position. The AT&T announcement killed me with the Iphone comment. I was able to bring my 90.5K capital to 155K from Jan./07 to July/07. Now back down to 129k. These are actual figures--Not sure if my percentage calculation is correct.
Why are you holding 1 position fully leveraged overnight ? Sounds like a recipe for diaster to me. You got what was coming to you man. Next time be more careful.
"This past week was terrible for most of us I presume. " why? fwiw, it was my most profitable week all year. Yes, my IRA didn't do particularly well, but my trading account made more last week than it made in the previous 3 weeks. why should bearish conditions be any worse than bullish conditions? in a TRADING account, it shouldn't. there is no more "uptick" rule, so for stock traders - shorting became much easier. as a futures trader, there is absolutely no difference between shorting and going long, and last week (especially thursday) was phenomenal for a futures trader due to massive volatility. thursday offered a partial gapfill (long) a steady selloff of several hundred points, then a rapid bounce of approximately 150 pts, then another reversal down of over 100 pts or so. if that's not a good trading market, then nothing is. it's only bad if you have a BIAS (most traders have a long bias) and thus are looking for great longs on a day where the NYSE AD is .07 iow, 7 out of 100 NYSE stocks were up for the day. well. duh we are also starting to see some (and will see) some overreactions which will offer great value entries for IRA's looking for value. i loaded some GSS on the pback, some BQI (which was up nicely friday). i would LOVE to pick up some MCdonalds if it gets down to 45 or so.