Sometime late 00 or early 01, Dow was trying to go to new highs. Closed way up, IBM came out with bad news, and futures dropped 10 points ah. I put on 200 ES short. I covered over the next day or 2 for an average of 30 points. A good trade I thought, but if I would have held or even added, i'da been a millionaire several times over as the SP continued to tank day after day for like 100+ points more. BTW, this was my most risky trade that I made money on. At that time, I did so many stupid trades gambling away money that wasnt mine but most of them were losers. I used to put on surf trades. This means I would wake up 4am (market open) put on 200-400 nq one way or the other, and go surfing for 4 hours. I'd come back and see if i was up or down. It was pretty stupid, and I feel bad about it now. But I was in my early 20s and pretty cocky.
hi, i am doign the same thing throwing away money......help... I have been tyring to trade the XAU/USD but its so volatiles i jsut jumping in when i think its a low or high....
blind long into goog report, unhegded [like if there was much of a way to hegde this monster, ror]...not once but twice in a row; got lucky it payed off but could have easly gone broke.
for me it was due to not being in the correct mental state at the time. If I were you, I would see if this is how it is in your case. If so, then you should take a break from trading, possibly close all accounts, do things in your life that will prompt change, make you happy, stable, sure of your course of action. If you trade when your mind/body/life is unstable, like I did, your trading can only reflect that.
Mu most risk trade was fucking with gold emini even do i had no idea i was doign well in the emini es ym NQ I got so confidence and started to short gold from $690 to $720 and i got liquated and then gold had a correction but i was out averaging all the way to $720 Lost like $1790 my worst and painful trade for a small timer like me
Would I admit to a mistake? About 18 months ago in a day trading routine I very neatly closed out a short position at the bottom of a particular downmove. Next morning the market gapped up strongly and continued up. I was now at a point in that days routine when I shorted around the exhaustion of a particular upmove at the max I allow myself. I looked at my account. Jesus Christ I was 3 times my max short with a thumping loss. Here is where you all know what had happened. In about the only time ever I had not checked positions or account the day before or EOD. I'm always flat EOD. Yep, when I closed that particular short the day before I had fat fingered not a close of a short but added a further 'sell'. So I closed out immediately all positions just because of my natural discipline to pause if you make a mistake and in order to ensure rectification has been effected and checked. It was a big loss .. but just a blip in the run of things. I don't beat up on myself or anyone else for a genuine mistake.
Depends what you mean by risky. I've made a ton of money on what the 'smart money" would call risky. Ex. Bought a OTCBB stock (ECNC.ob) during December of 1999 for .22 and sold off my 20,000 shares all the way up to 19.50 over the next 2 1/2 months. Was it risky? Not in my mind becase I knew what I was buying, which was pure hype and bullshit. Thing is, back in "99" hype and bullshit were selling like hotcakes. Go forward to summer of 2000. I buy Yahoo for 112 bucks a share. It's down nearly 50% from it's high and I figure how much further can it go? We all know the answer. The Yahoo trade was much more risky because I traded into a falling knife thinking it just can't go lower, can it? Today, if I can't give very specific reasons why I buy/sell, whether they be fundemantal or technical, it's a risky trade. The actual outcome of any individual trade is not as important as to the "why" of the trade. If you know why then you can make adjustments along the way. If you don't know why, you're just gambling on dumb luck, and sooner or later dumb luck runs out. Usually in a big way.
lol nice one lundy. put 200 es's on for 2 days. right a 20 year old has $800k in his account. and i love put 400 nq's on and go surfing and come back and see if i won or lost.this board has more bs than a cow field