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Since silver seems to feel like screwing around a little bit before it drops (taking out stops the wrong way, etc.), I just took off 17% of my position (sold some ZSL at $13.29). I can always size back up again when the time is right...

Hmmm... not quite sure how to answer that, but IIRC I was asked a similar question back in '06. Let me search the archives and get back to you on that one, ok? :p Back to business: Anyone piggybacking me in my current ZSL long position? Please raise a hand if you are. I haven't exited any of...

I never have a great answer to this one. Here's the best I can do to explain it: http://www.elitetrader.com/vb/showthread.php?s=&threadid=54604&perpage=10&pagenumber=1 AND: http://www.elitetrader.com/vb/showthread.php?s=&postid=816928&highlight=stops#post816928 (And one more old...

Two things: 1) Even if I agreed with you that silver was eventually headed for $17, this is a trading account, not a long term investment account. I wouldn't want to tie up so much capital for months when I need it for other short-term trades that will arise. 2) I put about 75% of my short...

<i>do you think the bull market is over with yesterday's action or is this just sort of a quick scalp type trade?</i> Well, since I'm already flat in silver now after holding for less than two days, I'd definitely call it more of a 'quick scalp type trade' than a 'bull market is over' type...

I just got filled on more exits. The position is so small now, you can basically consider the entire thing closed. SLV: $26.28 Edit: Thanks JD! Sending some good karma your way...

Yeah, that would be my most frustrating blowup of all... my last one. For me to properly explain, I need to provide the entire context of why and how it happened: On Aug. 20th 2008 I tried to buy a large quantity of H for personal use from my regular guy. It was a setup, and I was carjacked...

http://www.elitetrader.com/vb/showthread.php?s=&postid=731021&highlight=infamy#post731021 Hard to put a 'percentage terms' figure on that, since much of it was Schonfeld's money. My retail futures account lost well over half my balance that day.

There's this: http://www.elitetrader.com/vb/showthread.php?s=&threadid=198144 And this: http://www.elitetrader.com/vb/showthread.php?s=&threadid=198220 Plus an incident I'm not permitted to discuss, where IB allegedly flat out robbed an institutional client of millions of dollars... just...

<i>Just curious. Why not trade the futures contract?</i> A combination of reasons: A) My accounts are in a transitory period, so until I'm set up with a proper prop account in a couple weeks, the only way I have to trade futures is through my IB account... and I just don't trust those...

Thanks. I don't want to be a dick, but I also don't want to give away too much of my strategy/thought process. So I'll tell you what I <i><b>didn't</i></b> use to time this trade: I <b>didn't</b> use Elliot Wave, Fibonacci numbers, RSI, MACD, crossovers, or any guru recommendations. :D I...

SLV traded all the way down to $25.91. Most of my limit orders to exit have been filled, so I'm out of 2/3 of the position already... only 1/3 to go before I'm flat.

SLV now trading at $26.40 (Down almost a buck from the pre-open where I sized up), and I've liquidated almost half the position now. I have limit orders out to exit more if it keeps going my way.

Now I have small limit orders out to scale out of the position incrementally. The more silver drops from here, the smaller my position will become. Edit: I'm already out of 1/4 of the position, since silver has already dropped significantly from the pre-open where I was shorting it. SLV now...

SLV up over a buck (SLV is $27.24 bid). Short more- right here, right now! Edit: I just doubled what was left of my position- bringing it back up to roughly the peak size I had on yesterday. SLV at $27.32.

I was able to unload a bit more ZSL in AH trading at $13.79 (3 cents worse than the closing price). So in total I'm out of 47% of the position, holding the other 53% into tomorrow. My plan for Wednesday: If silver bounces strongly, I'll look to size back up again... but if it drops enough...

Out of 35% now, still holding 65% of the total position... SLV closing price was $26.18, down a bit over 3% on the day, and the general area of my exits so far. (This equates to a 6% gain, since I used ZSL.)

I just took off a bit more than a quarter of the position right here... still holding the rest...

Terrible entry price non-withstanding, note that this trade is now profitable. I only managed to increase my size by a small amount today, though.

Ok, the short-term top is clearly in now. I have bids in to short more silver (buy more ZSL, actually) in case silver bounces significantly from here in the next few hours.