And when YM opens down 200 Monday morning what should he do? Hold for the upside? What if it drops further?Quote from MandelbrotSet:
The markets are severely oversold affan, and the chart I'm looking at says you should hold on for the upside.
P.S. Please let us know when you trade your first e-mini contract Daniel33, you can start a thread and we can have a party!
Ah how can i be so stupid! :)
- Thread starter affan
- Start date
OK enough of traders clamoring how oversold the market was heading into today?
I think any good trader should stop relying on the use of such words as "overbought" and "oversold" when you have a market with VIX starting in the 40s and hitting the 50s today. Let the market tell you what is going on.
The OP clearly blew out and it is quite unfortunate but sadly we all have had to go that route to learn so hopefully his lesson was not as painful.
I think any good trader should stop relying on the use of such words as "overbought" and "oversold" when you have a market with VIX starting in the 40s and hitting the 50s today. Let the market tell you what is going on.
The OP clearly blew out and it is quite unfortunate but sadly we all have had to go that route to learn so hopefully his lesson was not as painful.
i got out with a 6k+ loss! if i had been holding this i would have been dead. i could have got out with a 5k loss but gave myself a chance, probably a bad idea. Now my account is down to 5k. Not the best feeling because i would never have taken a long 3 contract position to begin with! Even for the last couple of months 85% of my YM trades have been short given me a decent profit!
oh wow thats life, but i truly believe this will make me a better trader in the long run. Neither do i feel bad now or blame anyone. I am going to learn and come back, but after few months for sure. Don't want to take a 'revenge' now.
oh wow thats life, but i truly believe this will make me a better trader in the long run. Neither do i feel bad now or blame anyone. I am going to learn and come back, but after few months for sure. Don't want to take a 'revenge' now.
Affan,
Why the HUGE stop losses? How long is your average trade? How many points are you shooting for in a day/week/or whatever? Check out my blog post on "Getting in on the edge". You gotta learn how to minimize those stop losses and identify high probability trades that will ruuuuun!
Happy trading!
Chris Dunn
http://chrisdunn.typepad.com/
Quote from affan:
Well i am having mixed feelings now, today i lost a ton of money but i am not feeling very upset, maybe just a bit down considering i ate one cereal box and one big bag of chips, and considering how health conscious i usually am, maybe that was my way to vent!
I opened a 10K account for futures trading few months back and had got it up to 11.1K. Today i shorted 3 YM contracts around 9am EST and made 21 pips for a nice $330 profit bring my account to around 11.4k. I was happy with my result today and decided to call it a week. But it was not meant to be! See after i placed my order i went to take a shower, and placed a 15 point stop market order. When i got back from my shower i saw i was up and closed my position. BUT I COMPLETELY forgot to cancel my stop market buy order for 3 YM contracts and i went to work!! I don't know how could i be so stupid! The stop was at 10620! And it was placed at 9:31 i believe, and I had no idea!! Even more shocking is that market today went all the way up to 10827 giving me a undeserving unrealized profit of over 3K! Ofcourse i had no clue i had that profit, i thought i was out! Then the market went down all the way to 10350 or so! and now i am down almost 4k! Sigh i can't believe i forgot all about the stop order. I have been so disciplined before this! just feel dumb now!
So had to vent, sorry
well look at the good side... if you make that same dumb mistake 2 more times you won't have any money left in the account.... so you can take a nice long shower then!