Biggest day ever
- Thread starter patbateman
- Start date
I worked for a group backed by two SP locals, one of which traded from upstairs and would have positions on in lots of different markets.
He made about $6million after 9/11 - carrying long puts...then made about $2million day trading on that first Friday after we reopened and the market had a huge reversal.
Of course one of the guys he backed lost about -500k that day. Interestingly, I never saw him lose more than -80k in a day or more than -200k on a position trade loser.
He made about $6million after 9/11 - carrying long puts...then made about $2million day trading on that first Friday after we reopened and the market had a huge reversal.
Of course one of the guys he backed lost about -500k that day. Interestingly, I never saw him lose more than -80k in a day or more than -200k on a position trade loser.
My worst day was actually my best day. Worst not being amount lost but instead being a lesson.
First trade ever: I was long corn and had the trade about 2 weeks patiently waiting for the early spring runup before the funds at that time usually started to price in the usual weather premium into the grain mkts. I had a 5 cent stop in on the trade.
Finally corn started to make the up move, i had visions of a new car at least. I called the broker after seeing corn had a really nice up move. The broker said: "but they first took the price down and you were stopped out. I immediately thought about a BUCKET trade and or was being given a line of crap. ...LOL
Lesson learned, know what game you are playing and be prepared for your own fate...... :eek:
First trade ever: I was long corn and had the trade about 2 weeks patiently waiting for the early spring runup before the funds at that time usually started to price in the usual weather premium into the grain mkts. I had a 5 cent stop in on the trade.
Finally corn started to make the up move, i had visions of a new car at least. I called the broker after seeing corn had a really nice up move. The broker said: "but they first took the price down and you were stopped out. I immediately thought about a BUCKET trade and or was being given a line of crap. ...LOL
Lesson learned, know what game you are playing and be prepared for your own fate...... :eek:
7/19/02 was my "best day." I made $18,800 that day net. I made over a point in 5 different stocks. This was the day that S and P kicked all of the foreign ADRs out of the S and P 500. I only used half my buying power for the MOC's that day, and I missed GS gapping up about 5 points at the close. During those days I was trading a lot of defense stocks, especially GD and NOC. I "only" made 2 points in GD that day and it had a range of over 6 points. NOC dropped close to 10 points that day and I only took down $1.20. The guy sitting to my right made over $130,000 in the last half hour of the day. Humility at its finest. 
I had only been trading for a year and a half then, so I think I will do better the next time that type of volatility presents itself. My worst day was on 6/3/05. I did the XOM moc that Friday, and I lost 55 cents on 8000 shares for a daily loss of $4,400. Apparently, a floor trader on the NYSE had more than enough shares to satisfy the buy imbalance and didn't tell the specialist until a few minutes before the close.
Someone asked how it feels after your best day. It felt great after the close. A number of traders I knew had their best day that day, so we went down to a local bar and celebrated. When I analyzed my trades later on that Sunday, I knew I missed a lot of opportunities in stocks that I had been trading regularly (the GD and NOC). I knew that day that I had a lot of work to do to get better, and I know it now when I look at some of the numbers that get posted on the P and L thread. After my worst day, I walked around and casually mentioned to Steve Tvardek that I just had my worst day ever. It didn't phase me at all because I knew I would make it back quickly (it took me the next 2 days the next week).
Its not a lot when compared to most people on this thread, but I'm still learning.
I had only been trading for a year and a half then, so I think I will do better the next time that type of volatility presents itself. My worst day was on 6/3/05. I did the XOM moc that Friday, and I lost 55 cents on 8000 shares for a daily loss of $4,400. Apparently, a floor trader on the NYSE had more than enough shares to satisfy the buy imbalance and didn't tell the specialist until a few minutes before the close. Someone asked how it feels after your best day. It felt great after the close. A number of traders I knew had their best day that day, so we went down to a local bar and celebrated. When I analyzed my trades later on that Sunday, I knew I missed a lot of opportunities in stocks that I had been trading regularly (the GD and NOC). I knew that day that I had a lot of work to do to get better, and I know it now when I look at some of the numbers that get posted on the P and L thread. After my worst day, I walked around and casually mentioned to Steve Tvardek that I just had my worst day ever. It didn't phase me at all because I knew I would make it back quickly (it took me the next 2 days the next week).
Its not a lot when compared to most people on this thread, but I'm still learning.
BEST: +4,500
WORST: -13,000
And that's only with a $32,000 account. brought my account down to $6,000 and now am back up to $13,000
LESSON: don't increase your size too quickly (I had been making money for over a month consistently with small size and so became greedy and increased my size by too much).
LESSON: when you're in a long losing streak, stay out of the market for a few days to clear your thoughts.
LESSON: never lose more than x amount in any single trade.....stick to that rule always and define x appropriately
Every day is a struggle. I've only been trading this account for about 7 months. I've learned valuable lessons though. THanks
WORST: -13,000
And that's only with a $32,000 account. brought my account down to $6,000 and now am back up to $13,000
LESSON: don't increase your size too quickly (I had been making money for over a month consistently with small size and so became greedy and increased my size by too much).
LESSON: when you're in a long losing streak, stay out of the market for a few days to clear your thoughts.
LESSON: never lose more than x amount in any single trade.....stick to that rule always and define x appropriately
Every day is a struggle. I've only been trading this account for about 7 months. I've learned valuable lessons though. THanks
Let's get this thread going again...
Best: +$8500
Worst: -$1600
Best: +$8500
Worst: -$1600
What happened to this forum, everyone cashed out after 07-08?