Break even on DXD yet?
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Black Tuesday
- Thread starter The Kin2
- Start date
Break even on DXD yet?
Quote from stock_trad3r:
Break even on DXD yet?
No, not yet.
I did buy some DDM at the close in case of a bounce in the morning. If we do open higher in the morning and start to run, I will dump it and buy more DXD or SDS since I think there is more pain to come.
I'll take advantage of the dips when they present themselves and scalp both ways.
Quote from jdeezero05:
sure, once i've been trading the same setup for 5 years that makes sense. to me it makes sense to learn to crawl before you even attempt to fly. 20 YM points a day is my goal. When I've hit that I'm done. If i got a hundred on the week I've been done. 15 point stop, if I get down 40 points on the day i'm done. 120 points down for the week, i'm done for the week. Haven't had that happen yet with this style management yet though. 5k account, 1 car. This morning though, I rode the trend, tried to jog for the first time. Could be done for the week if I want. The remainder of this week has no emotion at all. Market is going to have to entice me with the highest probability setups I can get to risk what I made today, all the pressure is off now on the week.
To me this is exactly why most traders fail. Good look getting "to the moon" when you can't even crawl without falling on your face. Not saying thats your situation, but giving me that advice is just shit advice, no disrespect.
A surefire recipe for permanent piker status if I ever saw one.
For some reason I'm in the mood to do you a favor and take the time to explain what you're doing here:
My job is to collect strands of beads off the streets of New Orleans. I need to collect 500 strands every year to make a living, so I figure I just need to collect 10 strands every week.
The past few months have been tough- I've had to work pretty hard to collect my 10 strands/week. However, this week is Mardi Gras, so there are currently beads all over the place for the taking. The streets are flowing with a massive bounty- beads are literally everywhere! I've already managed to collect my 10 strands within the first five minutes of Mardi Gras week. This is great! I've already made my weekly quota, so naturally I'll now be taking off the rest of the week. Beads crunch under my shoes during my walk home, but I don't bother to pick them up. Why should I bother? After all, I already have my weekly quota in hand, so the pressure is off. Time to hit the bar!
For some reason I'm in the mood to do you a favor and take the time to explain what's wrong with your analogy.
It's mardi gras and beads are everywhere. I decide to try and pick up all 500 in one day. After picking 427 of them up, I am so tired and delirious and weighted down from holding all of these beads that I fail to see the drunk driver heading towards me and am killed instantly due to my own greed. Was the risk worth the reward ?
It's mardi gras and beads are everywhere. I decide to try and pick up all 500 in one day. After picking 427 of them up, I am so tired and delirious and weighted down from holding all of these beads that I fail to see the drunk driver heading towards me and am killed instantly due to my own greed. Was the risk worth the reward ?
Quote from Rearden Metal:
Quitting early after a big gain is the second worst trait a trader can have. No offense, but you'll never be rich.
This may be one of the best quotes i have ever heard here. Everyone i ever traded around wanted me to cashout early, and it never made any fucking sense to me, with that mentality i would have never had a 20k day, it seems to me that people try to preach this because they assume traders who can hold on to every dime they make in profits are just real good at "cashing out"
It is a total fallacy, thx for the comment RM, it is nice to see someone who kicked the wins losses to a 6 figure mark per day, that works for them, because everyone in prop seems to think that the way to make more money is by cashing out early.
For me it was always push it to a new level, and i will not lie here i have taken some monster hits, but they are totally random and if i never pushed for that extra (K) trying to kick it to a nw level of profitability i probably never would have been profitable.
Bottom line is when the market is feeding you cash why cash out early?
It is impossible to teach "greed" to traders and from what i have seen 90% of traders find a comfort zone and stick to it.
Why people woud cash out early makes no sense to me, when the market is giving it out keep going, the same guys who cash out early may mak more conistent cheques but by no means do they make bigger cheques.
Quote from volente_00:
For some reason I'm in the mood to do you a favor and take the time to explain what's wrong with your analogy.
It's mardi gras and beads are everywhere. I decide to try and pick up all 500 in one day. After picking 427 of them up, I am so tired and delirious and weighted down from holding all of these beads that I fail to see the drunk driver heading towards me and am killed instantly due to my own greed. Was the risk worth the reward ?
There are times to go to the bar, but THIS IS NOT THE TIME. This is the greatest opportunity you may have for years. When opportunity knocks you don't go sneak out the back door because you are afraid to lose.
The volume is tapering off so much on each selloff/test, though. It's looking less and less convincing, even if it does drop a little lower.
Quote from empee:
yesterdays action was ominious. We should at last test support levels today ?? is do they hold. Or how many times we gotta test till the break... (or alternative hold)
Rearden Metal: I always enjoy your posts. What's your view of the markets right now?