Blown up and Devastated
- Thread starter giannos
- Start date
Giannos, 20-30cents move in a 25dollar stock should not have the impact to "blow you out."
You're trading size you can't handle. when i opened this thread, I thought you got killed by some big mover. And when you wrote that "AMAT ripped you apart yesterday," I thought AMAT had a giant move. But then I looked at the chart, and it really barely moved. Very insignificant, at least.
But if that kind of insignificant move was able to "rip" you apart, then you're really gonna get your bottom ripped if a REAL move ever happens.
Bottomline: you should be trading smaller size.
You're trading size you can't handle. when i opened this thread, I thought you got killed by some big mover. And when you wrote that "AMAT ripped you apart yesterday," I thought AMAT had a giant move. But then I looked at the chart, and it really barely moved. Very insignificant, at least.
But if that kind of insignificant move was able to "rip" you apart, then you're really gonna get your bottom ripped if a REAL move ever happens.
Bottomline: you should be trading smaller size.
Quote from giannos:
Well today I offically became a statistic....I have joined the 95% of traders who fail ....My story begins like this.
I was a product of Swift trade a while back and moved on to bigger and better things....Rebating just wasnt for me...I joined a prop firm and have been trading with them for the past 4 months....Yesterday AMAT ripped me apart and today it was MSFT.....I was long MSFT and geting wacked, slowly my losses added up...I was scaling my position as I did want to eventually have some size....But it was on the downtrend....At this point I was long 7000 shares at 26.13....It approched 11 a few times and would not break through...I was just hoping to flaten out and re-think my entry..I was gonna scrap it at 11 but to late, now its at 07-08 and im down alot...so I held.....Then I kept holding when it was between 02-05...At this point I was more than ready to bail...But looking at my blotter and praying to the God's, I couldnt pull the trigger....So locked and loaded I bail at 25.97...If it drops below $26.00 I remeber thinking that it could find its way down another 20 cents....Now it rallys some and it is finding resistance all the way up...I look over the chart for the 100th time and tell myself your fighting the trend...Now I decide to go short, 7000 short at 06...Now it starts ripping up and I have no choice but to get out of the way at 16....It goes to 25 and then tanks to 01...WTF?.....Long or short the market took my dumb money and I am left wondering what went wrong....Had I held longer I would have been up over 2k, had I not paniced looking at my blotter I would have bailed along time ago and maby would feel better about myself right now......So many questions as to WHY did this happen or why did I do this ????
I love this business and am wondering how I can recover from 2 days of hell
I suppose I expected to blow up sooner or later, but a part of me wanted to think that I could be exempt from the 95%.
How do you pick up the pieces and regroup?
How do you carry on?
How much $ were you down for the day?
Start by reading Phantom of the Pits.
If you don't know the price where your position is wrong, then you shouldn't be in the position. Also, if you are betting more than you can stand to lose when that stop price gets hit, then you shouldn't be in the position. RISK is the brakes on this fast car we call the "market". It is always nice to jump into a faster car (more size) to drive around the track a few times, but if you don't know where the brake is and when to hit it then you might end up in a pile-up.