Blown up and Devastated

Quote from giannos:

Thanx Bitstream:

the poblem I have with trading small lots is this ....The emotion just isnt the same...For example trading 100 shares af ABC and it moves against me 20 cents...I'm offside only $20 bucks now and it doesnt "feel" that bad...As compared to if that was 5k and I was offside a grand....

how does a person keep objective and stick to their stops even if they are really only offside peanuts?
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giannos,
I have not read all the posts on this thread but you have received some good advice from guys like Futures Trader71. At the risk of repeating one someone may have already said here is what I think your problem is RESPECT.
Your above post shows that you just lack the key ingredient for longevity in this business, RESPECT. You have not yet learned (although I'm sure this experience will provide a good dose) that this is a serious and dangerous game. When you choose to make a trade, be it with small size or large, the rules are always the same and your approach to risk and reward must remain constant. You made the crucial mistake of being lulled by a stock like MSFT that has tight spreads, good volume , and good liquidity, and thinking 'oh I can play with size like the big boys cuz this thing won't get away from me and there are always opportunities to get out' . Well guess what, problem is you didn't RESPECT it or your rules (which it appears are based on $$$ you lose as opposed to a sound risk reward framework) and Mr. Softy jammed it up your ass!
Here's the point: if you are gonna trade, (and survive), you need to enter and treat every trade with RESPECT. You need to RESPECT the power of the market, you need to RESPECT the power of the stock, and you need to RESPECT the power of sound trading rules. RESPECT the power trading gives you and has over you! Doesn't matter if you are trading BIDU or MSFT both have the power to create financial freedom for you or take you out and you need to RESPECT that fact.
I could probably ramble on here for another page but I going to cut it and say, sorry for you loss, tough lesson, and wish you better fortune in any future trading endeavors.

Cheers,

IAM
 
Even scalpers have no good enough reason to be trading during the last 10 minutes of an options expiration day. The swings will tear anyone's head off.
 
"It is simply to trade well with a good plan, managed risk and consistency in execution and profitability. Read that sentence again and again. If you focus as much as your are now on the $$ behind the trade, then you will likely be a statistic."





100% agree with FT.
This is a very simple concept that 95% of all traders never master.
 
giannos,
whatever you do, BE CAREFUL the next two days.
If you thought expiration was a fucking nightmare- pre FOMC trade WILL be worse. DO NOT revenge trade the next day and a half, cut your size and be careful. Its obvious you are a good trader- dont be afraid to act like one after taking it on the chin
 
Quote from Steelhead:

giannos,
whatever you do, BE CAREFUL the next two days.
If you thought expiration was a fucking nightmare- pre FOMC trade WILL be worse. DO NOT revenge trade the next day and a half, cut your size and be careful. Its obvious you are a good trader- dont be afraid to act like one after taking it on the chin
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Thanx....I plan on NOT doing any trading untill I can learn to control my emotions...Easier said than done, but I have gotten alot of very valuable advice from this thread...I plan to dramatically cut my size down for the forseeable future...Working on my execution and mm skills...keeping stops in place and NOT waivering from them, sticking to my plan, and re-evaluating my entries....I have ALOT of homework to do, going over all my positions, why I took them, why I exited, and why I didnt when I should have.....I did take it on the chin, and I will bounce back....I think a few days of reflection are in order before I get back into the ring
 
Quote from giannos:

Ok heres a general idea of how Sept started and then ended...

first day of Sept Trading..... .... + 220
Second................................ - 160
third.................................... +260
4th...................................... + 60
5th...................................... + 40
6th...................................... - 800
7th...................................... + 440
8th..................................... + 260
9th..................................... + 400
10th.................................. + 240
11th................................. - 1540
12th................................. - 1900
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giannos,

what was the highest amount you've been down on the positive days? you should read some of the articles you can find under this link - esp. those "when to stop trading ...". i don't know about the results of your former trading months/days - but you clearly need a daily stop loss (maybe $150 - or whatever).

http://www.brettsteenbarger.com/articles.htm

all the best for you!
 
Quote from AAAintheBeltway:

One of the most astute pieces of advice in this thread. Why would you want to be long a stock that is down on a day when everything is up? I know the newbie thought is it will catch a bid but typically they don't.

It's heavy for a reason. Why swim upstream?
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====================
Its still heavy, still typical heavy downstream current;
still closing down.:cool:

If that had been a strong sector swingtrade, like oil stocks;
his pullback enrty could have been a good one,
now another down close added to weakness for MSFT.
 
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