Ok, so not only did i get my ass handed to me today, but it was especially bad that the bby ultimately ended up doing roughly what i thought it might. I got too big too early and had to cover with the tape going straight against me. If i had a smaller position or waited till the open, there's a good chance bby would have produced a profit instead of a 63k loss. Lesson noted. The ebay turned out to be a modest loser and it looks like my daily PnL will be about negative 75k. Ugly. I'm keeping the 3k ebay options for another day or two as I'm seeing some of the stocks i traded the day b/f have a nice run into day two (ex. MOT from yday). If (i know its a big if) mkt stays positive tomorrow the ebay options could do well. I'm going to the movies and drinking beer now.
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Confessions of a successful trader
- Thread starter StLouisTrader
- Start date
Confession: my first serious drawdown was losing 10k. 5k two days in a row. I was scared. I get a lot less scared these days since I have a decent (almost 7 yr) record of coming back but the thing I think I've learned is that drawdowns anywhere and always really suck.
Quote from StLouisTrader:
I went ahead and covered all the bby given how bad it was acting and got a bunch of this ebay, about 93k shrs at 24.35 realized PnL negative 63k on the day
Wow, for fuck sake... $2,264,550 worth. Let me get some of that please.
If I had that much in a trading account I wouldn't even trade anymore. Maybe set aside $100,000 for pocket change here and there....
Quote from randy33:
"so much for your earlier claims. You impress way too easily"
You are not talking about me are you ?
Well, now that we have established the weakness of your powers of observation, we can safely say your earlier claims of your knowlede of StLouie's success was pretty much conjured out of your guesses and imagination...
got a late start this morning due to incorrectly setting the alarm on my new Iphone. Now fixed. Today i have short ADBE (closer to 34 the better), long AMZN (been buying in the premkt, can prob pay up to 86 for it, but rather around 85.50). Short DE if it gets one bounce toward 45 and long VRSN long should be decent paying up to 22.75.
Positions:
short 21k adbe at 33.90
short 11k de at 45
long 8.6k amzn at 85.71
long 22k vrsn at 22.80
So far everything working except de not doing much of anyting
short 21k adbe at 33.90
short 11k de at 45
long 8.6k amzn at 85.71
long 22k vrsn at 22.80
So far everything working except de not doing much of anyting
closed the amzn for a $1 gain to take a profit and pressed the adbe up to 33k shrs
sold the vrsn for a 23 cent profit, about what i had hoped for on that one and pressed the adbe up to 52k shrs
I covered the DE at a slight loss and got a partial fill covering adbe (20k shrs) at 33.01. leaving my 33.01 limit in or remaining shrs adbe