I agree a valuable lesson is being tought to be would be traders. I had to go through this and I am sure every good trader on this board has as well. These days I am happy making 2-3000 not 40,000. With those 40,000 days came alot of big down days and big heart aches that hurt my wife and daughter. Consistency is key in this business. Consistent wins is impossible but consistent following of a daily hard loss limit is totally achievable.
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I am being SQUEEZED!!!! by the ES
- Thread starter saxon22
- Start date
I agree a valuable lesson is being tought to be would be traders. I had to go through this and I am sure every good trader on this board has as well. These days I am happy making 2-3000 not 40,000. With those 40,000 days came alot of big down days and big heart aches that hurt my wife and daughter. Consistency is key in this business. Consistent wins is impossible but consistent following of a daily hard loss limit is totally achievable.
Quote from slimpickingsfor:
I'm thinking this is BS!
Show a snap of your position adding up to your story line.
Not sure why someone would lie about a LOSING trade, but i'd also like to see an account screenshot out of interest!
Anyway, I hope it works out for you, although im ALWAYS bullish on the ES
Quote from thoreau777:
Saxon, please reduce your risk. Do not take the mother of all losses. You are in danger of going on "tilt" mode, which is the last 'stage' of a gambler... especially if you are considering adding to your position. Please do not learn the hard way. However, I will congratulate you in that this is a very valuable thread for would be traders. It does pose as a wonderful didactic exercise, so your introduction of this thread is a gift. Please let us know how you react in this precarious position.
wow didactic, precarious did you go to one of them fancy colleges?
Quote from i_c_fed_people:
Not sure why someone would lie about a LOSING trade, but i'd also like to see an account screenshot out of interest!
Anyway, I hope it works out for you, although im ALWAYS bullish on the ES
It's happened before here many of times. Many reasons people will do it. A few are just for simple attention and to see how people react.
Boy, you got some balls Sax! Based on how the market is trading after that gap up I have a feeling you're gonna see your break even point. If you do, my advise would be to take as much off as you can at break even and let a few ride ( with a stop !!). I'd take 60 off and leave 7 on and see if you can squeeze a few bucks out of the position. Good luck!
Quote from saxon22:
-30K more or less.
BTW to make it more stupid I increased the size to 67. BE at 1222.74.
This is either going to make me or take me down hard.
Quote from saxon22:
-30K more or less.
BTW to make it more stupid I increased the size to 67. BE at 1222.74.
This is either going to make me or take me down hard.
Any retail investor, financial planner, mutual fund manager who is buying the S&P today should be asking this question:
"I am going LONG with yet another GAP on the SPY on the SIXTH consectutive day up in a market with LOWER daily volume because..."
Or better yet: "I am going LONG on every high, and I do not consider the fate of being in a drawdown because..."
As traders we know the phrase "the market can remain irrational longer than we can remain solvent." Today they used the "tax cut extentions" to bid up the futures.
You mention it was "stupid" to add to your position, but that same logic also works against the longs at some point. It's always a matter of timing, on both sides.
Good luck with your 1222 target, hope it works for the best (and I also agree with the other post, show the trade on a screenshot).
Covered out Euro LONG's (1.3400 hit) and hit 1 ES target at 1228.25's so far. CL hitting targets in massive CL sell off (next target at $88.20) and so far the ES remaining SHORT inventory mentioned earlier is still in place. So far so good......watching Equities market breadth and we have Advancers/Decliners bleeding off some strength with good volume still flowing into advancers (mixed action);Quote from AMT4SWA:
ES down to only 50,000 contracts still holding SHORT with Euro rally back towards 1.3400's and EU market strength last night.....cash session action today will be key out of open to watch for BUY or SELL program activity.
Sold 2 "ES" so far this a.m. at 1233.25 with targets at 1228.25 / 1223.25 ......after a pretty slow day yesterday we should at least get some good action after the cash session open today (with opening inventory imbalance....inventory held that is underwater at the open). Holding some LONG Euro positions waiting for 1.3400 targets.....selling CL in the 90.39's/90.57's so far this a.m.
http://www.charthub.com/images/2010/12/07/VOLD