I need to share this.....

Mr softy breaking last weeks highs in premkt..might be time to reverse that play??? Major trendline support on the weekly @ 10/11/02,3/07/03,6/13/03 and 11/21/03...if I were a betting man I would have a buy stop in at 25.85 on the open for all they will sell me here :D
 
I trade softie usually with 5 - 10k per line, but add it up to up to 20 (rarely do I go in more than 20). Have very tight stops (usually), except in this trade my stop was 4:00 PM.
When I was in this trade, the voice of reason told me: get out and long, the stupid voice was telling me (stay short, trust me).

Softie an absorb a lot of shares, so a position of 20k is not that large for the stock (it is a large dollar position).

Good thing I closed it out before close, its up pre-market now.

Good luck trading everyone!
 
AT. I don't know which froze me more; Your joke of the reckless gambling maniac or your real story of the reckless trading maniac. :D

Geez man, must've been a helluva shock, though. Did your close trigger finger freeze during the trade as well?

Thanks for sharing a freezing story, though. I think nothing has scared as much shit out of me since I watched "Poltergeist" without parental guidance at age 7... You sure got nerves, man. Take a few days off.

-S
 
Quote from AnonymousTrader:

I trade softie usually with 5 - 10k per line, but add it up to up to 20 (rarely do I go in more than 20). Have very tight stops (usually), except in this trade my stop was 4:00 PM.
When I was in this trade, the voice of reason told me: get out and long, the stupid voice was telling me (stay short, trust me).

Softie an absorb a lot of shares, so a position of 20k is not that large for the stock (it is a large dollar position).

Good thing I closed it out before close, its up pre-market now.

Good luck trading everyone!
More...

Maybe your "stupid voice" and your "voice of reason" are one and the same; it's just that, in hindsight, you put all your bad trades in the stupid file and your good ones in the reasonable file. After all, in spite of all the general TA pretensions to "reason", all trades are ultimately intuitive.

I shorted NT 13 times (never went long) on the way up and won every time. Missed the big one though.

I admire your courage. Don't get gunshy.
 
For a fact, the two voices were very different. But i still blame the trade on myself - i'm illustrating a point that do not listen to "extra signs" in your trades.

The other voice was the voice of hope and greed in one.

(I was also down several thousand at the time of the trade).

So I had a very Bad day yesterday.

Hope it tought me (and you) a lesson.

Good luck!
 
Quote from AnonymousTrader:

For a fact, the two voices were very different. But i still blame the trade on myself - i'm illustrating a point that do not listen to "extra signs" in your trades.

The other voice was the voice of hope and greed in one.

(I was also down several thousand at the time of the trade).

So I had a very Bad day yesterday.

Hope it taught me (and you) a lesson.

Good luck!
More...

OK. You know yourself better than I.

I know from my own experience that daytrading short a rising stock is no less intelligent than going long; the trick ( that works for me ) is to wait for the days that the high for the day is likely to occur on or shortly after the open. Profit-taking is an inevitability - very little else is.

Also, for the both-ways daytrader, with massively liquid stocks like MSFT, out-of-left-field decimating gaps are more likely to occur on the downside than the up. If you're going to take a gigantic position and can monitor it closely, it makes more sense to go short than long.

I assume you monitor your stocks closely; if so, your trade wasn't stupid - it was just big. After all, in this environment, no matter what you do with your money, you're gambling.

P.S. I bet the farm shorting TXN @ 29.67 avg. this morning; so far it looks good. Got my stops in.
 
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