Ignore the futures. bull run today

Unfortunately this guy took a huge hit trying to catch the 2008 bottom in financials. "It can't go any lower now...". The guy is a Ivy League grad but incredibly one track mind. Some people have to learn it themselves. A few times I said, never again will I talk about finance with him. Stuff like this can get as bad as arguing about religion. It's the same as when experienced poker player tell novices not to play seven deuce but the novice tell them they won with it the last 3x. "As long as I'm winning what does it matter".

Quote from denner:

There's nothing uncommon about what your friend is doing. I've known more novice, beginning traders that put up tremendous runs WHILE the market trended upwards (or as the case may be they held out thru brief downturns). The problem is they will never stop until that 20k gain turns into 50k-100k in losses. It always ends the same way for the novice traders. Most just walk away, others might try to get back the "magic", but they usually don't since the psychological damage is too great.

It's why alot of firms will also hire people with no experience in the markets. They want that "empty tablet" so to speak and certainly don't want anybody with a bunch of mental baggage after going boom and bust a few times.
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Quote from noob_trad3r:

Taking off for the week on a trip so I sold 10 127 calls for 1 buck. november 19 contract.

on my 1000 shares long.
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smarter to buy some puts to hedge, in case Europe crashes into the Sea
 
Quote from lwlee:

I've got a buddy right now buying FAS and he doesn't know a thing about trading. He pretends he does. Anyway he's up like 20k swing trading 3000 shares since Sept. He thinks he's the shinizzle right now. I looked at his trades. He's been buying after every dip. Market has been good to him and not downturning. We argue about methodology and stoploss. He doesn't have one. Thought a stoploss was above the buying price. lol. So he tells me "as long as I'm making money, what does it matter".
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this is a funny post.
 
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