I'm down big time today.

Quote from flipflopper:

Yup I am.

I was up $1100 trading 3 contracts of the YM yesterday. I was short at 13640 with a stop at 13650. I thought they were going to pop it before a dump at the close so I removed my stop loss planning to cover about 5 minutes after the cash close.

From 3 minutes before the close to 15 minutes after I had lost about 40 points!??! So of course I started averaging!! I knew it was stupid I knew it was armatureish and ignorant but I didn't care I was pissed thought the pop was bs.

Anyways to make a long story short I had been shorting since after the close yesterday to this morning and afternoon.

Finally covered for a 17K loss. Yup, turned trying to prevent a $150 loss into a realizing a 17K loss.

I knew I deserved to be punished for my rookie move but this was excessive.

Oh yeah... did I mention it's my birthday today? Yay!!
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First of all, happy birthday, hopefully you have enough reasons during the day to celebrate despite the economic setback.

As far as your loss, this is exactly why averaging down is the devil. It usually works, until it does not, and when it does not the loss is monstrous. Contrary to averaging up, once again I can't stress it enough.

Unfortunately, I got more bad news for you. It sounds like you are not prepared to trade, I would stop immediately until you can prove to yourself you have a proven good system and the right discipline for it.

Sorry for your loss, now don't try to revenge trade it, I assure you, the loss will just get bigger and bigger.
 
Quote from michaelscott:

Ummmm...this is not an investing website. When will some of these guys learn that most of us here are nothing more then daytraders. THIS IS NOT AN INVESTING WEBSITE. Pumpanddumper is like me, just get in for the pump and out real quick to look for the next one.

If we wanted to invest, we would be on a stock investing website. Stock investors are outcasts here and they are the crap of this website that make it hell for the real traders.
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You say you like to trade and be in an out, yet you over analyze every trade from a fundamental point of view. Those two points don't go together at all. You don't ever say this trade is good for x dollars, you declare major downfalls or up movements that cannot happen in the short period you describe above. This is why I know you don't have a clue, but think you do.
 
Quote from jimmygold:

You need to STOP Trading immediately !! And totally reevaluate your situation.
From what you have said above and what I have gathered, trading is NOT for you .
I am a rookie too and have been trading YM for about 5 months now.
I could not even to imagine demonstrating such reckless emotion as you have, even in my first week of trading.
Something of this magnitude and this catastrophic should not be looked at as some kind of learning experience, or going thru the school of hard knocks etc..etc..etc blah blah blah . Thats BS my friend !! Lets Face it and lets be realistic , what you did is just flatly INEXCUSABLE !!! Trading is not for everyone and there is a certain amount of emotional IQ that one must already possess even to consider getting in this game. You seem to not have it. I know that sounds cold but I am just being honest.

And bottom line, this debacle should be taken as a clear signal to you that there are other endeavors that would be more suitable for you than trading !!
End of story !!
IMHO
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I'm willing to post my P/L statement everyday next to yours. I'll let you reevaluate your opinion in 6 months.
 
Quote from jimmygold:

You need to STOP Trading immediately !! And totally reevaluate your situation.
From what you have said above and what I have gathered, trading is NOT for you .
I am a rookie too and have been trading YM for about 5 months now.
I could not even to imagine demonstrating such reckless emotion as you have, even in my first week of trading.
Something of this magnitude and this catastrophic should not be looked at as some kind of learning experience, or going thru the school of hard knocks etc..etc..etc blah blah blah . Thats BS my friend !! Lets Face it and lets be realistic , what you did is just flatly INEXCUSABLE !!! Trading is not for everyone and there is a certain amount of emotional IQ that one must already possess even to consider getting in this game. You seem to not have it. I know that sounds cold but I am just being honest.

And bottom line, this debacle should be taken as a clear signal to you that there are other endeavors that would be more suitable for you than trading !!
End of story !!
IMHO
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There went the life-preserver. You gonna take it?
 
Quote from nkhoi:

pretty easy, hold your postions and long NQ instead.
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The after 2pm ralies are gold, Jerry, gold!

24.jpg
 
everyone has "big losses" from time to time in this biz

the key thing is to reduce size , re focus , take a break
if needed and esp. figure out WTF went wrong
even if it was only averaging down

if you can understand that there are bigger fish out there
looking to swallow small traders whole who swim into their waters without a plan or without seeing them

you might have a chance

good luck to all

:cool:
 
Quote from SethArb:

everyone has "big losses" from time to time in this biz

the key thing is to reduce size , re focus , take a break
if needed and esp. figure out WTF went wrong
even if it was only averaging down

if you can understand that there are bigger fish out there
looking to swallow small traders whole who swim into their waters without a plan or without seeing them

you might have a chance

good luck to all

:cool:
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Thats spoken like someone who's been around the block. I've been trading stocks for about 4 years successfully and now futures full time for 4 months. I get nailed by an anomaly and told to get out of dodge. I was not trading today. Just being stupid and got caught in a squeeze. I've made way more money in stocks then I've lost and told to run cause of a bad day.

Like I said I'll post my P/L next to his everyday.
 
I'm sure flipflopper has done very well. Just a bad day, we've all had them.

As for me, I just suck as I got back into trading this year. It is driving me nuts and making bad bets last couple days. I had to large bills last week and tried to get greedy making it back. I need a break. I feel like a degenerate gambler. I should probably cash in some positions. I need to buy a home, pay off my student loans, before this year turns into a six figure bad beat. I'm just glad i don't play on margin.

I'm better off position or swing trading and having a regular job. I'm a failure as a day trader case closed. The only way for me to make money in the market is to get tipped off.
 
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