I'm down big time today.
- Thread starter pumpanddumper
- Start date
Take this as constructive criticism please. I saw a funny photos of PTJ many years ago, it said losers avg. losers. Don't feel bad, just learn. I did the same several years ago trying to short crude on funnymentals alone. Let's just say it wasn't pretty, but I recouped, got my head straigt, and you will too. The only valid way to avg in is if it is part of your trading plan, plain and simple. Lastly I made almost the same mistake as you, I wanted to short the doji on the high of the ES/ER yesterday, but I realized my unless I have atleast a 50 lot, which I don't, don't ever try and stop a freight train.
Great job today flipflopper to get back in the saddle and stay disciplined.
Like you I struggle on strong trend days, as do many stock index traders. Most days have plenty of back-n-fill, yesterday that was almost completely absent, today being much more typical so not surprised you had success today.
There really isn't a manual for how to trade days like yesterday, essentially an "up" version of Feb 27. If your trading style depended on days like yesterday to survive you would be in a world of hurt since they happen so rarely. The good thing is your style works most of the time. The trick then is learning how no to blow up on big trend days, something I have always struggled with.
Like you I struggle on strong trend days, as do many stock index traders. Most days have plenty of back-n-fill, yesterday that was almost completely absent, today being much more typical so not surprised you had success today.
There really isn't a manual for how to trade days like yesterday, essentially an "up" version of Feb 27. If your trading style depended on days like yesterday to survive you would be in a world of hurt since they happen so rarely. The good thing is your style works most of the time. The trick then is learning how no to blow up on big trend days, something I have always struggled with.
Some people enjoy seeing others fall hard so they can feel better about themselves. You can say, "hey, at least I don't suck like that guy" (me, being that guy).
I tried to quit smoking 4 times and came to to the conclusion I will eventually die from it. Each time I tried whether cold turkey, patch, gum,....I felt emotionally and physically more and more sick. Got really depressed, couldn't function at my day job (when I had one), and just felt like shit.
You can go on and on how its in your head and will power nonsense but some people like myself are just plain physically addicted and don't function normally. It's sad but true. Plus I do really enjoy smoking. It's like that George Carlin saying: "Now that I quit smoking, I'm gonna live but now that I quit I want to die.
It really sucks to be a smoker. You're looked down upon, it's taboo these days, it smells and bothers most, can't smoke much anywhere in public like bars, ball games, concerts. Your freedoms are limited big time. Plus girls don't like it unless they are smokers themselves. I think every girl I dated except one was a smoker herself.
I admire the people that have quit. Well the ones that were hardcore pack-2 pack a day smokers. Not those cats that just smoke when they're drunk or once in awhile.
I remember saying I'll quit after college. Well that was 7 years ago. Now its, I'll quit when I'm 30 and thats fastly approaching. Then its, I'll quit when I get married and/or have kids, or quit when I retire. Yeah, sounds great but ain't happening I know with me.
You guys make it seem like it is so hard to make money in the market when it really isn't.
Stocktrader you sir are an idiot. Your comments make me think you have never and I mean never made a trade in your life.
Jimmygold way to kick someone when they are down. I have lost over $20,000 in a day about 5 times in my career(none latley because of risk management tools). People did tell me to give it up after that. Guess what I did not listen to them and I am a better trader now after learning from those days.
Flip keep your head up and good for you for having a solid day today and not trying to get even with the market. It takes a lot of balls to post that day you had.
Jimmygold way to kick someone when they are down. I have lost over $20,000 in a day about 5 times in my career(none latley because of risk management tools). People did tell me to give it up after that. Guess what I did not listen to them and I am a better trader now after learning from those days.
Flip keep your head up and good for you for having a solid day today and not trying to get even with the market. It takes a lot of balls to post that day you had.
Quote from ksonsinc:
hey pumpanddumper atleast u r a honest guy
There are a lot of pll loosing money but they wont tell a shit.
And yea it make,s a person feel bigger when he see someone fall or loose lot of money.
Thanks, I'm actually more comfortable writing about losses or bad beats. I really do believe the statistic that 80% or more day traders fail. There comes a time when you have to take the chips off the table and throw in the towel and say hey, I fucked up and deal with it. Some never do, then go on margin, lose that, lose their house, wives, and blow their heads off.
And yes, there is a bit a satisfaction when someone falls flat on their face but only if they are a cocky greedy bastard.
I will and always believe the only way to make big $$ in the market is to get tipped off. Remind me to follow through with a position from a multi-millionaire options derivative specialist on Wall St. There is no worse feeling when you go big into a trade, watch it go down a point, it comes back and feel good to be even and bail and the f'n stock triples in the next year.