I'm going long here

Quote from Cutten:

It wasn't one of my better days, let's put it that way. I got out of half at around 1025, the rest at 1016, and also lost a bit trying to get on that late mini-rally which also failed dismally, so overall dropped about 35-40 points per contract.

I didn't scale in just because I had pretty high confidence in the trade, and was expecting some "news" from the authorities. When it came, I just overlooked the likelihood of a big selloff later in the day. Looking back, I should simply have focused more on the downside if I was wrong, rather than the upside if I was right (common mistake after a good run). After the Bernanke news and subsequent rally, I probably should have raised the stop on the whole trade up to around 1240 (the ES was around 1243 when that pre-open rally hit). That would have limited my losses much better - if it was going to be a big up day, it should not have fallen back below there.

That's the problem when you have conviction on a trade, if you're wrong you tend to take a bath :) It's easy to get fixated only on your own view, especially if the market seems to be proving you right at first. After today I don't feel I have a good handle on which way the market will go, so I'm mostly in cash and just focused on avoiding further losses for now. Got a few puts and calls out-the-money in case of a really big move, but that's about it.
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Sorry to hear that Cutten. Just be patient and wait. For those who have cash (and there aren't that many out there) there will be plenty of time to make a fortune after the dust settles.
 
Quote from piezoe:

I have no argument with that. If you want to wait, fine. I am scaling in (averaging down). Something i would not do as an intraday trader. These are investment accounts i am talking about. And i am for the most part buying via selling puts, so i am locking in prices even lower than todays. So you say, why not wait and sell puts at an even higher price? Ok, fine, just tell me how low the market is going and i'll wait. :D

So, if the market goes to zero, or the sun burns out, i'm screwed. Nothing wrong with waiting, but i'm selling puts from here on down.
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were you around the market back in 2000-2003 ?

Did you not see the nasdaq sell off 78%. Those who waited until it stopped going -down -slept better and -made much more- over the next 3-5 years. Much more!!
 
Quote from stock_trad3r:

Light volume selling. The spooz should easily end green today. Dow 11,500 soon.
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BZZZzzzzzzzztttt.....WRONG AGAIN! :eek:

Take what the market will give you and quit trying to pick a bottom without a proven system based "signal".
 
Quote from MaxxHeatt:




Cramer, a former hedge fund manager who hosts CNBC's "Mad Money," shocked the business world by going bearish on NBC's "Today" yesterday. He told the show's Ann Curry the market is unsafe for at least the next five years.

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HAHAHA unsafe for the next 5 years, why doesnt he just quit his show and move on, I guarantee you if the market were to turn up 2000 points in 6 months he would get bullish at like 12500 and say buy when in fact its the time to sell because he is the biggest contrary indicator there ever was.
 
hasnt cramer made it clear to the media outlets that he is irrelevant ?I hope they stop using him as a market expert.
 
Quote from S2007S:

HAHAHA unsafe for the next 5 years, why doesnt he just quit his show and move on, I guarantee you if the market were to turn up 2000 points in 6 months he would get bullish at like 12500 and say buy when in fact its the time to sell because he is the biggest contrary indicator there ever was.
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agree:D
 
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