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Lost 100K in one month, 50% wiped out, start to write journal
- Thread starter lost100k
- Start date
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you did better than Warren Buffet, his takings most down at least 50%+. not too bad.
add more money, buy more stuff or short more stuff, created a gigantic portifilio, will have more fun
just a joke
my serious suggestion, close all your positions, and withdraw 80~90% of your account value, left 0.3k ~0.5k money in your account. if you lose the remainings, you need say to yourself: bye bye market, no more, leave the marhet for good
add more money, buy more stuff or short more stuff, created a gigantic portifilio, will have more fun
just a joke
my serious suggestion, close all your positions, and withdraw 80~90% of your account value, left 0.3k ~0.5k money in your account. if you lose the remainings, you need say to yourself: bye bye market, no more, leave the marhet for good
could you post your loss records? very interested in that
First piece of advice sell all your aig shares if they open up tomorrow. Then get short. You're on the wrong side of that trade for sure. I can't believe they fooled anybody with that reverse split.
One mistake can ruin all the life.
Average down, it is the cause make me loss 30K on MRNA. I was doing average down many times, and never has problem until this time. I have 200K in assets and 10K to buy MRNA at start. When MRNA goes down, I add more to 60K. Unfortunately, MRNA did not go back this time. I finally stopped out with 30K loss.
Average down, it is the cause make me loss 30K on MRNA. I was doing average down many times, and never has problem until this time. I have 200K in assets and 10K to buy MRNA at start. When MRNA goes down, I add more to 60K. Unfortunately, MRNA did not go back this time. I finally stopped out with 30K loss.
Quote from NoDoji:
Here is some help:
I think you are trading too many things.
Find 5 stocks or ETFs that provide decent daily/weekly ranges, and have reasonable spreads and high liquidity.
Study their charts in several time frames: 52-week, 6-month, 3-month, 3-day and intraday (down to the 5-min level).
Know the major and minor support & resistance levels by heart.
Know where price is in relation to the 200-day, 50-day and 20-day moving averages.
Before putting on the trade, note why you are putting on the trade, the price at which the trade setup would be proved no longer valid, and an initial target price.
The price that would invalidate the trade is your stop loss.
Choose a position size so that if the stop loss is hit, you do not risk more than 1% of your trading account (less risk is actually better).
Make sure your initial target gives you a profit of at least 1.5 times your stop loss.
NEVER move a stop except in your favor.
That's a start.
More good advice. I don't understand what he is trying to accomplish. Obviously the long/short approach isn't working. This is one of the worst markets in memory. I know veteran traders who consider it virtually untradeable. Not the time to be in margin or bet the ranch.
Hi, millerbdog,
AIG really confuse me. The reason I bought is they have book value over $300 and now trade at $13. I think they still have 30 B on balance sheet and assets at 600B. It is true that they may loss over 30B in a sudden on that 600B (just need to loss 5% of its asset) and make the stock worthless, but they are also actively selling their assets to make the leverage down.
Another confuse is the government bailout. I think government give 100B loan to them? which should on the liability on the balance sheet. News said government has 80% stake on the company? I think they still did not
exchange loan to common stock. If they exchange, total shareholder equity become 130B and current holder has 20B in control and the book value is still over $200.
Not sure if I am right on AIG. But my thinking is the reward looks greater than the risk.
AIG really confuse me. The reason I bought is they have book value over $300 and now trade at $13. I think they still have 30 B on balance sheet and assets at 600B. It is true that they may loss over 30B in a sudden on that 600B (just need to loss 5% of its asset) and make the stock worthless, but they are also actively selling their assets to make the leverage down.
Another confuse is the government bailout. I think government give 100B loan to them? which should on the liability on the balance sheet. News said government has 80% stake on the company? I think they still did not
exchange loan to common stock. If they exchange, total shareholder equity become 130B and current holder has 20B in control and the book value is still over $200.
Not sure if I am right on AIG. But my thinking is the reward looks greater than the risk.
Quote from millerbdog:
First piece of advice sell all your aig shares if they open up tomorrow. Then get short. You're on the wrong side of that trade for sure. I can't believe they fooled anybody with that reverse split.
I have a feeling this may be Mr. 40 Aliases (Cold/c-kid, Jasonn...). He has a history of shock titles and this looks his M.O.