OIH and Drillers

Quote from makloda:

What about your SMH position? Added 'for a quick trade' but never found an exit? Because you don't use stop losses? Of course, you never have losing trades that way. Your entire account is just littered with dead bodies of old deep in the red trades that you refuse to close LIKE A TRADER WOULD:

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I still own it, I might sell it at a loss by december but I havent decided, Most likely I will hold it until it gets back to $25. I still own a bunch of QID, SKF, FXP, DXD, etc so if it goes to $10 Ill just buy more with my profits from all those inverse ETFS.
 
Quote from S2007S:I still own it, I might sell it at a loss by december but I havent decided, Most likely I will hold it until it gets back to $25.
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Look, don't you see that's not a good way to risk your money? Going into positions without a proper plan how to exit when it goes against you?

Remember the steel stock thread? I think it was in the summer. I said steel stocks looked tempting for a move higher. I had like 300k in all the momentum names. AKS, STLD, X, GNA, RS. You said "They will go down". I was laughing at you. You turned out to be right. But you know what? As they dropped below their moving averages without any resistance I sold them and took my losses. I felt like a moron selling, thinking they'd rally back right after I sell. But I knew I could always get back in - even if it meant paying higher prices - should they turn around and then participate in another leg higher.

They never looked back though. I remember selling X around $110/$120. It's at $30 now.

Trying to be 'right' against the market is a losing proposition.

The best advice you need is this one: Get a proper trading discipline. When a position goes against you (farther than anticipated) GET THE HECK OUT. Don't ask questions, don't average in. Don't be took cocky to admit you were wrong.
 
Quote from makloda:

Look, don't you see that's not a good way to risk your money? Going into positions without a proper plan how to exit when it goes against you?

The best advice you need is this one: Get a proper trading discipline. When a position goes against you (farther than anticipated) GET THE HECK OUT. Don't ask questions, don't average in. Don't be took cocky to admit you were wrong.
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Excellent advice!

Unfortunately our good buddy S2007S appears to be more of a "collector" than trader.
That's why there is no use of discipline. It's all on emotion.

Hard to believe that anyone can actually risk their hard earned money that way.
It really begs the question as to whether he really DOES actually put on positions in the market, or whether he simply gets off reading what he posts all day long on ET.
 
shorting oil sector now is counter intuitive and crazy.

oil has been bumbling around 50$ and oih is taking off...hero is up almost 100% since friday low.NOV up 35% since then.
 
DUG at $36+,


Sold off about 50% of my position at $36.05.....


Worked out well

Still holding


FAZ
TZA


WOWSERSSSSSSSSSSSS
 
OIH and the KOL surging again today.
Portfolio managers and traders continue to push this group higher off of several double-bottom formations.
Great trading group!
:)
 
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