RM's occasional market calls...

Now I have small limit orders out to scale out of the position incrementally. The more silver drops from here, the smaller my position will become.

Edit: I'm already out of 1/4 of the position, since silver has already dropped significantly from the pre-open where I was shorting it. SLV now trading at $26.72.
 
SLV now trading at $26.40 (Down almost a buck from the pre-open where I sized up), and I've liquidated almost half the position now. I have limit orders out to exit more if it keeps going my way.
 
SLV traded all the way down to $25.91.
Most of my limit orders to exit have been filled, so I'm out of 2/3 of the position already... only 1/3 to go before I'm flat.
 
Quote from GTG:

Great call! Can you share what it is that you saw in Silver that caused you to enter the position?
More...

Thanks.
I don't want to be a dick, but I also don't want to give away too much of my strategy/thought process. So I'll tell you what I <i><b>didn't</i></b> use to time this trade: I <b>didn't</b> use Elliot Wave, Fibonacci numbers, RSI, MACD, crossovers, or any guru recommendations. :D

I also didn't use moving averages or COT.
 
<i>Just curious. Why not trade the futures contract?</i>

A combination of reasons:
A) My accounts are in a transitory period, so until I'm set up with a proper prop account in a couple weeks, the only way I have to trade futures is through my IB account... and I just don't trust those fuckers. I only keep small balances with IB, since I can never be 100% certain that IB won't somehow find a way to screw me out of my money.
B) With futures, I'd be tempted to over-leverage.

--------------------------
<i>Great call?
Wasn't there a dollar of heat on this trade?</i>

Good thing you didn't piggyback me then!
I mean, your account balance would be significantly higher right now had you done so, but at least you didn't have to suffer through all that heat yesterday... and that's what really matters in the end, right?
 
Quote from Rearden Metal:

<i>Just curious. Why not trade the futures contract?</i>
I only keep small balances with IB, since I can never be 100% certain that IB won't somehow find a way to screw me out of my money.
More...

Rearden,
Can u give some examples by which ways could they do it (making mistakes in balances in their favour or something else)? Which reasons do you have to suspect them?

I'm worry because I have my investment/middle term trading account there.
 
Quote from Rearden Metal:

...all that heat yesterday...
More...
Another question, since you are a rather aggressive trader and you noted that you average down with regularity: what was the largest drawdown, in percentage terms, you have encountered during your trading career?
 
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