Jack Hershey is a nut-job. Eighty plus years of age, no house to his name, deep in debt from unpaid taxes, failed miserably at a trading contest and quit without completing it due to heavy losses, and living under the delusion that he is a master trader. As a mental health professional, I would think you would be able to spot a crazy person.
The Invisible Hand That Limits Your Trading
- Thread starter Rande Howell
- Start date
Jack Hershey is a nut-job. Eighty plus years of age, no house to his name, deep in debt from unpaid taxes, failed miserably at a trading contest and quit without completing it due to heavy losses, and living under the delusion that he is a master trader. As a mental health professional, I would think you would be able to spot a crazy person.
Interesting thread I found it late at night will come back for a full read in the am.
JD
I need to correct an inaccuracy in the below post
Truth is;
I donât suspect price will go up
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Truthfully;
I donât know if the trapped longs will puke and exit â driving price further down⦠or if they will add more in an attempt to bring price back up
I donât know if shorts will pile on more â driving price down further⦠or begin covering and bring price up
I have no clue â absolutely noneâ¦â¦
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I lied when I said I suspect price would go up â truth is I donât knowâ¦.
I am in a position to exploit it which ever way it goes..., but that in no way lessens the fact I lied.
My sincerest apologies to you..., and everyone who read the below postâ¦.
RN
I need to correct an inaccuracy in the below post
Truth is;
I donât suspect price will go up
=============================================================================================
Truthfully;
I donât know if the trapped longs will puke and exit â driving price further down⦠or if they will add more in an attempt to bring price back up
I donât know if shorts will pile on more â driving price down further⦠or begin covering and bring price up
I have no clue â absolutely noneâ¦â¦
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I lied when I said I suspect price would go up â truth is I donât knowâ¦.
I am in a position to exploit it which ever way it goes..., but that in no way lessens the fact I lied.
My sincerest apologies to you..., and everyone who read the below postâ¦.
RN
Quote from Redneck:
Well JD
I trade LVS because it is on a âveryâ short list of stocks I trade over and over and over and over and over
I invest in oil and gold, and a very few others⦠in a separate investment account
I suspect it will go up â too many are fuked right now
But â its yet to break 50, and hold
I suspect some volatility coming, and I donât have a high confidence in it breaking out the monthly range to the upside anytime soon
Good news is Monday â Iâll trade it again with a completely clear perspective
I did think the earnings weâre going to be good, and well received
Btw â this trade lost me a few K⦠the over all trade -
Oh I never woudashouldacoulda - any more...
eta I was thinking someone would ask the obvious question - what the hell am I doing swing trading my day trading account - any takers
RN
I completely agree with you.
I know there are others who would respond by saying "one man's truth is another man's discourse" but this strays away from the sheer simplicity of your statement above.
Without realizing it, we all are susceptible to applying judgments or conditions to simple statements and these conditions are apt to convert a positive utterance into a self limiting belief and bite us on the ass, no matter what our intentions were at the time.
Straying every so slightly from the subject [or perhaps not as the Reader may perceive], I have recently viewed two great movies.... well I think they are great.
"Secretariat" is the story of a Woman with an unshakable belief and a horse who did not know he had any limitations. Either someone forgot to tell him, or he went ahead and did the seemingly impossible anyway.
"The King's Speech" is the story of two unlikely strangers who went on to forge an enduring friendship based upon complete unconditional trust.
It is wonderful how positive people and positive situations rub off on us.
The one commonality I have come to see and admire of positivity is the simplicity of it.
Simple things are kept simple and complicated things are reduced to their simple basic parts.
Good for you. I don't see so mucg evil and abusive people -- what I see is what I call adaptive mindlessness. People are born into, adapt to, and mindlessly continue the embedded script. Never knowing to question and recreate.
Rande Howell
I respectfully submit this to newer traders
In Summaryâ¦â¦
LVS gapped down overnight coming off earnings last Thursday nightâ I was long
Friday morning at the open I added more in an attempt to work out of the position â it failed
I sat in a losing position all morning Friday, till it broke out of a range to the downside and hit my stop
Since then price has returned / rose above my stop price ($46.81) ~ five timesâ¦, but never returned to make this trade overall profitable⦠nor even break evenâ¦.
I would still be in a loser - had I not exited....
AND expended a hellofa lot of psychological capital along the way...
Holding a loser wears you down... it also handicaps you as a trader...
You lose your agility..
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Moral of the story
Set your stops and honor them
Price may very well return at a later date â tough⦠forget it and move on
Price could return to a point â that would give you hope your losing position is going to become a profitable â learn to let it go⦠and move onâ¦.
Sometimes price will make your position profitable⦠but rest assured there are other times it wonâtâ¦
This typically occurs when you can least afford to lose more - than what you already have..... I know
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Bottom Line
Trading will flat fuck with your mind â if you allow itâ¦
Donât⦠Itâs simply the way the game is designed (make the most lose)â¦.
Bounce price back and forth enough, surely all but the most resolute will fold â at a lossâ¦.
And of course there are the traders who will hold onto a loser forever â because they are simply too scared to exit (deer in the headlights syndrome)â¦
Or price has moved in their direction sufficiently to give them another shot of (H)opium â keeping their fantasy alive that this trade will turn profitableâ¦â¦.. ultimately they end up losing more
SCREW THATâ¦â¦â¦â¦â¦â¦â¦.
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Trade what is directly in front of your faceâ¦.ignore all elseâ¦, like a horse with blinders on
Exit when itâs time
Go look for the next tradeâ¦..
Repeatâ¦
And never hold regrets⦠they only hold you backâ¦..
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I realize this is all way easier said than doneâ¦. But if you can get a handle on it⦠it will go a long way toward helping you make it as a trader
Just some free food for thoughtâ¦
RN