This blows BIG TIME!!!!!!!!!!!!!!!!!

[misctrader]

Quote from PoundTheRock:



Damn bro, that is sweet. I loaded longs that am, then went to Home Depot and heard the news on the radio driving home. Best thing was being away from the trading room...

Okay, now on to the good stuff... bought a boatload of EFII in the 49's in the late 90's. It was early December - walked into the trading room the next day. Sit down at the computer, look up, everyone is staring my way. Manager comes over, hey thought you should know, EFII warned. How bad, I ask. It's trading at 13... I'm like thirty? No dude, ONE frigging THREE. Tripled up and hung on and dumped it a year later. Sheesh did I suck.

I went back on the chart. The worst ONE DAY drop in EFII occurred
on June June 6,2000. It dropped from 36 to 22.5.

No where did I see a drop from 49 to 13 overnite. But that's still pretty wicked sucky scary!

It eventually got down there but NOT in one shot.

 

[PoundTheRock]

Quote from misctrader:



I went back on the chart. The worst ONE DAY drop in EFII occurred
on June June 6,2000. It dropped from 36 to 22.5.

No where did I see a drop from 49 to 13 overnite. But that's still pretty wicked sucky scary!

It eventually got down there but NOT in one shot.

December '97. Here it is:

Dec-12-97 14.75 17.25 14.50 14.88 32,373,700 14.88
Dec-11-97 39.00 39.75 37.00 39.00 1,240,500 39.00
Dec-10-97 40.69 40.88 37.56 40.62 978,100 40.62
Dec-09-97 44.12 44.50 41.00 41.06 460,200 41.06
Dec-08-97 44.88 45.00 42.75 44.44 1,791,100 44.44
Dec-05-97 45.88 46.62 44.00 44.50 718,900 44.50
Dec-04-97 47.62 47.75 45.94 46.75 323,600 46.75
Dec-03-97 46.88 47.38 46.00 46.94 277,700 46.94
Dec-02-97 47.25 48.00 46.50 47.12 341,000 47.12
Dec-01-97 48.75 49.88 47.00 47.62 341,600 47.62
Nov-28-97 49.50 49.62 48.00 48.25 81,500 48.25

Don't forget pre-market either, halfwit.

 

[limitdown]

Quote from misctrader:

guess what?!! Those june 35s calls that I sold at a HUGE LOSS ($6K loss on my small acct) down at 20-30cents. I got them in at 40-45cents.

They are up like 2.25-2.40!! WTF?!! That's like over 5x!!!

Instead of taking a 50-70% I could be up 500% to over $37K++!!!!

NO!!!!!!!!!!!!!!!!!!

here is where a former options floor broker would advise you to just stop, cold!

psychoanalysize why / what was your first thought that made you suspect / expect / hope / wish / pray for / dream about QCOM going massively positive...

capture that thought and that time frame, and think:
1) were you high on sugar from a doughnut (midwestern style), donut (NY style)
2) were you high on caffeine from coffee or other gums
3) were you high on life, just coming from lunch or depressed

or was it rationale thought?

When you decided to swing for the fences with 210 contracts, were it a:
1a) a mistake trade
1b) a mistake trade
1c) a mistake trade
2) all of the above?

generally from the retail perspective when you load up on one side unhedged, you're a swing trader hitting for the fences and willing to get struck out.

You changed your time horizon from swing to daytrade and blew yourself up by forgetting your original game plan and objective.

PM me for further.....

 

[ElCubano]

Quote from bungrider:

too much leverage. i can relate because i was in a similar position yesterday from shorting monday's rally. as soon as you have a position size that's too big (all too easy to do with options) you stop thinking about reality and start focusing on risk...to make a long story short, you didn't have a plan before you entered the trade...the plan should've been "how much am i willing to lose?" and everything about where to enter and how much size to do at each level should have been thought out before you got into the trade...

so here's my story --
basically, monday opened strong and got weak fast, and after friday's SELL-fest (which i really loved and used it to cover 50% of my shorts) when it began to get strong again monday morning maybe around 10am i started shorting again, but it was intended intra-day and i made the mistake of having no plan and in other words, no stops...i was pissed because i wanted to be short monday near the close but was already more short than i was comfortable with in terms of leverage -- AND at inferior prices compared to monday near the close...my 10am short was supposed to be nailing a double top that i thought would collapse but the curbs went in and you know the rest...

i wasn't planning on holding that short overnight...but the market kept going up and i just sat there dumbfounded...i mean, i knew it was all hot air and the rest of monday (which was very light volume) i could tell was mostly the floor selling to the funds...so i really wasn't scared at all about being short...just kind of confused and dumbfounded...

now i have only recently gotten good at trading days like monday, and they are the easiest days to trade once you simply accept the fact that the market is going to go up all day...

because i had no plan (because i was SOOOOOOOOOOO confident monday was going to collapse) i missed three opportunities -- 1)to get long with monday's rally as it was a GREAT day to trade intraday i think it was technically just about perfect with little noise; 2)to get short monday afternoon before the close when the floor was selling into the rally like there's no tomorrow; and 3)i could've stayed out all night monday instead of having to go to bed early to try to get out of my short tuesday AM at a loss...

so tuesday AM when it got a little weak i covered monday morning's short at a loss but luckily some other shorts i had came in too and paid for my monday 10am stupidity...but i didn't make any $$$ because i had NO PLAN for a stupid daytrade monday AM.

maybe it's just a monday morning thing with me...

I hear ya .....im feeling ur pain.

 

[Kap]

Quote from Rearden Metal:

On Jan 3, 2001, I was caught heavily short when the fed put in a surprise mid-day rate cut. I lost $2,500,000 in about five minutes. Can anybody top that? :eek:

This brings back some memories, I was also short when that "nasty little surprise" came, I lost about a tenth of yours, which to me was a nice little sports car, within minutes.

What a time to do it, markets were thin which made things even more painfull.

All these stories are great, better than the wins, and anyone who has been trading for a while can relate to them, and those who havn't, well the fun is just around the corner.

Losing, is indeed the only way to learn, I hate stops but you gotta use them, just make sure there out of the grasp of the pit floor tree shakers!

 

[Trajan]

Quote from misctrader:

guess what?!! Those june 35s calls that I sold at a HUGE LOSS ($6K loss on my small acct) down at 20-30cents. I got them in at 40-45cents.

They are up like 2.25-2.40!! WTF?!! That's like over 5x!!!

Instead of taking a 50-70% I could be up 500% to over $37K++!!!!


NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!
NO!!!!!!!!! NO!!!!!!!!!!!!!! NO!!!!!!!!!!!!!!!!!!

JUst freakin forget about it. Stewing over this will only destroy your future trading. The same thing has happened to me the last two expirations. I Coulda, shoulda, woulda not hedged my position and made a bunch of cash. Then again, if I had played it straight two weeks ago, I would be up a lot more as well. By thinking you should hold out at all costs, you're going to lose a lot more money than gain.

 

[neke]

Quote from damnit:

Big Hit.

I hope you recovered from this. :eek:

How did you dig this up? He seems to be an old-timer that has accumulated an awful amount of trading capital.

 

[nkhoi]

before you reply please keep in mind, THIS THREAD IS 4 YEARS OLD!