Total Newbie (self taught/punished) Tries to make it big. (No joke!)
- Thread starter taumeson
- Start date
Quote from taumeson:
Btw, what do you think I should do... if I were to have an overnight position then I end up getting smoked?
Take for instance my current (Long QQQ @ 30.72) ... I think if the market tanks come monday I'm still just going to hold onto it until QQQ gets back up to the 30.70 range... otherwise I'll be selling as soon as it hits 31 again.
Well, you dont have to answer, as I dont know how much a great answer is actually going to help someone of my novicity (is that a word?) just currious
Day trading means exectly what it is, Day Trading, and not holding positions overnight. Though, some traders would hold overnight in very specific cases - but usually the positions would be smaller and more conservative than their daily actions. If you are holding for a swing trade then define it in advance.
I don't know if I have to tell you THE MOST BASIC concept in trading: Always define your target and stop-loss before you enter a trade - which is among the most fundamental ideas of trading.
So keep your capital for trading and cut your loses short. Don't wait, who knows how long, just to break even. What if the market tanks on Monday and doesn't recover for 8 months? Do you think a professional trader can keep his capital tied up in a bad trade for such a long time?
In any case I wouldn't advise you to mix different kinds of trades if you are still a novice, try to consentrate on one thing at a time
Hi guys, just want to update my current status.
Over the last 2 days I've been going crazy since I've been trying to short QQQ and it hasnt been working...
after getting wind of the YHOO earnings I shorted at $35.70 and made back my losses....
however I learned two valuable lessons...
==================================
1) Look at the BIG PICTURE trend...
this is in regards to my loosing over the last few days trying to short QQQ..... cost me about $1400 total.
====================================
2) Use physical loss stops, use mental gain stops
Okay this is a pretty ugly lesson I just re-learned shorting YHOO... if I didnt put in a physical limit cover, I would have made an extra $1200 to $2600 when the YHOO price plunged...
Oh well.. I guess I dont learn a lesson very well if it only costs me $20... since I loose $2000 in gains I'll remember from now on.
======================================
Current positions:
Long 1400 YHOO @34.49
Long 60 YHOO @ 33.90
Gains: $23 ... 0.092%
==================================
I'll post my dumbass transactions in bulk in the next few days. belive me it's not a pretty sight ... a little clarity of mind is definatly needed on my part going forward.
-Jason
Over the last 2 days I've been going crazy since I've been trying to short QQQ and it hasnt been working...
after getting wind of the YHOO earnings I shorted at $35.70 and made back my losses....
however I learned two valuable lessons...
==================================
1) Look at the BIG PICTURE trend...
this is in regards to my loosing over the last few days trying to short QQQ..... cost me about $1400 total.
====================================
2) Use physical loss stops, use mental gain stops
Okay this is a pretty ugly lesson I just re-learned shorting YHOO... if I didnt put in a physical limit cover, I would have made an extra $1200 to $2600 when the YHOO price plunged...
Oh well.. I guess I dont learn a lesson very well if it only costs me $20... since I loose $2000 in gains I'll remember from now on.
======================================
Current positions:
Long 1400 YHOO @34.49
Long 60 YHOO @ 33.90
Gains: $23 ... 0.092%
==================================
I'll post my dumbass transactions in bulk in the next few days. belive me it's not a pretty sight ... a little clarity of mind is definatly needed on my part going forward.
-Jason