Official Let's Make Some Money Off Stocks Thread
09-18-2008, 06:10 PM
#1111
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Originally Posted by chroot,Sep 18 2008, 03:15 PM
Yeah, no shit. I was already down 8% thanks to the two -500 days, each of which totally caught me off guard. I lost something like 6% of my capital during one ****ing two hour meeting at work. I would have cashed out way before taking serious losses, but I didn't even have a chance. Like everyone else, I didn't think it was reasonable to even worry about a -500 point day, much less two in quick succession. I thought Tuesday really was the bounce, since it made a nice V-bottom, and I stayed in. Then yesterday ****ed me really hard again, and the news got worse. Again, I waited, sat on even bigger losses, and hoped today would be better -- and it was, at the open! And then the DOW fell 250 points by mid-day, and seemed to have absolutely no bottom in sight. Finally I cut the 18% loss and went short, just MINUTES before the SKF collapsed. I swear, it's almost as if the instant I press a button, whatever trend was in progress magically changes, as though the entire market's just waiting for my dumb ass to make a trade.
So, my only real mistake was allowing my losses to get big in the first place, but with two -500 pt days, I had no chance to bail. It just happened way too goddamned fast. I was already sitting on massive losses before I had a chance to react. So, in the last week, I lost about 22% of my capital. And now I give up. All I've done is lose money since last August.
- Warren
So, my only real mistake was allowing my losses to get big in the first place, but with two -500 pt days, I had no chance to bail. It just happened way too goddamned fast. I was already sitting on massive losses before I had a chance to react. So, in the last week, I lost about 22% of my capital. And now I give up. All I've done is lose money since last August.
- Warren
I went over some critical ideas in a few books as refreshers last night, and went back to the basics. No hope, no fear, no regrets. I went on instinct and if I wasn't on the right side I got out INSTANTLY. If anything hesitated for two ticks, I got the **** out of there. If the volume didn't do EXACTLY what I wanted it to, gone. There was no mercy out there today. A good friend of mine David got hit pretty hard today. He trades ETF's and it was too volatile for his strategies and he over traded.
09-18-2008, 06:12 PM
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Originally Posted by lOOkatme,Sep 18 2008, 05:36 PM
I just have been quietly accumulating shares in all sorts of companies down at these levels.
I see Russia and Chinese stocks rocketed like no other.
I see Russia and Chinese stocks rocketed like no other.
09-18-2008, 06:22 PM
#1113
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I say if you have conviction about your holdings you can ride it out without panic. If you've got some weak sisters in there, nothing like this week to make you reconsider them.
09-18-2008, 08:14 PM
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Conviction when you are right is great.
Conviction when you are wrong and don't know it is death. I'd rather set some sort of stop loss mechanism. I've never been able to tell the market what to do or how to "correctly" value an asset.
But like you said, I have conviction in a few names that have gone down hard and I've averaged down in. Others like YUM have seemed to just keep going up since I got in to them.
Conviction when you are wrong and don't know it is death. I'd rather set some sort of stop loss mechanism. I've never been able to tell the market what to do or how to "correctly" value an asset.
But like you said, I have conviction in a few names that have gone down hard and I've averaged down in. Others like YUM have seemed to just keep going up since I got in to them.
09-18-2008, 08:21 PM
#1115
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stop losses have saved me big time with the skf this week and same goes with limit sells.
without the ability to watch the market 24/7, they've been good at safe guarding a position properly.
this volatility is just insane risk/reward.
without the ability to watch the market 24/7, they've been good at safe guarding a position properly.
this volatility is just insane risk/reward.
09-18-2008, 11:16 PM
#1118
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That's last weeks trade. Be careful, the US treasury just entered the market and has made failure no longer an option. Expect the VIX and the premium paid for those calls to plummet. It's also expiration day.
09-19-2008, 01:12 AM
#1119
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cthree's trade of the day (early edition):
Keep your GLD short on, buy the shit out of GS and MS and do it early like right at the opening bell. The shorts will be covering like mad and you'll make out like a mofo if you can get any shares at all.
For options traders:
Buy GS Sept calls 10% out of the money at the open and hold them until just before the close. You must sell at the close, they expire today and if you don't you'll own GS shares come Monday. This trade should yield at least a daily double.
GS should go up 25-30% today.
Happy hunting.
Keep your GLD short on, buy the shit out of GS and MS and do it early like right at the opening bell. The shorts will be covering like mad and you'll make out like a mofo if you can get any shares at all.
For options traders:
Buy GS Sept calls 10% out of the money at the open and hold them until just before the close. You must sell at the close, they expire today and if you don't you'll own GS shares come Monday. This trade should yield at least a daily double.
GS should go up 25-30% today.
Happy hunting.
09-19-2008, 02:54 AM
#1120
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Warren,
Suck it up and get your money in the market immediately. Don't make your mistake bigger than it is by letting opportunity pass you by. See my trade of the day.
Try GNW for a stealth financials trade.
Suck it up and get your money in the market immediately. Don't make your mistake bigger than it is by letting opportunity pass you by. See my trade of the day.
Try GNW for a stealth financials trade.