View Full Version : Wrecked
10-07-2010, 10:01 PM
There's always threads about great trading and wins, well, why not share those bad days to help us learn (sometimes you learn more from losing and not winning) from other mistakes.
I got absolutely wrecked by silver at $22.75 spot. First I lost a little on failed scalps. Had a leveraged buy limit there and didn't get filled on the first "near hit". She came back down, activated the trade, fell below, came back up and over to get me to leverage the whole ship, and then sunk me for the day. Bad money management on my part and wiped out two months of trading profits.
Threw myself back on the bus back to the minors to ride the bench. Looking for a buy area around 22.15-$22.06spot.
Gold is a buy around now and $1325 based on the 2008 uptrend line support.
My own rule is to never to try and go against the flow in a lower minute power channel aka out smart the market.
10-07-2010, 10:21 PM
Sorry to hear about that jupiter. Funny you opened this thread because I was pretending in some posts that I did lose big today. My opinion is step back and don't try to make all the money back all at once. JMHO
10-07-2010, 10:31 PM
It's fun to trumpet about great trading days, but an open and honest forum should have news about the bad days as well. I'll get it back, but have cut my trading way down till I start grooving again. I may just walk away for a few days till the "emotion" wears off.
When I look back on the day and see silver hitting the top of my daily channel rail, the building RSI divergence, and the high volume prior to NY open, should have learned that if a correction happened, it would be strong.
10-07-2010, 10:38 PM
I wouldn't sweat that **** Jupiter. The fact that you're actively trading tells me you've squirreled an amount of physical that allows you to venture out into charted/uncharted waters. Many are currently late to the party and have not built a stack as of yet. You will most likely bounce back....if it had the potential to bury you six feet under you wouldn't have posted....just slipped off into the abyss. I called a broker managing an IRA that I use for trading last month and had him directed to liquidate everything so I could start something new....a Junior Minor. He said fine, but I needed to pay him a visit and put down some signatures so he could get the ball rolling on the buy side of the project. Never made the drive.....that Junior has tripled in a few weeks time....it's been more than a week since I could even stomach to watch it rise without me....don't need the "extry" torture I guess. I'd rather have made a move and lost than sat on my hands and wondered why I never got it put into motion. You'll wake up tomorrow and put your game face on....or you won't. Most will guess that you want to...and that you will....good luck
10-07-2010, 10:42 PM
I like one of the trading rules I read on one of the blogs.
"Take the easy trade."
It sounds very simple, yet sometimes, it is hard to realize when we are giving ourselves a hard time by taking a trade when the risk/reward isn't very good.
Right now, the "easy trade" for me is to buy AVL.to or QRM.to. They are sitting on support ready to break-out to new highs. Some silver stocks are "easy trades" as well because they are still sitting very close to support. Gold and Silver are neither easy nor hard right now short-term. longer-term, they are very easy having broken out of their rising wedge consolidations.
That's what I learned anyway. I always lose when I try too hard to make a trade. I should really only make a trade if it makes me feel comfortable. That's why I don't try to trade short-term anymore. It's just too hard trying to find a trade everyday, wears me out.
10-07-2010, 10:46 PM
Just my friggin opinion jupiter but if we get a decent jobs report tomorrow I think metals will have a rough week or so. Then back to the upside.
10-08-2010, 10:02 AM
Show me a 100% in the black trading record and I'll show you a damned liar or a rookie starting out on a hot streak. We calculate the odds, pays our money, and take our chances. If our wins didn't outnumber our loses, we'd be pushing a broom! Cut that sent myself to the rookie bench whining and hit the game again! Crying is for GATA whiners. I know you to be a pro. End of rant/pep talk. :realmad:
10-08-2010, 02:17 PM
This is why I lose. QRM.v is up a fracking 15% today and I'm still waiting for funds to come into my global trading account. :haha:
I need better money management, even for long-term stuff.
EDIT: no worries I guess. Buying less shares and making less profit is still better than losing. :shine:
10-08-2010, 05:25 PM
Make that a 20% gain I lost today because I didn't wire my money in yesterday. I will know better next time.
Show me a 100% in the black trading record and I'll show you a damned liar...
NO! My Johnson is really that BIG!... You should of seen the one that got away, longer than the damn boat! I'm really a very well trained Border Colley but hey, this is the interweb.... so WHO can tell! WOOF! WOOF!
Chit if I shared all my losses I'd get depressed... I can't afford to lose that much "mental capital", close the book quick, move on and pick another fight :biggrin: Keep your head in good order, don't dwell, don't look back win lose or draw, just look for the next match.
10-08-2010, 06:05 PM
Good attitude Zed! :biggrin:
10-08-2010, 06:15 PM
N-n-not wr-recked-d yyet, b-but bo-uncing-g on-n a few-w rocks in m-my ya-acht "Small B-Business".:afraid:
(PMs are safely on the bottom already)
10-08-2010, 06:24 PM
NO! My Johnson is really that BIG!...
TRUST... BUT VERIFY!! :biggrin:
<object width="640" height="390"><param name="movie" value="http://www.youtube.com/v/5X7wXiTvYzc&hl=en_US&feature=player_embedded&version=3"></param><param name="allowFullScreen" value="true"></param><param name="allowScriptAccess" value="always"></param><embed src="http://www.youtube.com/v/5X7wXiTvYzc&hl=en_US&feature=player_embedded&version=3" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="390"></embed></object>
I got that clip emailed to me ages ago... pre youtube! I love it...!
10-08-2010, 09:13 PM
Jup, I got wrecked in 08...
I was long feeders, live cattle, corn, rice, and calls on natty, gold, and silver. I lost a year's gains in a few weeks. I got a pile of margin calls, and always trimmed just enough to make my margin. If I had sold it all on the first call it would have saved me several thousand.
I walked away from futures for several months, and it was VERY good for me. I cleared my head and came back with a vengeance. It's taken a while, and I'm not quite back ahead at the moment, but I've been trading MUCH better. There's no shame in knowing when you need to depressurize, or as Jerry Jeff Walker said,
An artist must decide what parts to leave in and take out
and if he no longer plays the game, that's what the game's about
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