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Post by timber on Aug 12, 2010 19:53:16 GMT -5
Blue it is better to cut losses and take gains than watch losses grow and gains disappear. As far as for me I was on freaking tilt this morning. AAPL weekly's ate my lunch. 50% portolio gone in 2 days of trading. I now will stick to my rules: - Don't hold a large position of weekly's overnight when they were bought for a day trade
- If weekly options position is down more than 10% get out
- Don't go from calls to putts in the same stock in the same day
i was down on my fas calls yesterday and ditched them fast even though i was down already......it went to .14 from .40 by days end.....i took the never again be a bagholder oath |
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Post by blueskies on Aug 12, 2010 21:14:03 GMT -5
So Rich and SP how do we deal with this? I never had this problem... of course I had a big cushion, now if something bounces a little and I am down $25 I get out. Only to get back IN again. Maybe this is another thread... Emotional Aspects of Trading... fear of losing (one's shirt). GL to both of you  , but we SHOULD have "Psychology of Trading" sticky or something. I am almost too scared to trust my judgment and watch piles of money go uncollected by me. blue is blue Start a trading blog, and put down what you plan to do and then do it. Promise yourself you'll do what you say. It helps to go back and look at the reasoning at the time for doing particular things. Make the motion mechanical. 'kay cosmic good idea... i keep most things in my head, but might be best to write down the PLAN and not deviate. I've always done my best when I put on a trade and then don't watch the market at all. No second guessing that way. Go with my first instinct. It's usually correct. |
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Post by SCULPTOR on Aug 12, 2010 22:23:38 GMT -5
I find I can trade better when I trade smaller...I used to put down tremendous sums of borrowed credit card money at 4x margin on daytrades of 3x FAS FAZ...I would stepin and double down short or long every 20 cents move against me, in no time I'd be in for 1/2million praying for the swing....if I hung in I'd make thousands in a day shaving nickles...but then, after a run of 4k per day average for 12 days in a row...I broke down and capitulated on a big move and lost 75,000 dollars....I just couldn't hold (which I should have fora 350.000 dollar profit) I trade small now 30k account, I take out my winnings and spend it on nice stuff, I'm filling my house with nice stuff, I say thankyou market! for the new computer, or hdtv or washer/dryer etc etc...it keeps the money real and makes me focus on taking a profit...not the illusery goal of parleying it all in the next bet for a fortune...its income, steady income, the bets are 12- 15k so it not earth shattering if I'm down 30%...I hold and win.
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Post by benvestor on Aug 13, 2010 0:03:42 GMT -5
Blue it is better to cut losses and take gains than watch losses grow and gains disappear. As far as for me I was on freaking tilt this morning. AAPL weekly's ate my lunch. 50% portolio gone in 2 days of trading. I now will stick to my rules: - Don't hold a large position of weekly's overnight when they were bought for a day trade
- If weekly options position is down more than 10% get out
- Don't go from calls to putts in the same stock in the same day
Damn SP that is what happened to me.. got eaten alive by holding AAPL options.. it is so damn unpredicatable yet it seems so obvious where it is going.. Sorry to hear that!! |
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, but we SHOULD have "Psychology of Trading" sticky or something.