We're merely minnows trying to swim along whales. When a day like today happens, things get chaotic and anything can happen. Anything. Just saying sell any big bounce is my plan.

It could be December 2018 again and relentlessly sell down. It could also be a complete fakeout just to raid stops with today being the all time low. It gets crazy now for awhile. The low VIX bandaid is ripped off.

It is simple errors and oversights that hurt you.

I should never never never forget to enter my stop losses. Particularly when i know i will be out of pocket for a day or two.

I lost 3% today which is the biggest loss i have had in over a year. Granted that is not that bad, looking at the big picture, but it was absolutely shocking for me.

I am still greatly irritated about that.

59 South said:

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Totally agree. You are right, but this is a trading thread and not a financial planning thread.

If people are making retirement decisions based off my measly trading thread posts, then that is a personal decision. Maybe I need a McInnis style signature disclaimer?

This thread is about transparency and sharing knowledge. I love the various perspectives and knowing and understanding what others are doing.

Please don't take any posts as financial advice. We're all in different situations.

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I bailed on all the stock funds in my 401k for the first time ever when the 5 day EMA slammed through the 13 day in early March. Maybe I just got lucky, but it's the first time I've ever done something like that with the 401k...bad technicals confirming very bad news was a very bad sign. I'm convinced it really is both an art and a science.

I like that plan. It's unpredictable for a few weeks now imo. Haven't checked today but premiums are probably through the roof now. So big money can make it go sideways now and sell puts and calls?? What a game we're playing.

Also obligatory user name checks out!

texagbeliever said:

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Ill probably hold on to my july ones.

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As a rookie trader like myself, it's always good to know someone else is doing the same as you. Still getting used to the ups and downs, hopeful I don't lose my butt on these July C's

Thankful that I positioned correctly with puts and had a portfolio hedge in place for today. I ended the day with an overall portfolio gain of 3%, so it was a good day. It really could have been a special day, had I not let some puts go too early, but gains are gains.

The one in particular was BA puts. I had 30 $200 puts at $1.25 purchased Tuesday afternoon. I sold out yesterday for 188% gain. The puts hit $33 today and would have been worth $99k. Someday I will hang on and hit a grand slam like that.

aggiedaniel06 said:

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Look for what USDJPY does overnight. And while you're at it look at USDJPY the week leading upto 2/21 and this past week.

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I remember reading in Mastering the Trade about currency markets being a signal for a sell off. I will definitely be looking at this chart everyday now. Thanks for bringing this up.

TecRecAg said:

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texagbeliever said:

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Ill probably hold on to my july ones.

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As a rookie trader like myself, it's always good to know someone else is doing the same as you. Still getting used to the ups and downs, hopeful I don't lose my butt on these July C's

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I've been doing this since April...2020. So I'm basically an expert now waiting to set up my own hedge fund.

Also most of my July calls are cheaper lotos. If I had some higher cost calls I'd be more worried about stopping out and waiting to reenter.

I'm wondering if Trump is going to start hitting hard next few days on opening up.

He's been hitting hard. Texas moves into a new phase tomorrow

tam2002 said:

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mavsfan4ever said:

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Swollen Thumb said:

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tam2002 said:

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I've been looking for a good time to get in the new online betting BETZ etf and I've got to imagine now is the time? Anyone else in this?

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I looked into this with interest, but held when I noticed its holding are not all online gaming stocks. Quite a bit of traditional gaming stocks in the portfolio (MGM etc).

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I was disappointed it wasn't all electronic/online gaming stocks as well. Seems dumb to include physical gaming stocks, as those are somewhat competitors. In the long run, the more that the electronic/web gaming stocks do, the worse I would imagine stocks like MGM would do.

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MGM has an online presence but I get your point. The main holdings are gonna be the big players like Draftkings and fan duel and the tech that's supports them. I just look at it as a real possibility for growth with gambling becoming more legalized across the US. We'll see how it goes

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I agree. That's the reason I was wanting to buy into it. I'm still going to buy it. I just wish it was only online gaming.

I cherry-picked what I liked out of it, didn't see any real point in owning it as a whole.

This makes it look like the pairs may be different now with all the currency manipulation?

Comments Daniel?

On a stop limit for a sell;

Stock abc closed at $10.00

Down from 10.20

A stop limit of 9.75 means the stock is sold when it drops to 9.75?

If the stock doesn't drop to 9.75 it doesn't sell?

Assume a high volume stock

Talk to me like u would a below average 5 yr old.

It won't sell until the ask price reaches 9.75 which will then convert the equity to a limit or market sell order. Pretty straightforward

Txducker said:

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aggiedaniel06 said:

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Look for what USDJPY does overnight. And while you're at it look at USDJPY the week leading upto 2/21 and this past week.

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I remember reading in Mastering the Trade about currency markets being a signal for a sell off. I will definitely be looking at this chart everyday now. Thanks for bringing this up.

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looks like I'm going put shopping on the next rip! that and VXX calls!

Ubitag said:

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On a stop limit for a sell;

Stock abc closed at $10.00

Down from 10.20

A stop limit of 9.75 means the stock is sold when it drops to 9.75?

If the stock doesn't drop to 9.75 it doesn't sell?

Assume a high volume stock

Talk to me like u would a below average 5 yr old.

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But like others have said, if you keep that order in after close, stock abc could open up at $5 and your stop limit would kick in and your shares will be sold on the open. At least that's how I understand it....

Correct. That why you have to be very cognizant of your s/l and whether or not they're set for the day, market hours only, etc..

IrishTxAggie said:

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Correct. That why you have to be very cognizant of your s/l and whether or not they're set for the day, market hours only, etc..

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If at opening, a down turn occurred and later a possible uptick comes, it would be wise to set my stop limit as worst case for me.....maybe 9.00 per my example to allow for acceptable swings?

If we hit 291 I'll be up 250% on the spy hedge. Good gracious

I'll be shocked if we don't hit 291. I think it's coming tmr

tam2002 said:

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I'll be shocked if we don't hit 291. I think it's coming tmr

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It's coming next week IMO. Tomorrow will be green and sucker in the last bit of balances from the RH accounts and make them think today was a fluke and then they'll slowly march them down for OPEX. Can't buy day of lottos on RH, do those people will be forced to buy the 6/19s

I bought a couple 310 lottos right at the close for .37. I assume we retrace tomorrow on a green day to flush out some more before going lower next week. I don't think model T is in effect, but I'd be a pretty happy camper to get to like 308 in the morning, bank some profit on those calls and chop the rest of the way anticipating what's coming next week.

IrishTxAggie said:

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Has he been that close this week? From what I remember, it seems like he's been consistently having to shift his plan downward all week.

IrishTxAggie said:

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tam2002 said:

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I'll be shocked if we don't hit 291. I think it's coming tmr

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It's coming next week IMO. Tomorrow will be green and sucker in the last bit of balances from the RH accounts and make them think today was a fluke and then they'll slowly march them down for OPEX. Can't buy day of lottos on RH, do those people will be forced to buy the 6/19s

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They've been attacking retail the entire WFH period. This will be no different

80% of the trading days after a 5% decline are green the next day. I will be very surprised if it's red. I'm rooting for green so we can resume some selling.

My call for tomorrow: up

What is yours?