Size down, don't try to make that money back in one trade. Focus only on your next trade, it works or doesn't, but cut loser quick, take gains on winner. You have to build confidence slowly. You have to be okay with losing, losing doesn't mean you're going backwards. Not cutting a loser correctly does.BaylorSpineGuy said:
I'll go ahead and share this here.
I'm not sure what it is, but I have only taken like 5-6 trades in the last 6 weeks and several of those were scalps.
I never felt confidence behind the last rally from Oct 13th and some of the people I listen to vs what I thought for myself didn't line up, so I even didn't time a short position well. I have been fairly busy most days which has limited how much I can trade and on the days I wasn't busy, the action was fairly choppy so I never got a clean direction.
I guess I'm trying to say I've almost been paralyzed. I lost $1100 on two trades (a small amt of my trading account im trying to learn with) on Sept 30th, and those two misses have almost handcuffed me from being able to trade at all. And I know what I did wrong on those trades. Twice earlier in the year I really set myself back by not cutting a couple losers and so have been extra cautious so I don't go backwards again.
It's almost for me like a case of the yips with trading. Im by no means an expert but over the last 2 yrs I do have a good sense of market direction and how to make a little scratch.
Im gonna have to get over this, but this market has been so tough to trade and I don't wanna give away my money, even at risk of making a little scratch.
Anyone else dealt with something like this and if so, how did u overcome?
Stock Markets
25,048,987 Views |
233821 Replies |
Last: 3 hrs ago by Ragoo
lobwedgephil said:Size down, don't try to make that money back in one trade. Focus only on your next trade, it works or doesn't, but cut loser quick, take gains on winner. You have to build confidence slowly. You have to be okay with losing, losing doesn't mean you're going backwards. Not cutting a loser correctly does.BaylorSpineGuy said:
I'll go ahead and share this here.
I'm not sure what it is, but I have only taken like 5-6 trades in the last 6 weeks and several of those were scalps.
I never felt confidence behind the last rally from Oct 13th and some of the people I listen to vs what I thought for myself didn't line up, so I even didn't time a short position well. I have been fairly busy most days which has limited how much I can trade and on the days I wasn't busy, the action was fairly choppy so I never got a clean direction.
I guess I'm trying to say I've almost been paralyzed. I lost $1100 on two trades (a small amt of my trading account im trying to learn with) on Sept 30th, and those two misses have almost handcuffed me from being able to trade at all. And I know what I did wrong on those trades. Twice earlier in the year I really set myself back by not cutting a couple losers and so have been extra cautious so I don't go backwards again.
It's almost for me like a case of the yips with trading. Im by no means an expert but over the last 2 yrs I do have a good sense of market direction and how to make a little scratch.
Im gonna have to get over this, but this market has been so tough to trade and I don't wanna give away my money, even at risk of making a little scratch.
Anyone else dealt with something like this and if so, how did u overcome?
Thanks to all for the advice! I think this is what I needed to hear. Losing doesn't mean going backwards is what I haven't been able to convince myself of.
I should be clear that of those 5-6 trades, I've probably hit on 4 of them, and I'm probably equal money since early October. Time on my schedule has been a factor but I've also had anxiety.
I'm ready to get back into it. I've got a few days in 2 weeks and want to spend some time trading…
Thanks!!!
Bird Poo said:I followed you on this one.BlueTaze said:
BA Nov 18 $160 puts @ $1.75
Stop $1
Target $6.50
Lets go!
This may not work. Just because something is at +3, doesn't mean it will puke that much. BA has good relative strength.
No doubt! It was up 20% earlier today and now up about 10%. Certainly not holding until $6.50!$30,000 Millionaire said:Bird Poo said:I followed you on this one.BlueTaze said:
BA Nov 18 $160 puts @ $1.75
Stop $1
Target $6.50
Lets go!
This may not work. Just because something is at +3, doesn't mean it will puke that much. BA has good relative strength.
Not to mention the macro markets, the BA puts are a higher prob hedge if we puke this week. Hard rally and prob stop out.
I am in the same boat as you. In addition to the previous advice, one habit I'm trying to break is to not get bummed out when I make the wrong call - i.e. I think we're gonna move up and we move down - and breaking my tunnel vision to recognize the trend unfolding in front of me.
Like today, bought some XOM calls and it cratered - I licked my wounds for hours when it finally dawned on me around 1:30 to buy a put - voila, an easy 10% profit was made. But it would've been enough to wipe out my earlier mistakes and then some had I not dwelled on being "wrong" earlier.
Like today, bought some XOM calls and it cratered - I licked my wounds for hours when it finally dawned on me around 1:30 to buy a put - voila, an easy 10% profit was made. But it would've been enough to wipe out my earlier mistakes and then some had I not dwelled on being "wrong" earlier.
All I want today is a nice little spike in VIX to exit the balance if the Dec 30c.
That's all
I'm anxious to see what happens with CPI in a few minutes. I'm assuming it's a hot print - somewhere near 0.8%.
Obviously on days like today I let it react before I do anything.
Obviously on days like today I let it react before I do anything.
Otherwise we're just hardcore gambling.
US Oct Consumer Prices +0.4%; Consensus +0.6%
— *Walter Bloomberg (@DeItaone) November 10, 2022
US Oct CPI Ex-Food & Energy +0.3%; Consensus +0.5%
US Oct Consumer Prices Increase 7.7% From Year Earlier; Core CPI Up 6.3% Over Year
US Oct CPI Energy Prices +1.8%; Food Prices +0.6%
Initial green rocket to $384+. Now trading inside that candle.
Stagflation coming next?
Stagflation coming next?
Inverse Cramer works again.BaylorSpineGuy said:
Initial green rocket to $384+. Now trading inside that candle.
Stagflation coming next?
Yesterday's dump has literally been erased in the pre-market. Crazy.
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,985
How long do you want to ignore this user?
AG
Gap and go? Or gap and crap? Trying to decide whether or not to short spy shares against the 385s i bought after close
I'm hedging my SPY calls at 386. Using the OA strategy to lock in some profits (shorting shares against my calls). This move might be fake.
Bob Knights Paper Hands
Joined:
Dec 22, 2010
Posts:
11,972
How long do you want to ignore this user?
Spoony Love said:
Otherwise we're just hardcore gambling.
I like to think of my moves as softcore gambling. I'm the Skinemax of trading.
Huge gap up coming.
$30,000 Millionaire said:
Huge gap up coming.
Bigger than where it's currently at?
Bob Knights Paper Hands
Joined:
Dec 22, 2010
Posts:
11,972
How long do you want to ignore this user?
QQQ up more than 4% in premarket.
I'm glad I closed the rest of those COIN and RIOT shorts yesterday afternoon.
I'm glad I closed the rest of those COIN and RIOT shorts yesterday afternoon.
Looking back at my post last night, I feel vindicated for not trading or buying options at close yesterday.
So many set ups without follow through. Tricky market.
So many set ups without follow through. Tricky market.
Anyone in here own BCTX?
Hope everyone got out of VERU. FDA rejected EUA, and stock dumped 70%.
They still may have some drugs coming down pipeline for breast and prostate CA, but that timeline is not clear.
They still may have some drugs coming down pipeline for breast and prostate CA, but that timeline is not clear.
Haven't owned shares, but have had decent success selling $7.50p and rolling where needed.
Charismatic Megafauna
Joined:
May 22, 2017
Posts:
7,985
How long do you want to ignore this user?
AG
Holy crap. Guesses what i can get for tomorrow's spy 385 calls at open?
Edit: threw 4.95 on it and filled. Nice to get a x-bagger one in a while
Edit: threw 4.95 on it and filled. Nice to get a x-bagger one in a while
Know how I know the market will sell off?
Bob Knights Paper Hands
Joined:
Dec 22, 2010
Posts:
11,972
How long do you want to ignore this user?
Be careful here everybody. The RSI on the 1hr SPY chart is over 70 right now. Going back a few months every time we've breached 70 we've fallen off sharply that day, except for 10/5-10/6 when we fell of sharply the next day.
The flip side of this is if this CPI print doesn't get corrected and rates hold or even come down we'll have a run led by those mega cap tech funds.
The flip side of this is if this CPI print doesn't get corrected and rates hold or even come down we'll have a run led by those mega cap tech funds.
Because people like Spilner are posting gifs like that above and all over Twitter?
First move trap?$30,000 Millionaire said:
Know how I know the market will sell off?
Yes I would.
I own a little ProgProgN said:
Anyone in here own BCTX?
they had some good news this morning?
QQQ opening mid 275 area will put it right near the top of the downward trendline going back to August and confirmed last week.
I'm not saying it's going to, but SPY has trendline that would get back to almost 391. It has rejected this trendline three times in the last 3 months.
My call would be trendline touch or close to it, and backfill the gap today
My call would be trendline touch or close to it, and backfill the gap today
Featured Stories
See All
85:33
7h ago
4.1k
Texas A&M earns top-25 win over Creighton in Las Vegas, 77-73
by Luke Evangelist
7:22
11h ago
7.1k
tylhair
If Elko said "if you give NIL $30M I'll get a championship roster" would you give?
in Billy Liucci's TexAgs Premium
124
nsAg21
Will it take a couple years to restore the hatred/rivalry?
in Billy Liucci's TexAgs Premium
101