Comments on: Trade recap for 11/19 and an abbreviated watchlist

By: MostlyLucid

MostlyLucid — Fri, 20 Nov 2009 23:15:28 +0000

Thanks Preston;

Everybody says that in this busines its you against everybody and in a sense they are right. However, I have certainly appriciated the support and help from boards like this and some of the chat rooms I am in. I am going to do this for a living and in order to do that I need to manage my risk much better. So far now back to basics and small positions to rebuild both capital and confidence.

–Lucid (More than this morning…)

By: Preston

Preston — Fri, 20 Nov 2009 20:57:41 +0000

Whoa, hate to hear that.
I tried several months ago trading with large sums of money, I was using 20k in my account and using margin. I can safely say now that I trade with 2 to 5k and do not have a problem with it, meaning I don’t worry that I’m not trading large enough. I plan on going larger after the first if I tihnk I can handle it, it has been very helpful for me to start over here with a new strategy.
I use to think I would be whimpy if I couldn’t trade with huge sums of money, that’s not true. You can really get on the wrong track and make bad mistakes and never recover from it mentally.

By: MostlyLucid

MostlyLucid — Fri, 20 Nov 2009 18:10:56 +0000

wow….that was fast and painful! — I managed to go flat @ a average of 6.60 for a total loss of 7,700 in 3 days. I am now faling back, regrouping and taking stock of the lessons learned on this one. I was obviously trading over my comfort level. I stopped it before it got bad enough to not recover from however. Thanks for the kind words. I am not going anywhere…just gonna not trade until I have gotten my emotions under control from this one. Then start back small and with the basics again.

–Lucid (maybe)

By: Reaper

Reaper — Fri, 20 Nov 2009 15:49:26 +0000

out BONT -$75

By: Reaper

Reaper — Fri, 20 Nov 2009 15:28:23 +0000

New post: Why I don’t like to short stocks at 52 week highs
http://www.reapertrades.com/2009/11/why-i-dont-like-to-short-stocks-at-52-week-highs/

By: Reaper

Reaper — Fri, 20 Nov 2009 15:27:32 +0000

Bot 400 BONT @ 13.105 … horrible execution on my part.

By: Reaper

Reaper — Fri, 20 Nov 2009 15:27:03 +0000

Purely for momentum … 95% of the time I don’t care about the companies I’m trading. Also, my watchlist is only watches. It doesn’t mean I’m going to buy or short the stocks that are on there.

By: Pstocks

Pstocks — Fri, 20 Nov 2009 15:17:35 +0000

why clds as long? I cannot fing nothing good about that company…

By: Preston

Preston — Fri, 20 Nov 2009 14:58:14 +0000

Damn that’s awesome numbers, it proves that taking profits and managing losses really does pay off in the long term.

By: Reaper

Reaper — Fri, 20 Nov 2009 14:53:11 +0000

It also puts me up $10k for the month … not bad at all.