Monday, January 21, 2008

Stock Market Crash of 2008 January 22 2008


To those of you who don't know what futures are, they are basically contracts that trade in direct correlation with an underlying index, like the dow jones 30 index is composed of 30 big cap stocks, and YM is the futures contract that tracks that index. Each pt on the YM futures mini contract is worth $5. So if the market tanks 600pts as we have right now, you make $3,000 with as little as $1,000 in margin. The Stock futures trade around the clock even when the NYSE is closed to take in account overnight news and global market action.

Thanks to all the people that commented. I think I'm going to record tomorrows trading action, this will be an even to remember.

As I type right now, the Hang Seng is down over 8%.



26 comments:

Ragin' Cajun on 9:17 PM said...

good to see you not give up.

Bill German on 9:36 PM said...

THE GROUND's A LONG WAY DOWN BUT I NEED MORE........

Buzz Saw on 10:04 PM said...
This comment has been removed by the author.
Bluedog on 10:09 PM said...

Hang in there, man.

Anonymous said...

I just covered my shorts and bought ES @ 1258.25
Now's the time to jump back in!

Anonymous said...

This is what happens when you trade options... sorry that you lost your money but you're playing with debt, so you're going to end up knee deep in it. Why not get a real skill and a real job and not make a living speculating on how you can take money from other people speculating they can take money from you? What goes around comes around, and as you can now attest, it sucks.
http://podcasts.bsalert.com/

Anonymous said...

Dude, recoup some of the money you lost by signing up for an affiliate program and put some ads on your site. Google ads sucks...

try this link out:

http://socialadserv.com/reviews/highprobability.blogspot.com/

Sign up with neverblueads and copeac from that site -- they have some decent offers -- your going to be big news on the blogosphere tommorrow -- could rake in a few grand just from ads!!!!!!!!!!!!

Anonymous said...

Hey,

I just wanted to say that it took a lot of balls to post that on U-Tube - I hope things turn out OK for you.

DH

legless123 on 11:04 PM said...

Mate, I feel your pain. And I want to thank you for having the balls to post your videos on YouTube.

Today is going to be carnage on Wall Street.

I watched the Australian stock market drop 7.1%. London opens in an hour and I expect at least 5% drop. Then Wall Street opens. It'll open with a 5% drop then the Mom and Pop investors will pile in with wave after wave of sell orders as they desperately try to get out.

This is going to be a hell of a day.

But keep your chin up.

Cheers

Anonymous said...

Regarding shorting stocks- remember you now are below the 25k limit and will have limitations on day trading equities.

You will be forced to hold the trades overnight or risk having your account suspended.

You had a 500% return last year. To do so you took huge risk and had some huge losses with some nice winners.

If you are going to trade that way again, you better remember how you started trading because you don't have the cushion any more to sustain such a large hit.

Once you lose big dollars, you don't appreciate the numbers anymore. You get used to seeing large swings in your account and it unfortunately makes it easier to sit on a loser longer than you should.

Tomorrow is going to be tremedously volatile. Brokers, data vendors, ISPs, etc are going to have system issues. Things that look tradable in hindsight will not be so in real time. It may be best to stand aside with no regrets and let things shake out a bit.

This unfortunate lesson will be a great story for you one day and worth every penny.

Do not let yourself slip into a dark place, choose to be happy and grateful- it will make a difference on how you fell and how quickly you will recover.

Regards.

J Parker

Anonymous said...

fell= feel

JP

Andi Devlin on 11:20 PM said...

Kudos - it took a lot of courage to put yourself out there, post the YouTube clip and blog posts. You made the reddit front page today and tomorrow is gonna be nuts - put up some Adsense ads and get ready for the media calling for interviews.

Loveandlight on 11:36 PM said...

Dude, you're young, white, male, smart, and very good-looking, so even if you lose everything, you've still got those intangible assets. Shallow, to be sure, but it's a shallow world. Buck up.

Anonymous said...

Come visit the Vanguard Diehards to learn how to invest safely without having a heart attack by age 35:

http://www.diehards.org

Anonymous said...

Really you should only invest in options to hedge other investments. Anything else is just gambling. Even if you're right, the swings are so big that there's no way to maintain one's rationality with these trades. Greed and fear takeover.

Crash 2008 on 12:07 AM said...

What a ride this will be when it's all over...

Stephen on 12:35 AM said...

I was twenty 7 years old back in 1989. I got completely fucked. I was married (still am by the way) with two tiny children (1 and 2 years old). We lost our house, lost our business, racked up 20k of debt (in 1989 remember). Took me a decade to pull back. Life goes on my friend you WILL survuve this. Keep your chin up. You have the balls to share this with the world. You are strong. You WILL MAKE IT.

Steve

spongerrich said...

Hey man, hang in there. Do you think this is all planned out to devalue the dollar to introduce the "Amero" and the North American Union?

Anonymous said...

Put money what you have left in Gold and silver and swiss Francs - At least these will keep their value when everything else is falling around you. Google Depression 1929. Preservation of wealth rather than making money is priority.

Anonymous said...

Go straight to an airport with your remaining cash and spend some time in Thailand or Nepal studying mindfulness with monks.

Anonymous said...

Take your remaining cash and get a huge pile of blow. Then flush it down the toilet. If you keep playing options, it's the same thing.

Anonymous said...

hello ... in front of me ... sombody at home??? .... not options ... futures! with options it could be probably better in that case. but afterwards everybody comes with his wisdoms ;)

jake said...

Hey HPT

Sorry about the loss, but you need to accept your situation, your new account size. You're used to trading at large volume so you'll be tempted to make it all back in one day. You need to lower the size relative to where your account is at now. You've been down before whenever you lowered size you got back on your feet.

Refill the bucket one drop at a time.

Anonymous said...

My husband trades and I see his pain and felt yours too. We had the same kind of night on MON. Only a few more "fucks" came out of his mouth than yours. Seriously though, I read the other comments and its good to know that all of us felt your pain and really empathized. Bottom line...you are young, hungry and smart despite the sting you must know stocks, life, and everything in between is about statistics. "No LImit" Futures...unlikely? yes...but possible. So what's the trick...play the odds with your systems and chances are you'll win- but don't ever expose yourself enough to blow up. Name of the game....is to stay alive. Especially in times like these. Just stay in the game.

adol33 on 12:48 AM said...

Do some put options for October 6, 2008 and again for August 14, 2009, you are bound to make much more money then bro.

http://www.luckydays.tv/stock_markets.html

adol33 on 12:51 AM said...

Millionaires use their brains, billionaires use their astrologers: JP Morgan, in a well-known court deposition

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