DO you wait it out? Cut your losses like me? Or average in?
Lesson be learned.....you don't want to make the same mistakes I did.
I got out of my long futures position when YM was down 300pts, it is now down 650pts and still going down and the market hasn't even opened for US investors!!
I may look stupid for holding my position so long, but I look less stupid now, with the trade down 2x as much from where I sold it.
What do you do today?
Do you short Solars and Financials?
How about shorting NYX and the brokers? Who's going to be left holding all these worthless stock certificates when the market tanks? JPM, GS, BAC, MS, C, LEH, NDAQ.
Remember BAC earnings tomorrow at the bell.....And never count out the surprise FED cut!
Spreads are going to be huge, and I predict YM to have 10-30pts swings every few seconds. The market is going down.
THIS IS A STOCK MARKET CRASH!!!
Tuesday, January 22, 2008
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3 comments:
What do you do!? You get the fuck out at the first opp! At least your out now. Be a good idea to let the market alone for a bit till you get your head together, Biggest mistake you could make atm is to seek revenge imo. Gl m8
It's amusing to watch your meltdown... so at least the money didn't go completely to waste.
I can't believe you still think of what to do. I mean you have to be riskaverse when you prop trade. For me that means that when the market becomes crazy like it is now I step back and watch. It happens say 2-3 times max each years, that means that during these days you are out of control. Everything you use to look at and do is not applicable anymore. So i'd rather not trade even if I might be able to make a bunch of money because I know that tomorrow ( when this mess will be history) I'll be able to make money again.
my 2 cents
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