Ruined

[tradesmart]

Gecko - not trying to be a smart a*se here, but by having that very wide stop loss, you gave the market generous access to too much of your account and the market is always a very efficient pickpocket if you give it half a chance........

It's schizophrenic too; when the futs opened in the early hours of this morning, the price was 10215 depressed by the terror threat - who would have suspected that such a reversal would occur..........!

but it happens all the time.....

 

[Trader333]

AlanB,

Do you back horses ?


Paul

 

[alanb41252]

Yes I do back horses.

 

[alanb41252]

OMG!

U cant be serious about making money out of correct score betting surely!?!



I have just been looking at it on paper and my conclusion is that you will never make money out of correct score betting despite the seemingly generous odds.

 

[ChartMan]

News like that over the weekend while the markets are closed allows for a far less dramatic knee jerk reaction from the markets. Same when Sadam was caught. What are you doing being short anyway? We've been in an up channel since March, with just the odd decent pullback. Guess the market by all means ( and I'm sure a reversal is just around the corner), but DO wait for confirmation. Not what you want to hear , I know. As 333 said, don't look for revenge, either, or you'll lose half of what's left...

 

[Trader333]

Alan,

Do you post on RSUK ? I also have an interest in the same.


Paul

 

[alanb41252]

What is RSUK Paul ?

 

[Trader333]

It a racing website and there is an Alanb who posts but you would know if it was you .


Paul

 

[alanb41252]

I use a website called Wonagain.com

Must be a different Alanb

 

[GeckoTime]

Chartman and trader333, with hindisight you are right, but I guess I will live for another day. My blood is bubbling and I long for revenge, but I will stay away for now. In the spirit of "Reminiscences of a Stock Operator", I figure I have just paid my just dues for a lesson. These never come for free - there is always a fee.....

 

[snip]

T333

So who are you on RSUK..

Cheers Snip

 

[leeshindig]

gecko.....
I dont post here often, but i did post this comment on advfn last week and got a few positive comments and people wishing Id posted it back in July......

The rich man will be the first man to change his pattern of thought
The poor man will continue to flog the dead horse.....

weve all heard it before dressed up a lot better than that, but i think thats about the bare bones of it.......

there has been no data to suggest this rally will stop, companies are continuing to see better business conditions, saddam has been caught, im pretty sure they will find bin liner before elections....so other than a bit of retrace to let off steam, I will wait for a clear signal to suggest we are going down....

dont forget that this rally has lasted nearly a year, and even if you had went long in june july, when it was pretty apparent we were trending up, you would still be sitting on a pretty profit....
so where is the hurry....just sit and watch.....

 

[Trader333]

Snip,

I havent registered I just read it occasionally.


Paul

 

[Car Key Boi]

i'm a bear and agree with the fundamentals of betting against the stock market. Overvalution, fraud, deception, blah

however i am now admitting that we may see continued long-term price increases in the market

i'm as bearish as anyone, but i think us bears need to seriously consider this possibility

the public is almost 100% convinced the bear market is over and prosperity has returned for the long haul

i think we're into a scenario where almost EVERYONE wants and expects the market to go up. They know nothing else and even the Nasdaq crash of 2000 has convinced almost nobody of anything different. It's the perfect setup for being suckered into hidden inflation under the guise of fake wealth

such a scenario can't go on forever, but i think it could go on for a while yet

just something to ponder. Being a bear is tough...

 

[suggy]

I was in the same position as you a couple of weeks ago and it almost nailed my small account. I dont know how long you have been trading but I have not been doing it for very long so when we hit 'unknown territory' of highs I have not encountered before there was a general impression that it 'must' correct. 2 weeks later we are 600 points up. As long as you learnt a lesson and take it on board, then at least the loss has served a purpose. I got seriously pissed off as well, but since then I have really tried to remove such feelings from the business end of matters.

 

[eminem]

This market just won't give up will it? Increase in terror alert levels, earthquakes, fraudulent accounting...feels like 1999 again

Someone on another website mentioned that a UK broadsheet/s had a headline proclaiming the good times were back with shares so a top must be near

 

[leeshindig]

eminem...
the post by car key boi above says it all.....when the bears turn to bulls, then maybe thats time to get worried....

and when the newspapers tell you shares are safe, or in my case, when i heard a young sales assistant in a clothes shop talkng to another member of staff while i was browsing a couple of weeks back, saying that if he had any money he would put it all into shares cos his mate had bought a new audi with his profits fom shares.....

lol!

 

[DaxTrader]

Chartman is spot on.

Even a cursory look at the charts shows long uptrend with lots of higher lows and higher highs, so any shorts must be short term, otherwise you are fighting the trend.
As the old adage goes"the trend is your friend until after the bend "

The fundamentals can change way before the price action does - markets are forever mispricing and over or under shooting "fair value"

Once some of these higher lows get taken out and the uptrend looks shakey, then longer term shorts become more viable.

 

[Trader333]

Just reading the above reminds me of the two sayings that almost all of us learn as we journey through our trading life but which many just do not follow. The first is

"The market is always right"

The consequence of thinking that you know better than the market will ultimatley result in you losing all of your tradng capital. The fact that it appears not be right is irrelevant to what it will do. In addition to this if you have been hit for a significant loss in recent times because the market did not behave in the way you thought it should do says that you have not learned the second of the most important lessons in trading which is repeated time and again and is

"Cut your losses"

If the market does not prove you to be correct then get out. Ask yourself why did you continue holding that losing position ? Why get hit for a big loss when it could have been a little one ?

How many winning trades are you going to have to have to recover that loss ?

I know that it is easy to say all of this in hindsight but if lessons are not learned from this loss then it will happen again and again.


Paul

 

[neil]

Use the eyes not the ego

So - Trade what you see.

Not such an empty cliche that some think it is when you seem to be trading with your eyes shut.