spanish89...

on any spanish89 discussion threads would you like to -

  • close all threads and bin any new threads started

    Votes: 10 12.7%

  • leave them open

    Votes: 29 36.7%

  • couldn't care less

    Votes: 40 50.6%
  • Total voters
    79
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I dunno, he's mentally unstable enough he probably meant it when he wrote it... whether he will follow through or not is of course a different issue... but alcohol is a powerful drug (hic)
 
The following post should be made as a sticky to educate new traders in how not to think about the market.... amazing how nothing, not one loss, is ever his fault!

Spanish89 said:
But everyone has publicly seen how much **** i have had since this year started, evry single movement.

*I called buy oil at $37 on saturday 1day after the russian gas thing, with target 46. But couldnt myself cos cant do weekend trades.

*I sold at $47 with target in 44.62 and 39.26, got cautious and took loss at 49, then had market crash down to the low 42s the same day.

*I then tried to buy when it fell from same move to low 38s, just to have it crash down more to low 30s,
just to have it then close the contract at $40.

*I then bought it at the 41 lows with target 43s, held it for 4hours just to cash in when it spiked $1 in few seconds, as it was too fast and so should have pulledback,
but instead it went straight to my target of what would have been nearly £2000, that i desperately neede for my then 4k account.
But instead i sold the spike, and took loss to end only break even for the day.

*Had internet down all next day so missed having the perfect head n shoulders form at $32, the ultimate low.

*I then watched and waited patiently as it spiked from 41s to mid 45s, sold there at head n shoulders just 1spike before the top, with target high 43s, just to have it rise to over $1 and i took loss at 46.90,
just to have it fall down again to breakeven.

*I then waited patiently and let it rise all the way up to the mid 48s, let it form a big heavy top there,
and then got my sell in at 47.86 barley 16seconds before it crashed down off the right shoulder,
but i took profit after just 60ticks drop from my entyr (was $1 from thw start of that down move),
since with all the constant buying that had been going on for no fundamental or technical reason, i though this spike would be bought up again.
Yet it crashed down to my target, so missed over £1000 again.

*I then waited patiently as it crashed down from what was the mid 48s down to the mid 43s, (without my perfect entered sell and the £2,600 it was worth),
just to buy at the head n shoulders form at the low 43s, this time i didnt cash in when it spiked up 60ticks like i had done the previous week when i missed the 2k,
but this time after all the **** id been having since the year started i really thought my luck couldnt get any worse,
YET the thing then didnt rise when the dow, euro and anti dollar pairs, and even the other energy things rose,
didnt rise overnight or this morning when the dow n others rose even more,
YET as soon as i took the loss on a huge huge inventory build (the 2nd biggest build ever in history),
the ****ing thing started rising back up!!!
Click to expand...
 
the guy is having some bad luck give him some credit for his ideas. i am sure things will turn out ok.
 
Be interesting to see how he reacts. Will he cut back as he is cold - or start revenge trading and trying too hard too soon? Personally I think it's a foregone conclusion but this is where we will get the some real feel for his ability.

PS. There is no such thing as bad luck.
 
You could postulate that he has actually been very lucky up to now, if you want to bring luck into the discussion....
 
maybe luck was the wrong word to use, but he is only young and i am sure that he has some potential as a trader and that he will pick up on his past mistakes. we all make them at any age!
 
poborsky said:
the guy is having some bad luck give him some credit for his ideas. i am sure things will turn out ok.
Click to expand...

NO!

This is what spanish and newbies need to get into their thick skulls. He may be OK for another six months but eventually trading without stops or giant stop > 20% of your account will eventually lead to ruin - that's the law of probabilities that you cannot escape.

It is not a sustainable method of trading. Doesn't matter how good you think you are - eventually you will go through a bad patch - it happens to everyone. Spanish has NO contingency for this - he assumes he will always be right. When you do this for a living you can NEVER go bust or it is all over.

What spanish has found is that he can't make money if he uses tight stops - so he persists in not using them and waiting for his trade to come good. Welcome to the real world S89 - that's how it is - trading is not so easy when you run tight stops - but it means you don't blow your account!
 
thinking about it there is bad luck in trading.....


If you tripped up, smacked your head on the computer opening 20 trades without stops which you found had lost money when you woke up then I would agree that the losses could be attributed to bad luck.

IMO, he shows the classic fault of believing that he knows better than the market, and that the market was wrong and not him. It will only get worse if he doesn't sort that soon.
 
Only any good if you learn from your mistakes.... A clever trader somewhere round here has something similar for his signature i believe! :cheesy:
 
north5 said:
PS. There is no such thing as bad luck.
Click to expand...

No? :sneaky:

How about this? You go long off the day's support with your biggest trade of the day and just as you're long George Soros comes on the wires and talks down what you're trading. What do you call that then? Luck, co-incidence?
 
I'd call it an unfortunate losing trade. There are those that can make the market move, and then there are the rest of us that need remember that it doesn't move to our thinking.
 
i dont think you can say there is no luck involved. for instance you could be lucky to get filled at a certain price and unlucky not to have been.
 
So if you never got filled, you removed it and then soros made some comments - would that have been good luck or bad luck?
 
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