Monday, February 22, 2010
Covered Partial
Disappointed with the trading action today, there should have been a bigger dip on the Obama healthcare news, but the market held on above 1103, and I think we're not going to have much downside today. I covered some of my position, and will likely close out the rest soon before the close.
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10 comments:
Dawg, no trades today?
I don't see much today Dawg.
I bet I will be in a trade before the mkt is over. Let's see...
I"m doing my stock scan, searching for victims. Still holding MIPI. Dunno why I didn't sell at 1.70 this morning
I closed out my short for small gains. I may re-enter tomorrow.
Retail still bearish. Crowded trade.
I was reading that thread on turning 400K to 4 mln by end of 2010.
The dude is a major gambler. I wondered how he made that much money in the first place.
I just see this guy taking major pot shots on expensive stocks, the stock and the option.
I think it's only a matter of time before a guy like that blows up completely. Everytime he trades he is risking losing like 25% of his capital, and that's not even when the market has huge volatility like in the end of January.
Anyone who is shooting for a 1000% return with a large sum of money is crazy. He should just try to make 50% a year with that.
Funny thing is, I can relate to that guy who is taking major pot shots with stocks, trying to get to 4 Mil with 400K. I used to do the same thing, and I consider myself a major gambler as well. It is a dangerous way to trade, but he had some very good returns the previous few years, which he probably wouldn't have gotten without trading aggressively.
The guys only game plan is to find a stock that goes up too much and buy the puts and keep buying more if stock goes higher.
Vice versa with the calls if a stock tanks. Just keep averaging down, and he expects to make money that way.
Hmmm actually... this is giving some ideas. What he is doing is just a more complicated derivative of what I am doing however, I bet I can time and game stock movement better than this guy.
I'm sure you can relate. However, for what he has right now, I would consider getting less aggressive or at least more measured in trading then just shorting bidu because it's at an all time high.
I think he got lucky using that approach to trading in a period when the market rewarded taking big risk. 07,08,09, you took major gambles in one direction,and you got it right, paid off.
The guy just likes the feeling of doubling or tripling down on a losing position. People get addicted to that feeling of being in danger, and even knowing that, decide to even take on more risk. It's a small power trip. He probably feels like he's Gordon Gekko for a couple seconds. ("80000 shares of Anacot Steel take the offer - rip off their eyeballs and skull fuck them") Hahahaha.
It's always better to be addicted to that feeling of getting a trade right from the moment you enter it. The guys not into winning, he's into gambling. The difference between a trader and a good trader.
Hey dudes take a look at SPG for a short i would but i am super short right now
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