8 replies to this topic

[IndexTrader]

As most of you probably know, I've been short the ES from 1439.50. I have closed this trade out this AM at 1459.50, for a 20 point loss. This was a tough one...and frankly, I would say mishandled from a management standpoint. I had the opportunity several times to close this trade at a profit, and didn't. The reason I didn't was that I sensed a bigger opportunity on the downside. Obviously, in hindsight, that "sense" was misplaced, at least at the time. I also don't like to carry a trade like this at a loss for a long period of time...I find it mentally draining. So right or wrong, I'm out. I will say that as long as I've been in this trade, it's amazing that the bulls have not done any better. I suppose it shows the lack of volatility. That said, congratulations to the bulls....and who knows, perhaps this act of closing a loser out will free the market to go down. IndexTrader

[greenie]

Good trade. It is a game of probability - nothing wrong in being wrong a few times, as long as the sum total is on your side.

[denleo]

You are a great trader. I mean it. You have traded much longer than I have and obviously know that losses come with the territory. Good luck on the next one. Hopefully we'll be on the same side of the market. Denleo

[eminimee]

You'll get em' next time IT...but just to show where we have been over the past 2 or 3 months.

Although it may feel like a raging bull, especially if short....there has been very little headway.

Especially OEX and NAS.

http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=3&dy=21&i=p07321786609&a=79672211&r=3011.png

http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=3&dy=21&i=p33530450025&a=79663062&r=8082.png

http://stockcharts.com/c-sc/sc?s=$NDX&p=60&yr=0&mn=3&dy=21&i=p45804822712&a=98698561&r=1808.png

[traderpaul]

The buzz word is complancency.....There is no way this maket will go down.....Go with the flow.....Don't fight the tape.....That is how the top is formed.....

[A-ha]

I read this in the book : Stock Market Wizards: Interviews with America's Top Stock Traders, latest edition Interviewer asked to one of the traders whose name I cant recall: "What would you do if you get caught in a bad trade" Trader's answer was "I would sell right at the bottom like everybody else." The point here of course was not that he actually pukes at the bottom but he was humble and experienced enough to admit that it can happen to anyone regardless your past track record. IndexTrader has been my favorite trader here for years, and it doest change with a trade or two. I observed him long enough.

[pdx5]

As baron Rothschild once said "I got rich by selling too early". Complacency and greed are to be avoided in this business. You can't go broke taking profits...blah..blah..blah As for Index Trader, this was a minor hiccup in his many other good trades, I am sure.

[OEXCHAOS]

Picking tops is hard. Period. We had everything going for us, IT when we went short (give or take). Then the weakness just petered out and the sentiment shifted back to more supportive. I covered sooner than you did after stretching it longer than I wanted to, too. I just kicked myself for not ignoring the first really good sell signal. It's almost NEVER good, at least in this type of market. Going forward, however, I'm watching breadth very carefully. I'm still open to this trading getting ugly in here. Mark

[BigBadBear]

Mark, What can I say you are very right though uglyness is pretty much unlikely now. Index, You are an honest trader and thanks for your contribution