It happened to many extremely successful traders. 😀 Even the great Jim Rogers did it at the beginning. He once bet the farm on some stock options. Lost everything and got kicked out of the house by his first wife.
The key thing is, you need to figure out what you have learned in this trade. Then the loss is just an expensive tuition, and not really a loss. I can tell you what you should have learned from this, but it is not the same as you figuring it out yourself. 🙂
What chart is that? That's not the spy… I don't recognize it. Also, do you see us closing on the low of the day (trend day down), or floating back up after the usual time frame of 10:30-11:30, but still closing lower then the open?
Thanks Red – I still think the long term trend is down but it's not going to be easy. Some people feel we got to bearish and that's what popped the market. But the thing is, when things go down, don't people always become more bearish and that doesn't always mean a rally as was evident 2 years ago.
March S&P E-mini Futures: Today's day session range estimate is 1088-1102. I think the ES has decisively broken out above its recent 1058-1080 trading range. The market will reach 1200 over the next three months.
I fully expect it to hit 110.35 this morning, but after that I don't know? With current pain at 108 (as of last Friday), a small pullback to 108 by Friday could happen? But, as strong as the bulls are right now, they may trade sideways and close at 110?
If will reach 110.35 today and pullback to 110.09 for the close, what are you thoughts for the next 2 days. Close above 110.09, then pull back into Friday. Close below 110.09, then go sideways into Friday, with no pullback (less then a point)
the chart is of Deere & CO. ticker: DE
i don't have a bias for today, lots of dancing the first half of the day given the gap over the containment pt. and crash gap up above
It happened to many extremely successful traders. 😀 Even the great Jim Rogers did it at the beginning. He once bet the farm on some stock options. Lost everything and got kicked out of the house by his first wife.
The key thing is, you need to figure out what you have learned in this trade. Then the loss is just an expensive tuition, and not really a loss. I can tell you what you should have learned from this, but it is not the same as you figuring it out yourself. 🙂
Yes Monica,
The trend is down longer term, but up for now. By early-mid March I think we will turn back down.
What chart is that? That's not the spy… I don't recognize it. Also, do you see us closing on the low of the day (trend day down), or floating back up after the usual time frame of 10:30-11:30, but still closing lower then the open?
Thanks Red – I still think the long term trend is down but it's not going to be easy. Some people feel we got to bearish and that's what popped the market. But the thing is, when things go down, don't people always become more bearish and that doesn't always mean a rally as was evident 2 years ago.
Another setup completed:
DE
de-leverage point of $58 est. 1/25/2010
high today $58.05
http://www.flickr.com/photos/47091634@N04/43647…
9:15 est
SPY continues to dance with the crash gap @ 110.34
it looks as if its going to open above 110.09 so today's close and tomorrow's open will confirm where the direction will be for the rest of the week
Carl Futia just now:
March S&P E-mini Futures: Today's day session range estimate is 1088-1102. I think the ES has decisively broken out above its recent 1058-1080 trading range. The market will reach 1200 over the next three months.
Note: his range is -10 to +3.5 from right here.
Well, mine are Feb., so this trade really hurt the pocketbook… and pride.
I fully expect it to hit 110.35 this morning, but after that I don't know? With current pain at 108 (as of last Friday), a small pullback to 108 by Friday could happen? But, as strong as the bulls are right now, they may trade sideways and close at 110?
If will reach 110.35 today and pullback to 110.09 for the close, what are you thoughts for the next 2 days. Close above 110.09, then pull back into Friday. Close below 110.09, then go sideways into Friday, with no pullback (less then a point)