well today is the kind of day that makes u want to rip ur newts off and give up your man card as no self respecting gentleman can swingtrade through such a hot mess. in the end all you will want to do is eat your own brains(heavily salted) as its become useless since you cant pinpoint where the action is going. We everything had lined up rather nicely today for a potential bounce. We had a 4 day drop with oversold conditions, potential turnaround tuesday play, along with our annual Turkey Run. Yet Mother Market took all of them and drop kicked them in the face with rusted steel toe’d boots. WE made 1 girly attemp around lunchtime as Bernanke released his weekly TWISTER to make a run but it failed miserably then the market just grinded lower and lower slowly dutch ovening yourself to death.
I myself had been setup for a most epic day as was very very long LNG at 11.65 buy yesterday and even added more on the morning dip at 12.25. Yet as that stock was attempting to break 12.9s I found myself glee and looking for an epic homerun especially after such wins like PEIX, BIOF last week where i was eating 50% gains…..I really wanted to go for it! BIG frigging greedy greedy mistake as I watched it tank all the way back to 12 as I got stopped out. I preceded to this with every stock I bought yoku, zlc all sorts of crap. This is the problem with trading it becomes basically a video game after a while. 2.5 years ago my goal was to make 500 bucks a day then after a while even making 500 dollars a trade doesnt interest you. You numb yourself as it just becomes a giant game…especially for me Im indian so i live cheap I really dont even have any use for a lot of money I need a few grand for bar bills a month and Im usually good to go.
WELL THIS IS GOING TO CHANGE. IM GOING back to full ON RAPIST mode. I have cut the goatee and going old school PORNO STACHE style. I will keep this creepy stache till i fix my greedy indian ways. Tomorrow is a new day…i plan on spending no time with my family or friends I will be trading and Doing so in a fantastically reckless and profitable manner.
p.s. I went through over a 1000 charts they all suck… not a single one looks great. usually thats when we get a bounce.
………………..RETURN OF THE FUCKING STACHE
LMFAO!
What you need is discipline and a goal but mostly discipline. PS I’m just looking forward to becoming profitable and being able to make $200 a day.
aah good observation. that maybe true but discipline actually the most overated part of trading. 99% of traders will lose money and say “if i just could be more disciplined I could make cash” which is total hogwash. Having mastery of your setup is the number 1 most important thing. YOu could be totatlly wrong all the time but have great discipline and you could end up broke.. i might actually have too much discipline!
you will get profitable it often just needs a couple tweeks that you might not even recognize. the line between a guy that loses a small amt of money each day to making a small amt of money is 1%. Its often just acouple small simple things. build a network of people you cna talk with on a daily basis…they will be able to spot it in just a few seconds more times then not. thanks for the feedback!
This post was both informative and hilarious. Sorry to hear about the losses, but you gotta remember all those shit-eating grins you had when you were reeling 50% gains! I love reading your posts o twitter and l4p. Awesome!
thanks! i dont mind losses its part of the game! what i dont like is turning big gains into losses! for that you deserve a timeout in the badboy corner!
Kunal you’re awesome! I love reading your posts and I’ve learned a lot from your posts/tweets. Funny thing about trading I find is you can make as much or as little as you want. Consistency is key. My goal was to make $1000/day, so for two years as I learned how to trade and developed a track record my goal was $100/day. I was able to average that quite regularly so after two years I decided to add an extra zero to my positions, so now I’m averaging around $1000/day. Of course I have days when I lose (today!), and days where I make 2 or 3 K. I wonder if I can add another zero and aim for 10K/day??? What’s been your experience with large position sizing?
chris! you bet its possible. In my niche im not sure how easy it is. I personally get to wild when i try to go big and keep a big account especially with smallcaps that i trade having large positions seems to have diminishing returns. But if your trading a mix of large,smallcaps, etfs, otc all sorts of stuff it def is possible.