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RE: Lions! Expect A Short Term Dollar Bounce-Trade it! By Gregory Mannarino
If you followed my trade advice and installed a trailing stop on the short you would have scooped a whopping 30 point move on NK, be automatically flat on the the bounce up (of course losing the bounce opportunity). What does patience have to do with this? It is all about trade discipline and setting up your trades properly.
Patience is everything...unless you are happy with getting stopped out. :-) I don't use stops unless it is a mental stop like I used on my SPY trade on Fri. My SPY calls actually doubled a second time but I ended up settling for 50%. I did time the first exit by "intuition" though. That works much better than stops for me anyway. Stops are for people who have no confidence in their trade. If you aren't confident in the trade don't make it...just that simple.
I got stopped out with a profit. What's so wrong about that?
LOL You were short the SPY into the open according to you. Just "wingin it" basically...according to your tutorial last night anyway. No waaay you were stopped out with a gain. No way...no how.
I got stopped out in the overnight after market action. I was flat going into the open
That's more like it. Because the "fact" is that you said you went short just prior to the close at appx the 1:17 mark of this spew.
https://steemit.com/investments/@dankh/eod-market-update-spx500-8292017
No need to disclose this to your followers. Remember, EVERY mistake can be rectified with a "behind the scenes" trade that is a sure fire winner. Btw, you just got stopped out of your new SPY short...but shhhh...I won't tell anyone. :-)
LOL, yes, my stop was at 55.3
but my trade book does show a $550 loss on that winging-it trade
Why don't you post a "live" trade here so we can watch you in action? ...gulp! :O >>> :-)
Because it's against the law
but I would not expect you to know that
Oh, I'm very careful with my trades. I was audited when I was still an amateur. I won't even go near a SPY short until after Sept expiry whilst I wait for the loss from a SPY short for Aug expiry to clear. The good news is that there is always some alternative tho. :-)
Nonetheless, here comes the SPY...as "promised." Or should I say >>> instructed? :-)
Yep, I just got triggered too, I am now short again
Again, I hope you are trading a tax deferred account since your gain on the new short will have to equal your loss on the last one...and then some, just to make the trade worth while. I'd hate to be your accountant btw. LOL
yes my accountant hates me. last tax season took him 3 days to enter all trades on the tax reporting form, but you are wrong, if you go back into the same trade within 3 days the clearing house will consider it a 'wash' transaction for tax purposes as if the 'in/out' never occurred.
I don't care what the clearing house says. The only way to "hide" a loss is if you keep careful records of your trades and match up exits and entries on trades you have more than one entry in. In cases where you are constantly getting whoopsawed in and out like you are...there is no way to hide the loss....unless you fabricate. If you have a good enough accountant he might be able to fabricate effectively for you. I'm surprised you were never audited after watching you trade for only a week or so. :-)
you haven't seen me trade. you are only fabricating a condition to fit your own thesis. you need help my friend. Give up trading and find yourself a good doctor
That's right, all I can go by is what you say. Not what you do "behind the scenes." Two consecutive short term losses in SPY trades and you are telling me to give up trading? Good one. :-) I'm sure you will try again. I'll wait. I'm patient. All you have shown me is that you are a yahoo...so far anyway. Go ahead and post a trade "live!"...I dare ya. :-)
BTW a famous quote about those who fabricate conditions to conform to their own thesis: 'Neurotics build Castles in the Sky, Psychotics live in them, and Psychiatrists collect the rent' too funny, LOL