Oops!… I Did It Again
i think i did it again
i made myself believe
my account would go up
Okay this is not working. I can’t do this anymore. If I do, my account will go to $0. I exited my JCP calls when it was at $40.70 today and after that mess up, I am all cash, $2300 in cash. I’m thinking $2300 is a lot less than the $5000 I started with, but it’s also a lot more than $0. I’ve lost $2000 in two days. So this is not working. If it’s not working, better not keep doing it. I’m trying to figure out what to do. I could:
1. put more money in my account, put in like $20,000 and turn it into a race to make $100,000 in profit. I could also put $20,000 but make it a temporary thing and withdraw the $20,000 after my account is back up there.
2. just keep daytrading with my $2300
3. stop daytrading, take a chill pill and lie in wait for the perfect trade
4. just quit
#1 sounds good to me - it’s a lot more practical to daytrade with $20000 than $2300. #4 sounds like the smart thing to do so I’d better not do that. #3 sounds good too- just wait for a sure thing. I could be waiting just a few days or for weeks, but wait until I find a sure thing.
Hmm… Any other ideas out there? What do you suggest I do?
9 Responses to “Oops!… I Did It Again”
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Wait and you will be rewarded!
#1 If you want to race to $100k, why start at $20k instead of starting at $99k?
#2 Why not just trade stock instead of options?
#3 Find your successful style and stick with that. If you look back you will see that I dropped a lot in account value, though I’m not really doing that well now, it’s possible that I’ll win the race to $0.
#4 I don’t see you as being a quitter. Ask one of the boy toys for some cash and go back to $5k, than stick with trading stocks instead of options. You could check out SSF (single stock futures), but those usually have less activity.
I vote for for number one, and not just because I have a short attention span and didn’t read much past that. You are the quintiscential day trader, who has more in’s and out’s than Senator Craig in airport bathrooms.
I do have a couple of other suggestions:
1) Liquidate your account and go for broke with lottery tickets, worse case you have helped fund the children of the third world in Texas.
2) Two words - Elvis Plates.
3) Take remaining cash and open an adult site with some decent cams, you are a hottie.
4) Liquidate all of your assets, sell your car and just wait for the impending environmental apocalypse and you can sleep at night in the park with the other homeless people knowing it wasn’t your fault.
No matter how it turns out you will always be a winner, because I made the site and can start showing make believe profits if need be.
William, thanks for the comment. I’m going with that strategy for now.
Michael, I knew today would be bad when I woke up. It’s that there’s-something-off feeling you get after a weird dream. My dream last night had you and Jerome and munchkins in it. No, it wasn’t a naughty dream. But still scary huh? I would rather work with $20k in my account and have it go to $120k for $100k profit than work with $2k and have it go to $0. The point is to make $. You’re welcome to put $100k in your account and try to turn it into $200k if you want. $5k to $100k sounds more dramatic than $20k to $120k but at the end of the day, I just want that $100k. Anyways, I’m still thinking it over and going with #3 for now.
It’s not much fun when someone loses money. I know, I have lost money. Well, at least unrealized losses. As soon as January OE (options expiration) passes I’ll be showing a bad loss, unless the jobless claims keep the market down today.
Do what it takes for you to make money. I don’t think that options trading is for everyone (though I remember you wearing a party hat while pointing and laughing at me in the first week when you were up greatly and I was recycling cans and bottles for food).
I would highly recommend that since the start point for you will change, that you put in the most amount that you can, because the more that you deposit and trade with the smaller percentage profit required to make $100k. Nobody (well, almost nobody) wants to see a trader lose money, do what you are most comfortable with.
Don’t add more capital. You are trying to demonstrate what it is like ‘in the real world’, that is, how traders like us make money with an initially small capital base. Just find a system that does not give many alerts, trade it to perfection, and see your account grow. I’m doing the same thing you are, starting with just over 3K, and seeing what I can do. It is not about absolutes, always think in percentages. And it is about perfecting your trading. If you have a dollar amount in mind, you will never make it. Just focus on trading not minting money. Most importantly, don’t overtrade, as I think that is what you are doing now. Only take the best trades and stay as objective as possible. Take your winners, cut your losses.
Just my 2c,
Masterjaz out
Lindsey has discovered what is referred to in investment circles as the ‘Lindsey zone’…
Take some time out an learn more about trading options. Get you head in the game before you trade again. Rushing trades has never helped.
Follow your discipline. GUT CHECK TIME.