iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,345 Blog Posts

BOGGED THE FUCK OUT — HOT ROLLED AND STEELED

I lost the right to own these bastards. This is how I got HOOKED. I thought we were belting lower and here we are now, +1,200. I thought about this trade all day and even though I hated to realize hard losses, at a time when I am philosophically correct, it had to be done. Down 20% is terrible, but if I held and these dove lower, I’d be looking down the barrel of significant damage to my account.

The conclusion.

(DRIP -14.7%)
(TZA -14%)
(FAZ -20%)
(SOXS -22%)
(DRV -13.6%)

Entire damage to my account is 425bps. My ideas about DOUBLING DOWN were lunacy and never should’ve been entertained. I was HOOKED and had no choice but to sell.

My day wasn’t all horribles, I booked other trades, most at a profit.

AU +6.8%
INO +3.6%
SCL +8.9%
(IFRX -2.8%)

I also bought about half a dozen of so stocks — most of which have moved higher and had a healthy basket of OLD MAN stocks into today, which are mostly up led by the JELLY JAR $SJM.

There is no lesson to be learned here. This is trading. Sometimes you’re right, others times fucked. You just can’t let the fucked days run away and chase you out of the market.

In other news, Dave Portnoy is all in SHORT $BA — down $500k for the session.

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14 comments

  1. traderconfessions
    traderconfessions

    Douches like Portnoy shouldn’t own money. Fortunately those on the other side of the trade are prospering from his dilettantism.

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  2. heckler

    At least your BTC is working!

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    • peaches

      are you trading BTC? or just HODL’ing?

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      • heckler

        About 50/50. The fucker never stops trading, so I try and not go to bed carrying too much risk. Also sometimes I trade out of what would be an otherwise core position if she gets too extended.

        Trading BTC is kinda fun – I imagine my trading opponent being some 17 year old in fucking Hong Kong… and me just slowly steeling his money.

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  3. tradercaddy

    I like this saying: Fly circa 2020 – “Sometimes you’re right, others times fucked.”
    I would definitely put it with these:
    “My formula for success is rise early, work late, and strike oil.” – J Paul Getty
    “I never forget a face, but in your case, I’ll be glad to make an exception.”- Groucho Marx
    “Just cause you got the monkey off your back doesn’t mean the circus left town.” – George Carlin
    “All right everyone, line up alphabetically according to your height.” – Casey Stengel

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  4. og

    Beautiful end of day pump. Shame I have some DIS shorts still.

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  5. i_am_nemo

    Anybody with a brain should be short this market given that unemployment is going to skyrocket and entire industries are screwed for the next 1 – 2 years.

    The politicians/bureaucrats/masters of the universe will pick winners and losers. Industries will downsize and consolidate.

    You won’t know the winners unless you are very well connected.

    Market don’t care. Market is rigged.

    https://www.youtube.com/watch?v=4r7wHMg5Yjg

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  6. i_am_nemo

    Nobody can navigate a market this volatile in afterhours. It could be down 7% or up 7% before the market even opens tomorrow.

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    • discoordinated

      In the long run I agree, but maybe wait for an S&P print near 2800 before getting too heavy on the shorts.

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  7. superpositron

    I did pretty well today. Sorry you got “Portnoyed” Fly.

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  8. Orson

    Kissing the gunner’s daughter is not fun.

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  9. discoordinated

    I’ve learned more from seeing you cut losers than I have by watching your win streaks.

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  10. cash cow

    Sorry for your busted trades, but thank you for your display of discipline. I too today was overleveraged short S&P. Covered for a small loss after giving back $10k in profit.

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  11. cash cow

    I am baiting Portnoy to take his stream to the next level and to start trading options!

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