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
20,629 Blog Posts

HORRIBLE TRADING UNDERWAY

I had stepped into today cocksure and strong, feeling the vibe of downward spiraling markets. I had inverse ETFs and the NASDAQ was down 100. But then markets began to turn higher and all of the alternative energy stocks, led by SUNW, started to triple in value. Quickly, like a fucking moron, I followed suit. The next sequence of events can only be learned from a complete moron, so play close attention.

I ran some screens and chased whatever moved. If It was energy related, alternative energy, I gobbled it up. If it was up 50% on strong volume, I deemed it to be a good value. Almost immediately I was rewarded with gains, as the TIKTOK/Robinhood cadre of investor chased with me. I was one of the kids now. I wasn’t too nuts, still 60% cash, but beta was off the charts.

But then markets started to tank and I got left with bags of shit burning at my door. I started to stomp them out, but it was too late. The damage is ongoing, as I have several of these burning bags of shit still burning at my door. My intra day losses are now in excess of 3% and it would’ve been worse had it not been for position sizing of 5%.

There is a lesson tucked in here somewhere. However, for the moment, you can chalk it up to abject stupidity fueled by FOMO.

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9 comments

  1. tradercaddy

    At least it is good practice for Trick or Treat when the neighborhood kids leave a surprise at the front door.

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  2. edge

    My straddles and puts are trying to be burning bags of shit. I’ve been anywhere from -.5 to +3.0. You’ll have those days. Just don’t start eating the shit.

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  3. edge

    I would go so far as to say that the national mood is not conducive of a rally. Everyone can see that we are in deep shit (the word of the day), failing economy, riots, more covid, no stimulus, and a president and his party trying to declare democracy null and void.
    It will get worse before it gets worse and better will have to wait.

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    • purdy

      Turn off NPR and try to be less partisan. Both parties are corrupt and co-opted. Trump may suck, but the Dem/deepstaters pushing to re-ignite the cold war …pushing the doomsday clock towards midnight …deserves more of your ire.

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      • one-eighty

        Nope. Trump is several orders of magnitude worse than anybody else.

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      • edge

        Purdy- my news comes from a variety of sources. Probably 40% of my news comes from Zero Hedge; I never watch NPR.
        I have no use for the far left or far right, other than to take advantage of them in the markets on occasion.

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  4. maxx2000

    Dude, just take the rest of the week off. Go golfing or something.

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  5. maxx2000

    Oh, and short soybeans if you have to trade something.

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