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
21,387 Blog Posts

Paper Hands Fly

Markets are at it again, fucking with people’s emotions, causing people to trade poorly. I just had a terrible trade close out in BLM stock BYFC.

I bought it because another black owned bank CARV was up 250%. Little old BYFC was up 15% and wanting MOAR. I bought it at $3.19 and quickly saw it rise to $3.43, a 7% gain. I didn’t sell of course because I wanted MOAR. More money, more prestige, more greed.

It topped there and then quickly traded lower, as CARV collapsed to +135%. I ended up selling for a 5.5% loss, which is always the worst type of loss. My emotions were like “but I was just up” but my mind said “asshole you fucked the trade, now manage the risk.”

It might very well go up and exceed $3.4 — but I will not lament it because I simply traded it poorly. This new culture of having “diamond hands” and never sell is toxic and stupid. You fucking piece of shit traders are gonna bankrupt yourselves with that asinine mentality.

At any rate, I am down 60bps, 90% cash, mostly watching the market get clubbed.

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