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
23,599 Blog Posts

I Collapsed My Grandiose Gains This Morning

Have you ever had BIG DICKED gains in the pre-market and early open only to quickly see them dissipate and collapse and cause you to want them all back, which in turn causes you to make mistakes? Well, I presided over the open of trade +150bps due to a 12% position in $BITX, racing off the back of $BTC surging higher. I was feeling grande and felt, if I am being honest, nothing could stop me.

The only problem with that were the other 12 or so positions that tanked at the open, causing me to chase them down the drain — selling them almost in a frenzy — seeing my gains really cave in and now stand at just +18bps with only $LABD in my account.

Typically what happens on days like this is I get really mad and over-trade into a maelstrom — mounting losses of the largess varietal. However, I don’t give a fuck about getting back the 100bps+ of gains that pretended to be mine at the open. They were never mine to begin with and if I go about my day attempting to retrieve them, I will almost assuredly do injury to myself.

After the market collapses a little here, I will close out my $LABD position and fuck off for a few hours — return later on with a clear mind and a stable market — willing and able to incrementally increase my returns.

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