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[Old Greg]

Back in early the 2000's I worked on a commodity trading floor in London. For a large, well known, trading house.

I got involved with some development work for the internal auditors and read through a number of the reports. One report was to do with the institution's attempts to quietly unwind a disastrous position taken by one of the traders.

The line that always stuck with me said:

"Even though she has lost $75M, she still maintains her trading strategy is correct"

That was back in the day when $75M was considered a lot of money.

The trader wasn't stupid. She had access to all the best pricing information, graphs, technical analysis and market information money can buy. But she was still wrong and unable to admit that to herself which prevented her taking action in a timely manner to stop the losses spiralling out of control.

So my question to Scooter is: Do you have an exit strategy in case you are wrong? And will your character allow you to take the action required should things start moving substantially against you?

It's always better to have a plan written down when things are calm, rather than trying to make up one on the hoof when everything is falling apart.

Pooper is too emotional to accept a loss.

[AtW]

Pooper is too emotional to accept a loss.

He just needs to lose his emoticons first

[scooterscot]

So my question to Scooter is: Do you have an exit strategy in case you are wrong? And will your character allow you to take the action required should things start moving substantially against you?

It's always better to have a plan written down when things are calm, rather than trying to make up one on the hoof when everything is falling apart.

Nice story - I used to be polar opposite, make a fortune and then ride it all the way down again. I have a strategy that I follow to the T. No deviation. In simple terms the strategy is to buy low sell high. Sure I said it before, 97% or thereabouts of retail cannot do it.

As for exits, I think you're asking about stop losses, I don't use them myself. If I had used one today, it would have gone off and liquidated my position at market no matter the price.

I imagine a lot of people in a similar position would now panic and look to liquidate their position and call it a day. That's emotion making decisions. Patience is key. If you don't believe in yourself you're on the wrong bus.

[scooterscot]

PS: Glad so many are watching my trade for me

[jamesbrown]

Nice story - I used to be polar opposite, make a fortune and then ride it all the way down again. I have a strategy that I follow to the T. No deviation. In simple terms the strategy is to buy low sell high. Sure I said it before, 97% or thereabouts of retail cannot do it.

As for exits, I think you're asking about stop losses, I don't use them myself. If I had used one today, it would have gone off and liquidated my position at market no matter the price.

I imagine a lot of people in a similar position would now panic and look to liquidate their position and call it a day. That's emotion making decisions. Patience is key. If you don't believe in yourself you're on the wrong bus.

You are truly fooked, scootie.

To paraphrase, you have absolutely no way out until your objective is met or you're bankrupt. I'd take a leveraged punt on which one comes first

[AtW]

[Andy2]

PS: Glad so many are watching my trade for me

be very careful with 2x and 3x derivatives. I have burnt my hands with them many times.
We are watching your trade because we dont want you to go bankrupt and come back to UK

[Whorty]

Nice story - I used to be polar opposite, make a fortune and then ride it all the way down again. I have a strategy that I follow to the T. No deviation. In simple terms the strategy is to buy low sell high. Sure I said it before, 97% or thereabouts of retail cannot do it.

As for exits, I think you're asking about stop losses, I don't use them myself. If I had used one today, it would have gone off and liquidated my position at market no matter the price.

I imagine a lot of people in a similar position would now panic and look to liquidate their position and call it a day. That's emotion making decisions. Patience is key. If you don't believe in yourself you're on the wrong bus.

I can't tell if you're a troll, a fool or arrogant. I genuinely hope you're a troll as the other 2 options you will end up broke (or worse).

[AtW]

I can't tell if you're a troll, a fool or arrogant. I genuinely hope you're a troll as the other 2 options you will end up broke (or worse).

Pooper is an arrogant fool who thinks he trolls us by showing off his acumen...

[DimPrawn]

As for exits, I think you're asking about stop losses, I don't use them myself. If I had used one today, it would have gone off and liquidated my position at market no matter the price.
.

But you do though, implicitly. It's called a margin call, and means you are now bankrupt.