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Thanks Mr. M.
I'm definitely grinding it out. I actually placed an 8 mini-lot Euro Long last week to hedge my large Short position over the weekend, I didn't want the Euro to gap up when it opened on Sunday. Now, I'm stuck in my Long trade on Euro because it actually gapped down on the open, and I had closed my Short positions for a handsome profit. Right now, my Long position on Euro is around -$2.5K in open drawdown. I'm trying to figure out how to unwind this position right now.
If I had done nothing, I would be up $2.5K right now. Total Fubar, right there.
On the bright side, I'm returning back to a more stable foothold on my account equity.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
Last edited by Kenny Rogers; 02-17-2009 at 05:54 PM.
^ Despite shooting my own foot at every opportunity, "The Gambler" is still in the game and surviving.
I do need to restock on my snake oil inventory. Ole Kenny still kicking!
There are definitely lots of wasted soldiers on the battlefield this month. I almost took the ride down myself, but I held onto my cards and it turned on the river.
/turn up the music
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
Last edited by Kenny Rogers; 02-18-2009 at 12:51 AM.
A little off the topic of forex, but I'm starting to look at oil as a long term investment like an retirement account. The price of Crude is around $35. And I say the lowest it can go is probably around $25. So it would be a very smart position to buy oil when it is near $30, and temporarily take a $5 hit if it goes there. Over the next 20-30 years, it is bound to go up, and you are bound to make some serious returns if you consistently buy into it per month.
For long term investment, I would look into oil ETFs instead of using the futures because futures are on monthly contracts and you would need to roll those from time to time.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
A little off the topic of forex, but I'm starting to look at oil as a long term investment like an retirement account. The price of Crude is around $35. And I say the lowest it can go is probably around $25. So it would be a very smart position to buy oil when it is near $30, and temporarily take a $5 hit if it goes there. Over the next 20-30 years, it is bound to go up, and you are bound to make some serious returns if you consistently buy into it per month.
For long term investment, I would look into oil ETFs instead of using the futures because futures are on monthly contracts and you would need to roll those from time to time.
OK, so I took some time to do a little more research into oil ETFs. It was very educational because I thought that OIL and USO would be the preferable play. However, it looks like the contango issue and credit risk issue make these unfavorable plays.
I closed and took a -$2K hit on my Long Euro position that was suppose to be my weekend hedge. It was a terrible mistake in hindsight. And of course, the market did not have a massive downtrend like it should, I also took a hit on that. This market is just not trending like 2008.
For February, I have not made any money because of my fiddling and mistakes. I should be up a nice $2-3K easily by now. Very poor performance indeed.
BTW, the oil long term play is not at the optimal moment, we will wait for OPEC to cut production and for the supply/demand numbers to become more balanced. Currently, there is way too much supply and not enough demand. However, I'm confident this can be a lucrative play if you have the time to wait it out. Also the fact that these ETF's all have a cost associated with time.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
Last edited by Kenny Rogers; 02-19-2009 at 06:18 PM.
To all the losing traders out there (or the traders who are on a losing streak, myself included), don't feel so bad. It seems like all of the gurus are always making money consistently, and all of them like to toot their own horns. Here is a website who tracks professional gurus who does this for a living in the equities markets.
As you can see, the majority of these guys are as good as a flip of the coin. And these guys have way more resources and connections than the average joes like most of us. So I don't feel as bad when I make some losing trades.
With that said, it also allows us to reevaluate if we should even be in this business of trading. If you think it is going to be very easy like some of the demo jockey charts with 2 million is 1 year backtests, then you are just dreaming. This is a long road with many bumps along the way. Most newbies don't even realize that you need to make about 2 million dollars to becomes a millionaire, Uncle Sam wants his piece of the pie.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
Last edited by Kenny Rogers; 02-19-2009 at 09:51 PM.
It's part of trading. One of the hardest things to learn and accept. The sooner you get past it and on the next trade the better. Just a feeling that I get from reading this is that you are internalizing your loses a bit much. I have found that accepting that is was just a trade and moving on has made a very big difference in my trading.
I enjoy reading your thread and wish you the best!
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