I Made a Stupid Bernanke-Inspired Trade: Exit?
1:41pm: Buy 200 shares WFC @ $41.10 on 99% margin.
Currently down $87.98 + $0.90 interest.
I normally stay away from margin. I was having a good day and got cocky. Today wiped out a week's worth of profits for me. Note: I swing trade with some day trades thrown in.
What would you suggest I do now? My other positions aren't on margin, so I'm comfortable holding them.
But I have no clue how long it will take me to break even after Bernanke's news. And every day, I'll be paying 90 cents interest.
I was going to see how it opens and if it starts moving down at all, I'm gonna sell and take the loss and a lesson.
Here's the chart:
http://tinypic.com/r/juek4z/5
just liquidate all that crap, buy equity index funds, rebalance every year and check how much you have when it's time to retire.
I really like trading. And I make more in a typical two week period than an index would give me in a moderate year.
this post is a joke right?
What about a whole year? I think anyone can beat the index over a 2 week period with some luck. I think its harder to do for a whole year.
I never said I've been trading for only two weeks. I've been paper trading for about 2.5 years and trading my own money for about a month.
You answered your own question. IMO just take the loss and learn a valuable lesson about knowing exactly when you plan to enter/exit a trade BEFORE taking it. Don't try anything crazy to make it all back, you don't want to be like a gambler who doubles down everytime he loses.
And, why would you guys throw monkey shit at him???
Yep, I should have placed the sell order overnight because it dropped like a brick at open. I sold and took a loss. Made half of it back going long SCO on the same leverage.
Learned a few good lessons and I'm not using margin again until I'm a lot more comfortable with what I'm doing.
Hahaha you've been trading only a month? You can't beat indexes for a whole year man. The market was rising on thin air the whole 2013.
And FYI markets probably rebound today.
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