Originally Posted by
MDawg
So today I grabbed extra TSLA at 787 and let it go at 5pts. Can't look back.
But then I wanted to go short against the box for AMZN and I lost track of a decimal point lol and I entered 2309.5 instead of 2409.5 (of course, on my iPhone 11 PRO Max - small screen tends to lead to errors) and WHAM I was short at 2406.47 is where it filled. That was no fun, as it climbed up to about 2416. It did fall a couple times to below 2409, which is where I would have covered if my short had been entered properly, but then went back up to around 2415.
Meantime I had an order in to short more shares at 2417, but it never got that high.
It didn't look all that iffy though. It looked like it was weak, so all I did was enter a cover order first at 2405, then I figured, nah, just do it at 2406, and it filled eventually to give me around five hundred bucks and get the hell out. Of course now it's 2400, lol.
Some of my broker friends, and I also know a couple of fund managers, who know how I trade give me hats off for consistently making money, but more than a few times ask why I'm putting in - for example today - two million into a trade just to make a few grand (which today I made only six hundred bucks on that last trade). Well part of the reason is that - I can - it's because I have the buying power that I am able to clip just a few points and have it translate to a few grand. And secondly, even a grand a day adds up to a quarter million a year, and I average five times that a day, so it does add up.
Also, I don't trade every day. I trade when I see the high probability trades.
But I suppose the biggest reason I do it, and I'll admit it, is because it's fun. I don't view it as gambling, in that I mean look - today I royally even screwed up the order and got filled three points below my intention, and I still made money. If you know what you're doing and are willing to be patient AND have the buying power to average in when things go against you, in the market we have had for over a decade now, it's hard to lose.
Okay now I had to log back in and make sure that short order @ 2417 was cancelled, wouldn't want to leave it open by mistake. Yes, it was already cancelled, but best to check.
On the other hand I looked at onenickelmiracle at WOV again, and looks like last week he bought SPY puts. What a disaster. He was mentioning that one of them was already worth only 90% of what he paid. I forebode deep trouble for him if he keeps this up. Someone like him WOULD be better off just buying and holding blue chips. But, we traders who make money daily need all those who lose to fill our pockets.
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