jpennybags

You know… you're right… you haven't learned yet… You entered a trade that you didn't understand, during a time in the market that you didn't understand. You also took a trade (that you didn't want) based on what you could afford, to experiment with some strategy that you didn't understand (obviously). You were told to exit the trade (which you didn't). You were told to hang on to the trade if you believed in your research (which you did do… although; I doubt that it was anything more than hope that kept you in). If you want to experiment and throw money at the experience, I personally have no problem with that (for so many reasons)… it's a learning experience. The market is a tough place to make a buck, and getting your a** kicked is actually helpful in many regards. The number of times this happens before you start to catch on will dictate how long you remain. You may consider that "the market" has handed you a raw deal, but nothing could be further from the truth. You've done this to yourself… understand this (in a meaningful way), and the battle is half over. Every person (with some experience) who read your response knew what was going to happen: "you were going to follow this trade down"… everybody knew it. We all knew it because to one extent or another we have all been there. In life… "hope" is a good thing… it keeps us going from one day to the next. In the market… "hope" is not allowed… it either "is", or it "isn't". As a trader, you need to come to the understanding, that once a trade goes against you… it's time to get out. Once the covered call strategy failed…"it's a failed trade"… no if, ands or buts… get out. Sprint (S) may catch a bid, and may rebound… who knows for sure. I have no advice as to what you should do now… it's your call (it always is). On the other hand, if you've entered the trade as a long term investor, and you believe in the story… certainly, hang on…with the understanding that there needs to be a limit to the pain. One of the best trades I ever made, and one that has stuck with me through the years, was the first time that I had to "chew my leg off" to exit a trade. It hurts something awful, but once you are free… what a relief (generate some cash… live to fight another day). Best of good fortunes going forward.

Sometimes you eat the bear; sometimes the bear eats you.

I would like to pick up data (high, low, open, close) for a project that I have in work. What I would be interested in: S&P 500 / 10min / back to 2004. I visited the CQG site and for what I want the price tag is $700 plus. I'm not far enough along in the project to justify that kind of cost. If someone else was interested in the same data, possibly we could split the cost… it would hurt my sensibilities, but I could possibly justify half. If interested, send me a PM. I'm not tied to the CQG idea, but they have what I want… possibly we can collaborate research and find a better deal.

Like any other trader, I have a book cart full of books. A favorite that helped me when starting out was "Come Into My Trading Room" / Dr. Alexander Elder. It's a simple read, about 300 pages. The book will provide you with a general sense of the markets, different trading styles, psychology, and risk management. A good place to start.

I would agree with "do or die". I'd be pleased to be out at $5.40... take it if you can get it. Regardless, you need to be moving on.

I dunno… considering trading for a living? Ask a trusted religious professional of your affiliation. Taking advice from amateurs… that's risky.

Eni - Sorry to read of your troubles, but that's the nature of this business. You've received some good advice here, make the most of it. It seems like you have some good things going on, but you need to step back a bit and start building good fundamentals. Find a night job… keep the day job. One other thing… if you insist on trading selloffs at the open, consider trading from a basket of stocks that do this frequently. Acme Packet (APKT) comes to mind; there are others. Stocks with a great deal of buying interest often get shaken out in the morning. The "bigs" will go on a campaign to shake out the weak hands. Once they've taken out every stop loss that they can reach, they buy back. No bad news, nothing wrong with the stock, just a simple business transaction. Best of good fortunes.

Hello all… I've spent a couple of hours reading through several of the forum threads; civilized and thoughtful… Kudos to the community. In many trader forums you get the posted question, the answer, then a conflagration of the argumentative knuckleheads who live to post. I don't see much of that here… adult conversation among folks who have better ways of spending their time; how pleasant. Best of good fortunes.