Kevin_in_GA
4,599 posts
msg #131998
- Ignore Kevin_in_GA |
10/19/2016 9:48:02 AM
Agreed. However, this is more of a self-examination as to why I took the trade off early versus following a validated system approach, which would have effectively doubled my profit.
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karennma
8,057 posts
msg #131999
- Ignore karennma |
10/19/2016 9:55:14 AM
Re: "this is more of a self-examination as to why ... "
=========================
Because greed kills,
... and ...
You can't go broke taking a profit.
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karennma
8,057 posts
msg #132000
- Ignore karennma |
10/19/2016 9:56:37 AM
.. Unless you have a system that guantees profits 100% of the timel
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johnpaulca
12,036 posts
msg #132001
- Ignore johnpaulca |
10/19/2016 9:57:06 AM
It was news driven. Saudi energy Minister opened his mouth again i.e manipulation...nothing fundamentally has changed.
"Saudi Oil Minister Khalid Al-Falih is at a conference in London this morning saying "many non-OPEC countries (Russia?) may join in the cartel's deal to limit output." The countries, he says, are willing to not just freeze, but implement healthy cuts. Many MAY join – man, how many times have you been suckered in with that line? "
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pthomas215
1,251 posts
msg #132003
- Ignore pthomas215 |
10/19/2016 10:51:12 AM
Crude futures rise on unexpected inventory draw
Oct 19 2016, 10:31 ET | By: Mohit Manghnani, SA News Editor Contact this editor with comments or a news tip
EIA Petroleum Inventories:Crude -5.2M barrels vs. +2.7M consensus, +4.9M last week.
Gasoline +2.5M barrels vs. -1.3M consensus, -1.9M last week.
Distillates -1.2M barrels vs. -1.6M consensus, -3.7M last week.
Futures +2.3% to $51.44.
ETFs:USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, OLEM
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Kevin_in_GA
4,599 posts
msg #132004
- Ignore Kevin_in_GA |
10/19/2016 10:53:26 AM
@Karen - true, but you may never get rich taking a profit too early. In this case I have a validated and back-tested system with clearly defined entries and exits, and I am jumping the gun on the exits. This is emotionally driven (protect existing profit) versus intellectually driven (follow a systematic approach to trading this specific asset that has been developed). hence my use of the term "self-examination" - all good traders should review their trade executions critically to make sure that they are following best practices.
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gmg733
788 posts
msg #132012
- Ignore gmg733
modified |
10/19/2016 2:54:34 PM
Next time that happens Kevin slap yourself. :)
There is a point when you'll forget it is money and they are just numbers on a screen. That is scary.
I'll stray from one point you made. Good traders take profits and live to fight another day.
Sold my short call ITM VXX spreads today as we came into the spx trendline. Took 35% out of the trade. Bought some copper at the trend line @ 2.09. Giddy Up!
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johnpaulca
12,036 posts
msg #132013
- Ignore johnpaulca |
10/19/2016 3:04:19 PM
Had the oil inventory numbers went the other way you would be thanking yourself...like holding a company during earnings can go either way.
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Kevin_in_GA
4,599 posts
msg #132016
- Ignore Kevin_in_GA |
10/19/2016 3:37:18 PM
Either way it is a mistake in that I did not follow my validated system. That is my challenge, and it only takes a few instances like this to remind me to stick to the rules.
But it is better to have lost unrealized profit than to have lost real money.
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mahkoh
1,065 posts
msg #132017
- Ignore mahkoh |
10/19/2016 3:37:52 PM
Sold to open FL Nov18 67.5 puts for $2.00 with FL at 68.08
Margin per contract $1486, 12,4 % return on margin if they expire worthless.
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