How 'bout that stock market?

[JonBoy]

What pisses me off the most is the fact this has all been caused by piece of shit people who took out mortgages and never planned on paying for them. Once again it's how the people with money and responsibility end up paying for the people who have neither in this country.

Did you get caught out because of your long positions or because you tried to play the market while it was moving around so much? I'm genuinely curious because if you lost it trying to play it constantly, I'd say that's your fault, not the people that have caused the upheaval. Playing with fire will usually get you burnt.

If you lost money based on long positions only then yes, I'd say your point is valid. If you lost it trying to time the market, I'd say it's your own fault.

No disrespect meant. I've admired your knowledge and help on here (and others) but it does seem a bit illogical to blame your losses on other people. Seems like you weren't complaining when you were making money off their stupidity earlier in the year (and late last year)...

 

[steveny]

Did you get caught out because of your long positions or because you tried to play the market while it was moving around so much? I'm genuinely curious because if you lost it trying to play it constantly, I'd say that's your fault, not the people that have caused the upheaval. Playing with fire will usually get you burnt.

If you lost money based on long positions only then yes, I'd say your point is valid. If you lost it trying to time the market, I'd say it's your own fault.

No disrespect meant. I've admired your knowledge and help on here (and others) but it does seem a bit illogical to blame your losses on other people. Seems like you weren't complaining when you were making money off their stupidity earlier in the year (and late last year)...

The 700k is from my trading account. That is the money I was talking about. I have not even mentioned what my IRA looks like and that is all long positions.

You do make a good point. ultimatly it is my fault and the only way to prevent it is to not have any money in the market. That goes back to my original post, the loss of faith in the US financial system. I bet a lot of people are going to pull their money and not put it back in, EVER.

It's funny I was actually on the phone with a primer at the beginning of this month after last months OE and I called this sell off almost 100% to the tee. I saw it in the VIX and I should have taken my own advice and stepped to the sidelines. The expiring month looked like a ramp that would have made evil kanevil cringe.

 

[Ryanmcd2]

Shit happens ya know I still think we have more down to go but with the futures it really does not matter.

 

[Ryanmcd2]

Stopped out -2%

aud/usd

Enter @ .9558
Stop @ .9515

Risk = 43

 

[ALSWEL]

long GBP/USD 1.9720 - 20 point SL - TP 1.9755

No bueno! -20

 

[JonBoy]

The 700k is from my trading account. That is the money I was talking about. I have not even mentioned what my IRA looks like and that is all long positions.

You do make a good point. ultimatly it is my fault and the only way to prevent it is to not have any money in the market. That goes back to my original post, the loss of faith in the US financial system. I bet a lot of people are going to pull their money and not put it back in, EVER.

It's funny I was actually on the phone with a primer at the beginning of this month after last months OE and I called this sell off almost 100% to the tee. I saw it in the VIX and I should have taken my own advice and stepped to the sidelines. The expiring month looked like a ramp that would have made evil kanevil cringe.

Thanks for the response. :thumbup: You've worked hard for your money and I definitely respect a self-made person that keeps working to improve their life and lifestyle. Losing hard-earned money has to hurt.

I hate to see what's happening in the market, to a degree, as it seems like there are some major overreactions going on. That said, I felt the market was overblown for quite a while as well, so maybe it all balances out in the end.

There has definitely been a loss of faith in the US financial system and economy, within and without the country. It's a bit early to be crying "Wolf!" but this could definitely spiral downward MUCH more quickly. I have a feeling the snowball has only just started to roll... Lack of confidence can very quickly override the reality of our economic situation.

Interesting comment about people not ever putting their money back into the market. I think that's a very valid point. My 401(k) hasn't made a penny this year (it's lost about 2 or 3%, last I checked) and I've stayed exclusively out of the stock market since I don't have a clue about it. I think there were a lot of people that had/have my (lack of) knowledge that still felt they could play the market themselves and got burned badly.

Still, you might be surprised how many will dive right back in once the news media and such start reporting that we're once again on an upturn and the recession/bad times are over. When it comes to money, people are always willing to believe optimistic news, especially if they've lost a bunch and are wanting to get it back.

 

[Ryanmcd2]

This market sucks, spent the past 30min looking for a direction and guess what, we dont have one. I talked to a few friends and even the pros are sitting out. After these 2 trades are done I am going to wait until I see some direction in this thing.

 

[steveny]

Thanks for the response. :thumbup: You've worked hard for your money and I definitely respect a self-made person that keeps working to improve their life and lifestyle. Losing hard-earned money has to hurt.

I hate to see what's happening in the market, to a degree, as it seems like there are some major overreactions going on. That said, I felt the market was overblown for quite a while as well, so maybe it all balances out in the end.

There has definitely been a loss of faith in the US financial system and economy, within and without the country. It's a bit early to be crying "Wolf!" but this could definitely spiral downward MUCH more quickly. I have a feeling the snowball has only just started to roll... Lack of confidence can very quickly override the reality of our economic situation.

Interesting comment about people not ever putting their money back into the market. I think that's a very valid point. My 401(k) hasn't made a penny this year (it's lost about 2 or 3%, last I checked) and I've stayed exclusively out of the stock market since I don't have a clue about it. I think there were a lot of people that had/have my (lack of) knowledge that still felt they could play the market themselves and got burned badly.

Still, you might be surprised how many will dive right back in once the news media and such start reporting that we're once again on an upturn and the recession/bad times are over. When it comes to money, people are always willing to believe optimistic news, especially if they've lost a bunch and are wanting to get it back.

I am getting all my money back plus a penalty fee.

 

[Dtrigg]

Just got off the phone with my head money manager. I had to encourage him.

 

[ALSWEL]

I am getting all my money back plus a penalty fee.

Kind of like a reparation. There must be a government program for people like us. It wasn't our fault that society/gov't made the stockmarket available...tricking us into trading. Where do I send my complaint?

 

[steveny]

Kind of like a reparation. There must be a government program for people like us. It wasn't our fault that society/gov't made the stockmarket available...tricking us into trading. Where do I send my complaint?

Yeah, they had that program but it went bankrupt. They sent out a bunch of 600 dollar checks from the reserves because no one had used the system in a while.

 

[queenlives]

Just got off the phone with my head money manager. I had to encourage him.

i hear ya.

on an (only slightly) related note, yesterday i contacted a firm about doing something with the cash i've got in my ira's... a non-trivial amount (and topic) to me.

i originally sent an email to her firm and w/in 10 minutes she told me to call her on her cell. i did. given the lip-smacking, swallowing / gurgling sounds i heard from her and the cafeteria sounds i heard in the background, she thought it was ok to conduct a serious discussion about my retirement over her cell phone while she ate her lunch with a room full of similarly-engaged people.

reminds me of an adage that applies to every relationship i've ever had:

people vote with their feet.

that will be the last time she and i speak on the phone or i consider doing business with her employer.

 

[SilverStone05]

And the drain they cause makes it impossible for others to make enough money to retire on and stop supporting the leaches lifestyles. Everything else is minuscule compared to this issue. This is what will ruin the USA.

Agreed....false entitlement and sheer irresponsibility.

A co-worker was just telling me about her cousin. 7 kids, all from different fathers. Sits at home all day smoking/drinking. Won't work, and borrows money constantly to pay bills. It makes me sick.

 

[SilverStone05]

Good, I remember in 2001 when I was helping someone out and they said "Ryan you made me lose money" Boy did that piss me off and that day forward I give no investment advice. Also I took the same trade and made money that person was just a retard. :biggrin:

Nah nah nah...just giving you a little sh*t. :wink:

 

[Ryanmcd2]

Nah nah nah...just giving you a little sh*t. :wink:

Smart ass Man, I cant find a good trade to save my life, was rocking and rolling the past 5-6 months now the past 2 weeks have been kinda slow, I think I got in 3 losers this time, it's like finding 3 hot sisters that are bi, then after sex you find out they had aids I think that sums this market up.

 

[chado]

I think I got in 3 losers this time, it's like finding 3 hot sisters that are bi, then after sex you find out they had aids I think that sums this market up.

jesus man... Rough comparison..

 

[Ski_Banker]

I think I got in 3 losers this time, it's like finding 3 hot sisters that are bi, then after sex you find out they had aids I think that sums this market up.

You meet 3 hot female bi sisters, have sex with them, and then blame the stock market for your aids? that's fucked up.

 

[Ryanmcd2]

You meet 3 hot female bi sisters, have sex with them, and then blame the stock market for your aids? that's fucked up.

lol It's always the market it can NEVER be me, oh btw stopped out on all 3 -6%. Dumb market lol, back to looking for winners.

 

[SilverStone05]

You meet 3 hot female bi sisters, have sex with them, and then blame the stock market for your aids? that's fucked up.

Ski, you still in London? How is it? I'm toying with the idea of moving there after i'm done with school.

 

[Ryanmcd2]

If you like shit weather I bet it's great lol Also sell those water ski's

 

[SilverStone05]

Agreed...i'm dreading the weather....along with having to live without all the luxuries we have over here. But it will be a short stint....2 years or so, and the experience will be invaluable to my career. Though I try and learn from everything I do...i find the humbling experiences most valuable.

 

[steveny]

Cut my C position in half and sold ALL my LEH

 

[da3dalus]

Just out of curiosity... do any of you guys have any experience with any Prop Firms?

 

[Bigwave]

Here's a depressing example from within my own family.


Last time I checked, SS was designed as a retirement pool. This guy has contributed less than $500 to SS in his entire life. Now he just got 41 large out of it in one day. He is going to buy a new ford pick-up truck and I absolutely gaurantee you he will over pay by several thousand dollars as this guy hasn't had more than a grand to his name period at any one time. My tax money will be a 1,500 bonus to a ford car salesman. My ****ing retirement money to be more exact.

When more people demand from their government than are willing to contribute, it's the classic downfall of a country.

 

[Ryanmcd2]

Agreed...i'm dreading the weather....along with having to live without all the luxuries we have over here. But it will be a short stint....2 years or so, and the experience will be invaluable to my career. Though I try and learn from everything I do...i find the humbling experiences most valuable.

2 years is nothing and I would do it if it will better your life.