Friday, November 14, 2008
The bloodletting is too heavy.
Today was my single worst day ever trading, and I think "Trader D's" worst day as well. It also may have been "Trader Z's" worst. Naturally, I blame "newequity."
We all had decent exposure to the market just after 3pm, when it really took a dive. The selling was so intense, and quick, that it didn't feel sustainable, and we were slow to exit our longs. In fact, I know I was adding a lot before I finally got washed out. As a little lesson, I took my loss with 20 minutes to go in the trading day... it was a hard loss to take, but it was the right thing to do.
The only consolation, is that we all did well yesterday. Truly, if you need life lessons in "impermanence" and the importance of always keeping perspective, trading is a great job to have.
These lessons aren't always easy to learn. In fact, they're downright painful lessons to learn.
Anyway, this day is over.
Out of 24 traders today, 5 were gross positive, or 21%. 14 traders lost over $1,000 gross while only 2 managed to make over $1,000 gross. It was a bloodbath, plain and simple. I was #18 of 24, or completely smoked.
The Manservants got their revenge on the Bosses today in a big way.
"Chambermaid" - Trader D, -$59,866 on 509k shares traded.
2. Trader H*, -$23,705 on 4,600 shares traded.
3. Trader Z, -$22,431 on 245k shares traded.
4. Trader C, -$11,730 on 165k shares traded.
5. Trader B, -$10,919 on 741k shares traded.
And the Bosses:
"Lucky Pierre" - Trader N, $3,213 on 76,000 shares traded.
2. Trader E, $1,442 on 112k shares traded.
3. Trader 9, $857 on 500 shares traded.
4. Trader 3, $140 on 15,800 shares traded.
5. Trader 7, $81 on 8,000 shares traded.
I made a nice chunk today, took my family out for dinner and then, after that, met friends for drinks.
I came home slightly buzzed with my new Pitchfork 500 in my hands... one click purchasing could be a very expensive habit.