[catsrevenge]

Thanks Tams,
I never claimed to be unique, and I know everything`s already been done millions of times over. If anything, I will continue learning at a cost ,as we all do. And, I`m just glad that I am turning seemingly negative events into positive future benefits. It`s all good. I have been enlightened and will productively move forward, best wishes,
cm

[BlowFish]

I guess 'wipeout' is a somewhat relative term. As I said been there, done that, got the tee shirt. In those good old bad old days I tended to stop if I halved an account (I still had some common sense). That was a wipeout to me.Even if the account was 5 times what I originally put in does that mean that it 'was not my money'? It certainly didn't feel like it. Imvho (and sadly in my experience) early success followed by losses is pretty debilitating to the psyche and can mess up subsequent trading.

[catsrevenge]

Well, things sure changed quickly for the better. With all that`s been going on the past few days, I was able to selloff half of the 20,000 GE thereby freeing up 100% of my Margin buying power, and was able to somewhat exit my GE position at a much smaller loss than I thought, still holding 10,000 shares of GE for when it likely comes back up or above my previous entry point. At that point my losses will be further reduced. As soon as I freed up all my Margin buying power, I jumped right in on Friday and did a few round trips with Ford (F), 10,000 shares in and out four times netted me about 2K profit for the day, I`m not complaining :cool::cool:

[MadMarketScientist]

Nice! Trader justice after all. Once you had a plan and started to execute upon it it seems to have been working itself out!

MMS

Originally Posted by catsrevenge »

Well, things sure changed quickly for the better. With all that`s been going on the past few days, I was able to selloff half of the 20,000 GE thereby freeing up 100% of my Margin buying power, and was able to somewhat exit my GE position at a much smaller loss than I thought, still holding 10,000 shares of GE for when it likely comes back up or above my previous entry point. At that point my losses will be further reduced. As soon as I freed up all my Margin buying power, I jumped right in on Friday and did a few round trips with Ford (F), 10,000 shares in and out four times netted me about 2K profit for the day, I`m not complaining

[TheBigMan]

Don't feel bad. You have a lot of company in that boat. I have and I am sure many others if not all have done it. Cut your losses. The time you have your capitol tied up could be time spent recouping your losses on new trades. Look at the 28K loss as tuition in the school of (What not to do in day trading 101)
When you get sick, you go to the doctor to get an injection. After you take the injection, you then begin to get better. TAKE THE INJECTION.... The full needle 28k worth. You will feel better a week leater when you have made up most of your losses and trading with a more level head.

[kuokam]

Originally Posted by catsrevenge »

Well, things sure changed quickly for the better. With all that`s been going on the past few days, I was able to selloff half of the 20,000 GE thereby freeing up 100% of my Margin buying power, and was able to somewhat exit my GE position at a much smaller loss than I thought, still holding 10,000 shares of GE for when it likely comes back up or above my previous entry point. At that point my losses will be further reduced. As soon as I freed up all my Margin buying power, I jumped right in on Friday and did a few round trips with Ford (F), 10,000 shares in and out four times netted me about 2K profit for the day, I`m not complaining

A Pipful new year to you my friend, how are you today? Do you still hold some GE? They went back up This adventure of yours taught me how important it is to check for pending releases re. a share one plans to trade.

[rjrow104]

exit plan is imperative.



another note. I have never met a successful trader that risked more than 5% of his account on any one trade, so I am assuming by the fact that you posted on a forum how to handle a $20,000+ position you might have used more than 5% of your account. If not then more power to you. BUT using more than 5% of your account with no exit plan means your money will be parted from you soon.

I am not being mean, I've had much of my money parted from me due to bad decision making!

just trying to pass on the wisdom,

and I agree with the hope comment. the minute you are "hoping" for movements in a market, you don't need to be in it.