Shared by
dpaleo
Tags:
with SNOW debacle this week this was an obvious fade the big gap up. Hit the open print.
Execution detail:
| Date/time | Symbol | Qty | Price | Position |
|---|---|---|---|---|
| 2020-09-18 11:56:51 | U | -200 | $75.010 | -200 |
| 2020-09-18 11:58:41 | U | 100 | $73.110 | -100 |
| 2020-09-18 11:59:07 | U | 50 | $72.020 | -50 |
| 2020-09-18 12:00:17 | U | 50 | $70.270 | 0 |
Comments
Joel
Wow vgunda2, this does not sound like, look like any kind of edge to be going in heavy on, let alone using real money instead of paper trading....I'm not aware of your current experience level or situation but this strikes me as something where I should tell you to take a step back and figure out what you are really doing before pressing buttons....
dpaleo
i have access to 3 different Prime brokers for locates.
Sorry to hear about your loss. IPOs esp ones that open so far away from where they priced are always dangerous. The SNOW ipo really signaled peak exuberance imo so when we get another IPO pricing so far above my bias is short.
What was your gameplan on the trade? where was ur stop and how much did you originally want to risk? These types of things happen and you must learn from them to try and prevent them from happening again.
vgunda2
My problem is I don't have a game plan when I enter. I just trade on emotions and for 15 years I never made a dollar in the market. I think everyday not to do that and somehow I get into it. I was trying to recover the amount I lost in AAPL and lost more in Unity and I don't hold overnight which is another issue. Like Unity has come back to $73. My average price was 72 for 48K shares. Best for me to stop trading as I have lost over 7 digits - running a small business and losing this is so pathetic on me. Thanks for the direction/comments from your end.
Joel
I would strongly recommend: seeing what other traders are doing, almost all the successful traders i've seen have a particular niche strategy they almost entirely like to trade. You need to find which works best for you by experimenting WITH PAPER TRADING. Paper trade a particular strategy for months tracking results and prove you can be CONSISTENT with this strategy. Sticking to rules for which stocks meet requirements of the trade to even be in, rules for entry, rules for scaling up and rules for exits and stops losses...(max pain drawdown before cutting the loss on a trade is a good thing too) where are you going to stop our, and how much are you going to lose when you stop out? should be known before you enter a trade.
We all end up straying from our proven strategies and dabbling elsewhere, bending rules and paying for it, but a proven strategy to go back to with clear stock selection criteria and trade management rules are essential.
I would echo what Joel wrote here. You need to find an edge and show consistent results before putting real money to use. And it needs to be money that you can afford to lose bc if its not, then emotions creep into your trading clouding your objectivity and leaving you susceptible to breaking rules. There is a ton of great free trading education online. I would start with the content SMB Capital puts out.
Thank you Joel and dpaleo. I wish I was not emotional and held to shares knowing it was good company. I would have made my losses of this year and last year as I sold @68.9 and now it is at 84 and this is my problem I don't hold and try to clear acct by the end of the day and I always fail. I took margin and trade and get scared - I had big losses in AAPL so I took the risk and purchased 48,000 shares of U. I am learning hard lessons but not utilizing. I appreciate your comments
Sounds like you are conflicted philosophically with what type of trader or investor you are. You need to develop a strategy before you put another dollar in the market otherwise your just gambling.
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Which broker allows to short the IPO. Interactive Brokers only allows after 3-4 days or sometimes couple of weeks later. I was foolish on this trade and used margin on this and purchased all of the stock @72 and lost more than 50K on this. Thanks