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Lost $1,000 in 30 mins. FML.

Discussion in 'BlackHat Lounge' started by sagarpatil, Jun 3, 2011.

  1. sagarpatil

    sagarpatil Regular Member

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    So I trade in commodities such as Gold, Silver and Crude.

    I was supposed to buy silver and sell it for a profit of $500-$600. But using this new terminal and some fucking shortcuts, I sold silver at a lower price and then had to recover it by buying high.

    Result. I lost $1,000 in less than 30 minutes.

    What I am going to do next? I am going to let that thought go away and not trade emotionally. I will wait to hear from my Research Manager, before I do any further trade. I realize that by trying to cover my losses, I could further lose more money.

    Now I am thinking of ways in which I could have used that extra $1k. LOL.
     
  2. redstone.1337

    redstone.1337 BANNED BANNED Jr. VIP Premium Member

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    Think how can you make extra 1k$ instead of thinking of what you could have done with that 1k$ :D
     
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  3. ContentCreation

    ContentCreation BANNED BANNED

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    I used to trade forex a lot, but got out of it to try and set up a more stable income! But i also incurred losses like this, and i know what you mean .. it sucks!!

    But thats part of the game, losses are a part of trading .. don't let it get to you aand think of the future, when you make a lot more than you just lost!

    Keep your spirits up, don't let the market control you .. you control the market ;)
     
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  4. sagarpatil

    sagarpatil Regular Member

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    I received some $2k Google Adsense check today. So I am doing alright. But yeah, I did think about how I can make the extra money by doing something else.
     
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  5. sagarpatil

    sagarpatil Regular Member

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    You are right. I am going to be more calculated and cautious hence forth. What we fail to realize is, the cash which we have is worth much more than the risk of making profit/loss.
     
  6. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    I used to trade commodities... generally the grains as well as T-Bills. The grains move slower and you can do pretty good if you are buying and selling puts and calls conservatively.

    T-Bills was a wild ride for me... one month I was up 30K (back in the mid 90's) and lost 10K of the 30 over a 3 day period because I believed that they were going to rebound... stupid play on my part but still ended up with 20K in profit before taxes.

    I generally traded based on charts and graphs and actually had a dish out back giving me real time pricing on a monitor in my home.

    One thing to remember with commodities, if it is in the news, it is already in the price and those markets are not for the faint of heart.
     
  7. joshweaver9

    joshweaver9 Senior Member

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    Not trying to be a jackass, but if you can't stomach 1k in 30 minutes then you are not cut out for commodities. Stick to big board stocks, maybe trade mutual funds. I trade options and penny stocks and to be honest, have lost much more than the same amount of time. Ive also made much more than this in the same amount of time.

    If you get your emotions involved after 1k, get out of trading now.
     
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  8. sagarpatil

    sagarpatil Regular Member

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    I completely agree with you here.

    I have invested some $25k in Stocks. $10k in Gold ETF. $4k in Commodites. Another $5k in Mutual Funds. $8k in Fixed Deposits. And I have around $25k in Liquid.

    So yeah losing $1k in commodities isn't the end of the world for me.

    Really appreciate your feedback.
     
  9. joshweaver9

    joshweaver9 Senior Member

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    Good to hear. Diversification is key. I had 2500% gains in 2009. And killed myself in 1 play in 2010. I owned 1.5% of a US airline and it crashed, killed me. But you have to get back on the horse.
     
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  10. sagarpatil

    sagarpatil Regular Member

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    You mean you owned 1.5% of a US airline stock? You must be rich.
     
  11. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    Anyone that reads this thread should take the above and run with it!

    Diversify your investments!

    Diversify your methods of monetization of your sites!

    Diversify your backlinks!


     
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  12. joshweaver9

    joshweaver9 Senior Member

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    Yes 1.5 of a airline located in the US. A regional airline that flies for United and US Airways. I'm not rich. But I played with highly distressed stocks and owned large parts of billion dollar organizations.

    I came to give IM a try to somehow build a more stable income and allow me to play with the stocks on the side.
     
  13. bikerboy

    bikerboy Regular Member

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  14. Bozigian

    Bozigian Junior Member

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    Any of you looking at Groupon?
    GRPN
     
  15. joshweaver9

    joshweaver9 Senior Member

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    I'm not. They should have sold this to Google for 6 Billion.

    Easy barrier to entry: their concept while unique at the time, is easy to copy with relatively no start up costs. Living Social, Google, and several other companies have already started, or have similar sites.

    I also believe this market is not entirely expandable. Sure, they boomed but after you hit most of the major cities what are you going to do. Many businesses in smaller towns are not going to give up large amounts of profits to advertise to people who already know who they are. Also Groupon stated that they have been operating at a loss in their IPO filing. Never good for any business.

    I think this could have an initial boom like Linked In, but I would not count on anything long term here.
     
  16. teeniegenie

    teeniegenie Supreme Member

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  17. fxzombie

    fxzombie Junior Member

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    That's a lot of risk. I usually don't let my losing trades exceed 2-3%
    I've made high risk investments and they usually go great, and then bite back hard at some point. Trading smaller percentages and letting those percentages compound everyday is the way to go.
    You also have to keep grip on your mind and make calm and firm decisions.. the psychology is so much of it.
    With enough practice its not hard to make pretty sturdy cash. It's been doing okay for me ;)
     
  18. mcnasty

    mcnasty Registered Member

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    Bro. I lost $10,000 at the beginning of last year in one of my penny stocks... Busted my ass in IM extra hard to even that out and then some. You wont be tripping on the money in a few months. Losing the money probably benefited me in the long run now that I think about it. But for the first few days I was kicking my self in the ass "why didnt I sell high, why didnt I sell high"... Got Greedy. Lesson Learned. Work Hard. Stack Money. Never Fails.
     
  19. fxzombie

    fxzombie Junior Member

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    Penny stocks are absolutely insane investments to try and make, just super volatile. SO many pump and dumps exist, that it's really hard to identify the winners. But I know there are people cashing out on these like none other, I've done a little bit of trading as well as marketing for it myself.
     
  20. Foot Mark

    Foot Mark Regular Member

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    there is a say, " You will get loads of ideas, Only then, when the Thief has run away after stealing everything from your wallet." :D