Anybody Else Feel Poorer Today

[Midwest Player]

Last couple of months have been pretty damn hard on my pocket book, and today took the cake. Today lost 5 figure amount in the stock market, and don't feel the decline is over yet. Aug and Sept is always bad months for the stock market.

I just looked at my bank statement for July. Damn, spent over $10,000. Dentist bills for me and my wife were just about what Freightman spent for his new gas grill. To top matters off my blackjack bankroll took a double whammy in last couple of months. I lost over $1,200 on my last couple of blackjack trips, and then when my kids came to visit I paid the majority of their lodging costs out of my blackjack bankroll, again another $1,200.

It will be interesting to see what happens to the stock market in the next couple of days.
https://www.cnbc.com/2019/08/05/dow-...ll-street.html

[Freightman]

MWP
The losses are long term only if you panic. If you’re conservative, which I know you are, it will bounce back. It always does.

[21forme]

There he goes talking short term results again. Hopeless!

[Norm]

I also lost five figures today. Been meaning to get out of the market. Minutes ago, Moody's chief economist slammed the tariffs and currency manipulation charge.

[DSchles]

I also lost five figures today. Been meaning to get out of the market. Minutes ago, Moody's chief economist slammed the tariffs and currency manipulation charge.

Clearly, I join the group. But you need to know the following, for which I am absolutely livid. Back in May, I was up a very substantial amount for the year, when the shit hit the fan. TWO DAYS before, I said to Cathy, "How bad would it be if this were our year-end number? Can't be pigs. I'm thinking about selling futures (hedging) and getting flat." Then, I did nothing, and lost 55% of the profits! I was pissed. And yes, it came all the way back -- in my case, to EXACTLY the same number, on Wednesday, at which time I repeated, verbatim, my prior words to Cathy. And this time, I REALLY believed we were headed for a huge sell-off. So, what did I do? FUCKING NOTHING! I am not proud of myself. And this time, a) the carnage is even worse, and b) it isn't over.

Makes no difference if the market recovers. Could have saved a boatload of money. Mind you, I NEVER trade. I am not a market timer. But everyone on this board would have been happy to be up this year what I was five days ago. Bulls make money; bears make money; pigs get slaughtered. Not my best moment.

Don

[RenegadeNation]

Mind you, I NEVER trade. I am not a market timer.
Don

Don, curious what your thoughts on William O'Neil and Investors Business Daily? I don't trade, but have studied their approach and find it interesting.

[DSchles]

Don, curious what your thoughts on William O'Neil and Investors Business Daily? I don't trade, but have studied their approach and find it interesting.

Subscribed to him for a very long time while on the MS trading desk. Have been gone for an equally long time, so haven't kept up. But I recall that they did beautiful, meticulous work, and they were 100% legit.

Don

[UncleChoo]

Last couple of months have been pretty damn hard on my pocket book, and today took the cake. Today lost 5 figure amount in the stock market, and don't feel the decline is over yet. Aug and Sept is always bad months for the stock market.

I just looked at my bank statement for July. Damn, spent over $10,000. Dentist bills for me and my wife were just about what Freightman spent for his new gas grill. To top matters off my blackjack bankroll took a double whammy in last couple of months. I lost over $1,200 on my last couple of blackjack trips, and then when my kids came to visit I paid the majority of their lodging costs out of my blackjack bankroll, again another $1,200.

It will be interesting to see what happens to the stock market in the next couple of days.
https://www.cnbc.com/2019/08/05/dow-...ll-street.html

I trade quite a bit myself. IMO, I don't think there's much upside potential in the short term. Considering 2020 stuff coming up (not going to venture into politics per forum rules) the risk/reward looks dicey if you're the buy and hold type.
I'm looking towards some short term trades over the next few months, I'll be using other tools for hedging such as options, but I also use some leverage.

[Canceler]

I didn't lose five figures today, but since the beginning of the month I have. Can I still be in the club?

I'm definitely in the "it will come back, it always has" club.

[ZeeBabar]

I am heading for my first failing year. Down about $7k for the year.

Thinking about putting most of my BR (about $50k) in a one year CD (paying 2.7%) and play out the other $20k left over. Sort of Loss prevention, ensuring the worst would be no more than a $20k loss over the next 12 months.

[ummagumma]

You guys clearly need to learn to trade options. Take a look at all the Tastytrade videos on YT and get an account with them. Lovely blokes who really know their stuff and options, if traded correctly, will see you through any market conditions.

[DSchles]

You guys clearly need to learn to trade options. Take a look at all the Tastytrade videos on YT and get an account with them. Lovely blokes who really know their stuff and options, if traded correctly, will see you through any market conditions.

Thanks. I'll really have to look into that, and see if I can learn anything.

Don

[UncleChoo]

Thanks. I'll really have to look into that, and see if I can learn anything.

Don

A good book for learning some play set ups.
https://www.amazon.com/Simple-Option.../dp/0615946216

It's not one of those hogwash magic system books. It just discusses and shows how to run some option plays beyond the basic single call or put.