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Thread: Anybody Else Feel Poorer Today

  1. #1


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    Anybody Else Feel Poorer Today

    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
    Last edited by Midwest Player; 08-05-2019 at 04:55 PM.

  2. #2


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    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.

  3. #3


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    There he goes talking short term results again. Hopeless!

  4. #4
    Random number herder Norm's Avatar
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    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.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse

  5. #5


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    Quote Originally Posted by Midwest Player View Post
    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.

  6. #6


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    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.

  7. #7


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    Quote Originally Posted by Norm View Post
    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

  8. #8


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    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.

  9. #9


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    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.

  10. #10


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    I don't think you have to try and time the market to be a passive trader vs. a sit and wait buy and holder. This is fallacy that's been intentionally perpetuated for many years. I always trade with stops (or puts for hedging if I'm long and cranking up the leverage) and if my trades in play heading the right direction I use trailing stops. Unless you're willing to sell, those numbers on that broker statement mean nothing, just numbers on a piece of paper. When people think of trading they think of over trading and getting killed in commission and short term gains tax and it's easy to fall into this trap. I was a victim of this too when first cutting my teeth in the game. Now I only make maybe 8 or 10 trades a year and hold these positions from as short as a week to as long as many years. I can't predict the market, so can't predict how long going to hold a position. I actually have more losing trades than winning trades, but the winners outrun the losers by a mile. I use this strategy because I can capture nice risk / reward situations and keep total risk to a minimum.
    Last edited by UncleChoo; 08-06-2019 at 08:16 AM.

  11. #11


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    Quote Originally Posted by drunk View Post
    if you're a winning trader good for you - I'm impressed - seriously

    in the last 10 years something like 80% of the big money mutual fund managers have failed to outperform the S&P 500 - an amatuer can easily match or come extremely close to matching the gains of the S&P 500 with index funds

    he can't exactly match because of fees - but he can find fees that are very, very, low

    Warren Buffett has been beat by the S&P 500 since 2008 - I've linked the article showing that




    these are professional traders who do work on their strategies for long hours every single day who are unable to outperform the S&P 500

    there is no data on the performance of traders who are not professionals that I'm aware of - but I would guess it would be easily over 90% that got outperformed by the S&P 500




    https://seekingalpha.com/article/415...vs-s-and-p-500
    I really don't outperform the market overall if averaged my life time trading record. Some years I do some I don't. To be honest I could probably just buy index funds and have the same lifetime return or even better with just index funds.
    But, in 2008/2009 I was able prevent a serious beating. Although, everything did bounce back long-term. I was able to avoid that nightmare and that's why kind of stuck in my thinking. Although, hopefully 2008/2009 was a once in lifetime experience.

  12. #12


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    Not a five figure loss in one day, but in the past week to 10 days has been for me.

  13. #13


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    Quote Originally Posted by ummagumma View Post
    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

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