Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Seething Over Stop-Out
OK, OK, I am obsessing, I know. But I've just got to get this off my chest. Again.
As my post early today stated, I bought 28 /ES at an average price of $674. I stupidly set my stop too tight and – – with what I am convinced was a deliberate "run" by a market maker – – got blown out with a meager $1,000 profit. By the end of trading day, those same 28 contracts had a profit of $58,800.
Piss. Me. Off.
Now, as traders every day – – every hour! – – is filled with "coulda beens." But this one really stings. One thing is for sure – – I'm not going to have stops set too tightly again on the /ES, particularly during after-hours! Because there is real truth to what I've heard about the scoundrels out there. Here's a graph below showing what an insignificant "blip" the take-down was in the grand scheme of things.
Now one might rightly ask……..why didn't you simply re-enter the position? In retrospect, this is obviously a sensible question. Last night, though, I felt it would be "chasing" the trade to re-enter it. The entry point I had was a good one, and it isn't wise to jump back into trades just for the sake of getting back in (at a higher price), because that often compounds the error.
Anyway – – the irony is that it was actually a good day for me all around. But my profits would have been double but for this one simple mistake. Shame on me!
Jacksons, Monk, and Rowe
My three central pleasures in life are: music, wine, and my beloved children. Music is profoundly important to me, and one of my favorite CDs of all time is Elvis Costello's Juliet Letters, which is nothing short of genius.
I managed to find the video below of one of the best tracks from that CD. The song is about a "family" law practice and a letter a man is writing to them who is in the throes of a divorce.
As the sun beats down and life begins to complicate/Will we both incinerate/If we touch that brass name-plate
The IRA Strategy Works For a Change
Nice to get a big up day, isn't it?
The only one of my four portfolios that has had a lousy 2009 is my IRA, which relies on (a) all long positions (b) all battered positions (c) puny position sizes. Until recently, I was down about 20% for the year on this one.
A day like today is just the kind of thing to goose it. In spite of bad 2009 performance thus far, my strategy is unaltered; I am highly confident I am going to nail at least a 100% gain on this portfolio within the next six months. Here's today's performance, captured earlier………
Taking SOME Gold Profits
I am trimming some gold positions, but leaving most intact. Gold's drop has been largely driven by equity's recent rise. Some of my profits over the past week are over 10%, and I am going to clear some of these off the table to re-enter later. Again, my belief that gold is heading down to the low 700s/very high 600s is still intact.
