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Re: stuff happens quickly



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Walter,

This is funny although it's not funny when it happens.  I did the same thing
the other day trading the mini SPOO when I was up 12H (H=$50) early on and
should have called it a day a went for a bike ride.  But I got sucked back
in on bad timing and ended up making 20 turns trying to recover.  I will
spare you the rest of this gory story.

Chuck


----- Original Message -----
From: Walter Lake <wlake@xxxxxxxxx>
To: Metastock bulletin board > <metastock@xxxxxxxxxxxxx>
Sent: Tuesday, February 29, 2000 11:06 AM
Subject: stuff happens quickly


> Over-confidence ... terror .... here is an email that I received.
>
> Linda talks about being able to trade your way out of a mess. Here's a
> "scrambling"
> example. Not quite the calm relaxed atmosphere of the academia articles
<G>
>
> Best regards
>
> Walter
>
> ===============
>
> "Walter
>
> Now that I have settled down a bit I thought you might like to have a copy
> of this email sent to "XXXX" covering todays trading activity.  Perhaps
you
> could file it under "Excrement Happens".  I have been trading the Mini
Dogs
> the past week in order to get my timing and order entry back into some
type
> of rhythm.  They are only worth 20 bucks a handle but I am up about 6K on
> them over the week while I was only up 3K on the regular Spoos after 2
> weeks.  Felt like I needed to get some rapid trading in for a bit after
the
> long layoff so made the switch to something more active.  Today was the
> nightmare scenario of what can happen when you start getting into a rhythm
> and relax just a bit to much.
>
> xxxxxxxxxxxxx
>
> My feeling is essentially to go back to normal spoos once I have the
> concentration to work them properly and cease making mistakes.  I finished
> 20H (handle = $20) in the soup today and felt grateful about only taking a
> 400  buck hit considering that I was going short three around 12:55 CST
and
> when I saw it was going to run the other way covered and reversed by
popping
> in orders for 6 (I keep the page full with equal amounts of one lot market
> orders).  The only problem was that I checked them off from the sell
section
> of my parked orders page and was short nine with the market hell bent on
> going to the moon.
>
> I then decided to cover the 3 I thought were long and noticed I had run
out
> of sell orders on my parked page.  Immediately I checked the fill receiver
> and started to work any dip I could find to extricate myself rather than
> panic but ended up 227H in the hole after clearing my board to that point.
> I might note before that fiasco I was 21H to the good so it was a
> significant hit.  Rather than pitching my chair through the monitor I
worked
>  things as hard as I could to try to salvage the mess.  Quickly gained
some
> ground and brought the deficit down to 136H when I proceeded to screw up
> again.  This time I had my first short on and tried to put on the second
car
> on a 12 point bounce.  Unfortunately I used a buy order and knew it 1
second
> after hitting the trigger (another 12 down the toilet).  By now the temper
> is starting to set in.  However, it was the last error of the day and I
> finally got the loss down to 20H by the time the clock ran out.  I told
you
> at the beginning of the month you would see the good, bad and ugly. Today
> qualified without exception as REALLY UGLY and the good better start
showing
> up soon or I will be trading spreads next month.
>
> Being able to come back from a 248H screw up gives me a small amount of
> satisfaction but making such a huge mess in the first place is not a good
> sign of mental stability.  On top of that I used a total of 27 turns for
the
> day so both the rabid dogs and their bookie got to chew on my rump a bit.
>
> XXXX
>
>
>
>
>