Poet: Wow!! Very well said, I could not have put it better.
I hate to see people lose money, plain and simple. And did some hard thinking before starting this thread. I know that by being the creator of this thread and by posting my trades, some will blindly follow my lead..... and I am prepared for the day when some of the members here turn against me, the thread, or some of the leaders here due to a big loss that most assuredly will happen sooner or later....it is the nature of what we do. It WILL happen, and there will be one of you here that will blame me, Poet, Triffin, or someone else for the loss. It is easy to follow someone that you initially respect into a trade, but one in the trade, we all have different risk tolerances and disciplines (demons) to contend with. Many times, I will enter a trade and if it immediately turns against me, I will sell it within a few minutes......and it may never even get to the thread here .... or if I scalp it for a quick 1/4. I only post those trades that I feel are true position plays and that I know I will be holding for at least 30 minutes.
Believe me when I say, it is a very tenuous and difficult position to want to help so many but at the same time, realize that you are risking your hard earned dollars on our/my plays.
I wish I could stress enough the importance of developing your own strategies, tolerances and disciplines and not to follow anyone but yourself....but that is the nature of all of us. We want to make money and, at times, the allure is to great not to ride the DD of a trusted person. But again, there WILL be a time that this tactic fails us and as Jon K. stated, being human, we want to blame someone else....we all do it.
I worried about Poet's large position in PRFM as it, coincedently, is the same number of shares that I held during my "realization" trade in ASTM. It cost me $27,000, and was a good lesson.
Please, let us not lose what we have worked so hard to attain here. PRFM is NOT dead, and I still expect a gap on the open, and after that....we will see. But use this uncertainty as a measurement now to decide what you are feeling, how you are feeling, and how you will react if it indeed opens down on Monday AM.
And know that, even if you take a loss, it is not the end of the road....but a realization of what changes you must make to not allow that to happen again.
Good luck to all.
TJ |
