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Isn't this stupid !!!


The other day I put on a "revenge trade". I was frustrated that I missed much of the BAC move up so I bought put options at a strike of 30. I figured it was over extended and I wanted REVENGE. I payed 3.95 for them and the day of the big down opening in the NAz the puts where up at over 6 bucks....

Now here is the kicker...that morning I planned to exit at the open but I needed to help out with my son and drop him off at an "event" to get him out of the house......So when I returned the puts where way off the lows of the day and I froze....the puts are now back at 3.50 and I'm losing money....

I've done this in the past but this is a most recent blunder that I wanted to share with the forum...the mind is a tricky place and sometimes circumstances at home can mess you up.

I'm the one to blame though as I still had an opportunity to make a good return but got greedy....

Just a lesson I thought I'd share..

Bruce
Oh yeah..here is the really crazy thing...Now I want the market to drop just so I can get out of those puts......If this happens my "Williams Darlings" stocks will probably take a much bigger hit then the small loss I would take on these puts. Interesting how the mind works ( or doesn't work ) sometimes...
I've just posted a comment in Largest $$$ trades and how difficult it is to control your emotions in trading. Easy to pay lip-service to what we need or should feel when trading but impossible to stop those emotions hijacking us.
I was able to unload enough at 4.55 just a few minutes ago in order to make the rest ( almost )a free trade....this is nice for me but it enforces "bad" behaviour...

That day I did my morning routine and I was all ready to go but "life" got in the way....I often wonder what it would be like if I rented out an office...
These are all done now for me at 5.60. Revenge trading is dangerous and when it works it gives you the "green light" to do it again....not a good thing
quote:
Originally posted by BruceM

Revenge trading is dangerous and when it works it gives you the "green light" to do it again....not a good thing



BruceM I agree totally with that statement..
isn't this stupid...I had a green light to go long right smack dab on the bottom a few mins, and I passed it up for no reason that I can remember..lol I shorted the top anyways...