Losing CFD long position

[McLovin]

Re: XAO Banter Thread

I started CFD trading 7 weeks ago. 120 closed positions, 35% of the positions were at loss, 60k profit.
I'm not sure if that can be attributed to pure luck or not, I don't use any of those 'funny' charts with indicators and butterflies or read any news, but I do have a very analytical mind, so maybe that has helped.
With the 47k loss (on 1 bloody trade!), that makes my current position $13k profit.

If you don't use charts, and you don't read the news, then what are you using your "very analytical mind" on? It seems as though you're doing anything but analysing. There are thousands of other people who you are "competing" against. You're the bunny in the game. Taking a shot-gun approach and adding way too much leverage is a good way to blow up quickly.

 

[cynic]

Re: XAO Banter Thread

If you don't use charts, and you don't read the news, then what are you using your "very analytical mind" on? It seems as though you're doing anything but analysing. There are thousands of other people who you are "competing" against. You're the bunny in the game. Taking a shot-gun approach and adding way too much leverage is a good way to blow up quickly.

Geez mclovin!

Where's your sense of advanture?

What's the worst that could happen?

ASX 200 cannot drop lower than zero and even if it were to drop that low, it would still only cost Kelly a mere $750K and change.

 

[Smurf1976]

Re: XAO Banter Thread

How long will it take to get back up to where it was at the end of August (5570)?
Weeks, Months, Years, Never?

Well if someone took a long position on the XAO 9 years ago then they'll still be waiting to break even in terms of the index. Dividends might have made the trade profitable by now but the index itself hasn't returned to the all time high yet and it doesn't look as though it's about to happen anytime soon.

 

[Gringotts Bank]

Re: XAO Banter Thread

I think we'll find the 'Kelly criterion' turns out to be someone posting random stuff to get a reaction. Has that feel about it. I doubt its veracity.

 

[McLovin]

Re: XAO Banter Thread

Geez mclovin!

Where's your sense of advanture?

What's the worst that could happen?

ASX 200 cannot drop lower than zero and even if it were to drop that low, it would still only cost Kelly a mere $750K and change.

Better hope the property market doesn't tank then, so that collateral is available!

 

[notting]

Re: XAO Banter Thread

I think we'll find the 'Kelly criterion' turns out to be someone posting random stuff to get a reaction. Has that feel about it. I doubt its veracity.

It's hard to believe someone could be that naive.

 

[Klogg]

Re: XAO Banter Thread

It's hard to believe someone could be that naive.

I've seen far worse... and from people that are related to me nonetheless...

This is definitely in the realm of possibility - even if I risk being naive.

 

[Toyota Lexcen]

Re: XAO Banter Thread

Well if someone took a long position on the XAO 9 years ago then they'll still be waiting to break even in terms of the index. Dividends might have made the trade profitable by now but the index itself hasn't returned to the all time high yet and it doesn't look as though it's about to happen anytime soon.

yes depending on which stocks you choose, and some say cash is a flawed investment, probably return on cash and return on share not to different over this period

with cash you know exactly where you stand, with shares the mental anguish is pretty hard to deal with and you have no idea what the value will be day in day out

 

[barney]

Re: XAO Banter Thread

I think we'll find the 'Kelly criterion' turns out to be someone posting random stuff to get a reaction. Has that feel about it. I doubt its veracity.

Agree Gringo ...... Flippancy + large losses is not generally something to make a noise about! ..... I'd be more or rather than :dimbulb:

 

[CanOz]

Re: XAO Banter Thread

Looks like Kelly might get an opportunity to claw back some losses this morning and place a hard stop in the market to prevent any further losses....ooops, difficult to do if you don't use a chart!

 

[Kelly]

Re: XAO Banter Thread

I think we'll find the 'Kelly criterion' turns out to be someone posting random stuff to get a reaction. Has that feel about it. I doubt its veracity.

I'm new to this, sorry if I posted in the wrong section, but I couldn't see an XAO/ASX thread in the beginners section. I was just looking for some advice and also wanted to give you all some entertainment!
Would somebody really go to the trouble of faking screen shots just to get a reaction!

I do use charts of course, I look at the normal one and visually study it (hours + days). The only reason I don't use those other ones (butterflies, bats etc) is because haven't had a chance to find out where I even begin (software, learning curve, wtf am I looking at!)

Thanks for all the tips guys. and yes I still have the position open... twiddling my thumbs.

Kelly

 

[notting]

Re: XAO Banter Thread

If I had thought Kelly was for real, which he now seems to be, I would have said sell everything blindly at the open, cause he would have been in the black still!
Sit back and then ask people here for their educated opinions at every step and trade with 10% of your cash.
Do not leverage for at least 3 years!

 

[Kelly]

Re: XAO Banter Thread

Agree Gringo ...... Flippancy + large losses is not generally something to make a noise about! ..... I'd be more or rather than :dimbulb:

I am not one to be ashamed of my mistakes, regret sure, but I have no problem talking about it, I think it makes you feel better.
I'm not one of those people who only brags about the 'good things'.

 

[Kelly]

Re: XAO Banter Thread

If I had thought Kelly was for real, which he now seems to be, I would have said sell everything blindly at the open, cause he would have been in the black still!
Sit back and then ask people here for their educated opinions at every step and trade with 10% of your cash.
Do not leverage for at least 3 years!

I am female, are you all guys? Is this more of a guys game?

 

[notting]

Re: XAO Banter Thread

I am female, are you all guys? Is this more of a guys game?

No. Girls are better at it than guys.
It's great to make mistakes just don't lose money.
If your ahead, get out and sit back and breath.
Then take some lessons.
Trade with 10% of what you have to trade with in cash now. Not what you can leverage to.
When you have done that and lost it all you will be thankful you did not use all of it.

 

[qldfrog]

Re: XAO Banter Thread

I am female, are you all guys? Is this more of a guys game?

probably in term of hiding losses/boasting wins;
Trading wise, being a female, you should be more cool headed and better at following your plan/trading strategy, but you NEED one;
As suggested, get out while you are still ahead or with minimal losses then start anew maybe on paper first then with very small amounts first (within limits obviously)
hope it helps

 

[tech/a]

Re: XAO Banter Thread

Girls are no different

Especially when they realize how many hand bags and shoes they could have purchased with $40K.

 

[Gringotts Bank]

Re: XAO Banter Thread

Would somebody really go to the trouble of faking screen shots just to get a reaction!

Yeh I do it all the time. Haven't you noticed?

 

[Wysiwyg]

Re: XAO Banter Thread

I'm not sure I'm rich (I actually live in Doveton! lol) but I'm very thrifty, I rarely spend money and I don't 'need' any more money. I have 3 investment properties that are already 70% paid off, but property is so BORING!

With the position... I think I will wait a few days to decide what I'm going to do.

Banter
verb
1.
exchange remarks in a good-humoured teasing way.

Looks all a bit false or at least far fetched to me so the appropriate thread.

 

[Gringotts Bank]

Re: XAO Banter Thread

Banter
verb
1.
exchange remarks in a good-humoured teasing way.

Looks all a bit false or at least far fetched to me so the appropriate thread.

The whole thing is full of contradictions. Just a dork with a made up story... and definitely not female.