About the way I handled the UYG situation yesterday. My whole philosophy is based on the fact that ALL my positions WILL end up with a profit at some point. I got caught up in all the panic yesterday and abandoned this by taking losses. I'm not saying this because it is higher today, just very pissed that I let emotions control that trade.
That being said, there's always today and there are always lessons learned in this business.
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All righy boys. I am off to New Orleans for biz. (I hate it when work gets in the way of making money!) :)
Work em good this week. Will be back Thursday eve.
Joe, I dont think we let emotions get the best of us yesterday. I think it was a pure logical choice and one that I made happily and would do again.
The banking system was on the verge of collapse and it WASNT sure that they were going to go up.
In hindsight it turned out wrong, but IMO it was a risk analysis decision based on new information that you didnt have when we bought UYG the previous week.
Just my two cents.
Yeah I kinda agree with Coinlieutenant. I wouldn't beat myself up over that one bro. If LEH or GS had been as bad as most expected, you would have gotten bloody this morning. No doubt about it!
I too avoid getting caught up in the emotions and try not to listen to the greed in me. When fear starts talking though, I'm usually all ears. I guess thats what getting burned on a few option trades will do for you.
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