Stock Picking - Straight Gambling

[Matty]

wtf are you guys even talking about

 

[bacon]

oohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

I like beer

 

[sadcat]

 

[Matty]

That was a surprisingly good flick.

 

[bacon]

With Spacey in it?

Yeah, gonna bang that one out.

#howthefuckdidImissthat

 

[Matty]

Going the other way today - 100 shares of HOU (2x Crude Oil Bull) bought at $8.25, set a sell order at $9. Would net us $55 and change after commissions.

 

[Matty]

Might have to sit on that one for a while. Will let it ride if it doesn't touch $9 today.

 

[Boner_18]

Oh boy.

 

[Matty]

The good news is that I understand a bit more about why leveraged ETFs suck over the long run. See-saw action erodes returns. Straight up or down is what you want with these, and that is only possible over a short period of time.

 

[Boner_18]

I've definitely let an intended short term position ride until the company went bankrupt... There is some serious psychology that (wrongly) causes most people to hold a non-performing/losing position.

http://www.investopedia.com/articles/02/022002.asp

 

[Matty]

Aight, I'll reevaluate after lunch. Wings and beer.

 

[IAG]

I've definitely let an intended short term position ride until the company went bankrupt... There is some serious psychology that (wrongly) causes most people to hold a non-performing/losing position.

http://www.investopedia.com/articles/02/022002.asp

. I bought Spongetech. Enough said.

 

[Matty]

Lowered my sell order to $8.50. That would net me $5.

Dollar bills y'all.

 

[Boner_18]

If you do hold.... Buy more as it drops... If you liked it at 8.25 you gotta love it at 7.50!

 

[Boner_18]

"averaging in"

 

[IAG]

Is this still stuff that's not taxed?

 

[Matty]

Yes.

It's worth repeating that these are my first attempts at trading anything. I don't know what I'm doing, but it seems like valuable experience.

 

[mrquincy]