Insider Information - Level playing field.

[arabianights]

That's because it makes us cum.

 

[gooseman]

what response were you trying to elicit?

 

[trendie]

The thread was not supposed to be serious.....It was only encourage discussion and speculate on the reason for the incorrect trade.

I did not think for a minute that the losses were caused by the insider trading. Surely no one can be that naive. In fact my stop loss kicked to reduce my losses. There was nothing wrong with it as it did what it was supposed to do.

It would seem that most people on the board really want to point out peoples errors and get excited at peoples failures.

Schadenfreude - Wikipedia, the free encyclopedia

 

[ukdaytrader]

Trendie that was the word I was looking for.....If I didn't know what I was doing, I guarantee that some of the guys on this site would have pointed me in the direction of making substantial losses and then probably told me I was a complete idiot for following their advice whilst laughing.

There was certainly no constructive feedback on this.......like you may want to expand your stop loss during volatile periods, you may want to reduce the risk so that during volatile periods you wont need to close the position earlier and can sustain some losses.......the trade was correct but unfortunate that you got closed out during the volatility with the stop loss.

No...........it was you are wrong. you got wrong..you dont know what you are doing....we all do.

It's better newbies dont come here for any advice...unless their willing to ignore 80% of it or have very thick skins.

 

[rawrschach]

Pre market is hardly volatile.

 

[Bloodhound]

Trendie that was the word I was looking for.....If I didn't know what I was doing, I guarantee that some of the guys on this site would have pointed me in the direction of making substantial losses and then probably told me I was a complete idiot for following their advice whilst laughing.

There was certainly no constructive feedback on this.......like you may want to expand your stop loss during volatile periods, you may want to reduce the risk so that during volatile periods you wont need to close the position earlier and can sustain some losses.......the trade was correct but unfortunate that you got closed out during the volatility with the stop loss.

No...........it was you are wrong. you got wrong..you dont know what you are doing....we all do.

It's better newbies dont come here for any advice...unless their willing to ignore 80% of it or have very thick skins.

Just as an aside, I would have thought a major pre-requisite of learning to trade was having a thick skin??

 

[GammaJammer]

God forbid it might actually be a CONVERGENCE of factors rather than just one. That wouldn't go down well with the 'we want all our information in soundbite size' crowd would it now.

 

[gooseman]

There was certainly no constructive feedback on this.......like you may want to expand your stop loss during volatile periods, you may want to reduce the risk so that during volatile periods you wont need to close the position earlier and can sustain some losses.......the trade was correct but unfortunate that you got closed out during the volatility with the stop loss.

No...........it was you are wrong. you got wrong..you dont know what you are doing....we all do.

Still looking for excuses.

If you want I can tell you that it was a great position and I'm very sorry it went wrong for you and that this time the nasty markets really were unfair.

Point being it was a big number and you got caught, I don't really care for the details of your trade but perhaps you ought to look at why you were willing to run this position over a number that was widely rumoured to be a market mover.

 

[arabianights]

I made a winning trade today. Two in fact.

I made two losing ones too.

And one trade I scratched.

Go me!

 

[trendie]

I made a winning trade today. Two in fact.

I made two losing ones too.

And one trade I scratched.

Go me!

please tell us that out of the 2 successful trades out of 5 taken, you are nett positive.
surely, thats the point.

 

[arabianights]

sure, but only because I did much bigger size on the 2 succcesful ones (200 lots on biggest succesful one versus 35 on biggest unsuccesful one...)

certainly nothing to do with risk V reward, we don't do that us locals...

 

[GammaJammer]

but you appear to do position size management pretty well (as well as pretty aggressively)

 

[arabianights]

I'm a cowardly lion... you see someone selling a load of 83s just before libor is coming out and you see it's hardly moved when it comes out you can go in with decent size... picking the top or bottom further down the sterling strip it helps to trade in proportion to your dormouse size balls

 

[foredog]

the trade was correct but unfortunate that you got closed out during the volatility with the stop loss.

If you got stopped out by 8 points or something then you probably were wrong unless you were aiming to take 20+ points profit.

I think thought that the point most were making was that although there may be some people party to news before the rest that is just a fact of life and happens and we must learn to take that in to account and adapt to it rather than complain and feel hard done by.

Get in, doesn't do what you expect get out wait for the next one. Which is what you did.

Also one trade really shouldn't affect you that much. Say you make 5 trades a day. and trade 200 days a year, then on average each trade represents 0.1% of your yearly p&l so it doesn't really matter if it's a loser so long as it's not a big loser.

You may feel a lot of people were having a go at you, this may be becasue people are willing to help those that show some initiative rather than blaming anything/one but themselves.

 

[arabianights]

You may feel a lot of people were having a go at you, this may be becasue people are willing to help those that show some initiative rather than blaming anything/one but themselves.

Speak for yourself, I'm just a ****

 

[stefan10]

That is one possible scenario. I prefer the insider trading one

Well I hacked off that they didn't do this a few hours earlier as I wouldn't have been closed out on my stops.

I'm also hacked off as I bought into the market minutes after the announcement. So on the upside I lost about 8 points. Had I have known that these dudes were insider trading I would have gone in much earlier.

What The *** are you crying for damn it, get over it, losing money somtime is part n parcel of this game, your like a little baby, be a man and take it on the chin

 

[ukdaytrader]

OK I'm really not bothered about the comments (I've got thicker skin), nor the loss as it was not massive.

Just p*ssed off that the market moved pre-announcement and could not believe such a large move in the right direction pre announcement and I caught it a little late, though glad I caught some of it.

 

[TheBramble]

It would seem that most people on the board really want to point out peoples errors and get excited at peoples failures.

Yep. That's why I'm here....

 

[TheBramble]

Still looking for excuses.

If you want I can tell you that it was a great position and I'm very sorry it went wrong for you and that this time the nasty markets really were unfair.

Point being it was a big number and you got caught, I don't really care for the details of your trade but perhaps you ought to look at why you were willing to run this position over a number that was widely rumoured to be a market mover.

Good post.

ukdaytrader - what sort of post do you think you would have posted here had you been 'facing in the other direction' at that time? Would your sudden and quite extensive gains have been down to your skills and prescience - rather than luck?

For future reference, luck comes in two flavours and neither of them is sufficiently robust nor randomly distributed enough upon which to build your trading career.

You do seem a little sensitive, and sure, losing money can do that, but if you’ve got any sense (which I’m sure you have) you’ll take the messages given in various strengths from the good posters on this thread and (1) take full responsibility for your situation now and at all points in the future, and especially for that specific trade and (2) get down behind the sandbags before big news in future.

If you think we’re a nasty lot here, you should see the evil swine that deliberately targeted your trade….

 

[ukdaytrader]

OK here is some feedback on the learning experience

Having learnt from my experience (re earlier posting) I did not open any positions (apart from the 4400 put which was an insurance policy against other equities I'm holding) until close to the announcement.

I judged quite correctly the potential positive results that would come out from the home sales. (just looking at the trend only nothing else). Obviously everyone else knew before the day traders do.

I placed a trade £20 per point. Relatively large in my view given the daily movement in the FTSE.

I got in at 4420. Whilst this trade is being processed the market went up to 4430. I couldn't close it as I couldn't see the trade on my screen - IT delay. When I could see it, there was a negative announcement coming through on the banking sector.

By the time I could see the trade, the market started falling. By the time I closed it I made only a £10. That was close....Its now trading at 4405.

So the outcome of this ;

1) You can trade the news as long as you are quick (like yesterday as well)
2) You need to make sure the broker is quick - I don't think mine is. But I could have placed a limit when I put the trade on. Not sure if this would have executed the same time as the trade. I will remember that for next time.
3) The bloomberg terminal may have helped 10-20 seconds difference ? I may have got in at a lower position.

My reduced profit was due to bad IT system did not give me an opportunity to close the trade. None of this was luck it was a pre-planned strategy. The broker delay cost me cash.

Given tomorrow unemployment figures, UK consumer data new home sales etc. I wont be holding any large positions for tomorrow to avoid a repeat of yesterdays disaster.

I will however attempt to catch the trend prior to the announcement and look out for incidence of insider trading that I could profit on the back off.