Friday, February 27, 2009

I feel like the luckiest idiot alive today

Thursday I was trading FAZ most of the day and went long 400 @ 53.94 around 5 minutes before the close. I was looking to just squeeze a couple of hundred out of the trade and intended to sell my position before the close. At 15 seconds before the close I pushed the sell button to send the order in. Much to my horror the order never got executed. I think TDA's website was experiencing heavy traffic and my order just never got there in time before the close. So, there I was holding it overnight with no intentions of doing so. I was sweating it just a tad because you never can tell how the market will open with the Fed sticking their hand in things overnight.

This morning right before the open I could see that FAZ was going to open with a big gap up at around 64. That certainly put an early smile on my face which only lasted til the opening bell. The problem was that I also had SKF and SRS held from overnight.
Both of those were big losing positions but with the market opening with a big gap down, now were profitable trades. Once the market opened, all three immediately started falling and then were going up and down with huge swings. I couldn't decide what to do and to which one first like my brain was on system overload. The usual feelings of hope and greed were interfering with making the right decisions. As SKF was dropping I put in a stop at break even all the while hoping it would go back up so I could sell at a bigger profit but it never did and I was stopped out for no gain. This was after being up over $1300 at the open. Man did I feel like an idiot. Well, that was only the beginning of the idiot phase.

My SRS was in the green over $300 at the open after being in a gigantic hole the last couple of days. I was stuck holding it from a few days back when TDA had problems with one of their servers giving bad streaming quotes and locking up the real time charts. I couldn't place a stop order on it due to the quote problems. It was a profitable trade at one point but after I talked to TDA and found out about the bad server problem and how to circumvent the problem, SRS had dropped big and I didn't want to close the trade with a big loss. At one point today I was down over $3000 and man talk about feeling like an idiot. But the market tanked the last two hours and my SRS ended down only $956. I feel confident that this will eventfully be a profitable trade because CRE is going to get whacked this year. VNO just a few days ago reported a loss. With the economy worsening, this is just the beginning of more losses ahead. If this blue chip REIT is getting hit, the rest of the sector is sure to get whacked too.

Now the good news. I went to put in a sell order for FAZ but got an error message from TDA saying I don't have any shares in my posession. I was scratching my head wondering what they were talking about since I couldn't sell my position at the close yesterday, I was under the impression that I still own the shares. Upon checking the order status page I saw that my FAZ was sold 20 seconds after the open at $64 which was nearly the high of they day. Evidently my sell order was still in their system and was executed at the open. That $4000 profit was just a stroke of pure luck. This has got to be one of the craziest things that's ever happened to me playing in the slotmarket. Sure hope that is the sign that I'm going to have more good luck than bad this year.

1 comment:

bluecollartrader said...

Hey Slot! Glad you found me over at bluecollartrader.blogspot.com
I was wondering if you were still in the old chat. How's that going anyway? Are you still using the TDA "motion detector" like you once were? Seems like TDA is really letting you down with respect to reliability. A guy with your skills and experience deserves a "direct access" trading platform! There's some work-around time and a bit of a learning curve when switching but you wouldn't regret the decision! I've bookmarked you on my favorites list and as the days and weeks pass, i'll read some of your past posts. Good luck!