I shouldn’t play with fire (day trade speculate on the up side in a nasty bear market).
Serves me right. i need to focus on capital preservation and hold onto my gains.
I estimate i gave up 3% to 4% of my portfolio in the last 24 hours with this foolishness.
At least, Thank God, I cut my gold exposure down at $900/ounce. I see gold is now at $833, having a fairly flat day.
So do I dump my long (2X on S&P500 and NASDAQ) positions that have cost me 4% losses in 24 hours, or do I hold out for a rally off the Fed rate cut?
Time to admit my mistake and run for cover. The fed rate cut (like passage of this bail out) is probably ALSO already priced into this market.
I need to stick with the fundamentals, stick with the sure bets: such as S&P500 dropping to 1000 within twelve months as the recession shows us how nasty it will be.
