Can't take the pressure any more with about total $50,000 loss. Shorted at average 474 the day after the earning, kept getting margin calls about every 2 days, covered the rest position today at 534 with 60 points loss. It really hurts. I'll stop trading for while. Congras to all you longs, you win.
Shorting is playing with fire!
I am sorry for your losses but trying to short BIDU would result with these losses.
Being long on excellent companies with good price is a much safer approach...
Where do you think those gigantic Wallstreet bonuses have ALWAYS come from??? Those money rarely come from "growth" of our economy, a very tiny amount from underwritings and services, but the bulk have always come from their "trading profits"; those trading profits are the combined amounts from what all the 99% retail investors who have lost. It has always been this way and will continue to be this way. Why, they know your intentions, actions, and positions, plus how much opposite move they need to make to get you into a margin call situation; but you NEVER know their intentions, actions, positions. Your brokers are in the same bed with Wall Street's trading desk, your brokers NEVER on your side. So if you ever wonder if your brokers and market makers are always trade against you, especially if you are stretched, believe your intuition. When you play a poke card with open hands to your opponents, can you ever win?
So don't touch these momo stocks and put your money in some boring, stable stocks like YHOO, MSFT.
By the way, YHOO actually has tremendous potential with its 40% state in China's alibaba; one of alibaba's site taobao, is the China's Ebay, it is the number one and most popular online shopping site in China. There is a good possibility that alibaba may isuue an IPO this year.
Sooo Ironic that you said that my friend cause that is exactly what I think happens. It's no different than dirty insider trading. But then again, how do you explain all the longs? Unless they are building them up to crush them too lol. Happy trading
you actually have more balls than me. I have lost 1/2 my portfolio since I shorted this the day after last earnings. I am so shot at this point that whatever happens happens. Hopefully, the momo game will end soon and fundementals will matter again. Hopefully before I get wiped out and lose my house and family.
Interesting thread. A lot of shorts threw in the towel today(it sounds like)and covered. Also a lot of sympathy from some longs. That's unusual for this thread, as well. Where are the guyus who throw out the Bwaaaaaahs!!!! Morons!!!!! Idiots!!!!!? Might this move be taking a little of their breath away? Taking profits is never a bad thing if you got any. Today was very short squeesy-like.
I covered my March puts which I had sold and went short the April $500's. I originally had used them to hedge a short position in the stock, but I covered it at $496 and left the puts out there.
Now I am just short April $500s and some earlier shorted April $460s. I've made back my $22/sh loss on the shorted shares. I'm green. If BIDU stays above $500 by April OE I'm a happy boy. 6 weeks seems like an eternity away.
I'm always worried. I'm still prepared for that BIDU 10% give back. This is a very dangerous stock to own at this price. Even more dangerous to short. I think there may have been some capitulation today......maybe. Chart still looks like it's going higher, but it's blowing away from the 50 dma...dangerously far away. GLA. We'll see.
I am with you here.. I am down 9 k .... Still holding onto my 200 Short shares ... lets see...
I am getting crushed.. but .. have more than 75 of cash on hand.. so hold till it drops..
i am not feeling good for some reason.. lol...
With you on that one
Hey J, sorry to hear about the losses. Perhaps a way to recover a little at a time is to sell the BIDU puts about 15% below the current pps. Then nearly every month you can recover some $ and rebuild your asset value. A normal return would be about 1.25 or so and if you can sell just 10 puts, that's $1250 a month recovered. Just a thought. Don't hold me to those #'s because they can change any time. And sometimes the options are two months apart. But good luck.
Forgot to say I still have Mar 480P potion I sold at $10 that was used to hedge my short position. It's 0.7 today. I'll leave it open till next Friday OPEX. If GS wants to punish me on these naked puts, they have to let the price drop to below 470 which I really don't think it will happen in 2 weeks.
We all say we need to use Stop Limits, but very few of us do. I made it a habit today to place stop limits right after my buys are executed. I lost a nice pennny today when BIDU shot up and I didn't have a stop limit on my puts.
Place a stop limit right away. I've made the mistake of not having stops in palce and it has cost me very dearly.
I am sorry to hear that...but i am also on the same boat...
lost a lot...feel embarrassed putting those insane numbers in public...
But i feel for you...
We will get our winning days back one day!!
Good luck to you...