This past Friday, I reached the limit I couldn't go beyond. I could not hang on any longer. I almost sold on Thursday at $9; I was even looking at it then, from work. I thought, no, it's gonna go higher. I was only in at a cost basis of $12.6, but I sold in AH at $7.50.
I feel like I finally know what loss means. It's almost a cathartic experience, selling, that is, letting go of this obsession, finally. I really was getting tired of watching the news incessantly, practically hoping for some sort of disaster to save me.
I've lost so much money, this year, I really can't believe it. When I think of the difficulty of the work I had to do to earn that money, only to essentially bet it all on black, well, I just don't even know what to think.
I'm done with the stock market. I'm going to look to pour my energy into something more positive, more fulfilling. Not sure what that is, right now, but I hope it'll come to me.
...and to think that I loved this stuff...
and i second that on what jeb says of the stops, it has appeared many times even though i refused to see it, on these less tracked funds everytime i put in a stop it would get taken out and then go right back up. When i put stops on the bigger stocks they hardly ever get triggered.
not sure if i am fully conviced that its MM doing it but it seems very suspect that it is
anyway as always you should never trade money you cant lose especially in 2x or 3x etfs
When you people on these message boards finally throw in the towel, that would normally signal a bottom, and a buying opportunity.
However, the fact is, that the UVXY could very well go to zero.
And so will every other ETF or ETN that is based on "nothing"........it is NOT based on an actual security or underlying asset.
So I will say it again......SHORT THE XIV. It's also going to zero.
You can thank me later for helping you get all your money back.
Gotta hand it to you, you have more convition than me.
Congrats I suppose.
First I swore I'd sell at 8.75, then it became 7.25 no matter what, with a stop, then I removed the stop because I didn't want the HFTs to see it, and now I'm looking at holding indefinatly.
My $7,200 is already down to $3,000, and I don't think things are going to magically get better, (but will that matter? Fundamentals seem more or less meaningless these days) so I might just gamble the final third in order to keep the dream alive.
Once upon a time I nearly sold for a 1,700 loss, now I'm considering letting the whole thing slide.
Part of me wants to sell it all and buy gold/silver, since my participation is only enabling/helping support the blatant manipulation of markets, yet here I am...muppeting right along.
take it from a fellow vix trader, you did nothing wrong really in theroy, just the execution. before you ever buy any EFT you want to pull up charts and see if it follow the other stocks or ETF's.
One big waringn sign was that the vix trades in a range of 15-22 on average, so so last week if vix was at 17.50 and UVXY was at 9.50 then it drops to 16 and uvxy drops to say 8.50 then when vix goes back up to 17.50 uvxy should go back up to 9.50
if you look at the history you would have seen that the vxx, tvix and uvxy do not trade as the vix does and that is the issue. so it would be wise to stay away or trade it with stops.
there is also anouther way to trade volitiy, using the dollar, gold or maybe oil. 95% of the time if the vix goes up then there are issues in the market that will effect the dollar and gold.
or dont trade teh vix ETF's insead trade the dow ETF's
contango is what is destroying the value of these funds, and today is a perfect example VIX is up and all the ETF vix's are down.
dont forget to really play the vix you have only one choice and thats OPTIONS on the vix but they are expensive.
NOW, you are ready to trade....this aint red black...its 70% down and 30% up (in recent weeks more like 90-10)....If you play the odds in this thing you sell short ANYWHERE and maintain that short forever....its a cant miss long term proposition with some bumpy potential in between....
Do not loose heart over this. Everyone looses money. To make good money doing this you have to learn to take the losses. Everyone goes through winning and loosing streaks. Do not give up. The real time to start making it big is when you have lost a lot. Open small positions and try to make a little bit. No need to try to go big . Try to take very few positions and manage them. Trade management is extremely important.