I got annihilated

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#1 Sat, Sep 24, 2011 - 1:14am
ghost
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I got annihilated

I managed to claw back and recover my losses from the May massacre in silver over a period of around 2 months, only to take an even bigger loss with the last week or so and the last 2 days. If anyone is in the same boat as me, drowned in their sorrow and you have been silent about it, keeping it to yourself... just know that you are not alone. There is someone who's probably lost more than you and one of them is probably me. 

Not asking for pity here just stating that I am probably one of the PM addicts in the minority who failed to get run over and instead got absolutely beaten, stabbed, raped to a bloody pulp x10 in the past few days. 

And the worse part is? My hate for PMs right now has grown 100x but I am still in love with PMs. 

Edited by: ghost on Nov 8, 2014 - 5:08am
Sat, Sep 24, 2011 - 1:48am
Aeonios
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Heh, well I was lucky enough

Heh, well I was lucky enough not to have any positions in the PMs when TSHTF today. Unfortunately, I was bullish on equities on wednesday and was stuck at work when he farted and the market choked, so I can still sympathize.

On the other hand, today's action was totally unprecedented and completely unprovoked. I hope the CME gets major backlash for this.

Sat, Sep 24, 2011 - 2:59am
toxic8
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Sorry for your losses homes -

Sorry for your losses homes - but can you elaborate? Was it a paper loss that you sold, SLV or something? Triggered a stop loss ?

Cause dude, if you're "took a loss" meaning that you own physical and you're just looking at your account and it doesn't look pretty .. take it easy man.

Just ride it out silver will be up there in a little bit.

If you can, cost average down .. that's what I'm planning to do.

Best of luck.

Sat, Sep 24, 2011 - 7:04am
Brotha Bob
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You are not alone

You are not alone. I stopped trading Silver futures back in May. Lost almost all my profits, and they were nice profits. Only portion I kept was what was transferred in to phyzz. And, have not recovered since. Only been trading mini Gold contracts. Thank God I was out from earlier in the week. I have not check my GLD and SLV options. Some were showing 100%+ gains. Thankfully, those go out to Dec and Jan and I paid very little for them. Hoping for the bounce back. The only good news is the apparent run on phyzz. They might have finally, really, over played their hand this time. By making the futures market a members only arena the physical markets is the only place to invest now. Can't wait to watch them cover their shorts with less and less silver to be had. Maybe, just maybe, the physical market will start to drive the price.

May God Help Us All But, what do I know?
Sat, Sep 24, 2011 - 1:49pm
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If it's physical, you should

If it's physical, you should absolutely Not be concerned. I mean who here never purchased an ounce of silver before Thursday? And hell no, I'm not selling. That's just crazy IMO.

As far as paper, I had sold some December call spreads back at $45, I wasn't going to wait. However, I can't say I'm not concerned about 2012 silver options at these prices. While I still have time, on paper, they are worthless. I'm going easy on the options game in these markets. Fortunately, have enough dry powder to buy some stocks when I think the time is right.

Sat, Sep 24, 2011 - 2:55pm
Dr Durden
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More details. I'm just

More details. I'm just assuming your calls got smoked and you were levered up, but everyone knows the risk involved with that.

If you really want to help people, then tell us where you went wrong and how. I feel your pain, but put your energy into something other than ranting, please.

Got GIABO? "It's called the American dream, because you have to be asleep to believe it." ~George Carlin
Sat, Sep 24, 2011 - 3:47pm
Spinny
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I will share. I'm trading agq

I will share. I'm trading agq in a margin account. Only using my own money but at 2x leverage one has to step back and wonder if I'll be left with anything after this is over. I was up about 40% before may. Kissed all my profits good bye plus a little bit. I just hope we find a floor here. No one can predict a 25% drop in two days. I could understand after it went parabolic earlier this year but now, one word. Manipulation. The was more than a liquidation event. It a liquidation event plus an organized assault where those who are able to throw out an infinite amount of shorts made countless billions off of the little guy who is trying to do the right thing with his money.

What would you guys do? Cut your losses at 50% or ride the thing out. I've hung on this long. I don't plan on jumpin ship now.

I'm sittin on about 1160 ozs that averages out with premiums to about $30/oz. I don't want to go under that....

What is the biggest public fallacy about market behavior? That markets are supposed to make sense. ~ Richard Dennis
Sat, Sep 24, 2011 - 4:20pm (Reply to #7)
mwm4tfmr
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A Week Late & Many Dollars Short ...

I was expecting this kind of pullback, but earlier. Last week my SLV Sep $34 Puts (bought in July) expired worthless. If they had expired yesterday, they would have sold for 200K !!

Sun, Sep 25, 2011 - 7:08am
zilverreiger
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pampus
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They don't continuously warn

They don't continuously warn for leveraged PM for nothing on this board.

Sun, Sep 25, 2011 - 8:11pm
mdcromer
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Honestly, I think it is past

Honestly, I think it is past time to put away the trading accounts and just stack and prep. I am liquidating my 401K, paying the penalties, and will probably put a couple K into a "play" account -- but the rest of it will be DCA stacked over the next few months.

For anyone with cash who is late to the PM game, this obviously manipulated move is a godsend, especially for buying more silver.

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