Shorted The Nasdaq Futures

[strongechoes]

I shorted the Nasdaq futures at 6390 and currently im in the red 12k. Someone who trades futures please tell me if I should take my losses or wait it out, because today the market shot up 150 pts from my entry price. Your help is appreciated.

[LudoK]

Originally Posted by strongechoes

I shorted the Nasdaq futures at 6390 and currently im in the red 12k. Someone who trades futures please tell me if I should take my losses or wait it out, because today the market shot up 150 pts from my entry price. Your help is appreciated.

Looks like you got in at a very bad price, nasdaq might go up for a few days, not sure but I'd sell. Especially w/ futures since youre more likely to get margin called.

[Guest123018-4]

You could always put out some bogus news about the tech industry being in collusion with Trump.........

[The_Waco_Kid]

Originally Posted by strongechoes

I shorted the Nasdaq futures at 6390 and currently im in the red 12k. Someone who trades futures please tell me if I should take my losses or wait it out, because today the market shot up 150 pts from my entry price. Your help is appreciated.

if you waited till you're 12k down, no one can help you.

[francoj]

Wow that's like losing out on 35 great lays. You should have closed the position when You were down only 5 great lays, 7 mediocre lays, 4 FBSMs with L2 finish, 2 with L1 finish, and 12 blow and go's.

[strongechoes]

This is really rough, I’m down another 40% from yesterday...in total my loss is 17k. I’m going to get rid of half my position and take a loss. Hopefully the market goes back Dow. Soon and I can make back my kiss on the other half I’m still holding.

[strongechoes]

Need to NQ (Nasdaq) futures to go back to 6390 to take a manageable loss, and then 6270 to break even...gonna need a collapse in the financial market but I doubt it will happen

[Guest050619-1]

Gettin' even rougher (for you).....NAS up another 40+ points as of this morning (approx. 9am CST).....

[CuSoon]

Originally Posted by strongechoes

Need to NQ (Nasdaq) futures to go back to 6390 to take a manageable loss, and then 6270 to break even...gonna need a collapse in the financial market but I doubt it will happen

You answered the question. Hold. Do not panic based on where you stand.

[CuSoon]

Hey OP wanted to provide you some more context..I recently visited the tesla factory and I was fascinated by the automation based on technology. So the application of technology will continue to grow ( definitely in manufacturing). Also for the short term the impact of the tariffs may keep the market fluctuation till it stabilizes in the near future...sit tight...

[pxmcc]

sir the problem with a short is there's not any real cap on your losses. Shorts should be based on real market data and evidence, not a hunch. If you had shorted coal stocks twenty years ago, or shorted tech fly-by-nights around 2001, you'd be golden. What makes you think tech stocks will go down anytime soon?

I'd cut your losses at even a mini-dip. Or short Amazon while Trump rattles the saber. lol

[flyboy454]

I don't know anything about futures. But if I find a stock that is too high I use out of the money option puts. Usually around earnings. That way my loses are going to be low if I am wrong. I get lots of leverage that way also. Last couple of trades I had out of the money puts on PII near earning with short expiration. and made about 300% in 2 to 3 days.
Disclaimer: options are compilated. and you can easily lose your whole investment as the options expire. If took me a while to figure them out till I read one book that simplified it for me. Wish I could remember the name of it.

[BatteriesNotIncluded]

Poor entry point. Short the Chinese market instead on any upswing g.

[pxmcc]

^^china is on a roll tho. so long as it continues to rack up massive trade surpluses, it's golden and we're fucked. prbly the only thing i agree with Trump on..

[tbone77494]

What a strange place to look for financial opinions, other than donations of course.