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He should still have some kind of catastrophe stop loss set even if he is carrying a position overnight. I wouldn't hold something naked like that overnight, unless it was blonde and perky.
I agree but stops don't always keep you out of trouble especially overnight. Better to make sure have more than adequate capital or just use options. I realize my view on not using overnight margin is extreme but bad stuff can happen and eventually will.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Again you have to realize the leverage of what you are buying. Depending on product a $60K-$80K contract with a $3000 margin. So I agree with you, I don't think I would hold one overnight. But I actually just did, I waited for the market to reopen and entered a position long in the NQ, held until the open and took profit. But I wouldn't hold something like that for multiple days.
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 796 since Oct 2009
in so doing, you save yourself ruining your good name with your brokerage, because if you are forced out due to price spikes, they not only charge you, but put you on the watch list, and that comes with increased margins and a bad name that is spread across the other brokers too.
there is a clearing house of clients that most if not all brokers verify a client's trading history at, so as to prevent a client from ripping through one firm and then others with the same rouse. almost like the black book or white book of vegas
I am trying to get long NQ this morning and will hold and roll if I can get up.
I am a sucker for huge vix spikes because it creates such huge asymmetrical bets in a bull market.
edit.
me - 0
animal spirits - 3
I will take 3 more shots trying to get long Monday and one on Tuesday if needed. After that a personal circuit breaker would be hit on NQ and I have a QQQ long swing trade still to go.
