於AMZN重擊中 --- 賣空

賣空AMZN在$43，補空於$49，$52，在 $54 無奈將空倉轉為六月$60期權，損失$13，000
於$40，000 賬麵價值，與兩天之內! 不是兩星期，兩個月，而是兩天!  我一年才掙了
$8000

回過頭看看，又一次重溫我寫下的交易原則，我不知道違背了其中的多少條。哭皇天無
淚，恨咽雨有聲。這兩天，寸食難進，滴水勘飲，幾乎未曾合眼。覆水已難收，花敗可
再開?  我看著遠在中國的兒子，妻子和母親, 姊妹的照片，我棰心自問，你在幹什麽。

交易其實很簡單，良好的心理素質比交易技能更重要，每個人都可以成為
warren buffet 如果他(她)能始終如一地秉承交易原則。從股票交易聯想到人生，這使我想起一
句話，人的性格決定命運。偉人之所以成為偉人，在於他具有堅持原則的意誌，倒不一
定是什麽超凡的資質。無誌者常立誌，有誌者立長誌，其實這就是偉人和俗人的區別。
股票交易要遵循原則，作人難道不是這樣嗎? 善有善報，惡有惡報，不是不報，時候未
到。你可以一次次的僥幸，僥幸僥幸再僥幸，一次意外就可以奪去你的生命。泰山崩於
前而不驚，日月驟於身而自若。貧賤何能移其誌，富貴安可淫其身。對於心為物役的凡
夫俗子來說，這就像情竇初開青春男孩那夢中人肩上的土地，實在是可望而不可及的理
想高地。

感謝上帝，如果不是我在$54 時咬牙換成了期權，我現在已經是看客了，就象這兩天無
數因賣空AMZN 而破產的交易員一樣，這個及時的變化，讓我繼續殘存苟且於遊戲之中，
我還有重生的可能。有道是，留得青山在，不怕沒柴燒。此去井台招舊部，旌旗十萬嶄
閻羅。沒有時不利兮的感慨，隻有劫後餘生的慶辛，來日方長啊。最平庸的交易員都會
在運氣好的時候掙錢，一個優秀的交易員，更應該懂得在逆境中如何從新堀起。我堅信
，我的交易技能必將在陣痛中升華，在烈火中永生。

我一次又一次的哭，big boy doesn't cry.  並且我不想告訴任何人，包括我老婆和我所
親愛的朋友，這隻會使這世界多一個或幾個痛心的人。我把它寫在這裏，為的是讓未曾
有這種經曆的人得著益處，不必經受這慘裂的折磨而銘記我的教訓，即使有一個人能相
信我說的故事 (又一次的哭)，我覺得也值得了，對我的經曆付之一笑的朋友，若幹年之
後，你必能記得這個塵封的哭訴，請伊妹兒我，[e-mail]. 人如果象石頭一樣
，不被感情所操縱，可能也就不是人了。想一想我當時追補的心情，可能就像死刑犯殺
人時一樣 (又一次的哭)，為什麽我竟然沒想到花35 cents to buy some $50 call,真地
，一點兒也沒有 (又一次的大哭)。

2004年11月份，我吃了一張交通罰單，包括所有的前後花了我 $1500， 那之後，我在方
向盤上貼了一個sticker, 到現在沒違反過一次交通規則。今天，我在我的錢包裏多了一個
卡片，和我的火車月票方在一起，以天天目睹，上書四個字母，AMZN.

附:

這是我總結的一些交易原則；

for the time being, don't start shorting unless you see VIX drops below 10.5
, PCE < 0.5, smart/dump index diverge and bullish articles everywhere on the
internet.

BE PATIENT!!

0) trade is about avoiding mistakes than making profits.
1) before you initiate a trade, write down the reasons for that.
2) no panic any time.
3) stick to stop limit, cut loss early.
4) stick to the plan that you have thought over.
7) don't rush to add to losing positions. be patient.
8) hold on to your position, don't rush to jump from one to another.
9) don't short stock whose market cap is under 5B and volume is less than 3M.
10) don't let one bad trade affect other trades.
14) when you take a hedged position, don't rush to close positions on one side.
15) usually don't play earnings, not even think about it, if play has to use OPTION.
16) taking profit, don't hold any position until you have clear conviction
about where market is going.
17) never allocate more than 25% for initial trade, if add, no more than 50%
, newly added shares have

to be cleared quickly if it still doesn't go your way. IF YOU GAMBLE WITH
EVERYTHING YOU HAVE,

EVENTUALY YOU'LL END UP WITH LOSING EVERYTHING.
18) if a stock is boosted sharply against you, should also consider exit
instead of adding more.
19) keep a cool head in case of unexpected catastrophe.
20) don't trade completely based on technical, do some trades based on
valuation.

21) NEVER short on new HIGH day, only consider when it starts to go down.
22) first consider buy puts when you want to short stock, if you short stock
, always thinking about buy

some calls for protection, this may not apply to ETFs.
23) judge of the trend is of vital importance, just assume the trend is
going to continue, don't try to time the top, in an uptrend, buy on dip,
a downtrend, sell on the rebound.

24) cut loss if you lose more than 7%, no compromise, put a stop order
whenever you make one trade.

這是我和一個有二十餘年交易經曆的人的一枚往來：

from that guy:

We’ve al been there…with me it was puts on YHOO in the 90’s when it was
climbing so fast. And it kept climbing, and climbing climbing. I had
busted my account once years before that (I took it from $2500 to $22,000
back down to $200), so I had already learned my lesson and the losses weren
’t too bad, but ever since the late 90’s I have only traded individual
stocks in a long-term fashion, and only from the long side.

It is why I am a short-term futures trader and only press my account when I
know I have a very solid edge. It makes my account performance “lumpy” –
lots of small gains, quite a few small losses, a few big gains, and most
importantly no large losses. I don’t care if I go a while being flat,
collecting interest, since making up losses is a heck of a lot harder than
swallowing remarks from those who suggest I’m being too conservative.

-----Original Message-----
From: xiangfeng jing [mailto:[e-mail]]
Sent: Friday, April 27, 2007 12:31 AM
To: Jason Goepfert

and this is from me:

- Hide quoted text -
Subject: I am not going to call you Mr. Neutral again

- Hide quoted text -

I got hit by AMZN, shorted at $43, added more at $49, $52, changed from
short stock to June puts at $54 and I ended up with a $13,000 loss in 2 days
on a $40K account with margin enabled, to give you an idea what $12K to me,
I made $8000 in one year prior to that, and all this happened in two DAYS!!
! not even two weeks.....I should have covered everything at $50 after hour
, but I made an iceberg big stupid mistake to add more, I believe most
shorts did the same thing, fortunately I changed from short stock to the
same number of June puts, otherwise my whole account could probably have
been margined out like a bunch of other shorts. with these puts, I got hit
almost to death, but I am still alive.

in Nov. 2004 I got a traffic ticket which cost me $1460 ( penaltiy plus
insurance surcharge not including increase of insurance premium), then I put
a sticker on my driving wheel, I haven't made one violation to date ever
since. today I put a sticker of AMZN in red in my wallet ajacent to my train
ticket so that I can see it everyday , and I decide to carry it in my life
time.

I think one trader could be extremely successful if he never violates the
principles whatever he sets, from a contrarian perspective, it is a good
thing for me to be hit by AMZN when I am with an account of 40K, it helps me
from making the same mistake on my personal account of $200K or even more.