2 months ago i was net short probably around 110%.
I got blown out of most of my positions but ended up with a SMALL gain across the board.
My entry was around 930-950 on S&P. I had put options on a number of high beta stocks and also have a number of short ES contracts out (also scalped in and out a few times for small change).
I rarely go beyond 80% net short, but I was convinced the market was heading south over the next few months to test some of those fib levels down below. As i watched S&PEE's decline get halted at the 200 dma for a total of 3 times, i had a bad feeling about things. On July 15th as S&PEE blew out the 925-928 zone to the upside i got stopped out and exited almost all my short positions. My GS put options were blown away a few days prior. My stops and exit points saved me from something like this....
Trade safe folks...http://www.xtrends.blogspot.com/
"Lightening doesn't strike more than once
As most of you know I carried some large leveraged positions without managing for long time. My mistakes grew in time and yesterday my account reached its limits.
This was my first intermediate term trading attempt on futures. There are many reasons for my large draw-downs but mostly psychological.
One of the first books I read when I started trading was Reminiscences of a Stock Operator by Jesse Livermore. As I read the book, I got an image of a trader who learned from his mistakes as he made and lost money. Each failure followed by larger win and loss because the type of the mistakes he learned from were proportional to his account size.