You style yourself as a ‘swing trader’ who doesn’t need to pay attention to ‘fundamentals’, which you disparage as “funnymentals”. But you’re getting killed on your 778 share trade on TLT exactly because you don’t understand --and don’t want to understand-- the underlying fundamentals. So, let me lay them out for you.
TLT is a bet on interest-rates, specifically, interest-rates at the long end of the yield-curve. When interest-rates go up, as did they again Wednesday, then bond prices go down, as they are doing today. (E.g., the ‘long bond’ aka, the 30yr bond, is down about 92 beeps as I write.) TLT owns the long bond (and the 20yr). Ergo, if TLT’s underlying is suffering a loss, then TLT is suffering a loss, as are them who don’t understand what they are buying and betting on.
If it’s any comfort to you, you aren’t alone in making this trade. A boat-bulding friend who got into BitCoin when it was just $2,300 dollars and who made a ton of money on its parabolic rise was looking for his next big score and had decided he’d bet big on TLT, bigger even than your $82k bet, and this is a 20-something kid who had found a pot of gold. This was a couple months ago. He had tried to learn what he could about the bond market on his own. But he finally decided to cut to the chase and gave me a call. What he was proposed to do didn’t make a lick of sense of me. A couple of thou to test the idea? Sure, why not? But the several hundred thousand, or whatever it was he was wanting to bet? No way, Jose. So I walked him through the risks of the trade and made my usual pitch about proper position-sizing relative to one’s account and the downsides of a trade.
Betting on the direction of interest-rates is a fool’s errand. A far better investor than you’ll ever be is Peter Lynch, who used to put it this way. “If I spend 15 minutes a year thinking about the direction of interest-rates, I’ve wasted 15 minutes.” One could agree with him or disagree with him. But there are plenty of analysts far more savvy than either of us who say that, because inflation will be going higher, so will interest-rates, especially if the US defaults --once again-- on its debts, never mind the end-run around using the $US as a payment currency that is gaining increasing momentum in the non-aligned world.
So, what to do? #1, Sell into any rally and reduce that position to a more prudent size. #2, Avoid trying to trade things whose fundamentals you don’t understand.