Wednesday, October 31, 2007

The Damage Done

When the market makes big moves, I like to check out other blogs and see how other traders reacted, and perhaps learn something. For the readers who came here yesterday, sorry I didn't have much to share. I had a very long workday, got a speeding ticket coming home, then saw that my account suffered a killshot during the day. I really didn't feel like writing about it. But now I have assessed the damage, and here's what went down yesterday:

CTRP: -$1.50

DRYS: -$2
Could have been much worse.

X: -$5.79
Gapped down below my stop on Tuesday morning. I shouldn't have bought so close to earnings.

It got even worse. This happened to me today:

LVS: -$9.13

It also gapped down below my stop.

On the bright side, I am holding BIDU, which has been acting as a buffer in my account. Without BIDU, I might be jumping out of a window right now. Please don't gap down, please don't gap down, please don't gap down,. I am also holding RIO.

EDIT: My first clue to sell came on Monday afternoon when I was in several positions, all of them up big, and I was feeling pretty good. The last time that happened was the morning of October 11. Later that same day, I liquidated my entire account during an afternoon sell-off. Next time I feel like a trading genius, I will sell immediately.

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