Thursday, June 7, 2007

Disaster Averted

This post will be short since I have to get out of here soon. In sum, I had a wild one.

I lost early in a TNH trade that set me back a few hundred and then got smacked in just about every trade I entered for an hour after that. The one that hurt me most was BEN at 10:35. I was substantially long when he dropped 70 cents very quickly.

Ouch. Anyway...

I also got clipped in POT when he spiked up 2.5 points on a block trade... I was in to buy just before the print and lost a quick half point.

I was saved by a CROX short. I short 1000 shares at 88.70 at around 12:10 when he tried to rally back up to the highs of the day and failed. I was patient in covering the position and managed to by most back under 87.

I also managed to catch some longs in the "bounce" between 2:30 and 3pm. Luckily, I didn't get stubborn with them or I would have been spanked.

Anyway, I must bolt. Have a great weekend and good luck tomorrow.

Here's the stats:

P&L -$78
Best, CROX, $1248
Worst, BEN, -$594

shares traded, 68,200
stocks traded, 22, 8 positive, 14 negative
total trades, 335

One last note. To all those who have been saying I'm overtrading, I agree. I'm going to work on pinpointing entries and exits better. Thanks.

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