A lot of my trades come from sectors. For example, I see all the fertilizer stocks on the move and I buy the laggard, or a sell the leader. Often, these trades will work (on a short time frame) and you can book decent profits this way.
However, now and then, you get smacked with this style.
I was up nicely at noon when I decided to head out for lunch and take a breather. I brought my board to the shop to get a fresh ding repaired and then I came back to look at the market at 2:45. All of my shorts from the morning (CF, LDK) worked like charms but I was already out of my positions.
I was pissed that I missed the sell off.
So I scanned around and saw that all the solar stocks reversed. Except TSL. So I started getting short into what I saw a little "squeeze" just after 3pm between $54 and $55. To make a long story short, TSL simply wasn't following the rest of the solars down. He kept going up and I got squeezed.
To make matters worse, I was trading this thin stock with too many shares. So, I completely blew up in the last hour of the day, wiping out all of my gains and starting the week with a bad one.
Here's the stats:
P&L, -$818
Best, LDK, $573
Worst, TSL, -$524
46,000 shares traded.
7 winners, 13 losers
170 trades.
Sorry to hear about your day, DT. That really sucks TSL wiped out your gains. The bastard!!!
ReplyDeleteIf it helps you feel better, I had a very frustrating day, too. Won on all my papertrades; lost on all my real trades! Arrg!!!
BD
BD,
ReplyDeleteYeah, I was a little pissed at 4, but now it's 7 and I'm over it.
Back for more fun tomorrow. Just lost my perspective there for a bit.
-DT
LDK has screwed me all week short.
ReplyDeletei needed the buying power so closed out my LDK short with minor gain after being 2.4 bucks out of the money
missed 4 bucks on the downside
cant believe it
tv,
ReplyDeleteYeah, LDK was one of the stocks that I came back to after lunch and was really bummed about missing.
I mean, this has been the story of my trading for September. I caught about 70 cents in a short for 10 minutes right after the open, but I misssed the 6 point move of the afternoon.
This is the way it goes sometimes.
Thanks for writing,
-DT