7 I was dazed and confused at 1:05 PST.
The fam made a trek to Staples. There I was standing in “Folders and Portfolios” watching $P melt down into the bell. After 3:00 I started trying to unload 1/2 my position just under the ask at 0.65. By 4:00, as the stock had cratered to 9.85, I was selling at the market at 0.45 for a rather sizable loss.
Fuck me sideways.
I was dead on with both the $WFC and $HON shorts but got scared out of those positions like a complete asshole yesterday. Now I’m left holding a pile of shit with some cigarettes snuffed out in it ($MO) over what shall be a most tenuous of weekends.
Oh, I did decide to liquidate another 1/3 of my $THLD position at 6.86. My cost basis is down to 5.06…so I have that going for me.
Look at those June seasonality picks outperform the market!
Pardon the facetiousness…today sucked.
-EM
http://youtu.be/waOm-aOaOKs
7 Responses to “Anxious Moments at Staples”
Rhino
Sorry man, I think we all need to be in cash at this point.
elizamae
FWIW, I am rather cash heavy (60%) and have about 25% (and climbing with each successive bad trade) of my assets in $MO, but the trades I am making are now bleeding my account though the repeated administration of small wounds.
Back to the drawing board.
noodleboy
I hope you have a good weekend anyways!
elizamae
I get to hang out with the family, so in that case it’s always a good weekend.
zenhunter
“I was dead on with both the $WFC and $HON shorts but got scared out of those positions like a complete asshole yesterday.”
It was easy to judge ourselves with hindsight when in fact the decision at the time was a right call. I sold my SKF and SDS for profit yesterday as well and considered them a good trades giving the market was “yearning” all day to go higher.
Then came the bomb this morning so our mind started the “If only…” game in our head. My trick to avoid all these “what if..” is simply to forget the past and look only what is in front of me.
Focus all your energy to what is in front of you only and it will get easy after awhile with habit.
The advantage of focusing only what is in front of you is that you are likely to take the necessary action required for the moment relative to what the market is doing.
Hope it makes sense to you.
redman59
Good comments Zen. I always joke that I’m damn good at reading the left-side of the chart. There is so much more going on with ourselves when the trade is live.
elizamae
You are absolutely right about only being in control of the next trade.
I commented last night about how I was pleased with how I managed those trades, so I have to keep that in mind. I have been burned many more times being short vs. long, so my patience with short trades (be it short sale, puts or inverse ETF’s) is limited. Hence why I ran for the exits Thursday on strength.