I lost the right to own these bastards. This is how I got HOOKED. I thought we were belting lower and here we are now, +1,200. I thought about this trade all day and even though I hated to realize hard losses, at a time when I am philosophically correct, it had to be done. Down 20% is terrible, but if I held and these dove lower, I’d be looking down the barrel of significant damage to my account.
Entire damage to my account is 425bps. My ideas about DOUBLING DOWN were lunacy and never should’ve been entertained. I was HOOKED and had no choice but to sell.
My day wasn’t all horribles, I booked other trades, most at a profit.
I also bought about half a dozen of so stocks — most of which have moved higher and had a healthy basket of OLD MAN stocks into today, which are mostly up led by the JELLY JAR $SJM.
There is no lesson to be learned here. This is trading. Sometimes you’re right, others times fucked. You just can’t let the fucked days run away and chase you out of the market.
In other news, Dave Portnoy is all in SHORT $BA — down $500k for the session.If you enjoy the content at iBankCoin, please follow us on Twitter