Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

Today Portfolio Adjustment (05-01-2013)

Today was a puke out day.

Market opened down and everything else followed thru.

First order of the day, I checked $MELA to see if there were support to drive the price backup from a gap down.  After a few minutes, I decided there were not enough buyers to push it up; so I sold my shares for losses.  Again, I picked the wrong horse so I had to accept this as part of the loss.  This loss was not a small losses like the normal quick losses I took since I was holding it thru the earning play.  Nevertheless, it was still an acceptable loss that I could put it behind me easily.  It was a good thing I sold 50% of the position before close yesterday.

Next, I sold $GLUU and $CERS since their price action was horrible in the morning.

$BCRX was also not acting well and I was way overloaded from the breakout above $2 yesterday.  Thus, I’ve no choice but to reduce my position size to cut losses and minimize exposure.  I’m still keeping  1/3 of the original position size on this one.

$SZYM proved me wrong again for jumping back in two days ago.  Oh well, I need to accept my own responsibility for being “impatient and greedy”; so I dumped 85% of my position early in the morning to cut losses and minimize exposure.  Later on when price stabilized, I bought some back to maintain a mid-size position on this one.

$AAPL was strong at first but it couldn’t handle the overall bearish sentiment; after looking at the chart, I decided to take my profit and run for now.

$RBCN looked very attractive at $6.9x level and price seemed stabilized around there; I decided to take this opportunity to jump back in for a starter position.  So far, I’m still in the green.

Current holdings:

AMRN, LRAD, SZYM, TINY, RBCN, BCRX and 42% cash.


The trades I made in the journal were time-stamped in twitter


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