Feeling really sorry for myself today

Handle123 said:
And why did you get out of this? OH Baby, I see that triple bottom, be jumping all over that with last higher bottom. When something not moving much, great stock to sell Put Credit spreads and/or covered calls.
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I was getting impatient. My other stocks had been moving up with the market and PRTA was just sitting there. I was beginning to feel unconfortable holding it.
 
These kinds of experiences I like to take objectively. For instance, did u have a clear and concise trading plan? If so and if you followed, whatever happened afterwards is inconsequential. However, if the waiting time or erratic action got to your emotions and you decided to change the plan as the trade was developing then you have every reason to be sorry.
 
DrEvil said:
Guilty as charged. I got in because I liked the chart.
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When I first started trading, a drug company dropped precipitously on some sort of news. I looked at the chart and saw a level that I believed it was very likely to rebound to, but I figured it would take quite a while to happen so I put on a significant option position 6 months out. My plan was to wait for that level to be hit and take a $120K profit on the trade.

The position became immediately profitable and then price consolidated. After a week or two I closed out for $8K profit. There was no reason to close the position because it was April and the options expired in October. I just couldn't stand the stagnant price action.

Less than top months later, the stock opened one morning 25% higher on a buyout offer. Then it opened the next day another 20% higher and that was the final offer, right about the price I had expected it to be at by October.

I still have the email I'd sent my spouse the morning I put on the trade saying what a fantastic opportunity this was and how I expected to reap at least $120K on the trade.

I did a fantastic job of planning that trade. So much for trading my plan. :(
 
DrEvil said:
Been holding PRTA for around a week and yesterday, just before the close I decided to lighten up my risk a little and get out of one of my stocks. PRTA had been going nowhere and so I went ahead and closed for a small profit.

F#!#er opened up around 25% and spiked up to around 50%. My other stocks didn't do much today!

Aaaaaaaaaaaaaaaaaaaaaaaargh
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You were not the only one to bail out too early. Volume doubled the day before the big spike from the previous day - lots of people sensed something was up.

  • March 18 Volume: 202,881
  • March 19 Volume: 573,101
  • March 20 Volume: 6,630,243


:)
 
Thanks for all the replies. I am feeling a whole lot better about it now. That I selected it purely based on the chart (and a little other secret sauce) and it goes on to move explosively (albiet without me) is kind of encouraging.
 
dbphoenix said:
Somebody posted the other day that the best traders are waiters. :)
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"waiters"
what a double entendre ! i hope to make the right choice of waiters the next time i ask one for trading advice and dining suggestions,
 
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