Hi all.... as one would expect, given my natural
talent for getting into trouble, I was long EMLX when it fell off the great cliff. To make matters worse, I was short two minutes earlier and had just covered and gone long for a small bounce when my jaw dropped along with the price. Of course, I had not seen any news .... while I was scrambling to find news, I had a market sell order in... and fortunately only part of it hit.... about 15 points below where I sent it in ....
As I watched it fall. I cancelled the rest of the market order and looked for news, feeling quite sick to my stomach. Then I left to teach my class, after hearing that it was all a hoax and reading all kinds of stories of how trading on EMLX would not reopen until Monday, or would be closed for weeks, trades would be cancelled etc etc.
If I had an ounce of brain :) I would have thought to put in a sell order above my buy price.... but being distracted by class I forgot all about it.... then came back after class to see that I could have made large profit, but didn't.
All in all, I got out with a moderate loss, lots of excitement (which I wouldn't wish on anyone) and considerable wisdom. But to be honest, besides wishing that I cancelled my class that day :) or setting a sell stop above my buy price (just in case it reopened while I was away -- something I just did not anticipate, but perhaps should have) I don't know what I would have done any differently. Any (serious) suggestions?
What does one do when you see the floor fall away from under you? Besides panicking -- what??? :)
A cold shower? |
