O/T Short term trading notes - SII Short - Lest I seem like some genius trader, I covered this short on the morning bounce @78.05 and tried something I'd never done before, immediately went long at 78, just before leaving for my day job. After much nail biting and watching all day long, the trade got away from me and I finally sold late in the afternoon. Closed net positive for the day, but oh, what could have been... <g>
Anyway, I look at it as being paid to learn a valuable lesson (ususally I'm the one doing the paying) - Never leave immature trading positions open when you're distracted or unable to watch the market. I define immature as any position I can't leave with a trailing (positive) stop loss that some sob won't pick off. This may seem obvious to most of you, but I've gotten used to keeping one eye on the market while I work, which violates every trading rule under the sun.
Speaking of which, someone in Schwabs loop is very blatant about running stops in both SII and RIG. The original RIG short @50 the other day had an open stop at 50.15, and sure enough one "rogue" trade of 6100 shares triggered it and away went my short. I reopened the position and bitched like hell to Schwab, but you know what their reaction was...
Anyway, I'm not looking for sympathy or reactions, I'm just doing this for therapy. Anyone who finds it a snore can just ignore me <g>.
Alex |
