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Strategies & Market Trends : Ask DrBob
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To: rb852369 who wrote (33513)5/13/2001 4:19:37 AM
From: FLACK  Read Replies (1) of 100058
 
rb "Need some guidance here.
I currently am long EXTR @ 32.50. It is now about 29.95---should I wait for a possible bounce between now
and 2:00 PM Tuesday or should I sell sooner? TIA"

At 29.95 you're at roughly an 8% loss... 29.25 would be a 10% loss.
Many swing and position traders use this 8 to 10% range
as a level at which to close out a losing position.
If you believe, as many on this board do, that the market
will experience a run up into the fed announcement, then
holding to close out the position until just prior to
the actual announcement would make sense.
If it were me, I'd hold to see if I could recover some of my loss
but I'd sell in a heart beat if it looks weak and hits the 10% loss level.
In other words, if I had set my rule for closing out a
losing position at a maximum of 10%, I'd stick to
that rule regardless of what the overall market is doing.

While it's always difficult to accept a loss, a 10% loss
is better than 15 or 20%.
Most traders believe that they are proving themselves strong
by holding on against all odds, while just the opposite is true.
Holding a losing position until it grows hair
is blatantly foolish.
A truly strong person can live by their rules
and accept the fact that they were on the wrong side
of a trade.
But then you knew that.
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