Baseball Rule : Three strikes, you're out.
Took one position, trade started going against me, ate the commisions plus a 16th. Got into the second position, was looking good with support from a big bid size and placed a stop order 1/8 underneath it. Needless to say, they started selling and broke thru the support and I was stopped out at my stop price, covered 1 commission, ate the other. Third opportunity comes knocking, get in, watch, wait, price moves up for a short while then starts to move against me, ate my commissions on buy and sell, out at same price paid. Three strikes for a max loss of $100 for the day. If I held and prayed, it would have been at least 4 times as bad the way they went after I dumped 'em. Then I called it a day. Figured 3 tries to make money and they all failed, I'll come back tomorrow trying to catch one of those fast upbreaks. If I held, I'd have less cash to work with. |
