FCX: Just had this one trade today. I shorted FCX and at the time, I thought I was crazy because my H/L ticker was solid green. But, it looked so nice I thought maybe the market will turn over here. Well it did, and I think I did a pretty good job of riding it down. Unfortunately I only had 100 shares because the stop was very far away. I think I scaled out of 50, and then the other 50. It is a lot of work emotionally holding onto stocks. As the q's bounced down into a support area, it seemed like the market may turn back up. FCX doij'd and I went long. Then the market started to run and FCX was just hanging. I doubled up and that scared me out of the position. I was risking about .16 a share ( 400 shares) or $64 and that scared the crap out of me. I closed the position for a loss. Real shame...
I can relate all too well to the fear that comes to adding to a position: all of a sudden a tick in the wrong direction means the losses are twice as much. Adding is hard to do.
ReplyDeleteBut - you know what I like about your day yesterday? You traded one stock 2 times and you were profitable. To me this reinforces the idea that it is all about selection: right stock, right setup.
Good job.