FAS landed the big blow to me yesterday but I got in my own lick this morning. Picked up a $204 winner after getting stopped out just prior. Also called that big move down on FAS after the open but hesitated on pulling the trigger. One thing of note and which leaves me feeling sour is that big drop in FAS earlier, my trade from yesterday would have been "in the money" if I had held! Big moves always give a nice reverse eventually, the question is what is your appetite for pain in the interim? Am I disappointed at selling last night and thinking I SHOULD have held it overnight? Hell no! It was the prudent decision based on my account size. I SHOULDN'T have been in the trade to begin with. Lesson learned. One important detail that I don't remember posting about chasing yesterdays run up in FAS is that I had more $ in my account to chase it... I couldn't do it because FAS no longer had shares available to short on IB. No matter. It was right to get out. The markets could very easily have been up this morning and I could possibly be getting margin calls and forced selling (depending on how high it was hypothetically up)... I'll say again, a reversal can sometimes take a while to come to you.
UPDATE: I did continue trading but in my paper-trade account after this activity in my live account. The results were for a loss because of early difficulty with higher stop-losses than I wanted. I had to acclimate to the speed of FAS as it jumped through my stops. I finished the day paper-trading with a long string of winners trading in the PROPER way.
-
1 for 2 winners, a 50% win rate. Gain of $114 in .75 hours of trading
